A dub-style track. Each element in the track is a static, unchanging loop. The larger structure comes from the introduction and removal of elements over time, with a bit of effect tweaking in time. Seems like it was recorded as a live take, riding the faders and playing a few knobs.
Diagramming the track shows that some elements seem to be pairs: when one appears, the disappears, such as the "tambo" and "808 kik/tom" loops (my attempt at giving them names); suggesting maybe the same piece of gear was used for both, switching between patterns/sequences in time. The very high-frequency pitch that plays at the very beginning of the track goes away right as the bassline comes in; perhaps the same synth playing a triangle wave.
Most striking to me is how, after going through and sequencing every element, every loop: every element is simple. No single part is complex. But the way the elements come and go in time, and the layers of the mix, all of it together becomes rich (no pun intended).
Some elements (such as "slo tambo", which sounds like a pitched-down tambourine sample) are mixed in very quietly. I'd listened to the track for many years and never even noticed a couple of the elements until I sat and really tried to pick it all apart. Some beautiful subtlety in how the track was put together.
There's a very wild sounding filter sweepish sort of thing that happens during the breakdown; after some experimenting of my own, I think it's "just" a ring modulator over a couple of the loops. But the movement of the modulation frequency sounds way out there.