PT Mineral Industry Indonesia completed the acquisition of additional 14% stake in PT Vale Indonesia Tbk from Vale Canada Limited and Sumitomo Metal Mining Co., Ltd..
June 28, 2024
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PT Mineral Industry Indonesia (Persero) signed a letter of intent to acquire an additional 14% stake in PT Vale Indonesia Tbk (IDX:INCO) from Vale Canada Limited and Sumitomo Metal Mining Co., Ltd. (TSE:5713) on November 17, 2023. PT Mineral Industry Indonesia (Persero) agreed to acquire an additional 14% stake in PT Vale Indonesia Tbk (IDX:INCO) from Vale Canada Limited and Sumitomo Metal Mining Co., Ltd. (TSE:5713) on February 26, 2024.The divestment is expected to complete in 2024, subject to customary closing conditions. Norman Bissett, Luke Devine and Aaron Jones of Hadiputranto, Hadinoto & Partners acted as legal advisor to Vale Canada Limited. Baker McKenzie LLP (Canada) acted as legal advisor to Vale Canada Limited. HSBC acted as Sole Financial Advisor to Vale Canada Limited and Sumitomo Metal Mining.
PT Mineral Industry Indonesia (Persero) completed the acquisition of additional 14% stake in PT Vale Indonesia Tbk (IDX:INCO) from Vale Canada Limited and Sumitomo Metal Mining Co., Ltd. (TSE:5713) on June 28, 2024. Vale Canada has received approximately IDR 2.5 million (approximately $155 million) in cash for its portion of the share sale to Persero. Persero holds approximately 34% of PTVI?s issued shares, with Vale Canada and Sumitomo Metal holding approximately 33.9% and 11.5%, respectively.
PT Vale Indonesia Tbk is an Indonesia-based company, which is engaged in nickel mining and processing in Indonesia. The Companyâs integrated nickel mining and processing project in Morowali Regency, Central Sulawesi consist of mining area in Bahodopi and processing plant with Rotary Kiln-Electric Furnace (RKEF) technology in Sambalagi. It plans to construct nickel processing plant and its facilities in Sambalagi, Morowali Regency, Central Sulawesi and in Pomalaa, Kolaka Regency, Southeast Sulawesi. The project in Bahodopi, is to build a smelter to process saprolite nickel ore and produce ferronickel, a main material for stainless steel making. In Pomalaa, the project is to build a processing facility with HPAL (High Pressure Acid Leaching) technology to process limonite ore and produce intermediate product which can be further processing to material for electric vehicle (EV) battery. Its subsidiaries include PT Bahodopi Nickel Smelting Indonesia and PT Kolaka Nickel Indonesia.
PT Mineral Industry Indonesia completed the acquisition of additional 14% stake in PT Vale Indonesia Tbk from Vale Canada Limited and Sumitomo Metal Mining Co., Ltd..
PT VALE INDONESIA TBK 
