KONTAN.CO.ID - JAKARTA. Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Vale Canada and Sumitomo signed the so-called heads of agreement to sell the shares to PT Mineral Industri Indonesia (MIND ID), the country's state mining holding company, Vale Base Metals said in a statement. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which will otherwise end in 2025. Foreign investors are required to divest 51% of their stakes to local buyers after a certain period of operation.
Vale, Sumitomo Sign Initial Agreement to Sell 14% Stake in Indonesia Nickel Miner
KONTAN.CO.ID - JAKARTA. Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Vale Canada and Sumitomo signed the so-called heads of agreement to sell the shares to PT Mineral Industri Indonesia (MIND ID), the country's state mining holding company, Vale Base Metals said in a statement. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which will otherwise end in 2025. Foreign investors are required to divest 51% of their stakes to local buyers after a certain period of operation.