Vale divestment in Indonesian nickel unit expected to finish in July-February 2024-www.financetom.com

Vale divestment in Indonesian nickel unit expected to finish in July

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Vale divestment in Indonesian nickel unit expected to finish in July

Apr 3, 2024 2:07 AM

JAKARTA, April 3 (Reuters) - Indonesia's mining minister

on Tuesday said divestment of Vale Canada Ltd and

Sumitomo Metal Mining Co. Ltd's ( STMNF ) shares in their nickel

miner unit Vale Indonesia is expected to conclude in

July.

The transaction is required by the government to extend Vale

Indonesia's operating permit beyond 2025.

Minister Arifin Tasrif told a parliament hearing that after

the transaction is concluded, Vale Indonesia will be given a new

permit that will be valid until at least 2035.

Vale Canada and Sumitomo agreed to divest a 14% stake in

nickel unit to Indonesia's mining industry holding company, MIND

ID, taking MIND ID's ownership to 34%.

Vale Indonesia's spokesperson on Monday said the company

hoped the new permits could be issued soon as it would be

crucial for it to move forward with its investment plans.

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