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Vale appoints ex-Indonesian investment board head as independent commissioner
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Workers monitor a mining area of nickel producer PT Vale Indonesia. (KONTAN/Cheppy A Muchlis)
I
ndonesia's major nickel producer PT Vale Indonesia appointed former Investment Coordinating Board (BKPM) head Mahendra Siregar as its new independent commissioner on Friday replacing Arief T. Surowidjojo.
“Pak Arief’s tenure has ended [on April 2016]. Hence, we have held a shareholders meeting, because the position is currently vacant,” PT Vale chief financial officer Febriany Eddy said.
Besides being an ex-BKPM head, Mahendra was also formerly deputy finance minister and commissioner of state-owned mining company PT Aneka Tambang (Antam).
Vale’s senior manager of communications, Bayu Aji, expected that Mahendra would make a positive contribution to the business continuity of the company during his tenure as independent commissioner.
Last year, although Vale recorded high production, its revenue declined by 24 percent to $789.74 million, down from $1,038 million in 2014. As a result, 2015 profits slumped by 70.6 percent to $50.5 million, down from $172.27 million in 2014.
Vale Indonesia operates nickel mining and processing in Sorowako, South Sulawesi, around 600 kilometers north of Makassar. (wnd/dan)
