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Jakarta Post

Inalum, Vale Indonesia sign agreement to start divestment

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Tue, October 15, 2019   /  02:36 pm
The Jakarta Post Image
A haul truck passes by two workers at a nickel mine belonging to PT Vale Indonesia in this file photograph. Vale Indonesia has signed an agreement to divest 20 percent of its shares to state-owned mining holding company Inalum.(KONTAN/Cheppy A Muchlis)

State-owned mining holding company Inalum has signed an agreement to acquire a 20 percent stake in publicly listed nickel miner Vale Indonesia as part of the mandatory divestment program. Under the divestment agreement signed in Jakarta on Oct. 11, the two companies are to finalize the terms of the acquisition by the yearend, including share valuation and ownership structure. The stock acquisition is to be completed six months after the terms have been finalized. “The agreement puts Vale in the right position to contribute in developing Indonesia and in reinforcing the company’s long-term goal of managing nickel resources to make production more value-added, sustainable and empowering for the country,” Vale Indonesia chief financial officer Bernardus Irmanto said in a statement following the signing. Inalum, which recently rebranded as MIND.ID, said in a separa...