TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Mining holding MIND.ID to acquire Vale Indonesia for $392m

  • The Jakarta Post

Jakarta   /   Wed, June 24 2020   /  01:00 am
MIND ID president director Orias Petrus Moedak (center) signs a deal to purchase a 20 percent stake of PT Vale Indonesia for Rp 5.52 trillion in Jakarta on Friday (19/6). The ceremony was witnessed by State-Owned Enterprises Minister Erick Thohir (left) and Energy and Mineral Resources Minister Arifin Tasrif (right).(MIND ID/MIND ID)

State-owned mining holding company MIND ID plans to buy a 20 percent stake of one of the country’s top nickel miners, PT Vale Indonesia (INCO), by year-end in a move that is expected to further strengthen Indonesia’s grip on domestic mineral resources. MIND ID signed on Thursday a deal to pay Rp 5.52 trillion (US$392 million) INCO’s shareholders, Brazil-based Vale and Japan-based Sumitomo Metal Mining Co. Ltd, to acquire the stake. Vale will receive Rp 4.13 trillion and Sumitomo Rp 1.39 trillion.  Read also: MIND.ID unlikely to issue new bonds until Freeport pays dividends The deal brings an end to year-long negotiations between the three companies. The acquisition has been pushed back for the second time this year due to pandemic-related complications. INCO's shareholders initially scheduled the acquisition for March but postponed it to May amid ma...