Indonesia's MIND ID acquires 14% of Vale Indonesia from Vale Canada and Sumitomo Metal Mining, becoming the largest shareholder, enabling Vale Indonesia to extend its mining permit beyond 2025.
Indonesia's mining industry holding company, MIND ID, acquires a 14% stake in Vale Indonesia from Vale Canada and Japan's Sumitomo Metal Mining, becoming the largest shareholder. The deal is a requirement for Vale Indonesia to extend its mining permit beyond 2025, with foreign investors needing to transfer 51% of their combined stakes to local buyers after a certain period of operation. The government plans to issue a new mining permit within ten days after the signing, allowing Vale Indonesia to operate for ten years after 2025, with the option of an extension.
February 26, 2024
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