Vale and Sumitomo reach initial deal to sell Indonesia unit stake

CBCIE Time：Nov 21, 2023 15:25 Source：mining-technology

Vale Canada (VCL) and Sumitomo Metal Mining (SMM) have entered a heads of agreement to divest a 14% stake in Indonesia’s PT Vale Indonesia (PTVI) to PT Mineral Industri Indonesia (MIND ID).

Earlier, VCL, SMM and MIND ID held 44.3%, 15% and 20% stakes in PTVI, respectively.

With the agreement, the stakes of VCL and SNM will come down to 33.9% and 11.5%, respectively, while MIND ID’s stake will increase from 20% to 34%.

Upon deal closing, MIND ID will become the largest shareholder in PTVI.

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