Vale Canada, Sumitomo Metal sign initial agreement to sell 14% stake in Indonesia nickel miner ...Middle East

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Vale Canada, Sumitomo Metal sign initial agreement to sell 14% stake in Indonesia nickel miner
JAKARTA :Vale Base Metals said its Vale Canada unit and Japan’s Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14 per cent stake in their Indonesian nickel mining unit to Indonesia’s state miner. Vale Canada and Sumitomo signed the so-called heads of agreement to sell the shares to PT Mineral Industri Indonesia (MIND ID), the country’s state mining holding company, Vale Base Metals said in a statement. Share divestment is a condition required by Indonesia to extend Vale Indonesia’s mining permit, which will otherwise end in 2025. Foreign investors are required to divest 51 per cent of their stakes to local buyers after a certain period of operation. The sales and pur

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