On Thursday, Indonesia’s state-owned mining company Mining Industry Indonesia (MIND ID, previously also known as PT Inalum) announced that it has completed its bid for nickel mining company PT Vale Indonesia 20 at a price of Rs 2,780 per share (total price of Rs 55.2 billion). % Equity acquisition.
According to a statement, MIND ID purchased a 14.9% stake in PT Vale Indonesia from Vale Canada (a subsidiary of Vale in Canada) and a 5.1% stake in PT Vale Indonesia from Sumimoto.
Brazil’s Vale holds 44.34% of PT Vale Indonesia, while Japan’s Sumimoto Metal Mining holds 15.93% of its shares.
Indonesian State-owned Enterprise Minister Erick Thohir said that through this transaction, the proportion of state-owned ownership in the country’s mining industry has increased. This is also an important step in strengthening Indonesia's value chain and developing the electric vehicle battery industry.
