- Write by:
-
Tuesday, October 8, 2019 - 10:38:51 AM
-
523 Visit
-
Print
Mining News Pro - Indonesia’s government has appointed state miner PT Inalum to purchase a stake that PT Vale Indonesia intends to sell, the Director General of Coal and Minerals, Bambang Gatot Ariyono, said on Monday.
Vale, one of Indonesia’s largest nickel miners, is set to divest around 20% of its stake to local investor to meet new regulations aimed at limiting foreign ownership of its mining resources.
The company had said it aims to conduct the stake sale in October.
According to Indonesian mining rules, foreign-controlled miners are required to gradually start reducing ownership after five years of production. Within 10 years, foreign ownership should be cut to at least 49%.
As per end-2018, company data showed 59% of its shares were controlled by Brazil’s Vale SA. Sumitomo Metal Mining Co Ltd owned around a 20% stake in the company.
Ariyono declined to disclose the value of the deal.
Vale Indonesia officials were not immediately available for comments.
Short Link:
https://www.miningnews.ir/En/News/432272
Copper’s lightning rally to record highs may not be sustainable in the coming weeks, with action concentrated on the ...
Over three decades, Jose Luis Manzano built a reputation for diving into distressed sectors in Argentina and navigating ...
China’s SDIC Mining Investment Co. is in advanced talks for a significant minority stake in Asia Pacific Potash Corp., ...
South Korea has started building its lithium inventories to secure supplies of the critical mineral that’s crucial for ...
Anglo American shareholder Legal & General Investment Management (LGIM) supports the break-up plan announced by the ...
Rio Tinto has declared force majeure on third-party contracts for alumina exports from its refineries in Queensland, ...
Gold touched a new record of $2,450 an ounce on Monday as increasing optimism over the Federal Reserve’s monetary policy ...
The copper rally turned ugly this week, morphing into a ferocious short squeeze on the US contract operated by CME ...
Antamina, Peru’s second-largest copper mine, expects 2024 output to be in line with the 435,378 metric tons it produced ...
No comments have been posted yet ...