According to Mining News Pro - The state company has agreed to acquire a 20% stake in nickel company Vale Indonesia as foreign controlled miners are required to reduce their ownership to at least 49%.

"We are getting new loan from three banks," Ogi Prastomiyono, a director at Mining Industry Indonesia, told reporters, naming Japan`s Sumitomo Mitsui Banking Corporation, MUFJ Bank and Indonesian state-controlled Bank Mandiri.

On Friday, Prastomiyono said the stake will be acquired for $500-million, but on Monday he said $500-million is what Mining Industry has set aside for the deal but aims to acquire the stake for less than that.
He said the stake is likely to be valued at more than $400-million, but less than $500-million.

Vale Indonesia`s market valuation currently stands at $2.33-billion.

A conditional sales purchase agreement is expected to be signed mid-December, he added, and the transaction is targeted to be concluded by June 2020.