The shares will be sold to MIND ID, Indonesia’s state mining holding company, at a price negotiated between them, he said.

Shares of Vale Indonesia traded at 6,800 rupiah ($0.4482) per share on Friday on Indonesia’s stock exchange.

Under Indonesian rules, foreign miners are required to divest 51% of their stake to Indonesian buyers after a certain period of operation.

Vale Canada Ltd and Sumitomo Metal Mining in 2020 sold 20% of their stake in Vale Indonesia to the state holding company.

Vale Indonesia declined to comment, while Vale Canada, Sumitomo and MIND ID were not able to comment immediately.