- Write by:
-
Saturday, June 20, 2020 - 10:58:19 AM
-
787 Visit
-
Print
Mining News Pro - Brazilian mining giant Vale announced on Friday that its Canadian subsidiary Vale Canada Limited (VCL) has reached an agreement to sell a 20% stake in the nickel producer PT Vale Indonesia to state-controlled PT Indonesia Asahan (Inalum).
The sale is valued at $290 million, for the sale, and Sumitomo is also participating.
After the closing of the transaction, the Indonesian state-owned company will have acquired 20% of PT Vale shares, being 14.9% from VCL and 5.1% from Sumitomo.
Vale and Sumitomo will have a stake of 44.3% and 15% in PT Vale, respectively, totalling a 59.3% participation.
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%.
“Indonesia plays a major strategic role within the global nickel industry. This transaction represents an important development in PT Vale’s long presence in Indonesia and reinforces Vale’s commitment to keep investing in the region,” Vale said in a media release.
PT Vale recorded positive earnings of $29 million in Q1 2020, with production of 17,614 tonnes.
The transaction is expected to happen by the end of 2020.
Short Link:
https://www.miningnews.ir/En/News/550434
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
The London Metal Exchange is imposing new rules surrounding the movement of metal in its warehousing network, taking aim ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
French mining group Eramet said on Wednesday it had reached an agreement with the French government to continue its ...
Vietnam’s top miner Vinacomin plans to invest 182 trillion dong ($7.3 billion) to ramp up its alumina-aluminum ...
Rare earths prices in top producer China jumped to their highest in more than seven weeks on Monday on a wave of ...
Copper jumped to its highest intraday price since January 2023 as the bellwether industrial metal faces rising tighter ...
No comments have been posted yet ...