MIND ID to acquire 14% stake in Vale Indonesia from foreign investors [Reuters]
SUMITOMO MTL MNG UNSP/ADR (SMMYY)
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Source: Reuters
new tab from Vale Canada and Japan's Sumitomo Metal Mining (5713.T) , opens new tab , to become the top shareholder at one of the country's largest nickel miners. The divestment is a key condition for the extension of Vale Indonesia's mining permit beyond 2025, with foreign investors required to transfer 51% of their combined stakes to local buyers after a certain period of operation. Upon completion, MIND ID will be the largest shareholder in Vale Indonesia, with its stake rising to 34% from 20%. Vale Canada will hold 33.9% and Sumitomo 11.5%, down from 43.79% and 15.03%, respectively. About 20% of the shares are publicly traded. The shares were valued at 3,050 rupiah ($0.1952) each, senior minister Luhut Pandjaitan told reporters. They were traded at 3,830 rupiah by Monday's closing on the local stock exchange, down 3.1% from the previous session. Vale Canada would receive around $160 million in cash upon completion, the company said in a separate statement. The governme
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