UPDATE 1-Vale divestment in Indonesian nickel unit expected to finish in July
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 03 2024
0mins
Source: Yahoo Finance
- Divestment of Vale Canada Ltd and Sumitomo Metal Mining Co. Ltd's shares: Indonesia's mining minister announced that the divestment of shares in their nickel miner unit, Vale Indonesia, is expected to conclude in July.
- Government Requirement for Operating Permit: The transaction is necessary for Vale Indonesia to extend its operating permit beyond 2025.
- New Permit Validity: After the divestment, Vale Indonesia will receive a new permit valid until at least 2035.
- Stake Divestment Details: Vale Canada and Sumitomo agreed to divest a 14% stake in the nickel unit to Indonesia's mining industry holding company, MIND ID, increasing MIND ID's ownership to 34%.
- Importance for Investment Plans: Vale Indonesia's spokesperson expressed the importance of receiving the new permits promptly for the company to proceed with its investment plans.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
