Plot to Seize Vale's Nickel Mines

By Editorial Team 08/02/2023
Chess King Replaced
Topic

President Joko "Jokowi" Widodo ordered Mining Industry Indonesia (MIND ID) to increase its share ownership in PT Vale Indonesia Tbk (INCO). Jokowi conveyed the instructions in a limited meeting with several ministers and heads of institutions to discuss the continuation of cooperation contracts in the oil and gas and mining sectors at the end of Jan 2023.

"The decision is that MIND ID will take the shares that Vale will release," MIND ID President Director Hendi Prio Santoso said during a hearing with the Energy Commission of the House of Representatives (DPR) on Monday.

Through the presidential instruction, Hendi said, MIND ID would have further discussions with Vale Indonesia regarding the further divestment of 11 percent of the nickel mining company's shares. "Hopefully, we will become the party that will consolidate Vale Indonesia, just like this year with PT Freeport Indonesia," he said.

 

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