Vale Indonesia Officially Proposes 11% Stake Divestment

By Editorial Team 30/01/2023
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Summary

PT Vale Indonesia Tbk (INCO) has submitted a proposal to divest its 11 percent stake to the government, fulfilling requirements for extending the Contract of Work (CoW) license, which will expire on Dec 27, 2025. "The divestment of 11 percent stake is a fulfillment of divestment obligations in accordance with prevailing regulations," Vale Indonesia's Head of Communications Bayu Aji Suparam told Katadata.co.id on Friday.

With the divestment, Vale Indonesia expects its continued involvement in the mining process to produce greater benefits for Indonesia. "This is in line with the important work of Vale, which invested billions of US dollars in supporting sustainable growth in nickel production," Bayu said.

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