Govt to Decide on Vale Indonesia's Contract Extension This Month

By Editorial Team 04/07/2023
Tambang PT Vale Indonesia Tbk
Summary

The Indonesian government will soon decide on PT Vale Indonesia Tbk's (INCO) contact extension and divestment. "Yes, we will make a decision soon. God willing, we will decide this month," President Joko "Jokowi" Widodo confirmed at Halim Perdanakusumah Airport, Jakarta, on Monday.

He also stressed that national interests must take precedence when making such a decision. However, the government does not want to discourage existing investors and will try to find the best solution for both parties.

The government has mandated that in order to extend its mining contract, expiring in 2025, Vale Indonesia must divest its shares to Indonesian entities first. Jokowi also wants the company to keep carrying out downstreaming projects if it wishes to continue its operations in Indonesia.

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