Vale Grants MIND ID With Larger Shares Present, But No Strategic Value
PT Mineral Industri Indonesia (MIND ID), with Vale Canada Limited (VCL) and Sumitomo Metal Mining Co Ltd (SMM), has announced the divestment of shares in PT Vale Indonesia Tbk (PTVI/INCO). Through this divestment, MIND ID will become the largest shareholder of Vale Indonesia, with 34 percent ownership. "By becoming the largest shareholder of Vale Indonesia, MIND ID together with VCL will have a deeper joint control," MIND ID CEO Hendi Prio Santoso said on Nov 18.
Through the collaborative management structure of PTVI, MIND ID, along with other shareholders, can work more closely, guided by principles of Good Corporate Governance. The management of PTVI will support the government's program to optimize the utilization of national nickel reserves and resources through downstream programs, aiming to increase the value-added chain of the nickel industry domestically. "This will strengthen MIND ID's business line and efforts in optimizing the utilization of reserves and nickel downstream activities," Hendi said.