Upon completion, MIND ID will be the largest shareholder in Vale Indonesia, with its stake rising to 34% from 20%.
Vale Canada will hold 33.9% and Sumitomo 11.5%, down from 43.79% and 15.03%, respectively. About 20% of the shares are publicly traded.
The shares were valued at 3,050 rupiah ($0.1952) each, senior minister Luhut Pandjaitan told reporters. They were traded at 3,830 rupiah by Monday’s closing on the local stock exchange, down 3.1% from the previous session.
Vale Canada would receive around $160 million in cash upon completion, the company said in a separate statement.
The government will work on issuing the new mining permit for Vale within ten days after the signing on Monday, Dadan Kusdiana, senior mining ministry official said, offering certainty to the company’s future operation.
Vale Indonesia will get ten years to operate under the new permit after 2025, which can be extended.
Asked about the make up of the…
