Brazilian miner Vale and its Japanese partner Sumitomo Metal Mining are selling a stake of 20% in Vale Indonesia (PT Vale), a publicly-listed Indonesian copper ores company, to Indonesia Asahan Aluminium (Persero), also called Inalum, for IDR5.52bn ($371m).
The buyer Inalum is an Indonesian state-owned entity, which makes investments in the mining sector. Its association with the copper ores company is expected to significantly contribute to the continuous development and operational expansion of the latter’s businesses in the country.
Inalum was recently renamed as MIND ID.
As part of the deal, Vale is selling a 14.9% stake in Vale Indonesia for IDR4.12bn ($290m), while Sumitomo Metal Mining is offloading the remaining 5.1% stake.
Established in 1968, the Indonesian mining company produces nickel in matte from lateritic ores at its integrated mining and processing facilities located near Sorowako on the island of Sulawesi.
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