Indonesia’s state miner Mining Industry Indonesia (MIND ID), formerly called PT Inalum, finished its purchase of a 20 percent stake in nickel miner PT Vale Indonesia, the country’s state- owned business ministry said on Thursday.
MIND ID purchased the 20 percent stake at Rp 2,780 per share, totaling to Rp 5.52 trillion (US$37577 million), the ministry said in a declaration.
Brazil ' s Vale Group controls 44.34 percent of PT Vale Indonesia, while Japan ' s Sumimoto Metal Mining Co. Ltd holds 15.93 percent of shares, the ministry said.
MIND ID purchased 14.9 percent stake from Vale Canada Ltd, the Canadian subsidiary of Vale Group, and 5.1 percent from Sumimoto, according to the statement.
” With this transaction, we add more state ownership in the mining sector,” State-Owned Enterprises Minister Erick Thohir stated.
” This is likewise a fantastic action to enhance the worth chain in Indonesian and the advancement of the battery market for electric cars.”
The Indonesian government is eager to construct a holistic onshore electric car (EV) industry, covering everything from the production of nickel chemicals needed for batteries, through to producing those batteries and ultimately building vehicles domestically.
Mining Industry Indonesia altered its name from PT Inalum in August to differentiate its holding company function from its smelting operational company.
