Mining holding MIND.ID to acquire Vale Indonesia for $392m by year-end

By Norman Harsono

State-owned mining holding company MIND ID plans to buy a 20 percent stake of one of the country’s top nickel miners, PT Vale Indonesia (INCO), by year-end in a move that is expected to further strengthen Indonesia’s grip on domestic mineral resources.

MIND ID signed on Thursday a deal to pay Rp 5.52 trillion (US$392 million) INCO’s shareholders, Brazil-based Vale and Japan-based Sumitomo Metal Mining Co. Ltd, to acquire the stake. Vale will receive Rp 4.13 trillion and Sumitomo Rp 1.39 trillion.

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