Published on 10/05/2024 at 02:47 GMT+7 Reading time
MIND ID and Vale Canada Ltd have nominated and appointed the assessment center to evaluate candidates of directors at mining company PT Vale Indonesia after shares divestment.
MIND ID's Director of Portfolio and Business Development, Dilo Seno Widagdo, said the center will evaluate the best candidates for the directorship of PT Vale Indonesia.
"We jointly nominate the candidates," Dilo told Indonesia Business Post on Thursday, May 9, 2024.
He said that the operational oversight of PT Vale Indonesia will be jointly controlled by the two holding companies − Vale Canada Ltd. and MIND ID.
The Indonesian government has issued the extension of PT Vale Indonesia’s special mining business permit following the divestment of 14 percent of the company’s shares.
Earlier, Investment Minister/Head of Investment Coordinating Board Bahlil Lahadialia said the process for granting of extension was completed on April 28, 2024
Bahlil said one of the conditions for Vale Indonesia to secure permit extension is its investment commitment. Vale has to complete their commitment, for example on realization of investment targets.
In the past, Bahlil added, Vale Indonesia had promised to build smelters in several regions, but in reality there is no evidence that they have built smelters. When the company wanted an extension, the government requested that the absolute requirement for the extension is investment commitment.
”I will sign it,when It is committed to what is planned and what is committed to be done” he said.
Bahlil added that Vale Indonesia has completed the documents and the documents of commitment were notarized and become an inseparable part of the special mining business permit.
PT Mineral Industri Indonesia (MIND ID), together with Vale Canada Ltd. (VCL) and Sumitomo Metal Mining Co., Ltd. (SMM) signed a shares sales and purchase agreement for the divestment of PT Vale Indonesia (INCO) on February 26, 2024.
This agreement is a continuation of the Heads of Agreement signed on November 17, 2023. MIND ID together with VCL and SMM have agreed on the acquisition of PT Vale Indonesia’s shares by MIND ID, amounting to 14 percent of the total share ownership of the company.
The agreement signing is a crucial step for PT Vale Indonesia to fulfill its divestment obligations, as required by the Mineral and Coal Mining Law. This is a necessary prerequisite for extending PT Vale Indonesia’s Contract of Work through a Special Mining Business Permit (IUPK).
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