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Indonesian state miner signs deal for 20% Vale Indonesia interest

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Indonesian state miner signs deal for 20% Vale Indonesia interest

Mining Industry Indonesia, formerly known as PT Indonesia Asahan Aluminium (Persero), struck a deal to purchase a 20% interest in nickel miner PT Vale Indonesia Tbk., Reuters reported.

The company did not disclose the transaction value, though Mining Industry Indonesia spokesperson Rendi Witular said it would be at a fair market value.

The Indonesian government recently appointed the state miner to acquire the stake, which PT Vale Indonesia was selling to comply with the country's mining regulations.

Mining Industry Indonesia said the acquisition will provide it with the raw material required to expand Indonesia's downstream nickel industry.

Vale SA owns a 59.27% stake in PT Vale Indonesia, and Sumitomo Metal Mining Co. Ltd. owns a 20.09% interest.

PT Inalum changed its name to Mining Industry Indonesia in August to differentiate its holding company function from the smelting operations, according to the newswire.