According to media reports, state-owned mining holding company Mining Industry Indonesia (MIND ID) has signed a share purchase agreement with Brazil-based Vale Canada Limited (VCL) and Japan based Sumitomo Metal Mining Co. Ltd. (SMM) in order to buy a 20 percent stake of Indonesia-based major nickel miner PT Vale Indonesia (INCO) for an aggregate price of IDR 5.52 trillion ($392 million) by the end of this year.
Under the share purchase agreement, VCL and SMM will transfer 14.9 percent and 5.1 percent shares to MIND ID, respectively. Following completion of the transaction, VCL will own a 44.3 percent stake in INCO, MIND ID will hold a 20 percent stake, while the remaining 15 percent and 20.7 percent stakes will be held by SMM and the Indonesian public, respectively.