Brazilian miner and iron ore producer Vale has signed a “heads of agreement” with Sumitomo Metal Mining (SMM) and PT Indonesia Asahan Aluminium to disinvest from PT Vale Indonesia TBK, Vale said.
Vale owns 58.7 percent of nickel producer PT Vale Indonesia TBK, while Sumitomo owns another 20.1 percent stake.
Vale said it will disinvest, along with Sumitomo, a collective 20 percent stake from PT Vale Indonesia TBK, while the government of Indonesia will buy the 20 percent stake.
As a result, Vale and Sumitomo will have a combined stake of 59 percent. Vale did not disclose the exact stake it will have after the transaction is completed.