Vale Canada and Sumitomo Metal Miningboth agreed to sell a 14 per cent stake in Vale Indonesia (PT Vale) to PT Mineral IndustriIndonesia. The state-owned miner will hold about 34 per cent of the issued shares, up from 20 per cent, while Vale Canada will hold about 33.9 per cent, down from 43.79 per cent, and Sumitomo about 11.5 per cent, down from 15.03 per cent, to meet the minimum domestic ownership laws in the country that restrict foreign ownership of mines. As a result, PT Vale’s mining business licence has the potential to be extended beyond 2025 in the region.
