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Erick and Jokowi Wants to Make Vale 'The Next Freeport'

www.cnbcindonesia.com

Tue 03 Jan 2023, 09:00 AM

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The government, in this case, the Ministry of State-Owned Enterprises (BUMN) will later be involved in divestment of PT Vale Indonesia Tbk (INCO) shares.

SOE Minister Erick Thohir said that President Joko Widodo (Jokowi) had held a limited meeting related to this matter with himself and related ministries such as the Minister of Energy and Mineral Resources, the Minister of Economic Affairs, the Coordinating Minister for Maritime Affairs and Investment, the Minister of Finance, and the Minister of Investment.

As is known, Vale is obliged to divest its shares by 51% as a condition to extend its contract in Indonesia, from a Contract of Work (KK) to a Special Mining Business Permit (IUPK).

Erick revealed that in the divestment process, his party will do what was done to PT Freeport Indonesia (PTFI) then.

"BUMN will play a role like Freeport used to," he said at the Ministry of SOEs in Jakarta, Monday (2/1).

The involvement of the government in this matter, because Vale is important because it is a nickel producer. "Because of why, Indonesia is one of the countries that produces nickel," he said.

Previously, the Ministry of Energy and Mineral Resources at that time said that the discussion on the divestment of Vale Indonesia to the country continued. Vale itself has divested its 20% stake to the MIND ID Mining SOE Holding.

Acting Governor of Bangka Belitung (Babel) as well as Director General of Mineral and Coal of the Ministry of Energy and Mineral Resources Ridwan Djamaluddin at that time said that the House of Representatives would form a working committee or Committee to evaluate Vale Indonesia's contract of work (KK) mining permit into a Special Mining Business Permit (IUPK).

Meanwhile, to get the extension process to IUPK, Vale is at least obliged to divest its shares by 51% to the state.

"It hasn't broken up earlier (51% shares like PTFI), it hasn't broken up. It will be discussed later," ridwan said at the capitol, Tuesday (5/7).

Meanwhile, quoting from the Indonesian Stock Exchange (IDX), the portion of Vale Indonesia's share ownership is 20% PT Indonesia Asahan Alumunium (Persero), 43.79% Vale Canada Limited, 15.03% Sumitomo Metal Mining Co Ltd, and 21.18% public.

Image source: Istimewa Agus Suparto via CNBC Indonesia

Source: https://www.cnbcindonesia.com/market/20230102144612-17-402118/duet-erick--jokowi-mau-bikin-vale-jadi-the-next-freeport

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