JAKARTA. Minister of State Owned Enterprises (SOEs) Erick Thohir said that PT Vale Indonesia Tbk (INCO) shares were an important part in the downstreaming of national mining industry.
He said that the shares were important because Indonesia is one of the world's largest nickel producers. "With the transaction, we managed to increase state ownership in the mining sector," said Erick in a press release Thursday (8/10/2020).
He also said that the acquisition of INCO shares was also a good step to strengthen the value chain in Indonesia, as well as the development of the battery industry for electric cars, said Erick.
Previously, Vale Canada Limited (VCL) and Sumitomo Metal Mining Co., Ltd. (SMM). has released 20% of PT Vale Indonesia Tbk (INCO) shares. A share purchase agreement was signed in June 2020. The divestment of 20% of INCO shares is part of the Contract of Work (COW) in 2014 between the government and PT Vale Indonesia Tbk. (AM/AR)