PT Mineral Industry Indonesia (Persero) signed a letter of intent to acquire an additional 14% stake in PT Vale Indonesia Tbk (IDX:INCO) from Vale Canada Limited and Sumitomo Metal Mining Co., Ltd. (TSE:5713) on November 17, 2023. PT Mineral Industry Indonesia (Persero) agreed to acquire an additional 14% stake in PT Vale Indonesia Tbk (IDX:INCO) from Vale Canada Limited and Sumitomo Metal Mining Co., Ltd. (TSE:5713) on February 26, 2024.The divestment is expected to complete in 2024, subject to customary closing conditions. Norman Bissett, Luke Devine and Aaron Jones of Hadiputranto, Hadinoto & Partners acted as legal advisor to Vale Canada Limited.

Baker McKenzie LLP (Canada) acted as legal advisor to Vale Canada Limited. HSBC acted as Sole Financial Advisor to Vale Canada Limited and Sumitomo Metal Mining.