Daniel A. Fajri, Jakarta – President Joko Widodo (Jokowi) received a visit from several officials of mining giant PT Vale Indonesia Tbk at the Presidential Palace in Jakarta on Thursday, September 5, 2024, around 10:30 a.m.

PT Vale Indonesia Director Febriany Eddy, Vale Base Metal Global Chairman Mark Cutifani, and Vale Base Metal Chief Sustainable and Corp Affair Emily Olson, entered the front door of the Jakarta Palace around 10:00 a.m.

Febriany explained that she wanted to introduce the Vale Base Metals officials, including the chairman who was visiting Indonesia. She claimed that there were no specific reports to present to the President, stating that she would merely express gratitude for the government's ongoing support for Vale.

"We hope for support and provide updates on the company's latest development programs," she said.

PT Vale shares are legally held by the state-owned mining holding company PT Mineral Industri Indonesia (MIND ID) at 34 percent as of July 2024, up from the previous 20 percent.

The definitive transaction agreement for the acquisition of 14 percent of the joint share ownership on a pro-rata basis of Vale Canada Limited (VCL) and Sumitomo Metal Mining Co., Ltd (SMM) in INCO by MIND ID was signed on Monday, February 26, 2024.

The value of the share divestment was agreed upon at Rp3,050 per share, resulting in a total investment issued by MIND ID of US$300 million or approximately Rp4.69 trillion (with an assumed exchange rate at that time was Rp15,635 per US dollar).

The Presidential Palace has not released any further information regarding the meeting between Jokowi and the PT Vale Indonesia officials.

Source: https://en.tempo.co/read/1912707/jokowi-receives-visit-from-vale-indonesia-officials-at-palac