Vale, Sumitomo to reduce stake in Indonesian nickel miner

Image courtesy of PT Vale Indonesia.

Brazilian miner Vale SA said in a filing on Monday it has signed an agreement with Japan’s Sumitomo Metal Mining Co and Indonesia’s Asahan Aluminium to reduce its stake in nickel mining company Vale Indonesia.

Complying with an agreement signed in 2014 with the Indonesian government, Vale and Sumitomo will sell a 20% stake to state-owned Asahan Aluminium, known as Inalum. After the deal, Vale and Sumitomo will hold 59% of the nickel mining company. The value was not disclosed.

(By Gabriela Mello and Tatiana Bautzer; Editing by David Evans)

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