Brazilian miner Vale and Japan-based Sumitomo Metal Mining Co have agreed to sell 20% of their joint stake in nickel producer PT Vale Indonesia to state-owned Inalum, a necessary step to renew its operating license past 2025, Vale said on Friday June 19.
Vale will sell 14.9% of its shares in the Indonesian company, owned through the subsidiary Vale Canada Ltd, and Sumitomo will divest its 5.1% stake, leaving the companies with a stake of 44.3% and 15% respectively.The transaction is expected to close by the end...