[Ferro-Alloys.com] 

Indonesia, Vale agree price for divestment, minister says

Indonesia and Vale Base Metals have concluded negotiations and agreed to a price for the portion of shares the miner will sell in its Indonesian unit, the mining minister said on Friday.

Vale Canada, a unit of Vale Base Metals, and Japan’s Sumitomo Metal Mining signed an initial agreement to sell a 14% stake in their Indonesian nickel mining unit to Indonesia’s state mining holding company, MIND ID last November.

Minister Arifin Tasrif did not disclose the price, but he said it would be below the current market price.

Arifin said the deal is expected to be signed soon, including approval for Vale Indonesia’s mining permit extension.

• [Editor:邢亚敏]