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Vale SA | 6-K: Vale Signs Definitive Agreement on PTVI Divestment

SEC announcement ·  Mar 1 07:14
Summary by Moomoo AI
Vale S.A., a leading mining company, has announced the signing of a definitive agreement for the divestment of its subsidiary PT Vale Indonesia Tbk (PTVI) to PT Mineral Industri Indonesia (MIND ID) and Sumitomo Metal Mining Co., Ltd. (SMM). The transaction, which is expected to close before the end of 2024, will result in Vale Canada Limited (VCL), a subsidiary of Vale, receiving approximately $160 million in cash. This divestment is in compliance with Indonesia's obligations and will allow PTVI to extend its mining license. Post-transaction, VCL will retain a 33.9% stake in PTVI, with SMM and MIND ID holding 11.5% and 34.0% respectively, while 20.6% will remain publicly traded on the Indonesia Stock Exchange. Vale reaffirms its commitment to the responsible production of essential metals for the energy transition.
Vale S.A., a leading mining company, has announced the signing of a definitive agreement for the divestment of its subsidiary PT Vale Indonesia Tbk (PTVI) to PT Mineral Industri Indonesia (MIND ID) and Sumitomo Metal Mining Co., Ltd. (SMM). The transaction, which is expected to close before the end of 2024, will result in Vale Canada Limited (VCL), a subsidiary of Vale, receiving approximately $160 million in cash. This divestment is in compliance with Indonesia's obligations and will allow PTVI to extend its mining license. Post-transaction, VCL will retain a 33.9% stake in PTVI, with SMM and MIND ID holding 11.5% and 34.0% respectively, while 20.6% will remain publicly traded on the Indonesia Stock Exchange. Vale reaffirms its commitment to the responsible production of essential metals for the energy transition.
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