JAKARTA - Nickel miner Vale Indonesia is planning to divest 14% of its stake this year to fulfill divestment rules, Indonesia's Mining Minister Arifin Tasrif told reporters on Friday.
The shares will be sold to MIND ID, Indonesia's state mining holding company, at a price negotiated between them, he said.
Shares of Vale Indonesia traded at 6 800 rupiah ($0.4482) per share on Friday on Indonesia's stock exchange.
Under Indonesian rules, foreign miners are required to divest 51% of their stake to Indonesian buyers after a certain period of operation.
Vale Canada Ltd and Sumitomo Metal Mining in 2020 sold 20% of their stake in Vale Indonesia to the state holding company.
Vale Indonesia declined to comment, while Vale Canada, Sumitomo and MIND ID were not able to comment immediately.