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A Sign of Light at the Palace

Tuesday, October 29, 2019

After months of delay, Vale’s divestment process finally resumed following a meeting between the company’s CEO and President Joko Widodo. They offered a discount.

Vale Indonesia’s smelter in Sorowako, East Luwu, South Sulawesi./ ANTARA/Basri Marzuki. tempo : 173484748459.

The long awaited decision came two weeks after Vale SA CEO met President Joko Widodo at the State Palace in Jakarta. The energy and mineral resources ministry on October 8 appointed Indonesia Asahan Aluminium or Inalum to act for the government in the divestment process of Vale Indonesia (IDX: INCO) shares. In a letter issued on that date, the government instructed Inalum to take over 20 percent ownership in Vale Indonesia.

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