June 22, 2020 |
Brazilian mining company Vale said Friday that its Canadian subsidiary and Japan's Sumitomo Metal Mining (SMM) sold 20% of nickel producer PT Vale Indonesia to Indonesia's state-owns aluminum smelting company PT Indonesia Asahan Aluminium (Inalum).
Vale Canada Limited (VCL) sold a 14.9% stake and SMM offloaded 5.1% to Inalum, according to a securities filing.
Vale said it will receive $290 million from the sale, which it expects to close by the end of the year.
The Brazilian miner will retain a
Brazilian miner offloads 15% of PT Vale to state-owned Inalum for $290 mln, but holds on to 44%