Energy and Mineral Resources Minister Arifin Tasrif revealed that Vale Canada Ltd and state-owned PT Mineral Industri Indonesia (Mindid), as the two biggest shareholders in the company, are each seeking those rights. — Jakarta Post
JAKARTA: Shareholders of PT Vale Indonesia are reportedly tussling over who will have operation control of the publicly listed nickel mining company and get to consolidate it with their financial statements after an impending divestiture that is required to extend its operations in Indonesia.
Speaking in front of lawmakers on Tuesday, Energy and Mineral Resources Minister Arifin Tasrif revealed that Vale Canada Ltd and state-owned PT Mineral Industri Indonesia (Mindid), as the two biggest shareholders in the company, are each seeking those rights.
“Mindid also wants the rights to operational control and financial consolidation,” Arifin said, before stopping mid-sentence and going on to the next point of his presentation.
The slide, meanwhile, suggested that, without those two rights, the state-owned enterprise would not “earn a profit and may incur a loss”. Vale has operated in Indonesia since 1968, initially under the contract of work licences granted to companies at the time. — The Jakarta Post/ANN
