Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Shareholders of nickel miner PT Vale Indonesia on Monday voted to reappoint Febriany Eddy as CEO, ahead of state miner MIND ID raising its stake in the group to become its majority shareholder, the company said.
Vale and MIND ID said when the state mining group’s planned acquisition of a 14% stake in Vale Indonesia from Vale Canada and Sumitomo Metal Mining was announced in February that they would agree board positions as the deal progressed.
Eddy and a number of new appointees will sit as the new board of directors from the closure of MIND ID transactions – expected this month – until 2027, the company said.
After the transactions, MIND ID will become the largest shareholder with a 34% stake in the company, while MIND ID and Vale Canada will become “joint controller” of Vale Indonesia.
The deal was a requirement for Vale to be granted a mining permit extension, which it has now secured until at least 2035.
Eddy told reporters on Monday that her focus following her re-appointment would be to deliver Vale’s three major projects “safely, on time and on budget”.
Vale is investing around $9 billion to develop three nickel processing plants, including two high-pressure acid leaching plants to extract materials for electric vehicle batteries.
Shareholders on Monday also appointed Rizky Andhika Putra, a former senior executive at state bank Bank Rakyat Indonesia, as the incoming chief financial officer, replacing Bernardus Irmanto, who will become chief sustainability officer.
(By Fransiska Nangoy; Editing by Jan Harvey)
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