Vale Indonesia targets 2024 output of about 70,800 metric tons nickel in matte

Nickel miner PT Vale Indonesia is aiming for output this year of about 70,800 metric tons of nickel in matte, an official said on Monday, a similar volume to the 70,728 metric tons produced in 2023.

The company, meanwhile, is still awaiting a new special mining permit for its operations beyond 2025, said Bayu Aji, its spokesperson.

“Our hope is that we can get it soon,” Bayu said, adding the new permit was crucial for the company to move forward with it investment plan.

Vale Canada and Japan’s Sumitomo Metal Mining in February agreed to divest a 14% stake in Vale Indonesia to Indonesia’s mining industry holding company, MIND ID, as a requirement to secure the new mining permit.

Indonesian government said it would issue the new mining permit for Vale.

Foreign investors in Indonesian mining companies are required to transfer 51% of their combined stakes to local companies after a certain period of operation.

Upon completion of the Vale transaction, MIND ID will be the largest shareholder in Vale Indonesia, with its stake rising to 34% from 20%.

(By Fransiska Nangoy and Ananda Teresia; Editing by Martin Petty)