Minister Luhut Requests Extension of Vale (INCO) Contract to Be Finalized This Week

INCO-JAKARTA. Coordinating Minister for Maritime Affairs Luhut B. Pandjaitan has requested the extension of PT Vale Indonesia Tbk's (INCO) contract permit to be finalized this week.

Luhut revealed this during the Signing Definitive Transactions Agreement for The Acquisition of PTVI Shares between Mind ID and Vale Canada Ltd. and Sumitomo Metal Mining Co. Ltd. on Monday (26/2) in Jakarta.

Luhut emphasized that the extension of various permits, including the Special Mining Business License (IUPK), needs to be granted to support the smooth divestment process.

"I also lastly asked my fellow ministers, all the permits that have not yet been issued should be resolved immediately. Especially the IUPK can be issued this week, so this acquisition transaction process can be finalized immediately," said Luhut at the Pullman Hotel Jakarta, Monday (26/2).

Read Also: MIND ID Officially Acquires 14% Shares of Vale Indonesia (INCO)

Luhut explained that the downstream commitment for INCO also needs to be included in the IUPK provisions.

With this acquisition, MIND ID will hold about 34% of INCO shares, then Vale Canada Ltd by 33.9% and Sumitomo Metal Mining by 11.5%. About 20.6% of shares will be held by the public.

Investment Minister/BKPM (Investment Coordinating Board) Bahlil Lahadalia revealed that they have discussed the extension of Vale Indonesia's contract permit.

"The IUPK is already finished this week. We just wait for the business plan, but I'm sure it will be finished in a week. We have discussed it, in our office too, very detailed," explained Bahlil.

It is recorded, INCO has four KK permits with production operation stages that will end on December 27-28, 2025.