Nickel miner PT Vale Indonesia is setting a production target of approximately 70,800 metric tons of nickel in matte for 2024, similar to the output of 70,728 metric tons achieved in 2023, according to an official statement on Monday. The company is currently awaiting a new special mining permit for its operations beyond 2025, as mentioned by spokesperson Bayu Aji.
Securing the new permit is deemed essential for Vale Indonesia to proceed with its investment plans and operational continuity. In February, Vale Canada and Japan’s Sumitomo Metal Mining agreed to divest a 14% stake in Vale Indonesia to Indonesia’s mining industry holding company, MIND ID, as a prerequisite for obtaining the new mining permit. The Indonesian government has affirmed its commitment to issuing the new permit for Vale Indonesia.
Foreign investors in Indonesian mining ventures are mandated to transfer 51% of their combined stakes to local entities after a specified operational period. Following the completion of the stake transfer to MIND ID, the holding company will become the largest shareholder in Vale Indonesia, with its ownership interest increasing from 20% to 34%.