Shareholders of PT Vale Indonesia, the nickel miner, have voted to reappoint Febriany Eddy as the company’s CEO, ahead of state miner MIND ID raising its stake in the group to become the majority shareholder.
Vale and MIND ID had previously announced that when the state mining group’s planned acquisition of a 14% stake in Vale Indonesia from Vale Canada and Sumitomo Metal Mining was completed, they would agree on 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 the MIND ID transactions, which is expected to happen this month, until 2027.
After the transactions are completed, MIND ID will become the largest shareholder with a 34% stake in the company, while MIND ID and Vale Canada will become “joint controllers” 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 stated 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 the chief sustainability officer.