JAKARTA. PT Vale Indonesia Tbk (INCO) has received an extension of operational license from Indonesian government, following the issuance of Special Mining Business License on May 13, 2024.

As of now, INCO has remaining time within its work contract until December 28, 2025. Then, the company is granted its first license extension of 10 years, meaning that the license will be effective until December 28, 2035. This license is extendable for another 10 years, according to the applicable regulation.

As the license holder, INCO is now mandated to share 10% of its net profit to Indonesian government. It complies with the applicable law, aiming to increase the company’s contribution to the country.

For the record, INCO was ordered to complete the construction of its smelting or refining facility, as well as the downstreaming facility. In addition, it must divest a portion of its shares, as announced on February 26, 2024.

Febriany Eddy, CEO and President Director of INCO, mentioned that the company is grateful towards Indonesian government for the support in its business activities. “The company insists on going forward along with all stakeholders to provide the most benefit for all parties,” added Eddy in the official statement. (KR/ZH)