JAKARTA. The Ministry of Energy and Mineral Resources (ESDM) said that the divestment plan of PT Vale Indonesia Tbk (INCO) shares owned by Vale Canada Limited (VCL) and Sumitomo Metal Mining Co. (SMM) to MIND ID, has reached a price agreement.

After the divestment, MIND ID as a Mining SOE Holding, will receive an additional 14% of INCO shares. This will increase MIND ID's total shareholding in INCO to 34%.

The divestment is targeted to be completed in the coming days, according to Minister of Energy and Mineral Resources Arifin Tasrif. "We hope in a few days. All that remains is administration," Tasrif said last weekend.

Regarding the share price, Tasrif said that the divestment will be carried out at a price of IDR3,750 per share.

For the record, the divestment of shares to MIND ID is one of the requirements for INCO to extend the work contract until December 2025, to a Special Mining Business License (IUPK).

According to idnfinancials.com data, INCO's share price moved up 130 points or 3.52% to IDR3,820 per share, at the end of the first trading session today. However, on a year-to-date basis, the company's share price fell 600 points or 13.57%. (KR/LM)