JAKARTA – PT Vale Indonesia Tbk (INCO) has outlined the reasons behind PT Petrosea Tbk (PTRO) success in securing contract for the nickel mining project at Pomalaa Block, Southeast Sulawesi.

Wiwik Wahyuni, Corporate Secretary of INCO, stated that PTRO won the contract through a bidding process. She mentioned that the two-year contract, signed between INCO and PTRO, commenced on July 3, 2024.

“The contract, valued at IDR 2.8 trillion for 24 months, began on July 3, 2024 and will end on July 2, 2026,” said Wiwik, responding to a clarification request from the Indonesia Stock Exchange (IDX).

The contract, undertaken by PTRO, includes the construction of mining infrastructure such as roads, stockpile areas, water management facilities, and other earthworks at Pomalaa Block.

Upon completion of the project, PTRO is optimistic that its revenue performance will improve. “This contract will strengthen the development of the Pomalaa Block mine,” Wiwik noted.

According to data from IDNFinancials.com, PTRO’s stock price fell 2.36% or 90 points to IDR 3,730 as of 2.45 WIB today. However, in the last five trading days, the stock of the company owned by Prajogo Pangestu has risen by 8.12% or 280 points. (KR/ZH)