MIND ID Will Become A Controller Of Vale Indonesia, Can Choose President Director And Commissioner

Minister of Energy and Mineral Resources Arifin Tasrif. (Photo: Mery Handayani/VOI)

JAKARTA - Minister of Energy and Mineral Resources (ESDM), Arifin Tasrif said the MIND ID Mining BUMN Industry Holding will be the majority shareholder and also the controller of the Vale Indonesia mine.

MIND ID became the majority shareholder in Vale Indonesia in line with the increase in share ownership by 14 percent. Previously, MIND ID owned 20 percent of the shares, so MIND ID's share ownership in Vale Indonesia became 34 percent.

"MIND ID can be 34 percent and that's the majority of it," he said when met at the Ministry of Energy and Mineral Resources, Jakarta, Friday, November 10.

Furthermore, Arifin said that later there would be operational consolidation between Vale and MIND ID. Thus, the position of President Commissioner and President Director will be filled from MIND ID.

"Later there will be a board management, in principle the President Director and Komut will be the largest holder," said Arifin.

However, continued Arifin, the change in position of President Director of Vale Indonesia will wait for the entire divestment process to be completed. The position of President Director of Vale is currently held by Febriany Eddy.

"Yes, as soon as this is finished, then do it," he said.

Previously, Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that the release of PT Vale Indonesia's share divestment to the MIND ID Mining BUMN Industry Holding had been decided.

He said Vale's shares were transferred by 14 percent.

"Already, it has been decided. So what Vale released was 14 percent, yes," he said when met at the Ministry of Energy and Mineral Resources, Jakarta, Friday, November 10.

For your information, Vale Indonesia's shares are currently held by Vale Canada Limited at 43.79 percent. The company is also the controller.

Then, Sumitomo Metal Mining owns 15.03 percent. Meanwhile, Vale Japan Ltd owns 0.54 percent stake.

Meanwhile, about 20 percent is held by the public by being released on the Indonesia Stock Exchange (IDX). Meanwhile, MIND ID itself already owns 20 percent of Vale Indonesia's shares.

With the addition of 14 percent of the shares from the divestment, continued Arifin, the total shares of Vale Indonesia owned by MIND ID became 34 percent and became the majority shareholder of Vale Indonesia.