Vale Indonesia says Febriany Eddy reappointed as CEO as MIND ID deal approaches

Sumitomo Metal Mining

10/06/2024 12:57

JAKARTA, June 10 (Reuters) - Shareholders of nickel
miner PT Vale Indonesia  INCO.JK  on Monday voted to reappoint
Febriany Eddy as CEO, ahead of state miner MIND ID raising its
stake in the group to become its majority shareholder, the
company said.
    Vale and MIND ID said when the state mining group's planned
acquisition of a 14% stake in Vale Indonesia from Vale Canada
and Sumitomo Metal Mining  5713.T  was announced in February
that they would agree 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 MIND ID transactions -
expected this month - until 2027, the company said.
    After the transactions, MIND ID will become the largest
shareholder with a 34% stake in the company, while MIND ID and
Vale Canada will become "joint controller" 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 told reporters on Monday 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 chief sustainability officer. 

 (Reporting by Fransiska Nangoy; Editing by Jan Harvey)
 ((fransiska.nangoy@tr.com;))