INCO - Government to announce INCO divestment, no land reduction

INCO - Government to announce INCO divestment, no land reduction President Joko Widodo convened a meeting with several key ministers to discuss the divestment of INCO. The divestment involves Vale Canada Limited (VCL) and Sumitomo Metal Mining (SMM) selling their shares to the State-Owned Mining Industry Holding, Mineral Industri Indonesia (MIND ID). The divestment will not lead to a reduction in INCO's mining concession areas. This is in line with the Regional Development Plan (RPSW) approved in Apr’23, a requirement for the extension of INCO's Contract of Work (KK), which expires in Dec’25. Further, MIND ID is set to become the majority shareholder of INCO after the divestment process, as it has expressed its readiness to acquire a 14% stake from existing shareholders, ensuring majority ownership. (Source: Kata Data) Comment: We are positive on the news. This decision will strengthen the project's long-term viability and allow INCO to maintain its infrastructure investment.