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Top related persons:
Ritsuko Shimizu - 2 Deshnee Naidoo - 2 Fransiska Nangoy - 2 Kirsten Donovan - 2 Wirjoatmodjo - 1 Joko Widodo - 1 Widodo - 1 Stefanno Sulaiman - 1
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Tokyo Japan Rights JAKARTA Vale Canada Mineral Industri Indonesia Indonesia Vale Indonesia Indonesian
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Sumitomo Metal Mining - 2 REUTERS - 2 Rights - 2 Base Metals - 2 Vale Canada - 2 Vale - 2 Sumitomo - 2 Mineral Industri - 2

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☆ Vale Canada, Sumitomo Metal sign initial agreement to sell 14% stake in Indonesia nickel miner
  + stars: | 2023-11-18 | by ( ) www.reuters.com   time to read: +3 min
REUTERS/Ritsuko Shimizu/File Photo Acquire Licensing RightsJAKARTA, Nov 18 (Reuters) - Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which will otherwise end in 2025. Upon completion, MIND ID will become the largest shareholder of Vale Indonesia with its stake rising to 34% from 20%. Vale Canada will hold 33.9%, down from 43.79%, and Sumitomo 11.5%, down from 15.03%, according to the statement. "The divestment will make MIND ID as the biggest shareholder of Vale (Indonesia), so MIND ID and Vale Canada can exercise a joint control over Vale (Indonesia)," he said in a statement on Friday.
Persons: Ritsuko Shimizu, Wirjoatmodjo, Deshnee Naidoo, Joko Widodo, Widodo, Fransiska Nangoy, Stefanno Sulaiman, Kirsten Donovan, William Mallard Organizations: Sumitomo Metal Mining, REUTERS, Rights, Base Metals, Vale Canada, Vale, Sumitomo, Mineral Industri, Vale Base Metals, Reuters, Thomson Locations: Tokyo, Japan, Rights JAKARTA, Vale Canada, Mineral Industri Indonesia, Indonesia, Vale Indonesia, Indonesian, Vale
☆ Vale Canada, Sumitomo Metal sign initial deal to sell 14% stake in Indonesian nickel miner
  + stars: | 2023-11-17 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Ritsuko Shimizu/File Photo Acquire Licensing RightsJAKARTA, Nov 17 (Reuters) - Mining company Vale Base Metals said its unit Vale Canada Ltd and Japan's Sumitomo Metal Mining Co. Ltd signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which is currently due to end in 2025. Upon completion, MIND ID will become the largest shareholder of Vale Indonesia with 34% of shares, up from 20%. Around 20% of Vale Indonesia's shares are publicly traded. Vale Base Metals is committing around $10 billion of investment in Indonesia over the next decade.
Persons: Ritsuko Shimizu, Deshnee Naidoo, Fransiska Nangoy, Kirsten Donovan Organizations: Sumitomo Metal Mining, REUTERS, Rights, Base Metals, Vale Canada, Japan's Sumitomo Metal Mining Co . Ltd, Vale, Sumitomo, Mineral Industri, Vale Base Metals, Thomson Locations: Tokyo, Japan, Rights JAKARTA, Vale Canada, Mineral Industri Indonesia, Indonesia, Vale Indonesia, Indonesian
☆ Iron ore prices could rally as one leading producer remains reluctant to share, analyst says
  + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +3 min
"Indian iron ore exports … have really come off in the last few months. India's exports of iron ore plunged by 90% year on year in October last year, and recorded an year-on-year decline as steep as 96% in September. Udit Kulshrestha | Bloomberg | Getty ImagesAccording to Refinitiv, around 60% of global iron ore exports are destined for China. Iron ore exports from India were affected by a 50% tax on low-grade iron ore exports, which was reversed in late November. India's iron ore exports won't be the biggest factor in price volatility, however.
☆ India scraps export tax on low-grade iron ore, some steel intermediates
  + stars: | 2022-11-18 | by ( Neha Arora | Megan Rowling | ) www.reuters.com   time to read: +2 min
NEW DELHI, Nov 19 (Reuters) - India scrapped export taxes on low-grade iron ore and on some intermediate steel products beginning Saturday, after months of complaints from miners and steel makers about loss of foreign sales opportunities. The government also reversed a May rise in export tax on iron ore concentrates other than roasted iron pyrites. The additional taxation imposed in May was intended to boost domestic supply of iron ore, a raw ingredient for making steel, and thereby hold down inflation. Major steel makers have urged the government to unwind the additional export taxation, saying it added to their problem of weakening international demand. Indian producers of low-grade ore depend largely on foreign markets, because most major domestic steel producers use high-grade iron ore.
☆ India's October iron ore exports 'nearly zero' - mining body official
  + stars: | 2022-11-03 | by ( Neha Arora | ) www.reuters.com   time to read: +2 min
He said Beijing's strict COVID-19 curbs would also impact India's iron ore shipments. China's steel production could fall in winter, dampening the demand for iron ore, Sharma said. Low-grade ores comprised 92% of India's total iron ore exports. India's iron ore exports during the first five months of the current fiscal year that began in April totalled 6.97 million tonnes, a three-year low, data compiled by FIMI showed. Local iron ore prices in India have dropped, partly due to lower demand, said a spokesperson for state-run miner NMDC Ltd.
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