Last 3,525
Change Today +140.00 / 4.14%
Volume 17.6M
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As of 4:14 AM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

vale indonesia tbk (INCO) Snapshot

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09/8/14 - $4,575
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vale indonesia tbk (INCO) Details

PT Vale Indonesia Tbk is engaged in the exploration, mining, processing, and production of nickel in Indonesia. It operates a contract of work agreement with government of Indonesia covering approximately 190,509.66 hectares located in island of Sulawesi. The company was formerly known as PT International Nickel Indonesia Tbk and changed its name to PT Vale Indonesia Tbk in September 2011. The company was founded in 1968 and is based in Jakarta, Indonesia. PT Vale Indonesia Tbk is a subsidiary of Vale Canada Limited.

Founded in 1968

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vale indonesia tbk (INCO) Key Developments

PT Vale Indonesia Tbk Declares 2014 Interim Dividend, Payable on December 17, 2014

PT Vale Indonesia Tbk announced that the Board of Commissioners of the company has approved the proposal of the Board of Directors to distribute a 2014 interim dividend of USD 0.01007 per share or equivalent to approximately USD 100 million in aggregate. The dividend is payable on December 17, 2014 to shareholders of record as of December 3, 2014.

PT Vale Indonesia Signs an Amendment to its 1996 Contract of Work

Vale S. A. (Vale) announced that its subsidiary PT Vale Indonesia (PTVI) has signed an amendment to its 1996 Contract of Work (CoW) set to expire on December 28, 2025 with the Government of Indonesia (GoI). PTVI is now entitled to extend its operations until 2045 through two consecutive 10-year periods, subject to the GoI approval based upon PTVI’s fulfillment of its requirements under the COW amendment. The amendment of the CoW encompasses: An immediate reduction in the size of PTVI’s total CoW area from the current 190,510 hectares which includes areas of protected environment to 118,435 hectares, preserving the most relevant mining areas. At the expiry of the CoW on December 28, 2025, PTVI will maintain 25,000 hectares as ore zones that it proposes to exploit. Areas not designated as ore zones after December 28, 2025 can be retained for operations and other uses. This represents a renegotiated land package that is sufficient to support PTVI’s investments and long term growth plans through the life of its extended COW. A progressive royalty rate starting at 2% which could reach 3% based on a defined nickel price threshold in order to reflect the economic reality of the nickel market.

PT Vale Indonesia Tbk Announces Changes in Management Team

PT Vale Indonesia Tbk has appointed Jennifer Maki as the new president commissioner, replacing Ricardo Carvalho. The company has also announced the appointment of Mr. Stuart Harshaw as Commissioner of the company to fill in the vacant Commissioner position left by Ms Jennifer Maki. The Shareholders also approved the appointment of Mr. Nobuhiro Matsumoto as Commissioner of the company, replacing Mr. Akira Nozaki. JENNIFER MAKI was elected to the Board of Commissioners in 2007. She is the Chief Financial and Administrative Officer of Vale Base Metals. As of January 2013, Ms Maki also assumed the Human Resources and Corporate Affairs portfolios, in addition to the Chief Finance role, which she has held since 2007. Ms Maki joined Vale Canada in 2003 as Assistant Comptroller, Financial Planning and Analysis and has also held the roles of Assistant Comptroller, Financial Accounting and Reporting, and vice president and Treasurer. Prior to joining Vale Canada, Ms Maki spent 10 years at PricewaterhouseCoopers LLP in positions of increasing responsibility. STUART HARSHAW is currently the Vice-President of Marketing and Sales for Asia Pacific of Vale Base Metal. In this role, he oversees all sales of Base Metals into the Asia Pacific region, including China, Japan, Taiwan and Indonesia. In addition, he is responsible for the Asian refinery operations in Matsusaka, Japan; Kaohsiung, Taiwan and Dalian, China. Since joining Inco (now Vale) in 1990, Mr. Harshaw has held roles in Engineering, Operations and Marketing. NOBUHIRO MATSUMOTO is currently the General Manager of Administration Department, Non-Ferrous Metals Division of Sumitomo Metal Mining Co. Ltd. In this role, he is responsible for strategy and performance management and business development of Non-Ferrous Metals business. He has held various R&D, operation and project management positions in the field of Non-Ferrous Metals, particularly nickel, in his career Sumitomo, and served as a Plant Manager of Coral Bay Nickel Corporation (Philippines) succeeded by a Plant Manager of Niihama Nickel Refinery prior to assuming his current position.


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