Latham & Watkins has advised PT Mineral Industri Indonesia (MIND ID) on a landmark heads of agreement with Vale Canada Limited, Sumitomo Metal Mining Co. Ltd, and PT Vale Indonesia Tbk. (PTVI) to increase MIND ID’s shareholding in PTVI from 20% to 34%. The signing of the agreement, attended by Indonesian President Joko Widodo, is a mandatory step for PTVI to fulfil its regulatory divestment commitments and to convert its existing contract of work (COW) into a Special Mining Business License.
In line with the aspirations of shareholders, it is hoped that with the signing of the agreement, MIND ID will become the biggest shareholder of PTVI, with ownership of 34%, and have an important role of managing PTVI in the future.
The Latham team was led by Singapore partner James Clayton-Payne, with support from Singapore partners Sidharth Bhasin and Don Stokes, Singapore counsel Penelope Davey, with Singapore associates Rob Thompson and Shi Cheng Chong; additional advice was provided by Tokyo counsel Richard Fleming and Tokyo associate Alex Ross.