PT Vale Indonesia Signs Definitive Agreement With Zhejiang Huayou Cobalt Co

SABER, BALI  |  PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO) today signed a Definitive Cooperation Agreement with Zhejiang Huayou Cobalt Co., Ltd (“Huayou”) to process nickel ore from PT Vale’s Pomalaa Block in Kolaka, Southeast Sulawesi, a key milestone as part of its project pipeline at Nusa Dua Bali, November 13th, 2022

This agreement, signed on Sunday during the B20/G20 Summit in Nusa Dua, Bali, is part of PT Vale’s commitment to build out its world-class project portfolio and secure the next generation of sustainable mining projects in Indonesia.

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“The Pomalaa Block High-Pressure Acid Leach (“HPAL”) Project is a cornerstone of PT Vale’s sustainable growth agenda that will drive local and national economic and social development well into the future,” said PT Vale Indonesia CEO Febriany Eddy.

“This project is a testament to PT Vale’s commitment to sustainable mining practices which is aligned with B20 priorities of ensuring just and orderly energy transition,” she added.

The Pomalaa Block HPAL project is estimated to produce up to 120 kilotons of nickel that will be important for supporting the electric vehicle battery ecosystem.

“Our cooperation is a perfect combination of PT Vale’s mineral resource advantage and Huayou’s advanced HPAL technology advantage to achieve and sustainable mineral resource development,” said Huayou Chairperson Chen Xuehua.

“We will also work closely with PT Vale Indonesia to ensure the adoption and implementation of leading environmental, social, and corporate governance (ESG) practices,” he added.

This agreement ties to the non-binding memorandum of understanding (MoU) with Huayou and Ford Motor Company in July. (*)

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