HHP Law Firm ("HHP") acted for Vale Canada Limited ("VCL") as legal counsel in relation to VCL's and Sumitomo Metal Mining Co., Ltd's ("SMM") proposed divestment of an approximately 14% equity interest in PT Vale Indonesia Tbk ("PT Vale") to Indonesia's state-owned mining company PT Mineral Industri Indonesia ("MIND ID"). A balanced governance structure will support both the stability and growth of PT Vale’s continued operations in Indonesia.
VCL signed a Heads of Agreement with MIND ID and SMM regarding the divestment on the sidelines of the Asia-Pacific Economic Cooperation Leaders’ Meeting 2023 on 17 November 2023, in front of Indonesian President Joko Widodo and Vice Minister of State-Owned Enterprises Kartika Wirjoatmodjo. The divestment is expected to complete in 2024, subject to customary closing conditions.
The HHP team was led by Norman Bissett, who was supported by Luke Devine and Aaron Jones.
Commenting on the deal, Norman Bissett, Foreign Legal Consultant at HHP, said, "We are pleased to be involved in this pivotal transaction, and congratulate PT Vale on reaching this strategic milestone that reflects its commitment to the long-term growth of Indonesia's mining sector."