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    Photo: Vale / Image Bank
    com.liferay.portal.kernel.util.DateUtil_IW@5f8939bd
    Photo: Vale / Image Bank

    56 Years of PT Vale: Synergizing for Sustainable Mining

    In its 56th year, PT Vale Indonesia Tbk has undergone significant transformation. The company has demonstrated its commitment to synergize with the government after the majority of its shares were acquired by the state-owned mining holding company, PT Mineral Industri Indonesia (MIND ID). Together with Vale Canada Limited (VCL) and Sumitomo Metal Mining Co., Ltd (SMM), MIND ID signed a share purchase agreement for the divestment of PT Vale Indonesia on February 26, 2024.

    The signing of the divestment agreement is also a prerequisite for the extension of PT Vale’s Contract of Work (CoW) in the form of a Special Mining Business License (IUPK). With the IUPK, the company has legal certainty to operate in its concession area and implement its business growth strategy.

    PT Vale has been present in Indonesia since it began exploration in the 1920s and established an entity formerly known as PT International Nickel Indonesia (INCO) in July 1968. At that time, an agreement with the government was made in the form of a Contract of Work (CoW).

    This year’s transformation of PT Vale is evidence that the company can demonstrate its credibility as a mining company that can provide benefits to the environment and society.

    Over 56 years, PT Vale has faced various challenges and achieved many accomplishments. Since the signing of the CoW during the PT INCO era, the company has implemented numerous innovations to ensure smooth operations, including the construction of three Hydroelectric Power Plants (HEPP). These HEPPs make the nickel processing plant the one with the lowest carbon intensity in Indonesia.

    Years before the Indonesian government mandated mineral downstreaming, PT Vale had been operating a processing plant in Sorowako since 1977. The inauguration of this processing plant was attended by then-President Soeharto.

    Throughout its journey, PT INCO evolved into a leading nickel mining company. In 2011, a change in shareholder composition led to the entity being renamed PT Vale Indonesia Tbk.

    PT Vale adheres firmly to environmental, social, and governance (ESG) principles in its mining activities. The implementation of ESG as the main guiding principle directs operations toward responsibility and sustainability.

    PT Vale's success in environmental stewardship can be seen from the clarity of Lake Matano's water, which remains pristine. This clarity is a result of PT Vale’s consistency in meeting standards for managing mine runoff water.

    The company’s commitment to sustainability is also evident in its reclamation and rehabilitation processes, including the maintenance of watershed areas supported by a nursery center.

    The theme for PT Vale's 56th anniversary is "Stepping Forward, Synergizing for Sustainable Living." This theme reflects three things. First, the certainty of the company's business license through divestment and IUPK. Second, in building the company, PT Vale always collaborates harmoniously with various elements to achieve common goals. Third, aligning with the company's vision to enhance quality of life and build a better future together.

    Beni Wahju (far right) stands on the brink of Larona River with Inco Ltd exploration team in 1966. The laterite ores expedition, conducted by Beni Wahju, Hitler Singawinata and the exploration team, was touted as the pioneer step of PT Vale (formerly Inco). The expedition also ensured that 15% of the world's nickel reserves lies in Indonesia.

    Milestone

    2024

    On February 26, 2024, in Jakarta, PT Mineral Industri Indonesia (MIND ID), together with Vale Canada Limited (VCL) and Sumitomo Metal Mining Co., Ltd. (SMM), signed a share purchase agreement for the divestment of PT Vale Indonesia Tbk. MIND ID, VCL, and SMM have agreed on the acquisition of 14% of PT Vale’s total shares by MIND ID.

    PT Vale has officially received an extension of its operational permit (for the period until December 28, 2035) following the issuance of the Special Mining Business License (IUPK) in the name of PT Vale. The IUPK, received by the Company on May 13, 2024, provides legal certainty for the Company to operate within its concession area and to execute its business growth strategy.

    Sawerigading Wallacea Biodiversity Park
    2023
    Definitive agreement by Ford
    2023

    2023

    Groundbreaking for an integrated low-carbon nickel mining and processing project in Morowali, Central Sulawesi. The project, included in the Indonesia Growth Project (IGP) Morowali agenda, is a collaboration between PT Vale, Xinhai and TISCO. The processing plant is based on a Rotary Kiln Electric Furnace (RKEF), supported by electricity from natural gas. PT Vale and its partners have allocated an investment of Rp37.5 trillion for a production capacity of 73 thousand tons annually.


    Definitive agreement by Ford to join the Indonesia Growth Project (IGP) Pomalaa project with PT Vale and Huayou. This agreement was witnessed by Indonesian President Joko Widodo and ministers of the ‘Indonesia Maju’ cabinet.


    Inauguration of PT Vale's Sawerigading Wallacea Biodiversity Park (Taman Kehati) by President Joko Widodo. Taman Kehati is the company's effort to operate integrated facilities to achieve integrated mining that fosters biodiversity.

    Definitive agreement by Ford to join the Indonesia Growth Project (IGP) Pomalaa project with PT Vale and Huayou. This agreement was witnessed by Indonesian President Joko Widodo and ministers of the ‘Indonesia Maju’ cabinet.

    2022

    Groundbreaking of the Indonesia Growth Project (IGP) Pomalaa, in collaboration with PT Vale and Huayou, to develop a nickel processing facility with an investment of US$4.5 billion. This project will commence a smelter with HPAL (High-Pressure Acid Leach) technology to produce 120,000 tons of nickel and around 15,000 tons of cobalt in MHP products.

    Cooperation agreement between PT Vale and Huayou for the development of the HPAL smelter to process limonite ore in Sorowako. The project investment value is US$1.8 billion.

    2021

    Establishment of New Culture as a grand design of cultural transformation: “Learning Together”.

    2020

    PT Vale (once again to fulfill its Contract of Work obligations) added a 20% divestment portion to the Indonesian side. Foreign shareholders of PT Vale (Vale Canada Limited and Sumitomo Metal Mining Co., Ltd.) completed the sale of an additional 20% (pro rata) stake in PT Vale to PT Indonesia Asahan Aluminium Persero (MIND ID).

    2019

    The Preliminary Agreement for the second phase divestment of 20% shares of the Company with Inalum.

    2018

    Achieved a record of 17.4 million work hours free from accidents/zero LTI, during the period of 5 April 2017 - 5 April 2018.

    2017

    The Company activated the Continuous Improvement Project to realize production target of 90,000 metric tons per year.
    Compiled and published the Sustainable Biodiversity Management Guide document (2017) in Collaboration with the Indonesia Business Council for Sustainable Development (IBCSD).

    2016

    Launched the independently managed Vale Whistleblower Channel (VWC), for reporting all types of violations of the Code of Ethics and Conduct.

    2015

    PT Vale records the highest ever production of 81,117 tonnes of nickel in matte per annum.
    PT Vale introduced Healthy Environmentally Friendly Sustainable Agriculture Program (HEFSAP) including Cultivating an Organic System of Rice Intensification (SRI), cultivating traditional herbal plants and traditional sanitizers training.

    2014

    On October 17, 2014, a CoW amendment was carried out as a result of a renegotiation between the Company and the Government of Indonesia. The Company and the Government of Indonesia sign an amendment to the CoW as mandated by Law No. 4 of 2009 Concerning Mineral and Coal Mining.

    2013

    PT Vale implements the first phase of the Coal Conversion Project, replacing HSFO with pulverized coal to be inserted in the dryer. Besides being more cost-efficient, coal is also a locally sourced resource that further enhances the contribution of PT Vale to the Indonesian economy.

    2012

    The Company officially change its name to PT Vale Indonesia Tbk and declared to employees.
    GMS held on September 27, 2011 approved the change of Company name from PT International Nickel Indonesia Tbk to PT Vale Indonesia Tbk

    2011

    PLTA Karebbe (90 MW) started its operation, adding up the total installed production capacity of electricity to 365 megawatts.

    2007

    Construction of Karebbe, PT Vale’s third hydropower plant.

    Esp (electrostatic precipitator) facilities are used to control articulate emissions in processing plants.

    2006

    Operational debut of the modern nursery located in the Sorowako Block. This nursery is capable of producing 700,000 seedlings of plants per years (including the endemic and native ones) to support the post-mining land rehabilitation program.

    2005

    The Bag House System is successfully installed in Electric Furnace #3 to reduce dust emission from the electric furnaces.

    1999

    PLTA Balambano started its operation (110 MW)

    1996

    The CoW is modified to encompass another 30-year period, to 2025.

    1995

    Construction of Balambano, PT Vale’s second hydropower plant

    1990

    First corporate divestment. By order from the Government of Indonesia at that time based on the Decree of the Directorate of Mining No.1657/251/DJP/1989 dated August 23, 1989, in order to fulfill its divestment obligations to the Indonesian side, INCO was required to release 20% of the shares to the Jakarta Stock Exchange. 

    1979

    PLTA Larona started its operation (165 MW)

    1978

    PT Inco initiates starts commercial production.

    1977

    Inauguration of mining facilities and nickel processing plant by President Soeharto.

    1973

    Construction of a single pyrometallurgical processing line in Sorowako.

    1970

    The first bulk sample of Sulawesi’s ore totaling 50 tons is delivered to Inco’s research facilities in Port Colborne, Ontario. A new reduction smelting plant demonstrates that the Sorowako material can be successfully processed.

    1968

    Establishment of PT Inco and the signing of a CoW between PT Inco and the Government of Indonesia for a thirty-year concession starting from the commencement of commercial production.
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