“This contract will bolster our business operations by increasing nickel ore production from the Bahodopi Blocks 2 and 3, complementing the ongoing operations at the Sorowako Block,” Wiwik added.

Meanwhile, Petrosea’s Corporate Secretary, Anto Broto, confirmed that this nickel mining project with Vale is one of the company’s potential projects currently in the final stages of contract negotiation.

Vale Indonesia, now part of the state-owned mining holding company MIND ID, controls INCO along with Vale Canada Limited, holding a 34% stake. PTRO, on the other hand, is part of the business conglomerate controlled by Prajogo Pangestu, through PT Petrindo Jaya Kreasi Tbk (CUAN).

At the close of trading on January 15, 2025, the shares of both INCO and PTRO saw declines. INCO’s stock dropped 0.82% to IDR 3,650 per share, while PTRO fell 3.69% to IDR 3,390 per share. (Uki Ruknuddin)

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