Latham & Watkins has advised PT Mineral Industri Indonesia (MIND ID) on the signing of definitive agreements 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 was witnessed by the Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan, Minister of State-Owned Enterprises Erick Thohir, Minister of Investment Bahlil Lahadalia, Deputy Minister of State-Owned Enterprises Kartika Wirjoatmodjo, along with other high-ranking state officials. The transaction is a mandatory step for PTVI to fulfil its regulatory divestment commitments and to convert its existing contract of work into a Special Mining Business License. Upon completion, MIND ID will become the largest shareholder in PTVI, with its stake rising from 20% to 34%, and will have an important role in managing PTVI in the future. The transaction will also help to support Indonesia’s nickel industry downstream program, launched by the Government of Republic of Indonesia. 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, Shi Cheng Chong, and Kevin Mak; additional advice was provided by Tokyo counsel Richard Fleming and Tokyo associate Alex Ross.~~