Chinese battery and materials recycler GEM Co., Ltd., through its subsidiary GEM Hong Kong International Co., Ltd., purchased over 1 million new shares of Bahodopi Nickel Smelting Indonesia (BNSI) worth approximately IDR 1 trillion (USD 60 million), becoming the major shareholder of the company. PT Vale Indonesia's stake has decreased, as BNSI was previously controlled by PT Vale Indonesia. After the transaction, BNSI's financial statements will no longer be consolidated into Vale Indonesia's financial statements. However, the Chief of Staff of the President Director and Corporate Secretary of Vale Indonesia stated that this transaction will not affect the company's operations, legal matters, financial condition, or business continuity. In 2022, Vale Indonesia established the BNSI joint venture with China's Taiyuan Iron and Steel Group and Shandong Xinhai Technology Co., Ltd. to develop and operate the Morowali Indonesia Growth Project.
Chinese battery and materials recycler GEM Co., Ltd., through its subsidiary GEM Hong Kong International Co., Ltd., purchased over 1 million new shares of Bahodopi Nickel Smelting Indonesia (BNSI) worth approximately IDR 1 trillion (USD 60 million), becoming the major shareholder of the company. PT Vale Indonesia's stake has decreased, as BNSI was previously controlled by PT Vale Indonesia. After the transaction, BNSI's financial statements will no longer be consolidated into Vale Indonesia's financial statements. However, the Chief of Staff of the President Director and Corporate Secretary of Vale Indonesia stated that this transaction will not affect the company's operations, legal matters, financial condition, or business continuity. In 2022, Vale Indonesia established the BNSI joint venture with China's Taiyuan Iron and Steel Group and Shandong Xinhai Technology Co., Ltd. to develop and operate the Morowali Indonesia Growth Project.