20230825_INCO_Laporan Informasi dan Fakta Material_31384028_lamp3.pdf

        PT Vale Indonesia, Huayou Cobalt Co. and PT Huali Nickel Indonesia
                         Targets 60,000 Tons of Nickel for
                      Electric Vehicle Battery Raw Materials

Jakarta, August 25th, 2023 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker:
INCO) signed a Definitive Cooperation Agreement with Zhejiang Huayou Cobalt Co. Ltd (Huayou)
and PT Huali Nickel Indonesia (Huali) to construct High-Pressure Acid Leaching (HPAL) facilities
target 60,000 tons of nickel and around 5,000 tons of cobalt per annum in Mixed Hydroxide
Precipitate (MHP) products which can be further processed into electric vehicle batteries. The
project will process limonite nickel ore from the Sorowako block and the HPAL facilities will be
located in Malili, East Luwu, South Sulawesi.

This project, together with recent progress on the Pomalaa HPAL facility and Morowali Project, is
part of realization of our growth ambition and fulfilment of our investment commitments.

Febriany Eddy, CEO of PT Vale Indonesia, said, "This co-operation is in line with Indonesia’s
vision to build a domestic EV ecosystem and makes PT Vale an important contributor toward
addressing the world’s decarbonization challenge, with an investment that will generate local
economic benefits and ensure the optimal utilization of Indonesia’s nickel resources. PT Vale and
the partners’ commitment to low carbon along with PT Vale demonstrated sustainable mining
practices will make this a world class project.”

“This agreement is a strategic milestone for PT Vale as we advance our wider US$8.6 billion
growth pipeline in Indonesia,” said Deshnee Naidoo, PT Vale President Commissioner. Deshnee
adds, “With over half a century of operations in Indonesia, PT Vale is uniquely placed and
committed to support and accelerate the country’s ambition for greater nickel downstream
processing and to establish a thriving domestic EV supply chain – from mineral mining to battery
and vehicle production.”

Mr. Chen Xuehua, Chairman of Huayou, said, "Cooperation to build win-win future lithium industry
is a development concept that Huayou is committed to practicing. This cooperation is another
perfect combination of Huayou Cobalt's world-leading, green and low-carbon HPAL technology,
Indonesia rich nickel resource advantage and PT Vale's sustainable mining practices. Through the
cooperation, Huayou will realize low-carbon, green and sustainable resource development through
rigorous ESG practices, and add strength to the development of the new energy industry and also
contribute to the economic and social development of Indonesia, as well as the global EV industry
and its supply chain."

The HPAL project will start construction immediately after obtaining all of the required permits.


                                                           For further information, please contact:
                                                        Bernardus Irmanto, Chief Financial Officer
                                                                    ptvi.investorrelation@vale.com

                                                                Bayu Aji, Head of Communications
                                                                               Bayu.Aji@vale.com

                                                                            or visit our website at
                                                                          www.vale.com/indonesia