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20250226_INCO_Laporan Informasi dan Fakta Material_31864816_lamp3.pdf
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PT Vale's Path to a Brighter Tomorrow
Jakarta, February 26th, 2025 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker:
INCO) and its subsidiary (jointly referred to as the “Group”) today announced its audited results for
2024. The Company’s production of nickel in matte and nickel matte deliveries in 2024 were
respectively about 1% and 2% higher than the actual production and deliveries volume realized in
2023.
“2024 has been an incredible journey, full of achievements, challenges, and valuable lessons. As we
reflect on the year, we celebrate our accomplishments and consider the challenges we've overcome
and those still ahead. This year has been about growth, transformation, adaptation and creating a
bigger, more meaningful story,” said Febriany Eddy, CEO and President Director of the Company.
One of our standout achievements this year was successfully completing the divestment process,
thanks to the exceptional support from the Government of Indonesia and key stakeholders like MIND
ID, Vale Canada Limited, and Sumitomo Metal Mining Co., Ltd. This process went beyond meeting
regulatory requirements; it also strengthened our strategic ties with the nation. This milestone marks
PT Vale's entry into a new era of corporate governance, embracing best practices as a public listed
company. Moving forward, we aim to review and enhance our business processes and systems to be
more efficient and effective.
The extension of our operational license to IUPK without land relinquishment marks a significant
milestone, reaffirming the Indonesian Government’s trust in PT Vale as the right partner to develop
Indonesia’s nickel resources. This reflects our commitment to advancing downstream processing
while upholding sustainable mining practices, fully aligned with Indonesia’s vision for responsible
resource development. This updated IUPK also reinforces our pledge to ensure the sustainability of
our operations across all PT Vale concession areas, including Sorowako, Pomalaa, Morowali, and
other exploration sites.
2024 was also a historic year with the renewal of our ESG risk rating from Sustainalytics, achieving a
medium rating. We are proud to be the only nickel mining company in Indonesia in this category,
alongside global leaders within the industry. This is proof that sustainability is not just a concept, but
a practice embedded in our daily operations.
PT Vale’s 2024 production reached 71,311 metric tons (“t”), exceeding annual target of 70,805 t and
surpassing last year’s production of 70,728 t. Meanwhile, sales volume in 2024 reached at 72,625 t,
increased by 2% compared to 2023 and by 8% quarter by quarter basis (4Q24 vs 3Q24).
Increased nickel matte sales volume in 4Q24 contributed to the Company’s EBITDA, which recorded
at US$54.1 million in the fourth quarter, marking a 15% increase compared to the previous quarter.
On a full year basis our EBITDA remains positive and strong at US$225.9 million.
[ 1 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 2
Despite facing challenges such as one-off carve out expenditures post divestment, the Company
managed to maintain unit cash cost of sales remaining competitive at US$9,374 per t in 2024. This is
the lowest cash cost over the past three (3) years, compared to US$10,034 per t in 2023 and
US$11,201 per t in 2022. The result is attributed higher production volume and continued effort in
cost saving initiatives.
Furthermore, the Company booked a net profit of US$6.7 million in 4Q24, and US$57.8 million on a
full year basis. The net profit was after accounting for unrealized loss on recognition of the fair value
of derivative asset (participating right on the Company’s investment in PT KNI and PT HNI). It is
important to highlight that essence of this derivative price adjustment is a non-realized loss which is
non-operating in nature, hence our normalized net profit was US$14.6 million in 4Q24 and US$73.3
million on full year basis.
Below is a table detailing PT Vale’s consumption and average prices for High Sulphur Fuel Oil
(“HSFO”), diesel, and coal:
4Q24 3Q24 2024 2023
HSFO volume (barrels) 336,513 393,628 1,509,300 1,654,993
HSFO average price per barrel US$87.07 US$92.07 US$88.03 US$83.01
Diesel volume (kilolitres) 15,319 17,044 68,232 68,029
Diesel average price per litre US$0.78 US$0.77 US$0.80 US$0.92
Coal volume (t) 121,104 99,619 448,972 385,707
Coal average price per t (*) US$182.11 US$190.60 US$180.68 US$263.82
(*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
In 4Q24, HSFO and diesel consumption decreased by 15% and 10% respectively, while coal
consumption increased by 22% when compared to 3Q24. The increase in coal consumption was
offset with lower HSFO and diesel consumption. Except for diesel, the average price of HSFO and
coal in 4Q24 decreased by 5% and 4% respectively compared to the previous quarter.
During the year, the Company disbursed approximately US$332.1 million in capital expenditures,
primarily for improved growth capex and sustaining capital spending. The Company’s ending cash
balance as of December 31, 2024, was US$674.7 million, reflecting a strong fundamental for the
Company's commitment to deliver value for shareholders in 2025.
Together Shaping the Future
2024 has provided significant momentum for the development of strategic projects such as Pomalaa,
Bahodopi, and Sorowako Limonite. These projects have collectively achieved 13.3 million work hours
without fatalities or serious injuries.
The Morowali mining development project is on track to reach 70% of its annual target and set to
be completed on time by the third quarter of 2025 with more efficient capital expenditures. Meanwhile,
the HPAL Sambalagi project, signed with GEM Co., Ltd. on November 10, 2024, represents a major
step toward a facility that will be designed to aim for net zero emissions from day one, with an
investment of US$1.4 billion.
[ 2 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 3
The Pomalaa mining development project is on track for completion by the second quarter of 2026.
In the meantime, our collaboration with Zhejiang Huayou Cobalt Co., Ltd. and Ford Motor Co. on the
HPAL Pomalaa project is making steady progress. This initiative will further strengthen Indonesia's
role in the global electric vehicle battery supply chain.
The Sorowako Limonite Ore mining development project’s environment permit was granted at the
end of 2024. The license would enable the Company to confidently move forward with our project
expansion plans in 2025.
By the end of 2024, the Company achieved two significant milestones. The first was the approval of
the 2024 Work Plan and Budget (RKAB) revision, which allows PT Vale to begin selling nickel ore—
an important step in advancing our ore sales strategy. To fully maximize this potential in 2025, PT
Vale will need to submit a revision to the 2025 RKAB. The second milestone was our credit rating
upgrade to BB+ from S&P Global, reflecting our strong financial position and enhancing our ability to
secure more favourable interest rates on debt service.
As we continue prioritizing sustainability, we recognize that growth must align with the development
of the communities surrounding our operations. That’s why we are committed to increasing local
employee and contractor participation while actively investing in education, infrastructure, cultural
programs, and community welfare to ensure long-term positive impacts.
On February 24th, 2025, PT Vale achieved a historic milestone by receiving the Gold PROPER from
the Ministry of Environment and Forestry (KLH), recognizing our commitment to environmental
management that goes beyond regulatory compliance. PT Vale is the only nickel mining company to
receive this prestigious award and one of just 85 companies—representing 2% of all participants in
the PROPER assessment—to achieve Gold rating. In addition, our CEO, Febriany Eddy was honored
with the Green Leadership Madya Award, further reinforcing PT Vale’s dedication to sustainability
through strong leadership.
In 2025 we will also pursuing IRMA50, one of the highest standards for responsible mining. These
steps will further solidify PT Vale’s position as a leader in responsible mining operations on the global
stage. Notably, the Sorowako operation must become our most efficient, productive, and sustainable.
The principle of "generate more with less" should be at the heart of our future business activities.
Readers are encouraged to review the Company’s results. Operational achievements and audited
financial results are summarized on the following pages – all figures are in US$ except for nickel in
matte production and deliveries which are in metric tons.
For further information, please contact:
Rizky Putra, Chief Financial Officer
ptvi.investorrelation@vale.com
Vanda Kusumaningrum, Head of Corporate Communications
vanda.kusumaningrum@vale.com
visit our website at
www.vale.com/indonesia
or call us at
(+62 21) 524 9000
[ 3 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 4
PT Vale Indonesia Tbk
Production and Financial Highlights
4Q24 3Q24 2024 2023
Nickel in matte production1 18,528 18,008 71,311 70,728
Nickel matte deliveries1 19,196 17,749 72,625 71,108
Average realized price2 12,597 12,948 13,086 17,329
EBITDA3 54.1 46.9 225.9 499.6
Revenue3 241.8 229.8 950.4 1,232.3
Profit3 6.7 13.8 57.8 274.3
Earnings per share4 0.0006 0.0013 0.0056 0.0276
1
metric ton (t)
2
US$ per t
3
US$ million
4
US$
[ 4 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 5
PT Vale Indonesia Tbk and its subsidiary
Consolidated Statements of Profit or Loss and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
4Q24 3Q24 2024 2023
Revenue 241,820 229,818 950,388 1,232,263
Cost of revenue (213,762) (211,235) (842,160) (885,240)
Gross profit 28,058 18,583 108,228 347,023
Operating expenses (16,690) (7,894) (38,254) (22,155)
Other income (703) (500) (3,719) 823
Other expenses (1,987) (3,921) (9,873) (23,533)
Operating profit 8,678 6,268 63,820 302,158
Share in net profit from associate (26) 27 57 21
(Loss)/gain on recognition of fair value of
derivative asset (10,150) 9,210 (19,940) 24,690
Gain on recognition of fair value of investment
in shares 1,346 - 1,346 -
Finance income 8,841 9,085 36,198 35,753
Finance costs (1,489) (2,277) (7,421) (10,099)
Profit before income tax 7,200 22,313 74,060 352,523
Income tax expense (4,171) (4,867) (16,299) (78,189)
Profit for the period before non-tax
government revenue 3,029 17,446 - -
Non-tax government revenue 3,624 (3,624) - -
Profit for the period 6,653 13,822 57,761 274,334
Other comprehensive loss
Items that will not be reclassified to profit or loss:
− Changes resulting from actuarial
remeasurement of post-employment benefit
liabilities 2,353 - (1,191) (5,701)
− Income tax on other comprehensive income (518) - 262 1,254
1,835 - - -
Items that will be reclassified to profit or loss:
- Currency differences from translation of
associate entity’s financial statements (233) 973 - -
Total other comprehensive loss 1,602 973 (929) (4,447)
Total comprehensive income for the period 8,255 14,795 56,832 269,887
Profit for the period attributable to:
Owners of the parent entity 6,653 13,822 57,761 274,334
Total comprehensive income for the period
attributable to:
Owners of the parent entity 8,255 14,795 56,832 269,887
Earnings per share
- Basic and diluted (in full amount of US Dollars) 0.0006 0.0013 0.0056 0.0276
[ 5 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 6
PT Vale Indonesia Tbk and its subsidiary
Consolidated Statements of Financial Position
(In thousands of US$)
December 31, September 30, December 31,
2024 2024 2023
Assets (Audited) (Unaudited) (Audited)
Cash and cash equivalents 674,690 771,215 698,795
Trade receivables - Related parties 84,402 79,983 101,813
Inventories 148,550 162,601 155,946
Prepaid taxes – Other taxes 82,756 72,970 64,599
Prepayments and advances 8,195 5,160 6,056
Other current financial assets 6,181 6,326 5,910
Total current assets 1,004,774 1,098,255 1,033,119
Restricted cash 86,650 75,777 103,857
Prepaid taxes - Corporate income tax 63,752 48,360 15,015
- Other taxes 24,169 22,868 36,498
Investment in associate - 12,726 12,410
Investment in shares 13,270 - -
Derivative assets 4,750 14,900 24,690
Fixed assets 1,975,092 1,834,686 1,695,531
Other non-current financial assets 4,071 5,338 4,879
Total non-current assets 2,171,754 2,014,655 1,892,880
Total assets 3,176,528 3,112,910 2,925,999
Liabilities and Equity
Trade payables - Related parties 239 - 312
- Third parties 170,486 137,676 140,515
Accruals 56,061 52,872 33,843
Short-term employee benefit liabilities 18,807 21,008 25,070
Taxes payable – Other taxes 4,287 2,719 2,821
Lease liabilities 5,767 4,685 5,543
Share-based payment liabilities 595 287 110
Provision for asset retirement 5,497 1,055 6,422
Other current financial liabilities 1,732 1,972 2,091
Total current liabilities 263,471 222,274 216,727
Long-term post-employment benefit
liabilities 43,613 46,703 39,695
Deferred tax liabilities 5,660 9,674 19,603
Lease liabilities 2,260 3,679 3,078
Provision for asset retirement 122,528 99,455 77,482
Other non-current financial liabilities 6,220 6,604 4,877
Total non-current liabilities 180,281 166,115 144,735
Total liabilities 443,752 388,389 361,462
Equity 2,732,776 2,724,521 2,564,537
Total liabilities and equity 3,176,528 3,112,910 2,925,999
[ 6 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 7
PT Vale Indonesia Tbk and its subsidiary
Consolidated Statements of Cash Flows
(In thousands of US$)
4Q24 3Q24 2024 2023
Cash flows from operating activities
Receipts from customers 237,401 257,488 967,799 1,271,827
Payments to suppliers (130,685) (172,968) (575,538) (594,852)
Payments of corporate income tax (26,139) (19,919) (91,430) (91,618)
Payments of other taxes (19,519) (20,366) (72,236) (84,609)
Receipts of tax refunds 8,258 6,427 80,587 69,078
Payments to employees (14,131) (25,262) (102,762) (85,269)
Withdrawal of financial guarantee 769 - 28,080 -
Placement of financial guarantee (10,873) - (10,873) (30,813)
Receipts of finance income 8,833 9,093 36,198 35,753
Payments of royalties and levies (6,671) (17,409) (52,339) (68,339)
Net cash flows provided by operating
47,243 17,084 207,486 421,158
activities
Cash flows from investing activities
Payments for acquisition of fixed assets (131,219) (82,429) (332,121) (286,262)
Proceeds from disposal of fixed assets (23) (6) 349 610
Net cash flow decrease from loss of
control of a subsidiary - - - (165)
Net cash flows used in investing activities (131,242) (82,435) (331,772) (285,817)
Cash flows from financing activities
Issuance of new share 94 3,509 112,346 -
Payments of lease liabilities (7,150) (467) (8,526) (5,003)
Transaction costs for issuance of new share (939) - (939) -
Payments of finance costs (247) (121) (599) (345)
Payments of dividends - - - (60,093)
Net cash flows provided by/(used in)
financing activities (8,242) 2,921 102,282 (65,441)
(92,241) (62,430) (22,004)
Net (decrease)/increase in cash and cash 69,900
equivalents
Cash and cash equivalents at the 771,215 832,149 698,795 634,042
beginning of the period
Effect of exchange rate changes on cash (4,284) 1,496 (2,101) (5,147)
and cash equivalents
Cash and cash equivalents at the end of the 674,690 771,215 674,690 698,795
period
[ 7 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Names mentioned 11 people and organisations named in the text · linked when the evidence is strong
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PT Vale's Path
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PT Vale's
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PT KNI
p.2
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PT HNI
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GEM Co., Ltd.
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Zhejiang Huayou Cobalt Co., Ltd.
p.3
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Ministry of Environment and Forestry
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