20241207_INCO_Laporan Informasi dan Fakta Material_31807034_lamp2.pdf

                    Achieves BB+ Credit Rating Upgrade, PT Vale Indonesia Tbk
                Strengthening Investor Confidence and Advancing Strategic Growth

Jakarta, December 6th, 2024 – As one of the largest sustainable nickel mining companies in Indonesia, PT
Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO) achieved a significant milestone with
its credit rating being upgraded by S&P Global Ratings from ‘BB’ to ‘BB+’ with a stable outlook. This
achievement is a significant milestone that enhances PT Vale’s credibility in global financial markets, reflects
its prudent financial management, and underscores the strategic support from PT Mineral Industri Indonesia
(Persero) (“MIND ID”), Indonesia’s state-owned mining holding company.

The improved credit rating comes at a pivotal time as PT Vale aligns its long-term strategy with Indonesia’s
national agenda for industrial growth and sustainable resource management. S&P Global Ratings
highlighted MIND ID’s critical role in driving this transformation, with its 34% ownership providing enhanced
oversight and capital support for PT Vale’s strategic initiatives, including the expansion of greenfield nickel
mining and downstream processing capacity. MIND ID’s increased shares in PT Vale is align with
Government of Indonesia’s aspirations to develop a strong national electric vehicle ecosystem and rapid
growth of Indonesia’s mineral industry down streaming, while in turn PT Vale could benefit from the value
chain synergy among the MIND ID group members.

Rizky Putra, Chief Financial Officer of PT Vale, stated, “This credit rating upgrade is a validation of PT Vale’s
disciplined financial management and our strategic importance to Indonesia’s mining ecosystem. The
enhanced trust from investors and lenders will enable us to access larger funding pools at more competitive
rates. This, in turn, empowers us to accelerate transformative projects that will drive long-term growth and
deliver value to all stakeholders.”

The rating also recognizes PT Vale’s financial prudence, as the Company maintains a strong cash position,
and a debt-to-EBITDA ratio expected to remain below threshold through 2026. Despite challenging nickel
market conditions, PT Vale has demonstrated resilience by deferring non-critical capital expenditures while
focusing on strategic investments.

Akhmad Fazri, Chief Financial Officer of MIND ID, emphasized, “This achievement underscores the strength
of collaboration between PT Vale and MIND ID. It reaffirms our commitment to supporting strategic entities
that are pivotal to Indonesia’s downstream mineral development. The upgraded credit rating not only
strengthens PT Vale’s market positioning but also enhances the credibility of Indonesia’s mining industry on
the global stage. Together, we are creating pathways for greater economic impact, sustainability, and
innovation.”

This credit rating upgrade is a testament to PT Vale’s financial resilience and the strength of its strategic
partnerships. With enhanced access to competitive financing, PT Vale is committed to advancing its vision
of sustainable growth and value creation, reinforcing its role as a key contributor to Indonesia’s economic
development.



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

                                                           Vanda Kusumaningrum, Head of Corporate Communications
                                                                                 vanda.kusumaningrum@vale.com

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


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