Author: Paul Ploumis22 Oct 2014 Last updated at 07:59:45 GMT

JAKARTA (Scrap Monster): The deal states that the 20 percent of stakes of Vale at the nickel assets in Indonesian should be sold to Indonesia based dealers wi8thin a period of 5 years. Moreover, that, under the deal, the company also has agreed on decreasing the company‘s mining area from 118, 435 hectares to 190,510 hectares. Along with that the company has also9 agreed in the deal that it will pay the Indonesian government with higher royalties, that is 2 percent, and it used to be about 0.9 percent. The royalties might increase to about 23 percent if the nickel price continues to hike.

The President Director and the Indonesian branch of the Brazilian based company, Vale, Nico Kanter, stated that, the company hopes that, this new agreement will bring in development in the whole infrastructure of the country, and at the same time it will also allow the company to contribute to the development of the country, and also allow the company to stay along the country as one of its shareholders.