Jakarta. Vale Indonesia (INCO) will accelerate the divestment process by releasing an additional 14 percent stake to the state-run mining holding company MIND ID, by "proportionally reducing" stakes in two other major shareholders, the nickel miner revealed on Wednesday.

The decision follows the signing of a divestment commitment agreement by shareholders and the parent company, Vale Canada Limited, in San Francisco on November 17, witnessed by President Joko Widodo.

Presently, Vale Indonesia's shareholders include Vale Canada Limited (43.79 percent), Sumitomo Metal Mining (15.03 percent), MIND ID (20 percent), and public stakeholders.

"The divestment will lead to proportional reductions in stakes held by Vale Canada Limited and Sumitomo," Vale Indonesia's Vice President Director, Adriansyah Chaniago, said in a news conference in Jakarta.

He refrained from divulging specific details regarding the quantity of shares to be transferred to MIND ID. However, he confirmed that MIND ID's stake would ultimately reach 34 percent, securing the majority position.

"We are pleased that the trio of Vale, MIND ID, and Sumitomo will continue to become our major shareholders because they are committed to supporting our sustainable mining practices," he said.

Director of Vale Indonesia, Bernardus Irmanto, said the divestment process aims for a swift conclusion. However, he declined to disclose the agreed price, saying that such discussions were outside his authority.

"We have several stages left, including ongoing due diligence. The pricing negotiations will be conducted among shareholders," Bernardus said.

From a management perspective, Bernardus noted that the divestment marks a milestone for the company in securing contract extensions and new concessions for mining activities from the Indonesian government.