Jakarta. Nickel miner Vale Indonesia (INCO) confirmed on Monday the resignation of two commissioners as the company is finalizing the deal to give up another 14 percent stake to a government consortium.

Chief Commissioner Deshnee Naidoo and Commissioner Gustavo Garavaglia tendered their resignation to the management on Friday.

Naidoo, who was born in Durban, South Africa, joined Vale as Chief Financial Officer in January 2021 and was appointed Chief Executive Officer of Vale Base Metals in December of that year, according to the company’s website. 

She started her mining career at Anglo American Platinum in 1998 and has served as CEO of Vedanta Zinc International and CMT from November 2014 to May 2020, with responsibility for operations in Africa, Europe, and Australia.

Garavaglia, a Brazilian citizen, joined Vale Canada Limited in April 2022 and has served as Chief Financial Officer of Base Metals. Before that, he held the same role at AES USA.

“In accordance with the regulation, the company will hold the shareholders’ meeting within 90 days since the resignation letter was submitted to determine a response,” Corporate Secretary Filia Alanda said in a statement.

She didn’t elaborate on the reasons behind the abrupt resignation of the commissioners but asserted that it won’t affect the company’s operations, financial condition, or business continuity.

Vale Indonesia, a subsidiary of Vale Canada Limited, has agreed to divest another 14 percent stake to Mineral Industri Indonesia, or MIND ID, a joint venture involving state-run mining companies. The value of the divestment is set to be announced later this week.

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 allow MIND ID to become a majority shareholder, although its stake will remain below the 50 percent threshold as demanded by several lawmakers and local analysts.

MIND ID reportedly is seeking $ 2 billion in loans to acquire Vale stakes and refinance its debts.