State mining holding PT Indonesia Asahan Aluminium (Inalum) prepared fund of US$500 million to acquire 20% stake of Vale Indonesia (INCO). While, state own enterprises ministry (ESDM) appointed Orias Petroes Moedak as a new CEO of Inalum, replacing Budi Gunadi Sadikin.

The acquisition is expected to conclude in mid 2020, funded by internal cash and bank loans. Inalum has secured loans from two Japanese banks, Sumitomo Mitsui Banking Corp., MUFJ Bank and local lender, Bank Mandiri (BMRI).