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JAKARTA (Reuters) -Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Vale Canada and Sumitomo signed the so-called heads of agreement to sell the shares to PT Mineral Industri Indonesia (MIND ID), the country's state mining holding company, Vale Base Metals said in a statement. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which will otherwise end in 2025.

JAKARTA (Reuters) -Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Vale Canada and Sumitomo signed the so-called heads of agreement to sell the shares to PT Mineral Industri Indonesia (MIND ID), the country's state mining holding company, Vale Base Metals said in a statement. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which will otherwise end in 2025.

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Exxon Mobil, Chevron and Occidental Petroleum are betting big on emerging technologies to extract lithium from drilling wastes and salt flats.

Investors may consider buying undervalued and dividend-paying Vale S.A. to benefit from its planned base metals unit separation. Learn more about VALE stock here.