INCO - USD1.2 bn loan for new mining block

INCO - USD1.2 bn loan for new mining block Vale Indonesia (INCO) is seeking a loan of USD1.2 bn to initiate the development of a new mining block starting next year. (Source : Bisnis Indonesia) Commentv: The product type and capacity remain unclear, but we may raise DER for '25F from 0.079x to 0.44x, still below industry peers. This reflects plans for significant expansion or a major project. Current call: SELL, target price IDR4,300/ sh (7x '25F EV/EBITDA, 1x '25 P/BV).