Vale Picks Mining Veteran Usmar to Lead Base Metals Turnaround – by Mariana Durao, Thomas Biesheuvel and Dinesh Nair (Bloomberg News – July 3, 2024)

(Bloomberg) — Vale SA has selected veteran mining executive Shaun Usmar to take the helm of its base metals division as the Brazilian metals producer seeks to boost copper and nickel production, according to people familiar with the matter.

The board of the Rio de Janeiro-based company chose Usmar to head Vale Base Metals, said the people, who asked not to be identified because the information isn’t public. The appointment has yet to be confirmed and it’s possible things could change, one of the people said.

Usmar has more than 30 years of industry experience, with his latest role as founder and chief executive officer at Triple Flag Precious Metals Corp., a Toronto-based streaming company. He previously worked at Barrick Gold Corp., where he was chief financial officer between 2014 to 2016, and held earlier roles at Xstrata Plc and BHP Billiton, according to his biography on Triple Flag’s website.

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