Fabio Schvartsman says he wants miner to become ‘results orientated’
The new head of Brazil’s biggest private company Vale has said the miner must halve net debt to less than $10bn if it wants to become a “results-orientated” company.
In an interview with the Financial Times, Fabio Schvartsman said reducing debt was his number one priority and that there was a better chance of restarting the Samarco iron ore mine — the site of Brazil’s biggest environmental catastrophe and which it owns 50:50 with BHP Billiton — if Vale were able to take control.
“If we are at the $10bn level, it doesn’t matter what happens with commodity prices,” said Mr Schvartsman. “Vale will be in a very sound position to do everything that is necessary.” The company’s current market capitalisation is $53bn.