An Industry Stalwart
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Vale (NYSE:VALE) made a decisive move by appointing seasoned mining veteran Shaun Usmar to lead its base metals division, as revealed in a recent Bloomberg report.
With over three decades of experience in the industry, Usmar boasts a wealth of knowledge and expertise. His previous roles include founding and serving as the CEO of the innovative streaming company Triple Flag Precious Metals. Prior to this, he played a pivotal role at Barrick Gold, where he served as the CFO from 2014 to 2016.
A Strategic Restructuring
Vale took strategic steps to revamp its operations, separating the Vale Base Metals nickel-and-copper division from its iron ore business in the preceding year. Notably, the company divested a 10% stake to Saudi Arabia as part of its broader initiative to unlock inherent value within this division.
The appointment of Shaun Usmar follows the vacancy left in March when Deshnee Naidoo stepped down as the CEO of Vale Base Metals. During this interim period, the unit was overseen by former Anglo American leader Mark Cutifani, who assumed the role of chairman last year.
