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Vale Base Metals (VBM), a Canada-based miner created in 2023 when Vale (NYSE: VALE) spun out its critical metals business, has appointed mining veteran Shaun Usmar as its new chief executive officer.
Usmar brings over 30 years of experience in the industry, being until today the founder and CEO of Triple Flag Precious Metals (TSX, NYSE: TFPM), a Toronto-based streaming company. He will be succeeded by Sheldon Vaderkooy, its current chief financial officer.
From 2014 to 2016, Usmar served as Barrick Gold’s (TSX: ABX) (NYSE: GOLD) CFO and also held earlier positions at Xstrata and BHP (ASX: BHP).
“Vale Base Metals is uniquely positioned as a focused global energy transition metals company to provide the critical metals the planet needs as it transitions from fossil fuels, Usmar said. “I am extremely excited by the potential the business offers.”
The new CEO of Vale Base Metals will oversee operations in Canada, Brazil, and Indonesia. The position had been vacant since March, when Deshnee Naidoo’s resignation became effective.
Former Anglo American boss Mark Cutifani has lead the division since then, after being recruited as chairman of the unit in 2023. Cutifani recently announced a plan that involves significant investments to boost productivity and reduce costs at Brazilian and Canadian nickel and copper mines.
Vale separated its nickel, copper and cobalt operations from its iron ore business last year and sold a 10% stake to Saudi Arabia to unlock value from the unit.
The company announced this week is set to open a new open pit mine at the historic Stobie mine site in Sudbury, Ontario.
The new Stobie operation will produce nickel and copper, with an initial production target of 300,000 tonnes nickel and copper this year, ramping up to 1.5 million tonnes annually by 2025, continuing until 2027 or 2028. The project will also yield valuable by-products such as cobalt and precious metals.
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