Vale board members in a ‘state of war’ over CEO succession — report
Last week, consulting firm Russell Reynolds delivered a list of 15 potential successors for Eduardo Bartolomeo.
As quoted in today’s Sydney Morning Herald, U.S. economist Dale Hale says the surge of iron ore from Africa could break the dominance of Australia and Brazil in the setting of iron ore prices, and lead to eventual price declines. The story says at least 20 mines could open in a region spanning Liberia, Guinea, Sierra Leone and Cameroon by 2015, with aggregate output of 600 million tonnes per year:
“If we add this much supply, this could break the Australian-Brazilian cartel in setting iron ore prices,” Mr Hale told AAP during an interview.
“This could finally set the stage for iron ore prices to decline in a meaningful way … in five years.”
