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.
Appian Capital Advisory LLP today announced it has appointed Paulo Castellari to lead the advisory firm’s business unit in Brazil. A dual Brazilian and Italian national, Castellari has 25 years of mining experience, half of which has been in the South American nation.
Prior to joining Appian, he served as CEO of Guinea Alumina Corporation, a subsidiary of Emirates Global Aluminium, where he led a 12-million-tonne-per-annum bauxite operation.
Before his leading role at Guinea Alumina, Castellari spent 22 years at Anglo American, where he led the company’s iron ore operations in Brazil from 2011 to 2015, and also looked after its niobium and phosphates businesses. He also held CEO positions in several other mining businesses, as well as senior level positions at both AngloGold Ashanti and Minorco.
As head of Appian’s operations in Brazil, Castellari will play a key role in bringing the organization’s two key projects to production. “His extensive operational and management experience from some of the world’s leading mining companies, coupled with a deep understanding of Brazil, positions him ideally to develop our projects and guide our growth in the country,” Appian founder and CEO Michael Scherb said in a media statement.
Appian currently owns the Serrote copper/gold project in Alagoas and the Santa Rita nickel/copper/cobalt/sulphide operation in Bahia.
For its Serrote project, the advisory firm also announced today that a definitive feasibility study (DFS) has been completed, indicating “robust economics at current prices with potential for upside.”
Based on the report, Serrote will require $250 million in capital for a conventional, low-strip open-pit operation targeted to produce 20,000 tonnes of copper equivalent per year over 14 years.
“Appian has created significant value at Serrote by re-scoping the development plan to optimize its economics and returns,” Scherb said about the project milestone.
Following the DFS, four financial institutions have backed Appian with a project financing facility, the firm said. Production is expected in H1 2021.
