The government will directly buy and sell a portion of the copper produced in the nation, competing with trading giants including Mercuria Energy Group and Glencore.
The nickel market has been thrown into chaos after a flood of new supplies from Indonesia — the result of huge Chinese investment and major technological breakthroughs.
The recommendation was part of a report submitted Friday to Vale’s board, which has been weighing whether to renew Bartolomeo’s term as CEO or start a worldwide recruitment process.
News comes just days after Deborah Caudle, the chief financial officer of the miner’s energy arm, said she had left the firm created by billionaire Andrew Forrest.