Vale Base Metals in search of new CEO
Deshnee Naidoo will step down from her position as CEO effective March 31.
Deshnee Naidoo will step down from her position as CEO effective March 31.
The decision favors BHP, which seeks to hold Vale liable for 50% or more of any damages awarded to the victims.
The $1.1 billion expansion plan is set to increase the mine's throughput capacity to 36 million tonnes per year by the final quarter of 2024.
Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit.
The Fabrica Nova mine in Minas Gerais state has been halted.
Vale’s current operation permit in Indonesia expires at the end of 2025 and divesting its shares is necessary to have it renewed.
The term contemplates Ero Copper earning a 60% interest in the Furnas project upon completion of exploration, engineering and development milestones.
Vale on Thursday reported a third quarter net profit decline but still landed above market forecasts.
The company reported a 36% year-on-year decline in third-quarter net profit, landing above analyst estimates.
The company will pay 2.33 reais per common share in dividends and interest on capital on Dec. 1.