Portugal’s mining strategy may favour copper over lithium
Portugal already has the largest copper mine in the European Union, operated by Lundin Mining.
Metso’s Board of Directors has decided to continue the share-based incentive plan for the Group’s senior management approved in December 2011. The aim of the plan is to combine the objectives of shareholders and management to increase the value of the company, commit management to the company, and offer managers a competitive reward plan based on a long-term shareholding in Metso.
The plan approved in 2011 includes three performance periods, equivalent to the 2012, 2013, and 2014 calendar years. The Board of Directors is responsible for setting the performance criteria and targets to be used at the beginning of performance period. The plan will cover around 100 Metso managers during the 2013 performance period.
The potential reward generated by the plan for the 2013 performance period will be based on the net sales growth of the services business, Metso’s return on capital employed (ROCE) before taxes, and earnings per share (EPS). Payment will be made at the end of an approximately two-year vesting period, in 2016, partly in company shares and partly in cash. The proportion paid in cash is intended to cover the taxes and tax-related costs arising from payment incurred by participants. Should a participant’s employment or service end for reasons related to the participant concerned before payment falls due, no payment will be made. The reward for each performance period may not exceed 120% of a participant’s annual total base salary.
The potential rewards to be paid on the basis of the 2013 performance period will correspond to a maximum total of approximately 460,000 Metso shares. Final allocations and the maximum total number of shares will be decided in January 2013. The Metso shares to be transferred as part of possible rewards will be obtained in public trading and, as a result, the incentive plan will not have a diluting effect on Metso’s share value.
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