Brazilian state to host COP30 climate summit defends gold mining rules
Brazil's Green Party has challenged the regulations allowing municipal authorities to license gold prospects of up to 500 hectares.
Brazilian miner Vale will seek to boost its copper production after recently falling behind its competitors, the company’s new chief executive said on Wednesday a day after ascending to its top leadership position.
Vale is a top global iron ore producer, while also operating base metal projects including copper and nickel.
In his first public remarks, chief executive officer Gustavo Pimenta also said an initial public offering (IPO) of shares in the firm’s base metals unit is not under consideration right now.
Pimenta formally took the reins of the company on Tuesday.
Vale also announced on Wednesday that it will create together with Brazil’s state-owned development bank BNDES a 1 billion real ($183.6 million) fund to support local mineral projects key to the energy transition away from fossil fuels.
The company sees copper and nickel as part of the transition.
Pimenta, who previously served as Vale’s finance chief, was named CEO in late August wrapping up a messy succession process in which some board members departed amid accusations of political intrigue.
President Luiz Inacio Lula da Silva’s government has pressured Vale to invest more in Brazil.
($1 = 5.4458 reais)
(By Marta Nogueira and Andre Romani; Editing by Kylie Madry)
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