Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Brazilian miner Vale on Tuesday swapped out its head of iron ore solutions, the first major change in leadership since CEO Gustavo Pimenta started in his role earlier this month.
Vale’s current director of product and business development, Rogerio Nogueira, will take over the role on an interim basis starting Wednesday through the end of the year, the miner said in a securities filing.
He’ll replace Marcelo Spinelli, Vale said, without providing a reason for Spinelli’s departure.
A source familiar with the matter said Spinelli’s exit, not just from the post but from the company, was decided by Pimenta himself.
Pimenta believes Vale – one of the world’s largest iron ore producers – needs to shake up its commercial division in order to build stronger relationships with clients, the source added.
(By Marta Nogueira and Andre Romani; Editing by Kylie Madry)
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