Vale Base Metals in search of new CEO

Vale Base Metals says that Deshnee Naidoo will step down from her position as CEO at the end of March.

The $26-billion copper and nickel unit was created in July when Brazilian parent company Vale (NYSE: VALE; LSE: VALE) sold 10% to Saudi fund Manara Minerals. Naidoo joined Vale’s base metals business in January 2021.

The board has begun the process to identify and appoint a new CEO, who will be based in Toronto.

“For our producing operations and development projects, business improvement continues to be the focus,” Mark Cutifani, Vale Base Metals chairman, said in a release. “I look forward to working with Deshnee until the end of March as we guide the business to the next stage of our journey.”

Over the next decade, Vale Base Metals plans to invest US$25-30 billion in strategic mineral projects in Brazil, Canada and Indonesia. It aims to nearly triple copper output to 900,000 tonnes a year and to almost double nickel production to 300,000 tonnes per year from 160,000 to 175,000 tonnes.