Global Mining: Vale shareholders concerned about CEO change

Local media group Valor said the shareholders, which include Bradespar and Mitsui & Co are concerned the removal of Ferreira would be seen as political interference and may tarnish the company’s image.

There has been talk of Ferreira being replaced since the suspension of the country’s president, Dilma Rousseff.
Bloomberg highlighted that former CEO Roger Agnelli, was pushed out in 2011 during Rousseff’s first term, with government exerting pressure through state pension funds that have seats on Vale’s board.

The newswire previously reported that former Vale executives Tito Martins and Jose Carlos Martins were being touted as replacements.

The company is busy building one of the largest mines in history, the S11D project in the Para region of Brazil.

The $19.5 billion mine will produce 90 million tonnes per annum once at full capacity, with first output expected this year.

A recent announcement said the the functional test phase had begun for machinery in the buffer stockyard, where stock is held to supply the plant.

A twin boom stacker, with a reach in excess of 70 metres has already been tested. The remaining five items of machinery, three bridge reclaimers and two twin boom stackers, are also undergoing operational testing.(source:miningjournal)