Murilo Ferreira will step down as chief executive officer of Brazilian miner Vale SA when his term expires on May 26, the company said on Friday, without naming a replacement. Advertisements
Vale’s (VALE +7.9%) top non-government shareholders want CEO Murilo Ferreira to stay in his job for another two years to stem pressure from Brazilian politicians to appoint an ally, Reuters reports, citing newspaper Valor Econômico.
Read MoreVale opened this weekend the S11D iron ore mine in Brazil – its biggest project ever, adding 75M metric tons of production when it reaches peak output in four years and firmly lifting Vale over Rio Tinto as the world’s top iron ore producer.
Read MoreThe agreement signed in 2014 for the entry of the Japanese group Mitsui & Co. in the coal business of Brazilian group Vale in Mozambique should be completed next September, said on Thursday the chairman of the mining group.
Read MoreVale said on wednesday, 07th June , there are no plans in the company to replace President Murilo Ferreira. As it has been noticed recently, the interim government of Michel Temer would be interested in changing the command of the Brazilian mining company due to the proximity of the executive with ousted former president Dilma Rousseff and former Finance Minister Guido Mantega. In clarifying the market, Vale said that possibility is not dealt within the company,…
Read MoreLocal 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.
Read MoreVale (VALE) CEO Murilo Ferreira is in the cross-hairs of some members of acting President Temer’s Democratic Movement Party, Bloomberg reports. Temer himself is not believed to be among those calling for Ferreira’s head, but some members of his administration are said to have considered Vale’s response to last year’s tailings dam disaster as tepid in contrast with a more active approach by Australian partners BHP Billiton. Former Vale executives Jose Carlos Martins and Tito…
Read MoreThe interim government of president Michel Temer plans to replace Murilo Ferreira as president of Vale, the second largest company in the country and the world’s largest producer of iron ore. The main reason behind this command change in the company would be the fact that Ferreira is well-connected to the former president Dilma Rousseff and former Finance Minister Guido Mantega.
Read MoreVale aims to make divestments in the coming year that can generate funds that ranges from US$ 4 to 5.5 billion. The initiatives involve coal divisions , fertilizers, sales of ships, energy assets and stakes in Mineração Rio do Norte (MRN). The figures were presented today (1) in New York at an event with investors.
Read MoreWhen BHP Billiton and Vale started a joint iron-mining venture in rural Brazil nearly 40 years ago, the mining giants created a new corporate entity: a limited-liability company that, in theory, protected its owners from litigation in case of disaster.
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