Investors were skeptical on Sunday about the surprise decision by Brazil’s Vale SA to remove its high-profile chief executive in the wake of a deadly January accident at one of the world’s largest iron ore miner’s facilities.
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Brazilian iron ore miner Vale SA Chief Executive Fabio Schvartsman and several other senior executives resigned on Saturday in what the company described as a temporary move, after one of its mining dams burst in January, killing hundreds.
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RIO DE JANEIRO/SAO PAULO – The board of Brazilian mining company Vale SA has approved an additional two-year term for Chief Executive Fabio Schvartsman, the company said on Friday, as it seeks to extend his successful tenure as head of the world’s largest iron ore exporter.
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Vale Mozambique, the Vale group of Brazil’s subsidiary in the African country, has told the Mozambique media that it plans to produce 20-million tons a year (Mt/y) of coal by 2021. The information was released in Maputo by Vale Mozambique financial director Marcelo Tertuliano.
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Mining company Vale-Mozambique announced on Thursday that it had resumed operations in a section of the company’s facility following a nearly two-week standstill demanded by residents complaining of pollution there, Noticias reports.
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Mozambican company Cimentos de Maiaia will buy 600 tons of thermal coal per year from Vale Moçambique, a subsidiary of Brazilian group Vale that mines coal deposits in Moatize, Tete province, the company’s chief executive said.
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During the second quarter of this year (2Q18), Brazilian mining major Vale’s coal business achieved earnings before interest, taxes, depreciation and amortization (Ebitda) of $45-million.
Read MoreBrazilian mining major Vale has reported significantly higher production at its Moatize coal operation during the second quarter of this year (2Q18), compared with the first quarter (1Q18). However, 2Q18 production was still lower than production for the same quarter last year (2Q17). The figures were published in the group’s report, ‘Vale’s Production and Sales in 2Q18’.
Read MoreVale Mocambique coal production totaled 2.9Mt in 2Q18, 18.1% higher than 1Q18 and 5.5% lower than 2Q17, as the adverse conditions in Tete, Moatize mine site in 1Q18 were only overcome during the first part of 2Q18, preventing a faster recovery in the quarter.
Read MoreBrazilian mining group Vale has created a significant local supply chain in Mozambique to support its Moatize coal operation in Tete province. This was highlighted recently by the president of Mozambique’s Confederation of Economic Associations (Confederação das Associações Económicos – CTA), Agostinho Vuma, in an interview with local journal O País Económico.
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