Gustavo Pimenta, Vale CEO, talked up the contribution of copper within the diversified miner’s portfolio when on stage at the FT Metals & Mining Summit in London, today.
Speaking to Camilla Hodgson, FT’s Commodities Correspondent, he highlighted the company’s red metal prospects over the next decade, arguing that Vale had the highest percentage growth projections among the major mining companies.
He said the company was looking to boost copper output to 700,000 t/y by 2035, from 380,000 t/y in 2025, with the majority of this growth coming from Brazil and operated by Vale Base Metals (VBM), run by CEO Shaun Usmar.
Pimenta said a mooted IPO of VBM was no longer imminent, explaining that the timing or likelihood of such a transaction was tied to funding future growth projects within the company’s portfolio and providing value to shareholders.
By the time the company has built out this new red metal capacity, Vale’s iron ore production portfolio could amount to around 360 Mt/y, up from the current circa-335 Mt/y, with a mix of strategically important low alumina iron products, he added.
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