Brazil-based Vale, a major metals mining company, aims to boost its copper production amid losing market share to its competitors, its new CEO said.
"We have fallen behind on copper," Vale’s CEO Gustavo Pimenta said in his first public remarks since starting his new role just recently. He was previously the miner's chief financial officer, Reuters reports.
The company’s copper production guidance for this year is 320 000 - 355 000 tons, while that of rival miners surpasses 1 million tons, Pimenta said.
At a press conference, Pimenta also batted down expectations for an initial public offering for the firm's base metals unit, saying that is not under consideration right now.
Vale owns 90% of Vale Base Metals, which groups together its nickel and copper assets. Manara Minerals, a joint venture between Saudi Arabian miner Ma'aden and Saudi Arabia's Public Investment Fund, bought a 10% stake earlier this year.
Pimenta said once the base metals unit grows its copper production to some 500 000 tons of annual production, the company will then consider whether it needs to tap capital markets for funding. He did not provide a timeline for when he expects to reach that output goal.
Theodor Lisovoy, Managing Editor, Rough&Polished
