Vale Base Metals (VBM) announced on Friday that Deshnee Naidoo will step down from her position as CEO effective March 31.
According to the company, the board has initiated the process to identify and appoint a new CEO, who will be based in Toronto.
“For our producing operations and development projects, business improvement continues to be the focus. I look forward to working with Deshnee until the end of March as we guide the business to the next stage of our journey,” VBM chairman Mark Cutifani said in a statement.
The $26 billion copper and nickel unit was created in July when the Brazilian parent company sold 10% to Saudi fund Manara Minerals. Naidoo joined Vale’s base metals business in January 2021.
Over the next decade, VBM plans to invest $25-30 billion in strategic mineral projects in Brazil, Canada and Indonesia, with the aim to nearly triple copper output to 900,000 tonnes a year and to almost double nickel production at the same time to 300,000 tonnes per year from 160,000-175,000 tonnes.