Eduardo Bartolomeo’s mandate expires in May, but the council is divided on his reconfirmation or replacement in the role
RIO AND SAO PAULO – The president of the OK, Eduardo Bartolomeo, declared on Friday 23, that he has confidence in the work of the company’s board of directors, which will decide on his reconfirmation or replacement in the position. “It’s not for me to comment. I have confidence that the board is doing everything professionally and correctly,” he said during Vale’s conference call with analysts to comment on the situation. mining company results.
The executive stressed that the company’s management remains focused on achieving its goals. “We are focused, regardless of the decision, on managing Vale to continue in a safe, focused way, with the objectives set. We are totally focused on this.”
In the context of the debate on the succession to the presidency, Vale announced on Thursday the 22nd a profit of R$39.94 billion in 2023, a figure that represents a decline of 58% compared to the previous year’s result. The weaker performance was due to exchange rate losses and the lower average price realized for inputs over the period.
The mining company also announced that it will pay dividends of R$11.7 billion to shareholders. The amount was approved during a meeting of the company’s board of directors, the first after the extraordinary one last week, whose objective was to discuss the future of Bartomoleo.
The Vale president’s term expires in May, but the board is divided and the current stage of the process is taking longer than expected. If the directors decide to terminate the executive’s contract, a specialized consultancy firm will prepare a triple list with the executive’s proposals. Meanwhile, the impasse is starting to affect the mining company’s shares, which have already fallen by around 15% this year.
This Friday, Bartolomeo said the company is “looking for a solid CEO” for Vale Base Metals Limited (VBM), the entity that manages the company’s energy transition metals business. According to him, there is already a list of names and there will be an announcement soon.
Mark Cutifani, chairman of the board of directors of VBM, emphasized that the selection process will run its course in a timely manner. “We are in no rush to announce the new CEO of VBM.”
Fast pace
Bartolomeo also said that 2023 was remarkable, with results showing the cultural change in the company. “In 2024, we will have an accelerated pace to deliver excellent performance,” he said. “We did what we promised and provided the guidelines (company projection for the year).”
The CEO said the company will be taken to the “highest level of performance,” supported by advancements in security, operational stability, growing volumes, transition metals and ESG optics.
Regarding efforts to increase the high-quality portfolio, the executive highlighted the opening of the briquette factory in Tubarão and the transaction with Anglo American, announced on Thursday. “Our partnership with Anglo American will bring synergies in the production of particleboard.”
Bartolomeo stressed that the fourth quarter was “very strong”, with production exceeding forecasts. “We are ensuring the reliability of our assets,” he said, adding: “In December we recorded the highest monthly production since 2018. We hope to reach production of between 340 and 360 million tonnes by 2026.”
According to Vale’s CEO, the company hopes to reach 90% of its commitments with the repair of Brumadinho. In Mariana, he said, the repairs have reached 460 thousand people compensated and 85% of the housing solutions delivered. “There has already been an outlay of R$34.7 billion in Mariana,” she mentioned. “We continue to negotiate a definitive remediation agreement.”
Source: Terra
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