Archive | Vale

[Vale Canadian CEO Jennifer Maki] The mindful miner – by Peter Carter (CPA Magazine – June 1, 2017)

https://www.cpacanada.ca/

Vale’s base metal boss and Canadian CEO Jennifer Maki believes in building bridges, staying connected and delivering results. And she does it her way.

It was a February Friday in 2007. Jennifer Maki was given a choice. At the time, Maki was assistant treasurer at Vale Canada, a subsidiary of the biggest iron-ore mining company in the world, Rio de Janeiro-based Vale. Like lots of Vale’s senior positions, Maki’s duties were moving to head office in Brazil. The question was: would she rather take an 18-month buyout package or stay with Vale in Toronto in a yet-to-be-determined position?

The buyout looked appealing. In the months leading up to Vale’s offer, Maki’s world had gone through seismic shifts, and in the process, friends, colleagues and fellow executives either left or were asked to leave the company. There was little doubt she would find other work.

Her rise to the senior ranks of the company had been meteoric, beginning in 2003. After 10 years as a CA with PricewaterhouseCoopers in Toronto, Maki had accepted an offer from the client whose file she had been auditing for nine of those years, giant nickel miner Inco. Continue Reading →

The federal government wants to put a national park right where it will cost First Nations mine-workers their jobs – by Joseph Quesnel (Financial Post – June 8, 2017)

A working mine pours royalties into the provincial government and supports
many other industries….A national park on top of rich ore deposits
potentially worth billions will remove a major economic development
opportunity for both indigenous communities and Manitoba.

http://business.financialpost.com/

Joseph Quesnel is a research associate with the Frontier Centre for Public Policy. www.fcpp.org

Why is the federal government planning to create a national park on top of potentially lucrative nickel ore deposits in Northern Manitoba? That’s a question that local indigenous communities that stand to benefit are asking.

The Manitoba Lowlands near Grand Rapids between Lake Winnipeg and Lake Winnipegosis are designated to become a national park, according to the recent federal budget. This area includes breathtaking limestone cliffs, an aquamarine lake, very productive wetlands and a region unique in the province where four species — deer, bison, elk and moose — share the habitat.

The region has some things that need protecting. However, it is not clear why Manitoba needs a new 4,400-square-kilometre national park that will cut off economic development for the local indigenous communities. Continue Reading →

Shipwreck Casts Shadow Over Fleet of Vale Iron-Ore Carriers – by R.T. Watson (Bloomberg News – May 30, 2017)

https://www.bloomberg.com/

A second vessel contracted to haul iron ore for Brazilian miner Vale SA was delayed for repairs following the loss of a similar ship that mysteriously sank en route to China leaving 22 people presumed dead.

The Stellar Queen departed Vale’s port terminal in northeastern Brazil on May 7 carrying almost 300,000 metric tons of ore, according to the Rio de Janeiro-based company’s website.

However, the ship then stayed anchored in a nearby bay for nearly three weeks after the commandant discovered cracking on the main deck and decided to delay the voyage until repairs could be made, the Maranhao state port authority said last week by email. The port authority finally authorized the ship’s departure on May 26. Continue Reading →

[Ontario Mining] Sudbury’s Stobie Mine to take well-deserved ‘rest’ – by Harold Carmichael (Sudbury Star – May 31, 2017)

Frood-Stobie Complex (Vale Photo)

http://www.thesudburystar.com/

Stobie Mine was an important mine in Greater Sudbury’s mining history,
with an estimated 58,000 people working there over the years. During
the Second World War, the mine produced an estimated 40 per cent of the
Allied Forces’ nickel needs late in the war.

The final day of production at a 130-year-old mining complex in Sudbury on Tuesday was both a cause for celebration and a sombre moment to reflect. For 28-and-a-half-year loader /operator Wayne Beckerleg, it was the latter.

“I love this place,” said Beckerleg, who became emotional at times addressing a crowd of more than 350 co-workers, retirees, dignitaries and others at a press conference on the Stobie Mine property in New Sudbury. “We have always put our heads together, found ways to overcome, do a lot of risk analysis, found safer ways for people who came after us.

Frood-Stobie Complex supplied 40% of critical nickel supplies for Allies during World War Two. (1940s Inco Poster)

“Stobie Mine: it’s like no other mine. It’s like my second family home. You’re all like brothers and sisters here. I have enjoyed the friendships over the years … At one time, we were doing 10,000 tons of muck a day. It’d be down now. That’s real estate. That is the hand we are being dealt … You have my respect. I hope we will meet again. We will meet again.” Continue Reading →

Steinmetz Said to Skip $1.2 Billion Vale Hearing, Risking Loss – by Jesse Riseborough and R.T. Watson (Bloomberg News – May 19, 2017)

https://www.bloomberg.com/

Billionaire Beny Steinmetz’s mining company may be asked to pay as much as $1.2 billion to former partner Vale SA after choosing not to attend an arbitration hearing in London in a dispute over one of the world’s richest mineral assets, two people with knowledge of the case said.

The decision by Steinmetz’s BSG Resources Ltd. to back out of hearings earlier this year will probably cost him the case, the people said, asking not to be identified as the matter is confidential. BSGR felt it wouldn’t be “treated fairly,” according to a letter sent by its lawyers Mishcon De Reya to Vale’s legal representatives dated Jan. 31 and seen by Bloomberg News.

An unfavorable ruling would be the latest setback for the 61-year-old Steinmetz, who’s facing a string of corruption investigations around the world resulting from his failed investment in the giant Simandou iron ore deposit in Guinea. Yet, Vale would still face years of legal battles to enforce any award from the case. Continue Reading →

Vale to close nickel mine in Manitoba – by Staff (Sudbury Star – May 17, 2017)

http://www.thesudburystar.com/

Vale has announced plans to close another nickel mine in Canada. In an email to employees, Vale Manitoba Operations announced that the Birchtree Mine will shift to “care and maintenance” and no longer produce nickel starting Oct. 1, resulting in 150 unionized employees and staff being laid off and another 50 jobs also being affected.

According to union officials, moving to ‘care and maintenance’ means the power and water at the mine will not be shut down but production will cease. “As you know, the nickel market continues to be challenging as inventories remain high and the price remains at an historic low, with little sign of significant recovery in the near term,” said Mark Scott, head of the company’s Manitoba Operations in an email to employees on Monday.

“This reality has caused us to review every aspect of our business. As a result we have made the difficult decision to suspend operations at our Birchtree Mine and place it on care and maintenance in the fourth quarter of 2017.” Continue Reading →

NEWS RELEASE: MAC fetes Dominion Diamond and Vale with 2017 TSM Excellence Awards

Companies recognized for their innovative mining sustainability projects

May 2, 2017 – MAC has awarded Dominion Diamond Corporation’s Ekati Diamond Mine and Vale Newfoundland and Labrador Limited’s Voisey’s Bay Mine with the 2017 Towards Sustainable Mining® (TSM) Excellence Awards for their innovative sustainability projects. Dominion Diamond and Vale were recognized with the awards yesterday at the CIM Awards Gala in Montreal.

“Both Dominion Diamond and Vale have been recognized with TSM Excellence Awards for demonstrating how leading mining companies are integrating sustainability into all aspects of their business, from transforming how they process waste on site to how they ship their products to market. We congratulate both companies for successfully finding new opportunities to protect the environment and preserve the traditional cultures of local Indigenous communities, and for inspiring others to follow their lead,” stated Pierre Gratton, President and CEO, MAC.

Established in 2014, the TSM Excellence Awards include the TSM Environmental Excellence Award and the TSM Community Engagement Excellence Award. Continue Reading →

NEWS RELEASE: Vale Canada Renews Sponsorship Support for Skills/Compétences Canada (SCC)

Vale Canada Limited, in Partnership with SCC and its Member Organizations in Manitoba, Ontario and Newfoundland and Labrador, Work Together to Promote Careers in Skilled Trades and Technologies

OTTAWA, May 2, 2017 /CNW/ – SCC is pleased to announce that Vale Canada has renewed their support as a multi-year sponsor up to and including 2019! The Vale partnership includes SCC’s national office, and Skills Canada member organizations in Manitoba, Ontario and Newfoundland and Labrador.

As a new initiative this year, we’re working with Vale’s Manitoba office on transporting more than 40 students from Northern Manitoba to visit the Skills Canada National Competition (SCNC) for an unforgettable experience! This partnership has continued to grow since its initial inception in 2015.

“Skills/Compétences Canada is proud to continue our partnership with Vale in which we profile the dynamic, interesting and valuable careers in the Canadian mining industry,” said Shaun Thorson, Chief Executive Officer of Skills/Compétences Canada. Continue Reading →

UPDATE 2-Brazil’s Vale slumps as ore price outlook, profit disappoints – by Guillermo Parra-Bernal and Marta Nogueira (Reuters U.K. – April 27, 2017)

http://uk.reuters.com/

Shares in Vale SA slumped the most in two weeks on Thursday, as executives signaled lackluster trends for iron ore prices this year and investors reacted to a first-quarter profit miss with disappointment.

Preferred shares, world No. 1 iron ore producer Vale’s most widely traded class of stock, shed as much as 4 percent. The decline thwarted a recovery in the stock that had made gains this week on expectations Vale would report a near record quarterly profit.

On a results conference call, company executives said supply and demand of the main ingredient for steel look balanced, helping prices stay at $70 reais per tonne or less. In February, Vale’s head of ferrous minerals Peter Poppinga expected prices hovering around $80 a tonne this year. Continue Reading →

Vale’s first quarter profit lower than expected as rains hurt iron ore output – by Cecilia Jamasmie (Mining.com – April 26, 2017)

http://www.mining.com/

Brazil’s Vale (NYSE:VALE), the world’s No.1 iron ore miner, logged Thursday net income for the first quarter that missed estimates, reflecting the impact of heavy rains that hampered output in the so-called northern system, which groups the Carajás, Serra Leste and S11D mines in northern Brazil, as well rising financial expenses.

The Rio de Janeiro-based company reported a net income of $2.5 billion, no less than a billion off the average consensus estimate of $3.325bn in profit. It was, however, the largest since the first quarter of 2014, according to Vale.

The miner had already announced a production record in iron ore of 86.2 million tonnes for the January-March period, which it credited to the ramp-up of its massive S11D mine in Pará, and the Itabirito project, in Minas Gerais. Continue Reading →

[Canada] The Power 50: Who has the influence, the connections and the cash to get their way in the world of business? (Globe and Mail/Report on Business – April 26, 2017)

http://www.theglobeandmail.com/

We pull back the curtain on the financiers, scions, politicians and CEOs—plus a few bureaucrats and even one hip-hop star—who wield true power in Canada

Only one miner makes the list, Vale Canada’s Jennifer Maki. – Stan Sudol

1. Paul & André Desmarais | Co-CEOs, Power Corp.

If there is a key to the Desmarais family’s formidable wealth and influence, it is this: entree. Paul Desmarais Sr. possessed astonishing business acumen. But it was his ability to cultivate the crème de la crème in politics and finance that elevated him to the highest levels in North America, Europe and China. He met with Deng Xiaoping in Beijing; invited Bill Clinton and George W. Bush to his estate in Charlevoix, Quebec; and received the Grand Cross of the Legion of Honour from Nicolas Sarkozy in 2007.

Most importantly, Desmarais, who died in 2013, meticulously groomed his sons, Paul Jr. and André, for succession. In 1996, he named “the boys”—now in their early 60s—co-CEOs of Power Corp. Since then, Power has quintupled in value. How have they done it? As magnate Peter Munk said in 2008: “The boys got introduced to his contacts. They were educated well, they married well and they’ve behaved.” Continue Reading →

Vale’s iron ore output just hit another record – by Cecilia Jamasmie (Mining.com – April 20, 2017)

http://www.mining.com/

Brazil’s Vale (NYSE:VALE), the world’s No.1 iron ore miner, said output of the steelmaking material hit a fresh record high in the first quarter as its massive S11D mine in the Amazon continued to ramp up.

The Rio de Janeiro-based company said iron ore production jumped 11% to 86.2 million tonnes in the January-March period, compared to the same quarter a year earlier.

The figure however, was 6.7% lower than total iron ore output of 92.386 million tonnes in the prior three months, and the company said it might restrain supply even further in coming months to support prices if necessary. For now, however, the mining giant reiterated its output guidance for the year of between 360 million and 380 million tonnes of seaborne. Continue Reading →

BHP-Vale Mine Restart Hinges on Deal With Small-Town Mayor – by R.T. Watson (Bloomberg News – April 13, 2017)

https://www.bloomberg.com/

A 34-year-old mayor of a small Brazilian city stands between a giant mine and its plans to resume operations after a disastrous dam collapse.

By refusing to sign off on the use of river water, Leris Braga is delaying permit approvals that would allow the BHP Billiton Ltd.-Vale SA iron venture to rehire thousands of workers and start generating cash again for debt repayments. While that makes Braga a villain for bondholders and unemployed locals, he says he’s only trying to get the company to meet its responsibilities.

“The city of Santa Barbara isn’t going to receive one cent,” he said in an interview from his offices in the more than 300-year-old mining town. “I’m not trying to make some exchange for the document they need.” Continue Reading →

Role model for Sudbury workers mourned – by Jim Moodie (Sudbury Star – April 12, 2017)

http://www.thesudburystar.com/

Ronnie Lepage of Wahnapitae was a veteran operator of heavy equipment and a model and guide for many young workers. So it was especially shocking to family members and colleagues when the 59-year-old was pinned under a dump truck last Thursday on Vale property in Copper Cliff, dying subsequently in hospital from his injuries.

Working around big vehicles and other equipment “is something we’ve done all our lives,” said older brother Richard, 63. “He and I, and the other brothers, we’ve all done it forever. An accident like that is almost unheard of.” Younger brother Todd, 54, said it was Ronnie’s own vehicle, which he was driving for contractor Cecchetto and Sons, that wound up on top of him.

“It was a freak accident,” he said. “Ronnie was always safe, and a mentor to other young operators. I know a few young guys he works with and they’re freaked right out over it, thinking how could it happen to somebody like him. But that’s all it takes — you could do something a thousand times and that one time it doesn’t go right.” Continue Reading →

Vale turns to experienced Brazilian manager in Schvartsman – by Joe Leahy (Financial Times – March 28, 2017)

https://www.ft.com/

São Paulo – Fabio Schvartsman, the new chief executive officer of Vale, the world’s largest iron ore mining company, is one of Brazil’s most experienced managers when it comes to running vast operations.

His present company, Klabin, the largest paper and cardboard company in Latin America’s biggest economy, controls 235,000 hectares of eucalyptus and pine plantations and 210,000 of native forest.

But that did not make his appointment to replace Vale veteran Murilo Ferreira, announced late Monday, any less of a surprise to the market. “We must admit that this name comes as a surprise to investors — which had been speculating [on] different names,” said Leonardo Correa, analyst with BTG Pactual. Continue Reading →