Shaun Usmar, a mining executive with more than three decades of global experience, has been selected CEO of Vale Base Metals.
He succeeds Deshnee Naidoo, who stepped down last March. Usmar will assume his new role at the end of this year and will be based in Toronto.
Vale Base Metals is a spinoff of Brazil’s Vale SA and runs its global base metals assets. It is one of the world’s largest producers of nickel, copper and cobalt with Canadian operations in Sudbury, Thompson, Man, and Voisey’s Bay, Labrador.
Prior to this appointment, Usmar founded Triple Flag, a royalty and streaming company, and served as senior executive vice-president and chief financial officer at Barrick Gold from 2014 to 2016.
Before that, Usmar has also held positions at Xstrata, where he joined in 2002, as general manager of business development, CFO of its ferro-alloys business in South African and its nickel business in Canada. His experience extends back to BHP Billiton in corporate finance and operations in steel and aluminum as a production engineer.
“Shaun has an outstanding track record in our industry,” said Vale Base Metals chair Mark Cutifani in a statement, “and I am confident that he is the right person to safely lead our company as we look to capture the significant value potential recognized in our resources and assets.”
In a Vale release, Usmar commented: “I am extremely excited by the potential the business offers, with its vast mineral endowment, deep talent base, technological capabilities and global platform. There is so much potential and opportunity to unlock value for all stakeholders through the portfolio's imbedded growth optionality, commitment to innovation and for this business to play a formidable role as a sector leader in shaping the future of the industry.”
