The new director of Vale SA exposed one of the greatest ambitions of the Brazilian company: become the largest metal producer in the world for market capitalization.
“It has to be the world’s largest mining company because we have the world’s largest mining heritage“Said the executive director, Gustavo Pimenta, in a business event in São Paulo.” We need to release the value of this company. “
Pimenta, who assumed the position of executive director in October, has a great challenge to eclipse larger rivals, such as BHP Group and Rio Tinto Group. The stock market capitalization is US $ 43.9 billion, about a third of the BHP market value and less than half of Rio Tinto. He affirmed that Vale took second place in market value in 2010. This changed when two mortal mining disasters and a collapse in the production of iron ore eroded the confidence of investors in the shares.
Pimenta declared before the business that its objective is to improve the market value of Vale through the operational stability, security improvements and greater development of their mining assets. He also said that The objective of Vale for 2030 Annual Iron Mineral Production should consolidate the company as the largest world producer of this steel ingredient.
“We want to reach 360 million tonsrecovering the position that we should never have lost as the largest iron mining company in the world, “he said.” We are on the way to recover this position. “
