Spotlight: Musical chairs at miners in Brazil

Mining companies with operations in Brazil have replaced key leadership as demand for energy transition minerals is increasing and ESG practices come into focus.

"For many years, we saw mining companies focusing a lot on aspects linked to their respective production, looking for the best executive profile to achieve this. Nowadays, many other aspects are involved in the necessary skills of an executive, which involve greater care with governance issues, aspects linked to sustainability and gender equality," Eduardo Leão, CEO of Brazauro Recursos Minerais, a Brazilian unit of G Mining Ventures, told BNamericas. 

The development will lead to more women in top positions, according to Leão, who is also a former director of mining regulator ANM.

BNamericas takes a look at the most recent executive changes in the sector.

ANGLO AMERICAN

Ana Sanches was appointed president of Anglo American in Brazil. Previously, she was the financial head at the technical, sustainability, projects and development divisions in London, where the company is headquartered.

Sanches replaced Wilfred Bruijn to lead the iron ore business, Minas-Rio, in Minas Gerais and Rio de Janeiro states, and the nickel business in Goiás. 

“We have the goal of reducing greenhouse gas emissions in our operational plants by 30% by 2030. In line with these plan objectives, we signed contracts for the purchase and self-production of electricity, which enabled a matrix of 100% renewable electrical energy in operations in Brazil,” Sanches said in a statement.

Anglo American plans to invest 12bn reais (US$2.45bn) in Brazil through 2027. 

VALE

The firm is undergoing a restructuring that could result in profound top-level changes.

Recently, the Vale Base Metals unit announced that CEO Deshnee Naidoo will step down in March. The board is still looking for a successor, who will work from Toronto.

"We thank Deshnee for the tremendous commitment and dedication she has shown as CEO of Vale Base Metals. She was instrumental in guiding the company through the carve out of the business earlier this year, which has positioned the company for value-creating growth in the coming years. For our producing operations and development projects, business improvement continues to be the focus," VBM chairman Mark Cutifani said in a statement.

The change at VBM comes as Vale's CEO Eduardo Bartolomeo may leave in May, although the board has until the end of January to decide if it will renew his mandate or start a hiring process.

Bartolomeo has been CEO since 2019 and has previously served as executive director of base metals in Canada. He started at Vale in 2004, holding a position on the logistics operations board through 2012.

Local press reported that minority shareholders, including the federal government, are stepping up pressure to oust Bartolomeo.

Vale’s 2024 capex plan involves US$6.5bn, with US$2.5-3bn allocated to energy transition metals such as copper and nickel.

BHP  

Australia’s BHP is, among others, replacing its Americas head, with Brandon Craig taking the position on March 1. 

"Brandon is currently asset president Western Australia iron ore, and in this role has demonstrated his ability to deliver strong performance across an integrated business of mines, rail and port operations. Brandon joined BHP in 1999 and has previously held aluminum, corporate and coal leadership roles and brings over 20 years’ experience driving transformational change and operational excellence," the company said in a statement. 

Meanwhile, Vandita Pant will become BHP’s CFO in March and current Americas head, Rag Udd, CCO.

“These new appointments ensure that we continue to build organizational capacity, with the right mix of skills, experience and perspectives to deliver BHP’s strategy and pursue our growth agenda. Our operating environment is increasingly complex, but also rich in opportunity for companies that are best able to positively engage stakeholders, deploy capital to the right opportunities in a disciplined way and deliver safe, reliable operational performance,” CEO Mike Henry said.

LITHIUM IONIC

Canadian junior Lithium Ionic hired a Brazilian executive, Paulo Guimarães Misk, as COO to advance its US$230mn Bandeira lithium project in Minas Gerais state.

Misk is a mining engineer with over 38 years of in-country experience in the operational management of several multinational mining companies across a diverse range of commodities, including lithium. 

"Paulo has demonstrated outstanding leadership in building and transforming operations at his previous roles at Largo, Anglo American and AMG, and we are delighted to welcome him to our leadership team as we enter the next phase of development for Bandeira," CEO Blake Hylands said in a statement.

HORIZONTE MINERALS 

As part of a strategy to tackle challenges at its Araguaia nickel projectin Pará state, Horizonte Minerals CFO Simon Retter stepped down, as CEO and co-founder Jeremy Martin also left his post and the board.

The London-based company is slowing down development at Araguaia as it is negotiating financing solutions after it increased the capex projection by 35% from the initial US$537mn.

Capex had to be reviewed due to underestimated costs for civil works, electromechanical assembly and delays in deliveries of materials, among other reasons, the company said last month.

It also pushed back the date for first production to 3Q24 from the first quarter. In addition, non-executive interim chair William Fisher and non-executive director Owen Bavinton will leave the board. 

Karim Nasr was appointed interim CEO and will lead the financing and restructuring process. Nasr is also managing partner and co-CIO of La Mancha Resource Capital, one of the company's major shareholders. 

The other top shareholders of Horizonte Minerals are Glencore and Orion Resource Partners. 

The company also appointed Paul Smith as non-executive director and chair. Smith worked for Glencore from 2011 to 2020, where, as head of strategy, his principal areas of focus were capital markets, M&As and capital allocation, according to a statement. 

Maryse Bélanger was appointed interim COO in a non-board capacity. Bélanger has been a consultant to the company in recent months and has more than 30 years of experience in the global mining sector, including in Brazil.