“The end of 2026 going into 2027 is our objective for an IPO,” Cutifani said, adding that there is a pathway to “increase that value.”
Even if VBM does not go public, Cutifani noted it would be “a very different company by the end of 2026.”
New CEOs
The decision on whether or not to list would ultimately fall to incoming Vale CEO Gustavo Pimenta, Cutifani added.
VBM’s new CEO, Shaun Usmar, will take over the role starting October 1, 2024. The executive, with 30 years of experience, will be based in Toronto.
Before assuming leadership at VBM, Usmar founded Triple Flag (XTSE: TFPM) and served as senior executive vice president and chief financial officer at Barrick Gold (TSE: ABX). His career also includes significant roles at Xstrata and BHP Billiton.
Over the next decade, VBM plans to invest $25-30 billion in strategic mineral projects in Brazil, Canada and Indonesia, aiming to nearly triple copper production to…
