The new boss of Vale SA’s base metals unit has reiterated a target of getting the sprawling nickel-and-copper business ready for a potential initial public offering by 2027, if not sooner.
Veteran mining executive Shaun Usmar was appointed as chief executive officer of the Toronto-based Vale Base Metals eight months ago with a goal of turning around the struggling division, against a backdrop of slumping nickel and cobalt prices.
Separating Vale Base Metals from its Brazilian parent as a publicly traded entity could allow it to command a premium over other metals producers, Usmar said in a Monday interview at Bloomberg’s Toronto office.
“Being able to do a spin out, being able to do an M&A transaction at the right time, maintaining the status quo depending on the market conditions — these are all legitimate future states,” Usmar, 55, said. “But there’s no downside to setting the business…
