Vale Base Metals Chief Executive Deshnee Naidoo to Step Down

TORONTO, Dec. 1, 2023 /PRNewswire/ -- Vale Base Metals Limited (VBM) today announces that Deshnee Naidoo has elected to leave the company and will step down from her position as Chief Executive Officer (CEO) of VBM effective March 31, 2024.

The Board has initiated the process to identify and appoint a new CEO, who will be based in Toronto, to succeed Deshnee in leading VBM through its ongoing transformation into a world-class metals business.

Mark Cutifani, Chairman of VBM, said: "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. I look forward to working with Deshnee until the end of March as we guide the business to the next stage of our journey."

VBM CEO, Deshnee Naidoo, added: "It has been a privilege to serve Vale since 2021 as CFO and most recently as CEO. Having led the successful carve out of VBM from Vale SA, now is the right time for me to hand over to a successor who will take the business on to the next phase of growth. I am proud of what we have achieved and grateful to have had the opportunity to work with incredible people across the business and around the world. I look forward to continuing my role until the end of March and supporting the Board with the succession process."

Eduardo Bartolomeo, CEO of Vale SA said: "Deshnee has been a valued member of the Vale executive team and I thank her for her leadership and friendship, working together to progress our journey to position VBM for the next phase of growth. Under Deshnee's leadership, VBM has made notable improvements in safety performance, culture, operational reliability, key project approvals and project execution."

Over the next decade, VBM maintains its plans to invest US$25-30bn in strategic mineral projects in Brazil, Canada and Indonesia, with the aim to nearly triple copper output to 900,000 tonnes a year and to almost double nickel production at the same time to 300,000 tonnes per year from 160,000 to 175,000 tonnes.

The Board will make an announcement regarding a successor as the process completes.