The man who leads Sudbury’s largest employer is sticking around.
According to Reuters, the board of Brazilian mining company Vale SA approved an additional two-year term for Chief Executive Fabio Schvartsman, as it seeks to extend his successful tenure as head of the world’s largest iron ore exporter.
Schvartsman, appointed CEO in March 2017 to replace Murilo Ferreira, had been set to end his term in May.
This year, Vale’s shares rose about 31 per cent as the miner reaps the benefits of billionaire investments that allowed it to efficiently cater to Chinese demand for higher-grade iron ore, Reuter said.
The renewal of Schvartsman’s tenure did not come as a surprise, the news agency also reported.
Earlier in December, at an event in New York, the executive had said he expected to reach an agreement with the company to renew his contract.
The company’s press office said Schvartsman’s term had been extended by two years starting in May.
In Sudbury, Vale operates six mines, a mill, a smelter, a refinery and has nearly 4,000 employees. Sudbury is also one of the largest integrated mining complexes in the world, producing nickel, copper, cobalt, platinum group metals, gold and silver.