Vale taps ex-Anglo CEO Cutifani to chair battery metals board

Cutifani will join Jerome Guillen, a former Tesla Inc. executive, on Vale’s so-called energy transition board as the world’s No. 2 iron ore supplier moves forward with the separation of its base metals business.

Vale, which makes most of its money from iron mines in Brazil, is looking to bring in fresh capital and expertise to grow its nickel and copper operations in Canada, Brazil and Indonesia at a time when battery-metal demand expands in the move away from fossil fuels.

“We are certain he will be a valuable partner as we bring our tier-one portfolio of assets to the next level, unlocking significant value to our shareholders,” chief executive officer Eduardo Bartolomeo said of Cutifani’s appointment.

The separation plan, which includes the sale of a 10% stake to a strategic investor, will also allow Vale to grow “inorganically” as the industry enters a consolidation phase, Bartolomeo said. The company is always looking at “smart M&A” in iron ore as well, he said.