Vale SA (NYSE:VALE) has welcomed Manuel Lino Oliveira as its newest chairman following a shareholder vote, ending a weeks-long boardroom turmoil.
Oliveira, 74, succeeds Daniel Stieler, who resigned earlier this month after Brazil pension fund Previ requested for his removal.
The change in leadership comes after Previ, which holds about 7% of Vale, expressed concerns over the miner’s governance under Stieler.
Stieler has been Vale’s chairman since 2023 and a board member since 2021. Oliveira previously served on Vale’s board as well.
In addition to electing Oliveira as chair, shareholders also elected former BP Plc executive Ieda Gomes Yell as a new director, filling a vacant seat on the board.
Shares of Vale rose by more than 3% in New York on the leadership changes.
Q2 iron ore results
The development comes after Vale posted its highest second-quarter iron ore production in eight years, beating analyst expectations following a record performance at its flagship mine.
The Brazilian miner produced 84.3 million tonnes of iron ore during the quarter, up 0.8% from a year earlier and above the 82.2 million tonnes forecast by analysts surveyed by Visible Alpha.
Vale attributes the increase to record production at its S11D complex, the company’s largest iron ore operation, together with additional volumes from the Capanema and VGR1 projects.
Iron ore sales rose 3.1% year-over-year to 79.7 million tonnes, while the average realised price for iron ore fines increased 11.6% to US$95 ($135.66) per tonne.
The company maintained its 2026 iron ore production guidance of 335–345 million tonnes.
Earlier this year, Vale raised its full-year free cash flow forecast for its iron ore business by US$1.5 billion, citing stronger iron ore prices following the Iran conflict. It expects iron ore prices to average US$112 a tonne this year, up from its previous forecast of US$102.
Vale SA is a multinational corporation engaged in metals and mining, and one of the largest logistics operators in Brazil.
Write to Jackson Chen at Mining.com.au
Image: Vale SA
