Brazil miner Vale taps Murilo Ferreira as new CEO

Tue Apr 5, 2011 2:34am GM

* Ferreira replaces Roger Agnelli as of May 22
* Follows heavy government pressure to replace Agnelli

RIO DE JANEIRO, April 4 (Reuters) - Brazilian mining giant Vale chose a former executive of the company, Murilo Ferreira, as its new chief executive, replacing Roger Agnelli following months of heavy government pressure.

The nomination will take effect on May 22, Vale , the world's largest iron ore miner, said in a statement.

Ferreira, 58, joined the company in 1998 in its aluminum division and later became president of Vale's nickel operations in Canada. Ferreira left the company in 2008.

The government's heavy hand in replacing Agnelli may spark fears of state meddling in Brazilian private enterprise, but is not expected to dent investor confidence in the firm. (Reporting by Denise Luna, Bruno Marfinitti, Jose de Castro, Guillermo Parra-Bernal; Additional reporting by Brian Ellsworth; Editing by Raymond Colitt)

Vale makes industry's biggest profit, firm earned $17.3B US in 2010

Feb 25, 2011 10:55 AM ET by CBC News

Shares of Vale — the world's biggest iron ore producer, with a large presence in Canada — rose Friday, a day after reporting record earnings.

Stock in Rio de Janeiro-based Vale gained 49 cents, or 1.4 per cent, to $34.70 US at mid-morning on the New York Stock Exchange.

The firm reported annual net income Thursday of $17.3 billion US, or $3.25 a share, on operating revenue of $46.5 billion.

That compared with a profit of $9.2 billion in 2009, on revenue of $23.9 billion.

"Net earnings for 2010 were the greatest ever in the mining industry," the firm said in a release.

"We are living through our best days," said CEO Roger Agnelli.

"However, given the size and quality of our pipeline of growth projects amid a scenario of sustained global demand growth for our products, I strongly believe that even better days are ahead of us."

Growing demand from emerging markets for iron ore for steelmaking have pushed prices to about $190 US a tonne, a more than three-fold increase in just one year.

Vale produces nickel and copper at Voisey's Bay in Newfoundland and Labrador, Thompson, Manitoba and Sudbury, Ontario, although in November it announced plans to close its smelter and refinery in Thompson by 2015, with the loss of 500 jobs. It also has a potash exploration project underway in Saskatchewan that is due to start up in 2015.

Tags: emerging market, steelmaking, share gained, net income up, net profit