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Brazilian mining business Vale aims to grow copper output

Brazilian miner Vale will seek to boost its copper production after recently falling back its rivals, the business's brand-new chief executive said on Wednesday a day after rising to its leading leadership position.

Vale is a leading international iron ore manufacturer, while likewise running base metal jobs including copper and nickel.

In his first public remarks, President Gustavo Pimenta likewise stated a going public (IPO) of shares in the company's base metals unit is not under factor to consider today.

Pimenta formally took the reins of the company on Tuesday.

Vale also revealed on Wednesday that it will develop together with Brazil's state-owned development bank BNDES a 1 billion real ($ 183.6 million) fund to support local mineral jobs crucial to the energy transition away from fossil fuels.

The business sees copper and nickel as part of the shift.

Pimenta, who formerly worked as Vale's financing chief, was called CEO in late August wrapping up an untidy succession process in which some board members left amidst accusations of political intrigue.

President Luiz Inacio Lula da Silva's government has forced Vale to invest more in Brazil.

(source: Reuters)