Vale Base Metals Announces Changes to Board of Directors

TORONTO, June 25, 2025 /PRNewswire/ — Vale Base Metals (“VBM”) announced that Mark Cutifani will step down as Chairman of the Board of Directors of Vale Base Metals Limited (“VBM”) to focus on new professional projects.

As the inaugural Chairman of VBM, Mark played a pivotal role in manifesting the carve out of VBM from Vale S.A. His vision, strategic acumen, and vast industry knowledge and experience helped set the stage for VBM’s early momentum post carve out, while laying the foundation for future growth and long-term value generation.

His contributions were instrumental in setting a strategic roadmap for VBM, optimizing the company’s portfolio, building the VBM executive leadership team, and completing the company’s strategic partnership with Manara Minerals in July 2023. 

Succeeding Mark as Chairman will be Gustavo Pimenta, CEO of Vale S.A., parent company of VBM. The appointment of Gustavo, a member of VBM’s Board, ensures strong leadership continuity and alignment with Vale S.A.’s broader strategic objectives in the energy transition metals business. 

“I’d like to acknowledge Gustavo and Vale for the trust in navigating this transformation, and particularly acknowledge Shaun and the Base Metals team for the great work done and the exciting future they are creating,” said Mark Cutifani. “I look forward to maintaining a strong relationship with the team as technical work continues from the asset review.” 

VBM CEO Shaun Usmar commented: “I want to thank and celebrate Mark for his leadership, support and mentorship as Chairman of VBM. He was instrumental in my decision to join the company and his principle-driven approach, deep  industry knowledge, vast networks and broad experience in everything from operations to projects to sustainability to innovation have been invaluable in shaping the transformation we’ve embarked upon at VBM. I want to wish Mark well in his many future endeavours and express the deep gratitude of the entire VBM team. We look forward to working closely with Gustavo as incoming Chair and building on Mark’s legacy as we continue to transform VBM into a world-leading critical minerals business.”

The transition will take place during July.

About Vale Base Metals  

Vale Base Metals, the business line for Vale SA’s energy transition metals business, is one of the world’s largest producers of high-quality nickel and an important producer of responsibly sourced copper and cobalt. Its corporate office is based in Toronto, Canada, with operations in Newfoundland & Labrador, Ontario, Manitoba, Indonesia, Brazil, the United Kingdom and Japan.   

Contact: Media Relations Office – Vale Base Metals, media.valebasemetals@vale.com

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