Vale SA has chosen Shaun Usmar to lead its base metals division, aiming to increase copper and nickel production, Bloomberg News reported on July 3.

The board of the Rio de Janeiro-based company selected Usmar for the role at Vale Base Metals, said the sources, who requested anonymity as the information is not yet public. The appointment is not finalised and could change, one source noted.

Usmar, with over 30 years in the industry, is the founder and CEO of Triple Flag Precious Metals Corp., a Toronto-based streaming company. His previous roles include CFO at Barrick Gold Corp. from 2014 to 2016 and positions at Xstrata Plc and BHP Billiton.

If confirmed, Usmar will manage assets in Canada, Brazil, and Indonesia. Vale separated its nickel and copper division from its iron ore operations last year, selling a 10% stake to Saudi Arabia to enhance the unit's value.

The division has been without a CEO since Deshnee Naidoo's departure in March. Former Anglo American CEO Mark Cutifani has been acting chairman of the unit, unveiling a plan last month involving billions in initiatives to improve productivity and cut costs in nickel and copper mines and processing plants in Brazil and Canada.

After the publication of the announcement by Bloomberg News, Vale SA released a note: "The company informs that the definition of the new president of Vale Base Metals is still underway and that the process has not yet been completed. Vale will inform the market about the definition of the VBM president at an opportune moment"