Apr 24, 2021

Glencore chair defends pay plan for new CEO

Glencore
GaryNagle
2 min
Gary Nagle, the handpicked successor of outgoing CEO Ivan Glasenberg, facing scrutiny over pay package

Glencore’s chairperson defended an incentive plan for the commodity giant’s new chief executive officer, after prominent advisory firms urged investors to vote against it, reports Bloomberg.

Gary Nagle

Image removed.Gary Nagle, the handpicked successor of outgoing CEO Ivan Glasenberg, will take over the helm of the world’s biggest commodity trader later this year. Unlike billionaire Glasenberg, he’s not a major shareholder and will be more dependent on his salary and bonus rather than dividend payments.

Glencore last month outlined Nagle’s pay plan, with a maximum total compensation of $10.4-million. The company said given that much of this will be held back until two years after his employment ends, the most he can receive in a year is $6.4-million. But Institutional Shareholder Services Inc. and Glass, Lewis & Co. have recommended investors reject the proposal at the company’s annual general meeting, saying the amount is excessive.

Gary Nagle

Glencore

Speaking to investors ahead of next week’s AGM, Chairman Tony Hayward defended the payment plan and said he was disappointed that the two advisory firms are against it.

“We feel like we came up with an overall package that was fair, balanced and equitable,” Hayward said. “We’re not going to withdraw it from the AGM. It will be interesting to see what the result is.”

Hayward said he’s optimistic it will get significant support based on the conversations he’s held with shareholders, though Glencore will take a final view after the AGM vote.

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Jun 29, 2021

Vale invests $150mn to extend life of Manitoba operations

Vale
Nickel
Manitoba
battery metals
2 min
Vale’s $150mn investment in operations at Thompson, Manitoba will extend mine life by 10 years

Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.

Global energy transition is boosting the market for nickel

The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.

“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.

“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”

Vale continues drilling program at Manitoba

Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.

“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.

“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”

The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history.  Mining of the Thompson orebody began in 1961.

“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.

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