Glencore Elects First Female Board Director in Patrice Merrin
Mining conglomerate Glencore has ended its reign as the last bastion of all-male boards in the FTSE 100, appointing Canadian Patrice Merrin as its first female board director.
At its annual meeting a month ago, Glencore chairman Tony Hayward expressed the company’s desire to elect a female director by the end of the year. According to business leaders around the globe, the move is a “breakthrough” of “enormous significance.”
Merrin, 64, has worked for the mining group Sherritt for 10 years, rising up to chief operating officer before exiting in 2004. Merrin has also been director of another Canadian miner, Stillwater, as well as spending two years at Canada’s biggest thermal coal producer, Luscar.
Announcing the onset of Merrin, Hayward said: "On behalf of the board I am delighted to announce the appointment of Patrice Merrin. Patrice's in-depth experience of operating across the resources sector will help strengthen the board's ability to work with the opportunities and challenges presented by the global extractive industry. Her record of non-executive director appointments, activist involvement and industry advisory board service is also an excellent complementary skill set to our board.”
Despite Merrin’s appointment, women remain scare among Glencore’s top leadership, which is headed by Chief Executive Ivan Glasenberg, the company’s second largest shareholder with a more-than eight percent stake.
Glencore is one of the largest commodity trader and mining companies in the world.
Vale invests $150mn to extend life of Manitoba operations
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.