SAO PAULO: Vale Base Metals, the copper and nickel spin-off from Brazilian mining giant Vale , has picked Shaun Usmar as its new chief executive, the company said on Tuesday.

He will take up the role in the fourth quarter of 2024 and be based in Toronto, Vale said in a securities filing.

Usmar founded and has been serving as CEO of Triple Flag Precious Metals after a three-year spell as Barrick Gold‘s chief financial officer. He also worked at Xstrata and BHP.

“Shaun has an outstanding track record in our industry and I am confident that he is the right person to lead our company,” Vale Base Metals Chairman Mark Cutifani said, adding that Usmar’s nomination followed a thorough external search process.

In a separate statement, Triple Flag said it had appointed Sheldon Vanderkooy to succeed Usmar as chief executive.

Vale Base Metals, a copper and nickel business created last year when Vale sold a 10% stake to Saudi Arabia, had been searching for a new head after Dashnee Naidoo announced late last year that she had decided to step down in March.

The business, which also produces cobalt and platinum group metals, has assets in Canada, Brazil and Indonesia. It is focused on producing critical minerals that power electric vehicles. (Reporting by Gabriel Araujo Editing by Kirsten Donovan and David Goodman )