According to a report by Mining.com, citing Bloomberg, Vale’s new president has pledged to become the world’s largest metal producer by market capitalization.

“We must become the world’s largest mining company, because we’re located in the country with the world’s richest mineral resources,” said Gustavo Pimenta, CEO of Vale, at a business conference held in São Paulo. “We need to unlock the company’s value.”

Pimenta, who took office as Vale’s CEO in October 2024, faces a daunting task: to outperform major competitors including BHP and Rio Tinto. Vale’s market capitalization stands at $43.9 billion, nearly one-third of BHP’s market cap and less than half of Rio Tinto’s.

He said that in 2010, Vale’s market capitalization had ranked second in the world. However, two fatal mine disasters and a decline in iron ore production have shaken investors’ confidence in its stock.

Pimenta told the attendees that he hopes to boost the company’s market capitalization by stabilizing operations, enhancing safety, and further expanding its mining assets. He also stated that the company’s annual iron ore production target for 2030 should enable it to become the world’s largest producer of this steelmaking raw material.

“We aim to produce 360 million tons of iron ore annually and regain our position as the world’s largest iron ore producer—a status we should never have lost,” he said.

“We’re ready to reclaim this position.”