(Adds details on Martins)
SAO PAULO, Nov 14 - Brazil’s Vale SA has named Peter Poppinga as its new ferrous executive director, replacing Jose Carlos Martins who is leaving the company, according to a Friday filing.
The mining company is facing a new era of low prices for its main product, iron ore. As recently as April, Martins said ore prices would recover in the “coming months” from $105 per tonne. Instead, prices kept falling and were at $75.50 per tonne on Friday.
Poppinga was previously director of base metals at Vale, a role that will be filled by Jennifer Maki. Poppinga has more than 20 years experience with iron ore mining and joined Vale in 1999, according to the filing.
The appointments are effective immediately, Vale said. (Reporting by Caroline Stauffer; Editing by Diane Craft)