Triple Flag Names CFO to Succeed CEO Usmar, Who Has Been Named CEO of Vale Base Metals

By Robb M. Stewart

Triple Flag Precious Metals' finance chief has been tapped to succeed founder and Chief Executive Shaun Usmar, who is stepping down for a role running Brazilian miner Vale's base metals business.

The precious-metals-focused streaming and royalty company said Sheldon Vanderkooy will succeed Usmar as CEO and a director. Usmar will work closely with Vanderkooy on the transition, which is expected to be completed in the final quarter of the year, it said.

Toronto-based Vale Base Metals said Usmar, who has more than three decades experience working at mining companies including as chief financial officer of Barrick Gold from 2014 to 2016, will take over as chief executive by the end of the year.

Vanderkooy was a founding member of Triple Flag with its inception in 2016, and has been chief financial office since 2019, playing a key role the company's $264 million initial public offering in 2021. He previously held executive roles at First Quantum Minerals and Inmet Mining, following a partnership at a Canadian law firm specializing in mining mergers and acquisitions.

Elliott Investment Management is Triple Flag's largest shareholder and has been a backer since the company was established.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 23, 2024 07:46 ET (11:46 GMT)

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