December 28, 2018 / 3:02 PM / 22 days ago

UPDATE 1-Board of Brazil's Vale gives CEO Schvartsman another term

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RIO DE JANEIRO/SAO PAULO, Dec 28 (Reuters) - The board of Brazilian mining company Vale SA has approved an additional two-year term for Chief Executive Fabio Schvartsman, the company said on Friday, as it seeks to extend his successful tenure as head of the world's largest iron ore exporter.

Schvartsman, appointed CEO in March 2017 to replace Murilo Ferreira, had been set to end his term in May.

This year, Vale's shares rose about 31 percent as the miner reaps the benefits of billionaire investments that allowed it to efficiently cater to Chinese demand for higher-grade iron ore.

The renewal of Schvartsman's tenure did not come as a surprise.

Earlier in December, at an event in New York, the executive had said he expected to reach an agreement with the company to renew his contract.

The company's press office said Schvartsman's term had been extended by two years starting in May. (Reporting by Marta Nogueira and Gram Slattery; Editing by Susan Fenton and Jonathan Oatis)

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