RIO DE JANEIRO, Oct 2 (Reuters) -

Brazilian miner Vale will seek to boost its

copper production after recently falling behind its competitors,

the company's new chief executive said on Wednesday a day after

ascending to its top leadership position.

Vale is a top global iron ore producer, while also

operating base metal projects including copper and nickel.

In his first public remarks, Chief Executive Officer

Gustavo Pimenta also said an initial public offering (IPO) of

shares in the firm's base metals unit is not under consideration

right now.

Pimenta formally took the reins of the company on

Tuesday.

Vale also announced on Wednesday that it will create

together with Brazil's state-owned development bank BNDES a 1

billion real ($183.6 million) fund to support local mineral

projects key to the energy transition away from fossil fuels.

The company sees copper and nickel as part of the

transition.

Pimenta, who previously served as Vale's finance chief,

was named CEO in late August wrapping up a messy succession

process in which some board members departed amid accusations of

political intrigue.

President Luiz Inacio Lula da Silva's government has

pressured Vale to invest more in Brazil.

($1 = 5.4458 reais)