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    Amos Fletcher • Barclays

    Amos Fletcher's questions to Vale SA (VALE) leadership

    Amos Fletcher's questions to Vale SA (VALE) leadership • Q2 2025

    Question

    Amos Fletcher asked for more detail on the mechanics of using derivatives for share buybacks and whether the recent departure of Marc Cudafani from Vale Base Metals (VBM) signals a change in the division's long-term strategy.

    Answer

    Marcelo Bacci, Executive VP of Finance & IR, clarified that using derivatives is an option to manage cost of capital and cash flow, but the decision to execute buybacks still depends on fundamentals. CEO Gustavo Pimenta stated there is 'no change in strategy' for VBM, explaining that Mr. Cudafani's role was designed to be temporary to establish the asset review and team, a goal which has been achieved.

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    Amos Fletcher's questions to Vale SA (VALE) leadership • Q2 2024

    Question

    Amos Fletcher of Barclays PLC inquired about the potential size of the working capital release in the second half of the year and asked for the main drivers behind the significant guided increase in H2 nickel production.

    Answer

    Executive Gustavo Duarte Pimenta indicated that there is a possibility to revert most, if not all, of the negative Q2 working capital impact, with a stronger Q3 expected. Vale Base Metals Chairman Mark Cutifani detailed the drivers for the H2 nickel production increase, citing a pickup of 10,000-15,000 tons from Sudbury, better performance at Thompson and Voisey's Bay post-maintenance, and a stronger contribution of at least 10,000 tons from Onça Puma.

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    Amos Fletcher's questions to Rio Tinto PLC (RIO) leadership

    Amos Fletcher's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Amos Fletcher of Barclays asked if the company is comfortable with its current gearing level following the Arcadian acquisition or if it intends to reduce it over time.

    Answer

    CFO Peter Cunningham affirmed that the company is comfortable with the current 19% gearing ratio, viewing it as appropriate for the balance sheet's size and supportive of the 'A' credit rating. He stressed that this level provides flexibility to manage cycles, invest in strategy, and deliver shareholder returns.

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    Amos Fletcher's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Amos Fletcher from Barclays asked if management was comfortable with the current gearing level, which is slightly elevated following the Arcadian acquisition, or if there was a plan to reduce it over time.

    Answer

    CFO Peter Cunningham stated that the company is comfortable with the current gearing ratio of 19%, viewing it as a strong balance sheet that provides flexibility for the A-rated company. He emphasized that the balance sheet is used to deliver strategy and shareholder returns through cycles, and the current level is appropriate for the company's larger size and cash flows.

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