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    Marina Calero Ródenas • RBC Capital Markets

    Marina Calero Ródenas's questions to Vale SA (VALE) leadership

    Marina Calero Ródenas's questions to Vale SA (VALE) leadership • Q1 2025

    Question

    Marina Calero Ródenas asked for an update on production progress in Q2, following the heavier-than-usual rainfall in Q1. She also requested clarification on the amount of debt linked to the Alianca Energia asset.

    Answer

    Executive Carlos Medeiros confirmed that rainfall issues from Q1 are resolved and that production in the first 20-21 days of April was approximately 1.1 million tons higher than the same period last year. Executive Gustavo Duarte Pimenta stated that the debt impact from the Alianca deal is minor, involving around $100 million of deconsolidated debt.

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    Marina Calero Ródenas's questions to Vale SA (VALE) leadership • Q4 2024

    Question

    Marina Calero Ródenas noted that most of the savings in the revised CapEx guidance came from growth projects and asked for more detail on the drivers. She also inquired about the potential for further capital efficiencies beyond 2025.

    Answer

    Executive Marcelo Bacci confirmed the CapEx reduction was primarily in growth projects, achieved through timing optimizations and efficiencies without altering project scopes. He emphasized that the $5.9 billion guidance is firm for 2025, while guidance for subsequent years is still under review.

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