Vale (VALE) Company Report

Vale reported an "outstanding year" in 2025, delivering at the top end of operational guidance with 335 million tons of iron ore, 370 kilotons of copper, and 175 kilotons of nickel.
The company achieved $1 billion in CapEx savings, bringing the total to $5.5 billion for 2025, and announced $2.8 billion in dividends for 2026, including $1 billion in extraordinary dividends. Fixed costs are expected to decrease from $5.8 billion in 2025 to $5.7 billion in 2026.
Vale aims to increase iron ore production to 360 million tons in five years and double its copper business in the next 10 years. The iron ore C1 cash cost is targeted to reach $20 per ton from $21.3 in 2025, and the nickel business is projected to reach break-even by late 2026/early 2027.
The company achieved 100% conformance with the Global Industry Standard on Tailings Management (GISTM) in 2025 and is 81% achieved on its scope one and three decarbonization target, having invested $1.7 billion in decarbonization over the last five years.

3 days ago

Transcript

Vale Highlights Strong 2025 Performance and Future Strategic Focus

VALE

Guidance Update

Dividends

New Projects/Investments

Vale reported strong operational performance for 2025, with expected production of 335 million tons of iron ore, 370 kilotons of copper, and 175 kilotons of nickel, meeting the top end of guidance metrics. The company also achieved its 2025 goal of having no dams in level three and is 100% in conformance with the GISTM.
The company demonstrated significant capital efficiency, reducing 2025 CapEx to $5.5 billion (a $1 billion saving) from initial guidance, and setting 2026 CapEx guidance at $5.4 billion-$5.7 billion, with long-term CapEx expected to be below $6 billion per year.
Vale is committed to shareholder remuneration, having paid $3.4 billion in 2025 and announcing $2.8 billion in dividends for 2026, including $1 billion in extraordinary dividends.
Strategically, Vale aims to optimize its iron ore, copper, and nickel businesses, targeting 360 million tons of iron ore in five years and doubling copper production in the next 10 years, while working to achieve cash flow break-even for the nickel business by late 2026/early 2027.

3 days ago

Transcript

Vale Reports Strong 2025 Operational Performance, Announces 2026 Dividends, and Outlines Growth Strategy

VALE

Guidance Update

Dividends

New Projects/Investments

Vale delivered strong operational performance in 2025, achieving 335 million tons for iron ore, 370 kilotons for copper, and 175 kilotons for nickel, at the top end of guidance metrics.
The company announced $2.8 billion in dividends to be paid in 2026, including $1 billion in extraordinary dividends, reinforcing its commitment to shareholder remuneration.
CapEx for 2025 is expected to be $5.5 billion, a $1 billion saving from the initial guidance of $6.5 billion, with 2026 CapEx guided between $5.4 billion and $5.7 billion and long-term guidance below $6 billion annually.
Vale aims to double its copper business in the next 10 years and increase iron ore production to 360 million tons in five years, focusing on its core assets of iron ore, copper, and nickel.
The company has made significant progress in safety, dam de-characterization (no dams in level three by 2025), and achieved 100% conformance with the Global Industry Standard on Tailings Management (GISTM) in 2025.

3 days ago

Transcript

Vale S.A. Updates Key Operational and Financial Estimates

VALE

Guidance Update

New Projects/Investments

Vale S.A. updated its estimated production volumes for 2025, including ~335 Mt for iron ore, ~370 kt for copper, and ~175 kt for nickel, with projections extending to 2035 for some commodities.
The company provided updated all-in cost estimates for 2025, with the C1 cash cost of iron ore at $21.3/t and the all-in iron ore cost at ~$55/t.
Total Capital Expenditures (CAPEX) for 2025 are estimated at ~$5.5 billion, comprising ~$1.2 billion for growth investments and ~$4.3 billion for maintenance.
Estimated cash outflows for commitments related to Decharacterization, Brumadinho, and Mariana are projected to be $4.2 billion for 2025, with decreasing amounts in subsequent years.
Vale also announced the discontinuation of certain estimates, including the average iron content grade for 2026 and 2030, iron ore all-in premium for 2025 and 2026, and free cash flow yield in 2025.

3 days ago

6-K

Vale Announces Shareholder Remuneration

VALE

Dividends

Share Buyback

Vale S.A. announced a total shareholder remuneration of R$ 3.581771057 per ordinary and preferred share, approved by its Board of Directors on November 27, 2025.
Shareholders on B3 as of December 11, 2025, and ADR holders on NYSE as of December 12, 2025, will be entitled to the remuneration, with shares trading ex-dividend on December 12, 2025.
Payments to shareholders will be made in two installments: R$ 1.244102486 per share as dividends on January 7, 2026, and R$ 0.768133538 per share as dividends plus R$ 1.569535033 per share as interest on equity on March 4, 2026.
The remuneration is based on the balance sheet as of September 30, 2025, and the amount per share may vary slightly due to the ongoing share buyback program.

7 days ago

6-K

Moody's Affirms Vale's Baa2 Rating with Stable Outlook

VALE

Debt Issuance

Legal Proceedings

Moody's Investor Service reaffirmed Vale's rating at Baa2 with a stable outlook on November 19, 2025.
The company reported excellent liquidity, holding $6.1 billion in cash and $5.0 billion available under revolving credit facilities as of the end of September 2025.
Vale issued $750 million in hybrid notes in November 2025, which Moody's rated Baa3 and treats as 50% equity and 50% debt for credit ratios.
As of September 2025, Vale had $1.9 billion in provisions for the Brumadinho dam incident and plans to add $500 million for potential increased claims from UK/Dutch lawsuits related to Samarco.

Nov 19, 2025, 11:49 PM

6-K

Vale Overseas prices US$750 million subordinated notes

VALE

Debt Issuance

Vale S.A.'s wholly-owned subsidiary, Vale Overseas Limited, priced an offering of US$750,000,000 aggregate principal amount of subordinated dated fixed to reset notes due 2056 on November 18, 2025.
The notes were priced at a yield of 6.125% to the first call date and an issue price of 99.488% of the principal, bearing an initial interest rate of 6.000% per annum.
The net proceeds from the offering will be used for general corporate purposes, including replenishing cash on hand following the payment for participating debentures acquired on November 5, 2025.

Nov 19, 2025, 5:17 PM

6-K

Vale subsidiary plans subordinated debt offering

VALE

Debt Issuance

Vale S.A.'s wholly owned subsidiary, Vale Overseas Limited, plans to offer subordinated dated fixed to reset notes due 2056.
The notes will be unsecured and subordinated obligations of Vale Overseas, fully and unconditionally guaranteed by Vale.
The net proceeds from the offering are intended for general corporate purposes, including replenishing cash after the payment for participating debentures acquired on November 5, 2025.
These notes will rank junior in right of payment to most of Vale Overseas' and Vale's existing and future financial or non-financial obligations.

Nov 17, 2025, 2:05 PM

6-K

Vale S.A. Announces Nine-Month Financial Results Ending September 30, 2025

VALE

Earnings

Debt Issuance

Dividends

Vale S.A. reported a net income of US$6,226 million and Adjusted EBITDA of US$10,870 million for the nine-month period ended September 30, 2025, both decreasing from the same period in 2024, alongside a 2.1% decline in net operating revenue to US$27,343 million.
The decrease in net operating revenue was mainly driven by lower realized prices for iron ore fines and pellets, partially offset by higher sales volumes of iron ore fines and nickel.
Adjusted EBITDA for Iron Solutions decreased by 11.2% to US$9,836 million, while Energy Transition Metals Adjusted EBITDA significantly increased by 115.1% to US$1,962 million for the nine-month period ended September 30, 2025.
The company's total outstanding debt increased to US$17,843 million as of September 30, 2025, from US$14,792 million at December 31, 2024.
Dividends and interest on capital totaling US$3,044 million were approved and paid for the nine-month period ended September 30, 2025.

Nov 17, 2025, 1:46 PM

6-K

Vale provides update on UK dam claim and related provisions

VALE

Legal Proceedings

The English High Court found BHP Group Ltd. and BHP Group UK Ltd. liable under Brazilian Law for the 2015 Fundão dam failure, though Vale and BHP have a confidential agreement from July 2024 to equally share liability for any amounts found payable in the English or Dutch proceedings.
The court decision also validated waivers and releases signed by claimants already compensated in Brazil, which is expected to reduce the number and value of claims in the UK.
In October 2024, Vale, Samarco, and BHP Billiton Brasil Ltda. entered into a US$32 billion (R$170 billion) comprehensive agreement with Brazilian authorities for the full and final settlement of key claims in Brazil related to the dam failure.
Vale estimates an additional provision of approximately US$500 million in its financial statements as of December 31, 2025, for obligations arising from the dam failure. This is in addition to the US$2.401 billion provision already recognized as of September 30, 2025, for obligations under the Definitive Agreement in Brazil.

Nov 14, 2025, 11:03 AM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for Vale.

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