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    Vale SA (VALE)

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    Vale S.A. is a global leader in metals and mining, specializing in the production of iron ore, iron ore pellets, nickel, and copper. The company operates extensive mining systems in Brazil and other regions, along with integrated logistics networks including railways, ports, and terminals. Vale also produces by-products such as cobalt, platinum group metals, silver, and gold, catering to international markets through its subsidiary, Vale International S.A.

    1. Iron Ore Solutions - Extracts and produces iron ore and iron ore pellets, supported by integrated mining systems in Brazil, including railways, ports, and terminals.

      • Northern System - Comprises mining complexes and a maritime terminal in Carajás, Pará, Brazil.
      • Southeast System - Includes mining complexes, a railway, a maritime terminal, and a port in Minas Gerais, Brazil.
      • Southern System - Features mining complexes and maritime terminals in Minas Gerais, Brazil.
      • Pelletizing Plants - Operates six plants in Brazil and two in Oman.
    2. Energy Transition Metals - Produces nickel, copper, and associated by-products such as cobalt, platinum group metals, silver, and gold.

      • Nickel Operations - Conducts mining and refining in Canada, Indonesia, Brazil, the UK, and Japan.
      • Copper Operations - Produces copper concentrates and cathodes in Brazil and Canada.
      • By-products - Processes cobalt, PGMs, silver, and gold from nickel and copper mining operations.
    3. Logistics Systems - Operates railways, maritime terminals, and ports integrated with mining operations, along with global distribution centers for iron ore shipments.

    4. Energy Investments - Invests in renewable energy sources to meet its operational energy needs.

    5. Mineral Exploration - Engages in greenfield exploration in countries such as Brazil, USA, Canada, Chile, Peru, and Indonesia.

    NamePositionExternal RolesShort Bio

    Alexandre Silva D’Ambrósio

    ExecutiveBoard

    Executive Vice-President, Corporate and External Affairs

    Alexandre Silva D’Ambrósio has been serving as the Executive Vice-President, Corporate and External Affairs at Vale since 2021. He also holds key legal roles at Vale, including General Counsel and Executive Officer Legal & Taxes, and is a member of the Board of Directors of Vale Base Metals Limited.

    Gustavo Duarte Pimenta

    ExecutiveBoard

    Executive Vice-President, Finance and Investor Relations

    Gustavo Duarte Pimenta has served as Executive Vice-President, Finance and Investor Relations at Vale since 2021. He also holds a board seat as a member of the Board of Directors of Vale Base Metals Limited.

    Marina Barrenne de Artagão Quental

    ExecutiveBoard

    Executive Vice-President, People

    Member of the Board of Directors of Vale Base Metals Limited

    Marina Barrenne de Artagão Quental has been the Executive Vice-President, People at Vale since 2021. She also serves on the Board of Directors of Vale Base Metals Limited, demonstrating her extensive experience in human resources and corporate governance.

    Alexandre Gomes Pereira

    Executive

    Executive Vice-President, Projects

    Alexandre Gomes Pereira is the Executive Vice-President, Projects at VALE since 2017. Previously, he served in several key roles at VALE including Executive Officer for Global Business Solutions, Senior Vice-President and Global Chief Information Officer, and Global IT Services Director.

    Carlos Henrique Senna Medeiros

    Executive

    Executive Vice-President, Operations

    Chief Executive Officer, North and Central Americas at Ball Corporation; Chief Executive Officer, South America at Rexam plc; Chairman of the Board of Directors at Envases de Centro America

    Carlos Henrique Senna Medeiros has served as Executive Vice-President, Operations at VALE since 2019. He previously held roles as Chief Executive Officer for North and Central Americas at Ball Corporation (June 2016 to June 2019), Chief Executive Officer for South America at Rexam plc (October 2012 to May 2016), and Chairman of the Board of Directors at Envases de Centro America (September 2014 to June 2019).

    Maria Luiza de Oliveira Pinto e Paiva

    Executive

    Executive Vice-President, Sustainability

    Maria Luiza de Oliveira Pinto e Paiva has been serving as the Executive Vice-President, Sustainability at Vale since 2021. She is responsible for leading sustainability initiatives at the company, and there is no record of additional board or external roles beyond this position.

    Rafael Jabur Bittar

    Executive

    Executive Vice-President, Technical

    Rafael Jabur Bittar has been the Executive Vice-President, Technical at Vale since 2022. He previously served as Director of Geotechnics from 2019 and as a Geotechnical Officer, contributing significant expertise in tailings and dams management.

    Shaun Usmar

    Executive

    Chief Executive Officer, Vale Base Metals

    Shaun Usmar has been leading Vale Base Metals as Chief Executive Officer since October 1, 2024. He is an international mining executive with over 30 years of experience, previously holding significant roles such as Founder of Triple Flag Precious Metals and Senior Executive Vice President and CFO at Barrick Gold Corporation.

    André Viana Madeira

    Board

    Director elected by Vale's employees

    André Viana Madeira has been a Director elected by Vale's employees on the Board since 2023. He previously served as an Alternate Member from May 2021 and participated in key committees such as the Innovation, Sustainability, and Operational Excellence and Risk Committees.

    Daniel André Stieler

    Board

    Chairman of the Board of Directors

    President of Caixa de Previdência dos Funcionários do Banco do Brasil - PREVI (since June 2021) ; Member of the Deliberative Council of the Brazilian Association of Closed Private Pension Entities (ABRAPP) (since July 2021) ; Member of the Board of Directors of Tupy S.A. (since April 2022)

    Chairman of VALE since 2021. With extensive experience in finance and corporate governance, Daniel André Stieler has held key leadership roles at both VALE and external institutions.

    Douglas James Upton

    Board

    Independent Member of Vale's Board of Directors

    Douglas James Upton was elected to Vale's Board of Directors in 2023 and serves as an independent board member. He also serves on the Board of Directors of Vale Base Metals Limited and briefly served on the Audit and Risks Committee from July 2024 until November 2024.

    Fernando Jorge Buso Gomes

    Board

    Director

    CEO and Investor Relations Officer of Bradespar S.A.; Chairperson of the Board of Directors of Eternit S.A.; Director of Banco do Brasil; Director of Companhia Energética de Minas Gerais (CEMIG); Director and Member of the Fiscal Council of Petrobras; Professor at Fundação Escola de Governo ENA; Director of Eletrobras; Director of Kepler Weber S.A.; Director of Companhia Catarinense de Águas e Saneamento (CASAN); Director of Centrais Elétricas Brasileiras de Santa Catarina (CELESC); Director of GASMIG; Member of the Fiscal Council of Braskem; Director of AES Eletropaulo

    Fernando Jorge Buso Gomes has been a Director at VALE since 2015 and currently serves on the Capital Allocation and Projects Committee, contributing to the company’s strategic long-term capital allocation and sustainability initiatives.

    Heloísa Belotti Bedicks

    Board

    Independent Member of the Board of Directors

    General Director of the Brazilian Institute of Corporate Governance (IBGC) ; Member of the Board of Directors of MAPFRE Group

    Heloísa Belotti Bedicks is a Brazilian economist and accountant serving as an Independent Member of the Board of Directors at VALE since November 14, 2024. She brings extensive experience in corporate governance and financial administration from her varied roles in Brazil.

    João Luiz Fukunaga

    Board

    Director

    President of PREVI - Banco do Brasil Employees Pension Fund (Feb 2023); Officer at Banco do Brasil (2012-Feb 2023); Union Auditor of the Bank Workers Union of São Paulo (2022-Feb 2023)

    João Luiz Fukunaga is a Director at Vale and serves as the Chairperson of the People and Compensation Committee as well as a member of the Sustainability Committee , contributing to key strategic initiatives. He has also held leadership roles outside Vale as President of PREVI - Banco do Brasil Employees Pension Fund (since Feb 2023) and as an officer at Banco do Brasil (2012-February 2023), in addition to serving as the Union Auditor of the Bank Workers Union of São Paulo (2022-February 2023).

    Luis Henrique Cals de Beauclair Guimarães

    Board

    Independent Director

    Director of Cosan S.A.; Director of Cosan Luber Invested Limited

    Luis Henrique Cals de Beauclair Guimarães was elected as an Independent Director at VALE in 2023 and serves as Chairperson of the Capital Allocation and Projects Committee and as a Member of the People and Compensation Committee. He has extensive leadership experience with roles in several companies, including serving as Director of Cosan S.A..

    Manuel Lino Silva de Sousa Oliveira

    Board

    Lead Independent Director

    Chairperson of the Board of Directors of Jubilee Metals Group PLC; Senior Independent Member of the Board of Directors, Polymetal International PLC; Senior Independent Member of the Board of Directors, Antofagasta PLC; Senior Independent Member of the Board of Directors, Blackrock World Mining Investment Trust PLC

    Manuel Lino Silva de Sousa Oliveira, born in 1952, has over 35 years of expertise in corporate finance and mining. He began serving as an independent director at Vale in 2021 and assumed his current role as Lead Independent Director on June 29, 2023.

    Marcello Magistrini Spinelli

    Board

    Member of the Board of Directors of Vale International S.A.

    Marcello Magistrini Spinelli was Executive Vice President of Iron Ore Solutions at Vale from 2019 until his departure on October 8, 2024 , and he currently serves as a board member of Vale International S.A.. He began his career at Vale in 2002, playing a key role in the company's logistics and iron ore operations.

    Marcelo Gasparino da Silva

    Board

    Vice-Chairperson of the Board of Directors

    Member of the Board of Directors of CEMIG ; Member of the Board of Directors of Petrobras

    Marcelo Gasparino da Silva has served as Vale's Vice-Chairperson of the Board of Directors since 2020, after initially joining as an alternate in 2019. He is an independent director with extensive experience in corporate governance and sustainability, serving on key committees such as the Nomination and Governance Committee since 2022.

    Paulo Cesar Hartung Gomes

    Board

    Independent Member of the Board of Directors

    CEO of Ibá – Indústria Brasileira de Árvores; Board Member at RenovaBR; Board Member at Institute for Health Studies; Board Member at Brazilian Center for International Relations (CEBRI); Board Member at Unimed Participações; Board Member at EDP Brasil; Board Member at Veracel Celulose

    Paulo Cesar Hartung Gomes has served as an independent board member at Vale since 2023 and joined the Audit and Risks Committee in April 2024. He also leads as CEO of Ibá – Indústria Brasileira de Árvores and holds multiple board roles outside Vale.

    Rachel de Oliveira Maia

    Board

    Independent Director

    Independent Board Member at Companhia Brasileira de Distribuição (Grupo Pão de Açúcar) ; Independent Member at Banco do Brasil Committees ; Founder and CEO of RM Consulting ; Founder of Instituto Capacita-ME ; Chairperson of the Board of Directors and Ambassador of SDG 5 ; Member of Grupo Mulheres do Brasil ; Member of the Social and Economic Committee of the Conselho de Desenvolvimento

    Rachel de Oliveira Maia has been an Independent Director at VALE since May 2021 , and she also serves as Chairperson of the Sustainability Committee and a member of additional committees, highlighting her strong expertise in governance and sustainability.

    Reinaldo Duarte Castanheira Filho

    Board

    Independent Member of the Board of Directors

    Reinaldo Duarte Castanheira Filho serves as an independent board member at Vale, elected on November 14, 2024 , and is a member of the Audit and Risks Committee since November 28, 2024. He has extensive experience in the mining industry with previous executive roles at Vale, including CEO of the Aluminum business, CFO of the Manganese business, and Director of Investment Analysis.

    Shunji Komai

    Board

    Director on Vale's Board of Directors

    Vice President of Mitsui & CO. (Brasil) S.A.

    Shunji Komai has been serving as a Director on Vale's Board of Directors since 2023. He is an active member of the Capital Allocation and Projects Committee and the People and Compensation Committee , and he holds an external role as Vice President of Mitsui & CO. (Brasil) S.A. since February 2023.

    1. Your CapEx guidance for 2025 has been reduced to $5.9 billion; could you explain in detail what factors other than foreign exchange assumptions have contributed to this revision, and is there potential for more efficiencies after 2025?

    2. With recent discussions in the press about potential M&A activity, specifically regarding the acquisition of the Bamin asset, could you elaborate on the strategic rationale behind this and whether Vale is actively pursuing this opportunity?

    3. Given that your share price is currently low in the cycle, why did you opt for a special dividend of $500 million instead of executing a buyback to return cash to shareholders, and how should we think about extraordinary dividends and buybacks in the future?

    4. Despite having copper growth options in Carajás for many years, when will we see visibility on permitting and final investment decisions so we can gain confidence in the projected growth coming through in Brazil?

    5. Your iron ore inventories increased by almost 6 million tons in the second half of last year due to a focus on higher quality products; are you comfortable with your current inventory levels, and does this reflect a strategic shift towards prioritizing value over volume in the future?

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Anglo American Minério de Ferro Brasil S.A.

    2024

    Completed in December 2024, Vale acquired a 15% equity interest by contributing Serra da Serpentina iron ore resources valued at US$750 million plus a US$30 million cash disbursement; the transaction generated a gain of US$626 million and led to its transformation into an associate.

    Aliança Geração de Energia S.A.

    2024

    Completed in August 2024, Vale paid R$2,737 million (US$493 million) to acquire Cemig GT's 45% stake and become the sole owner, aligning with its energy platform and decarbonization strategy while integrating assets including hydroelectric plants and wind farms.

    Vale Oman Pelletizing Company LLC (VOPC)

    2023

    Completed in April 2023, Vale acquired the remaining 30% noncontrolling interest from OQ Group for US$130 million, achieving full ownership and enhancing its integrated pelletizing operations in Sohar, Oman.

    New Steel

    2022

    Completed on April 29, 2022, the merger of New Steel into Vale resulted in the incorporation of intangible assets (≈R$2,757 million) and property, plant, and equipment (R$48 million) into Vale’s balance sheet, reinforcing its dry ore processing technology strategy following its initial acquisition in 2019.

    Recent press releases and 8-K filings for VALE.

    Vale S.A. Q1 2025 Performance Highlights
    VALE
    New Projects/Investments
    Revenue Acceleration/Inflection
    • Iron ore sales increased year-over-year, with Q1 performance reflecting improved sales volumes and supply chain flexibility.
    • Progress in commissioning the VGR1 and Capanema projects has enhanced operational flexibility and supported adherence to 2025 production guidance.
    • Strong operational performance was also noted in copper and nickel segments, underscoring robust overall asset performance.
    Apr 16, 2025, 12:00 AM
    Vale S.A. Announces Related Party Transaction
    VALE
    • Vale S.A. announced a related party transaction with Vale Japan Limited and Mitsui & Co., Ltd., involving a sale of nickel briquette "tonimet" with an estimated total value of US$346 million (document ).
    • The transaction, effective from 03/31/2025 to 03/31/2026, follows standard sales terms and is executed under its established Related Party Transaction Policy, with appropriate Board oversight (document ).
    Apr 10, 2025, 12:00 AM
    Vale Finalizes Cash Tender Offers for Notes
    VALE
    Debt Issuance
    • **Vale S.A. announced the expiration and final results of its cash tender offers for note series due 2034, 2039, and 2036, with an offer cap of US$450,000,000.
    • **An early tender purchase of US$323,965,000 was executed on March 12, 2025, and all valid tenders were accepted by the offer’s expiration on March 24, 2025. **
    Mar 25, 2025, 12:00 AM
    Vale S.A. Exceeds 35 Mtpa Throughput Milestone
    VALE
    New Projects/Investments
    • Vale S.A. announced the successful completion of the second throughput test for its Salobo III project, with the Salobo complex exceeding an average of 35 Mtpa over a 90-day period.
    • The achievement triggers a milestone payment of US$144 million to Salobo under the agreement with Wheaton Precious Metals, with additional annual payments of US$8.0 million over a 10-year period contingent on meeting specific performance criteria.
    Mar 13, 2025, 12:00 AM
    Vale S.A. Announces Early Tender Results for Cash Tender Offers
    VALE
    Debt Issuance
    • Vale Overseas Limited announced early tender results for cash tender offers on its 8.250% Guaranteed Notes due 2034, 6.875% Guaranteed Notes due 2039, and 6.875% Guaranteed Notes due 2036, with a maximum aggregate principal amount of US$450,000,000 and validly tendered notes totaling US$323,965,000.
    • Payment of the tender consideration and accrued interest is expected on March 12, 2025, with further procedures outlined if additional tenders exceed the maximum limit.
    Mar 10, 2025, 12:00 AM
    Vale Announces Pricing of Cash Tender Offers for Notes
    VALE
    Debt Issuance
    • Vale S.A. has announced pricing for its cash tender offers on three series of notes due 2034, 2039, and 2036, with detailed pricing per US$1,000 principal including acceptance priority levels.
    • The terms specify an early tender execution by March 7, 2025, payment on March 12, 2025, and offer expiration on March 24, 2025, with accrued interest details as provided.
    • The offer process is managed by multiple dealer managers, including BMO Capital Markets, BofA Securities, and others, with further details available in the referenced purchase offer.
    Mar 7, 2025, 12:00 AM
    Vale S.A. Prices US$750 Million Notes Due 2054
    VALE
    Debt Issuance
    • Vale Overseas priced a re-tap offering of US$750 million 6.400% Guaranteed Notes due 2054 at an issue price of 99.884%, yielding 6.408% with a spread of 173 basis points over U.S. Treasuries.
    • The offering consolidates with the existing US$1,000 million Original Notes to form an aggregate principal of US$1,750 million, and the notes are unsecured but fully guaranteed by Vale.
    • Proceeds will partly finance the repurchase of notes tendered under a recent offer, with the remainder for general corporate purposes.
    Feb 25, 2025, 12:00 AM
    Vale S.A. Reopens Notes Due 2054
    VALE
    Debt Issuance
    • Vale S.A. announced that its subsidiary, Vale Overseas Limited, plans to offer additional 6.400% Guaranteed Notes due 2054, consolidating them into a single fungible series.
    • The new notes will be fungible with an outstanding US$1,000,000,000 aggregate principal amount of notes issued in June 2024.
    • Net proceeds from the offering will be used partly to fund the purchase of certain tendered notes and partly for general corporate purposes.
    • The offering is coordinated by major financial institutions including BMO Capital Markets, BofA Securities, Credit Agricole Securities, HSBC Securities, and J.P. Morgan Securities.
    Feb 24, 2025, 12:00 AM
    Vale Announces Cash Tender Offers for Notes Due 2034, 2039, and 2036
    VALE
    Debt Issuance
    • Vale Overseas Limited, a subsidiary of Vale S.A., has commenced cash tender offers to purchase up to US$450 million in aggregate principal of outstanding notes due in 2034, 2039, and 2036.
    • The offer includes an early tender premium of US$50 per US$1,000 principal amount and outlines key dates such as the Price Determination Date, Early Tender Date, Expiration Date, and Settlement Dates.
    • Acceptance is based on priority levels, with provisions for proration if valid tenders exceed the maximum principal amount, subject to specified conditions including a concurrent debt securities offering.
    Feb 24, 2025, 12:00 AM
    Vale S.A. Reports 2024 Financial and Operational Updates
    VALE
    Earnings
    New Projects/Investments
    Board Change
    • Financial Performance: In 2024, net income declined to US$5,975M from US$8,105M in 2023 and Adjusted EBITDA fell to US$14,840M, mainly driven by lower realized iron ore prices.
    • Liquidity & Capital Resources: As of December 31, 2024, cash and cash equivalents totaled US$5,006M while total outstanding debt increased to US$14,792M, reflecting robust funding and repayment activities.
    • Operational Developments: The filing also highlights strategic actions including the launch of the Novo Carajás Program, board and executive changes, and the renegotiation framework for railway concession contracts.
    Feb 24, 2025, 12:00 AM