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Vale SA
F:CVLC

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Vale SA
F:CVLC
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Price: 12.944 EUR -2.82% Market Closed
Market Cap: €55.3B

Vale SA
Investor Relations

Vale is one of the world’s largest mining companies. It digs iron ore out of the ground, processes it into ore and pellets, and also produces nickel, copper, and other minerals used in industry. Its main customers are steelmakers, battery and metal producers, and other large industrial buyers that need raw materials for manufacturing. The company makes money by selling those mined commodities under long-term and spot contracts, with pricing tied to global market benchmarks. A big part of Vale’s business is moving heavy material from mine to customer, so it also runs rail lines, ports, ships, and other logistics assets that help it control the supply chain from mine to export terminal. What makes Vale different is that it is not just a miner; it is a miner with its own transport network and port infrastructure. That gives it more control over getting bulk minerals to market efficiently, which matters a lot in a business where shipping cost, reliability, and access to ports can be as important as what comes out of the mine.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 29, 2026
AI Summary
Q1 2026

Strong quarter: Vale reported pro forma EBITDA of $3.9 billion, up 21% year on year, helped by higher volumes and better pricing across iron ore and base metals.

Costs under pressure: Iron ore C1 cash cost rose to $23.6 per ton, but management said the year is still expected to land at the top end of guidance if FX and oil stay near current forward curves.

Base metals surge: Vale Base Metals EBITDA more than doubled to $1.2 billion, with copper at its highest first-quarter output since 2017 and nickel at its best first quarter since 2020.

Shareholder returns: Vale paid $2.7 billion in dividends and interest on capital, repurchased nearly 5 million shares, and said it is increasingly confident about extraordinary dividends and more buybacks later in the year.

Portfolio strategy: Management emphasized a stronger iron ore product mix, growing medium-grade Carajás volumes, and more transparency around base metals as it works toward longer-term growth options, including a possible IPO.

Market view: The company said the iron ore market remains broadly balanced, while recent geopolitical issues and higher freight and fuel costs are pushing up the industry cost curve.

Key Financials
Pro forma EBITDA
$3.9 billion
Vale Base Metals EBITDA
$1.2 billion
Iron ore EBITDA
$2.9 billion
Iron ore production
3% year on year growth
Iron ore sales volumes
4% year on year growth
Linked premiums
$2.6 per ton
Annualized revenue impact from premiums
$800 million
Copper production
102,000 tons
Nickel production
49,000 tons
C1 cash cost
$23.6 per ton
All-in cash cost
up 8% year on year
Recurring free cash flow
$813 million
Dividends and interest on capital
$2.7 billion
Share repurchases
nearly 5 million shares
Expanded net debt
$17.8 billion
Serra Sul plus 20 physical completion
86%
Mid-grade Carajás target volume
50 million tons to 55 million tons
China concentrate annual sales
about 40 million tons
Earnings Call Recording
Other Earnings Calls

Management

Mr. Gustavo Duarte Pimenta
President

Gustavo Duarte Pimenta is a recognized executive in the mining and energy sectors, especially known for his association with Vale SA, a leading global mining company based in Brazil. Before joining Vale, Pimenta had a significant career at AES Corporation, an energy company, where he held several key positions, including Chief Financial Officer (CFO). After joining Vale, Pimenta's expertise in finance was instrumental. As Vale's Executive Vice President of Finance and Investor Relations, he plays a crucial role in overseeing the company’s financial strategies, managing investor relations, and contributing to strategic planning. His role involves ensuring financial sustainability, optimizing capital allocation, and enhancing shareholder value. Pimenta's extensive experience in finance and leadership, combined with his strategic insight, makes him a vital part of Vale's executive management team, helping the company navigate the dynamic global mining sector. His academic background and professional experience have equipped him with the skills necessary to drive growth and innovation in large-scale operations.

Mr. Murilo Muller
Interim Executive VP of Finance & Investor Relations

Murilo Muller is an executive at Vale S.A., a global mining company headquartered in Brazil. As of recent reports, he serves as Vale's Executive Manager of Base Metals North Atlantic Operations and Asian Refineries. In his role, Murilo Muller is responsible for overseeing the operations related to base metals, which include significant responsibilities in the North Atlantic region and the refineries in Asia. With a strong background in engineering and extensive experience in the mining and metals sector, Murilo has played a crucial role in driving operational efficiency and strategic growth at Vale. His leadership has been marked by a focus on safety, sustainability, and innovation in mining practices. Under his management, the company has made strides in enhancing its production capabilities while adhering to environmental and social governance standards. Murilo Muller's expertise and commitment to excellence have made him a key figure in Vale's operations, contributing to the company's position as a leader in the global mining industry. His efforts continue to be instrumental in navigating the challenges of the sector and in seizing new opportunities for growth and development.

Mr. Carlos Henrique Senna Medeiros
Executive Vice President of Operations

Carlos Henrique Senna Medeiros is a notable executive who has worked with Vale S.A., one of the world's largest mining companies. At Vale, he held significant leadership roles which contributed to the company's global operations, particularly in logistics. Senna Medeiros' career is marked by his extensive expertise in managing large-scale projects and optimizing supply chain processes, which are crucial in the mining industry. His work involved strategic planning, operations management, and improving Vale's logistic efficiency. His contributions were integral during a period when the company was focusing on enhancing its infrastructure and reaching international markets more effectively. Moreover, his leadership and strategic insights played a vital role in aligning the logistical operations with Vale's broader business objectives. Beyond his professional achievements, Carlos Henrique Senna Medeiros is recognized for his ability to lead diverse teams and implement innovative solutions in challenging environments, characteristics that have defined his career at Vale S.A. and in the logistics industry at large.

Mr. Rafael Jabur Bittar
Executive Vice President of Technical

Rafael Jabur Bittar is an executive at Vale S.A., a prominent multinational corporation focused on mining and metals, headquartered in Brazil. At Vale, he has held significant leadership roles that focus on enhancing the company’s operational efficiency and strategic initiatives. Rafael has made substantial contributions to Vale’s strategic projects and business operations, leveraging his extensive experience in the industry. He holds a degree in Chemical Engineering and a master’s in Business Administration, which underpin his technical and managerial expertise. His career at Vale includes spearheading programs that drive innovation and sustainability, aligning with the company’s objectives of adopting cleaner technologies and reducing environmental impact. Bittar has been instrumental in various business development efforts and operational advancements, playing a key role in overseeing projects that aim to optimize production and foster sustainable practices. His leadership is characterized by a commitment to safety, operational excellence, and environmental stewardship. Through his work, Rafael Jabur Bittar has contributed to Vale's reputation as a leader in the global mining industry while supporting its vision for sustainable and responsible resource management.

Mr. Denis Cuenca
Chief Compliance Officer
No Bio Available
Ms. Marina Barrenne De Artagao Quental
Executive Vice President of People

Ms. Marina Barrenne De Artagao Quental is an accomplished executive known for her significant contributions to Vale S.A., a global mining company headquartered in Brazil. In her capacity as an executive at Vale, she has brought her extensive expertise in human resources and corporate governance, advocating for innovative practices and sustainable development within the organization. As a professional, Ms. Quental has been instrumental in leading strategic initiatives that focus on enhancing workplace culture, diversity, and inclusion. Her leadership has played a crucial role in aligning the company's human capital strategy with its long-term business objectives. In addition to her role in human resources, Ms. Quental has been involved in fostering stakeholder engagement, aiming to improve relations with communities, employees, and other vital stakeholders. Throughout her career, Ms. Quental has demonstrated a commitment to excellence in corporate leadership, representing Vale's values and objectives in the global market. Her impact on Vale S.A. reflects her dedication to driving positive change and promoting sustainable economic and social practices within the company.

Mr. Rogério Tavares Nogueira
Interim Executive Vice-President of Iron Ore Solutions

Rogério Tavares Nogueira is known for his role at Vale S.A., a multinational corporation headquartered in Brazil, which is among the world's largest producers of iron ore and nickel. Nogueira serves as an executive within the company, contributing his extensive experience and knowledge in the mining and resources sector. He is recognized for his leadership skills and strategic acumen in navigating the complex challenges of the industry. Nogueira is involved in various initiatives of the company aimed at enhancing operational efficiency and sustainability. His work encompasses a broad range of responsibilities, aligning Vale’s business objectives with innovative practices to foster growth and sustainability in the company's operations.

Mr. Alexandre Gomes Pereira
Executive Vice President of Projects

Alexandre Gomes Pereira is a notable executive officer at Vale S.A., a prominent global mining company based in Brazil, primarily known for its production of iron ore and nickel. As of the latest available information, he serves as Executive Vice President of Global Business Solutions. In this role, his responsibilities include overseeing and implementing effective business solutions and strategies to enhance the company's operations worldwide. Pereira has a significant background in engineering and business management, which has been instrumental in his contributions to Vale. His leadership focus is on technological innovation, sustainability, and improving operational efficiency to align with Vale's strategic goals. With substantial experience in the mining industry, he has been pivotal in driving projects that aim for sustainable growth and advancements in mining technology. Under his leadership, Vale continues to advance its capabilities and maintain its competitive edge in the global market. Pereira's commitment to excellence and sustainable business practices reinforces Vale's position as a leader in the mining sector. His work at Vale is a testament to his expertise in management and operations, contributing to the company's strategic initiatives and global impact.

Mr. Alexandre Silva D'Ambrosio
Executive Vice-President of Corporate & External Affairs

Alexandre Silva D'Ambrosio is known for his role as an executive at Vale S.A., a leading global mining company headquartered in Brazil. D'Ambrosio serves as the Executive Vice President and General Counsel at Vale. He plays a critical role in overseeing the company's legal strategies and ensuring compliance with international and local regulations. With extensive experience in corporate law and governance, he is instrumental in managing legal risks and supporting the company's strategic initiatives. Before joining Vale, Alexandre D'Ambrosio held various prominent positions in significant corporations, demonstrating a strong track record in legal and corporate affairs. His educational background includes degrees in law, which have provided him with the foundational knowledge to navigate complex legal environments. Through his leadership, Vale continues to uphold its commitment to ethical practices and legal integrity across its global operations.

Mr. Cassio Diedrich
Head of Strategy & Long-Term Planning Vale South Atlantic Base Metals

Cassio Diedrich is a prominent executive with extensive experience in the mining and metals industry. He joined Vale S.A., one of the world's largest mining companies known primarily for its iron ore and nickel production, and has held significant roles within the organization. At Vale, Cassio has contributed to various strategic initiatives and operations, helping shape the company’s approach to sustainability and innovation. With a strong background in finance and strategic management, Diedrich has been influential in guiding the company through market challenges and driving performance improvements. His leadership is noted for fostering collaboration and implementing effective operational strategies that align with Vale’s corporate goals and sustainability efforts. As Vale continues to adapt to global industry trends and environmental expectations, Diedrich's role remains critical in navigating these complexities and contributing to the company's long-term success and resilience.

Contacts

Address
RIO DE JANEIRO
Rio de Janeiro
Torre Oscar Niemeyer, Praia de Botafogo n 186 sala 701 a sala 1901, Botafogo
Contacts
+552134853900.0
www.vale.com
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