公司项目推进 淡水河谷在2026年2月9日至10日期间启动了一项大规模绿色船队更新计划，计划订购最多30艘新型散货 船，订单总金额可能高达34亿美元，旨在提升自有运力占比、优化供应链效率，并支持其2030年减排目 标。这一举措反映了公司对可持续运营的重视。 根据2025年11月的公告，淡水河谷计划在2026年3月向股东支付特别股息，每股3.58雷亚尔（总计约29 亿美元），作为2025年强劲运营表现和铁矿石价格高企的回报。此前，2026年1月的股息支付已按计划 执行。 经济观察网 基于公开信息，淡水河谷（VALE）近期有以下值得关注的事件： 以上内容基于公开资料整理，不构成投资建议。 公司状况 ...

Thompson, Manitoba--(Newsfile Corp. - February 19, 2026) - Exiro Nickel Company Inc. ("Exiro Nickel") is pleased to announce that it has entered into an asset purchase agreement ("Agreement") to acquire a 100% interest in the Thompson Operations in Manitoba, Canada from Vale Base Metals ("Vale Base Metals"), including the producing Thompson nickel mine, plus exploration assets in the Thompson Nickel Belt. The transaction is expected to close by the end of 2026, subject to certain closing conditions includi ...

Vale (NYSE:VALE), a global producer of iron ore, nickel, and other metals, closed Tuesday at $15.9, down 1.30%. The move likely reflects broader sentiment toward iron ore and metals, and investors are watching commodity prices and capital-return plans next. The company’s trading volume reached 56.6 million shares, which is about 50% above compared with its three-month average of 37.7 million shares. Vale went public in 2002 and has grown 607% since going its IPO. How the markets moved today The S&P 500 ( ...

2025年第四季度，形式EBITDA（息税折旧摊销前利润）为48亿美元，同比增长17%，环比增长10%。 经常性自由现金流达到17亿美元，同比增长9亿美元。截至季度末，净负债总额为156亿美元，环比减少 10亿美元。 经济观察网 淡水河谷在2026年2月12日发布的2025年第四季度及全年财务报告中，呈现出多个运营和财 务亮点。根据财报，公司2025年所有指导目标均已达成或超出。 经营状况 2025年，淡水河谷的铁矿石和铜产量达到自2018年以来的最高水平，镍产量实现双位数增长。具体来 看，铁矿石全年销量同比增长3%至3.144亿吨，铜销量增长12%至38.24万吨，镍销量增长11%至17.7万 吨。第四季度，铁矿石、铜和镍销量同比分别增长5%、8%和5%。 经营状况 2025年，铁矿石粉矿的C1现金成本为21.3美元/吨，同比下降2%，连续第二年实现成本下降。铜和镍的 总成本也连续第二年下降，其中2025年第四季度铜总成本为-881美元/吨，镍总成本为9001美元/吨，同 比下降35%。 财务状况 公司状况 公司宣布将于2026年3月支付18亿美元的股息和资本利息，并在2026年1月支付了10亿美元的特别回 ...

Core Viewpoint - Copper is becoming a critical resource for mining companies, especially in the fields of artificial intelligence, power grids, and renewable energy, leading to increased competition among major mining firms for strategic positioning in copper production [1]. Group 1: Major Mining Companies' Performance - BHP, the world's largest copper mining company, reported a copper production of 2.014 million tons in 2025, a year-on-year increase of approximately 2.9%. The company has raised its copper production guidance for the 2026 fiscal year to a range of 1.9 million to 2 million tons [2]. - Vale achieved a copper production of 382,400 tons in 2025, marking a 9.8% year-on-year increase, the highest level since 2018. The fourth quarter of 2025 saw a production of 108,100 tons, a 6% increase, attributed to strong performance from its Salobo and Sossego operations [5][6]. - Rio Tinto's copper production reached 883,000 tons in 2025, an 11% increase year-on-year, exceeding its guidance of 860,000 to 875,000 tons [7]. Group 2: Strategic Investments and Future Plans - BHP is making a strategic investment in the Vicuña project in Argentina, with plans to invest up to $800 million in two significant copper mining projects, which are expected to be among the most important copper development projects in history [5]. - Vale aims to become a copper producer with an annual output of 1 million tons, with plans to double its copper production to around 700,000 tons by 2035 [7]. - Fortescue is actively pursuing copper production, having signed a binding agreement to acquire a 64% stake in Alta Copper, which aligns with its strategic focus on key minerals [8]. Group 3: Market Trends and Price Projections - Since 2025, copper prices have shown a strong upward trend, with the London Metal Exchange (LME) copper price surpassing $14,500 per ton, reaching a historical high [9]. - Goldman Sachs predicts that copper prices will stabilize in 2026, with an average price of $11,400 per ton, while also noting a potential decrease in inventory levels outside the U.S. by approximately 450,000 tons [9]. - S&P forecasts that global copper demand will increase by 50% from 28 million tons at the end of 2025 to 42 million tons by 2040, while supply is expected to lag, potentially leading to a 10 million ton shortfall by 2040 [10].

Financial Data and Key Metrics Changes - In Q4 2025, Vale's pro forma EBITDA reached $4.8 billion, a 17% increase year-on-year and a 10% increase quarter-on-quarter, primarily driven by strong performance in Vale Base Metals [15] - The all-in cost for iron ore reached $54.3 per ton in Q4, averaging $54.2 per ton for 2025, reflecting a downward trajectory in costs [17][18] - Recurring free cash flow generation reached approximately $1.7 billion in Q4, more than double compared to the previous year [19] Business Line Data and Key Metrics Changes - Iron ore production reached 336 million tons in 2025, a 3% increase year-on-year, the highest level since 2018, driven by low capital-intensive projects [9] - Vale Base Metals achieved double-digit production growth in both copper and nickel, with copper production reaching 382,000 tons (10% increase year-on-year) and nickel production reaching 177,000 tons (11% increase year-on-year) [10] - Cost reductions were noted across all commodities, with copper all-in costs decreasing to -$900 per ton, the lowest in the business's history [18] Market Data and Key Metrics Changes - The company noted a 21% reduction in high potential incidents, reflecting improvements in safety culture [6] - A significant reduction in cash outflows related to reparations is expected in 2026, with an anticipated reduction of approximately $1.5 billion compared to 2025 [20] Company Strategy and Development Direction - Vale's strategy focuses on operational excellence and adding high-quality growth projects, particularly in copper and iron ore, leveraging its unique endowment [5] - The Novo Carajás program aims to double copper output while enabling growth in high-quality iron ore [8] - The company emphasizes a disciplined approach to capital allocation, with long-term CapEx guidance below $6 billion [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting strong operational performance and the ability to exceed market expectations in shareholder remuneration [13][24] - The company is focused on maintaining a solid operational performance while accelerating value-accretive growth opportunities [23] Other Important Information - Vale announced $2.8 billion in dividends and interest on capital for 2025, reflecting a 16% dividend yield [20] - The company has made significant progress in reparation efforts, reaching 81% execution of the Brumadinho agreement [8] Q&A Session All Questions and Answers Question: Regarding the strong results from Vale Base Metals and cost performance - Management acknowledged the strong by-product credits influencing costs and discussed ongoing bottom-up initiatives to sustain improvements [27][30] Question: On the strategic value of copper assets and potential IPO discussions - Management highlighted the growth potential within the copper business and the focus on demonstrating operational excellence before considering capital market transactions [29][34] Question: About the decline in realized prices for iron ore and the current strategy - Management explained that the decline was due to lower market premiums and emphasized the importance of optimizing contribution margins across the supply chain [37][40] Question: On cash cost reduction strategies in the nickel business - Management discussed ongoing operational goals focused on asset integrity and reliability to achieve cash flow neutrality, even in lower price environments [38][44] Question: Regarding the impact of changes in Indonesian nickel licenses on the market - Management expressed cautious optimism about potential structural changes in the nickel market due to regulatory adjustments in Indonesia [51][52] Question: On the latest developments with Fábrica and Vega operations - Management reported limited impact from sediment overflow incidents and ongoing efforts to enhance resilience against climate change [57][59] Question: About the commercial strategy and iron ore pricing dynamics - Management clarified that blending strategies remain unaffected by competitors and discussed the resilience of premium pricing for flagship products [63][66]

Vale (NYSE:VALE) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Company ParticipantsCaio Ribeiro - Managing Director and Head of LatAm Metals, Mining, Oil, Gas, Pulp and Paper Equity ResearchDaniel Sasson - Head of Latam Steel and Mining, Pulp and Paper and CementGustavo Pimenta - CEOMarcelo Bacci - EVP of Finance and Investor RelationsMarcio Farid - VPRogério Nogueira - EVP of Commercial and DevelopmentShaun Usmar - CEOConference Call ParticipantsAlex Hacking - Equity Research Analyst of Americas Meta ...

It include risks and uncertainties relating to the following : To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward -Looking Statements" and "Risk Factors" in Vale's annual report on Form 20 - F . " Disclaimer 2 Vale's 4Q25 Performance Feb. 13th, 2026 "This p ...

Financial Data and Key Metrics Changes - In Q4 2025, Vale's pro forma EBITDA reached $4.8 billion, a 17% increase year-on-year and a 10% increase quarter-on-quarter, primarily driven by strong performance in Vale Base Metals and favorable pricing conditions for copper and by-products [13][14] - The all-in cost for iron ore reached $54.3 per ton in Q4, averaging $54.2 per ton for 2025, reflecting a downward trajectory in C1 cash costs and gains from long-term affreightment strategy [16][20] - Recurring free cash flow generation reached approximately $1.7 billion in Q4, more than double compared to the previous year [18] Business Line Data and Key Metrics Changes - Iron ore production reached 336 million tons in 2025, a 3% increase year-on-year, driven by low capital-intensive projects and solid performance in Brucutu and S11D [7][9] - Vale Base Metals achieved double-digit production growth in both copper and nickel, with copper production reaching 382,000 tons (10% increase year-on-year) and nickel production reaching 177,000 tons (11% increase year-on-year) [9][10] - Cost reductions were noted across all commodities, with copper all-in costs decreasing to -$900 per ton, the lowest in the business's history, and nickel all-in costs declining by 35% year-on-year to $9,000 per ton [17][19] Market Data and Key Metrics Changes - The company anticipates crude steel production in China for 2026 to remain at the same level as the previous year, supported by infrastructure and manufacturing [81] - The market is seeing a decline in premiums for iron ore fines, primarily due to lower market premiums and mix optimization, but the flagship products maintained resilient premiums [40][42] Company Strategy and Development Direction - Vale's strategy focuses on operational excellence and adding high-quality growth projects, particularly in copper and iron ore, with the Novo Carajás program aimed at doubling copper output [4][6] - The company emphasizes a disciplined approach to capital allocation, with a long-term CapEx guidance below $6 billion, while also ensuring attractive shareholder returns [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting strong operational performance and the ability to deliver on guidance [7][22] - The company is focused on unlocking value from existing assets while positioning for growth opportunities, particularly in the context of energy transition and AI [23][24] Other Important Information - Vale achieved a 21% reduction in high potential incidents, reflecting improvements in safety culture [5] - The company has made significant progress on reparation efforts, reaching 81% execution of the Brumadinho agreement and disbursing BRL 73 billion under the Mariana agreement [6] Q&A Session Summary Question: Regarding the strong results from Vale Base Metals and cost performance - Management acknowledged the strong by-product credits influencing costs and highlighted ongoing bottom-up initiatives to improve cost performance [30][31] Question: On the strategic value of copper assets and potential IPO discussions - Management noted the market's growing appreciation for the base metals business and emphasized the importance of demonstrating growth potential before considering any capital market transactions [34][36] Question: About the dynamics of iron ore pricing and realized prices - Management explained that the decline in realized prices was due to lower market premiums and emphasized the importance of optimizing contribution margin across the supply chain [40][42] Question: On nickel cash costs and operational goals - Management detailed ongoing initiatives to reduce costs in the nickel business, focusing on asset integrity and reliability to achieve cash flow breakeven [45][50] Question: Regarding developments at Fábrica and Vega operations - Management reported limited impact from sediment overflow incidents and ongoing efforts to enhance resilience against climate change [59][61] Question: On the status of restricted AUM and ESG improvements - Management indicated that approximately $1.5 trillion of assets have been unlocked since the incidents, with ongoing efforts to improve ESG ratings and investor relations [63][64]

盘前市场动向 1.2月13日(周五)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.37%，标普500指数期货跌0.33%，纳指期货跌0.31%。 | 2.截至发稿，德国DAX指数跌0.04%，英国富时100指数跌0.01%，法国CAC40指数跌0.36%，欧洲斯托克50指数跌0.43%。 | | --- | | | | 3.截至发稿，WTI原油跌0.78%，报62.35美元/桶。布伦特原油跌0.55%，报67.15美元/桶。有消息称，欧佩克+正倾向于从四月起恢复石油增产。欧佩克+尚未 作出决定，相关谈判将在3月1日会议前继续进行。 市场消息 美国1月CPI前瞻：市场预期同比涨幅回落至去年5月低位。美国1月消费者价格指数(CPI)报告发布在即，华尔街正屏息以待这份可能影响美联储年内利率路 径的关键数据。道琼斯共识调查显示，经济学家预计1月整体CPI同比涨幅将放缓至2.5%，较12月的2.7%进一步回落;若数据符合预期，这项备受关注的关键 通胀指标将回落至2025年5月——即特朗普政府实施"解放日"关税政策次月(彼时许多经济学家曾警告该政策将推动物价加速上行)——以来的低位水平。环 比方面，整体CPI与 ...