Market Overview - US stock index futures are all down, with Dow futures down 0.47%, S&P 500 futures down 0.31%, and Nasdaq futures down 0.26% [1] - European indices also show declines, with Germany's DAX down 0.07%, UK's FTSE 100 down 0.04%, France's CAC40 down 0.14%, and the Euro Stoxx 50 down 0.18% [2] - WTI crude oil increased by 1.25% to $63.05 per barrel, while Brent crude rose by 1.03% to $66.80 per barrel [2] US Stock Market Insights - Jefferies highlights a critical point for the S&P 500 index at 5500, which needs to be breached to recover from a 19% drop since February's historical high [3] - Christopher Wood from Jefferies suggests that the golden era for US stocks is over, predicting further declines in US equities, bonds, and the dollar [5] Automotive Industry - Japanese automakers saw a surge in US sales in March, with Toyota's sales up 8% to 231,336 units, Honda's up 13%, and Nissan's up 10% [4] Company Earnings Reports - Merck's Q1 earnings exceeded expectations with sales of $15.5 billion, although they anticipate a $200 million loss due to tariffs by 2025 [9] - American Airlines withdrew its 2025 profit guidance, reporting a Q1 net loss of $473 million, worsened by tariff pressures and government spending uncertainties [9] - Procter & Gamble lowered its annual organic sales growth forecast from 3%-5% to 2% due to tariff pressures and fluctuating consumer demand [10] - Sanofi's Q1 earnings surpassed expectations, driven by strong demand for its Dupixent drug, with sales of €9.89 billion [10] - IBM reported Q1 sales of $14.5 billion, exceeding expectations, but concerns remain regarding the impact of tariffs and government spending cuts on business [11] - Texas Instruments provided a positive Q2 earnings outlook, with expected revenue between $4.17 billion and $4.53 billion, driven by improved demand in industrial and automotive sectors [12] Technology Sector - Google Chrome's potential market value is estimated at over $50 billion, according to competitors, amid ongoing antitrust scrutiny [13] - TSMC plans to begin production using A14 chip technology in 2028, aiming to maintain its leadership in the semiconductor industry [13]

I have been a long-term bull on Vale S.A. (NYSE: VALE ) throughout my last few articles , based on the investment thesis that the iron ore giant is one of the leading global producersAs a researcher and operations manager at DM Martins Research, I leverage my deep understanding of global markets to provide valuable and actionable insights. Previously, I contributed to TheStreet and currently write for platforms such as TipRanks and GuruFocus. At Seeking Alpha, my focus is on delivering in-depth analysis of ...

Vale S.A. (VALE) is expected to report a decline in its bottom and top lines when it reports first-quarter 2025 results on April 24, after market close. The Zacks Consensus Estimate for Vale’s sales is pegged at $8.16 billion, indicating a 3.5% decrease from the year-ago quarter's figure. The consensus mark for earnings has moved down 14% over the past 60 days to 37 cents per share. The figure indicates a 5.1% year-over-year decline. Image Source: Zacks Investment ResearchVALE’s Earnings Surprise HistoryVAL ...

Core Insights - Vale S.A. reported a decline in iron ore production for Q1 2025, with total output at approximately 67.7 million tons, a 4.5% decrease year-over-year, despite strong performance at the S11D mine [1][2][3] Iron Ore Production - The S11D mine achieved its highest-ever first-quarter output of 19.4 million tons, marking a 9.3% increase from Q1 2024, driven by asset reliability initiatives [2] - The Northern System's total output fell by 2.6% year-over-year to around 35 million tons due to licensing restrictions and heavy rainfall [3] - Southeastern System's production decreased by 6% to 18.4 million tons, impacted by a 49-day maintenance period at the Cauê plant, although improvements at Fazendão partially offset this decline [4] - Southern System's output dropped by 7% to 14.3 million tons as Vale shifted focus towards higher-margin products [5] Pellet Production - Pellet production decreased by 15.2% year-over-year to 7.2 million tons, attributed to lower feed availability and increased rainfall affecting the Northern System [6] Sales Volumes and Prices - Iron ore fines sales rose by 8% year-over-year to 56.8 million tons, driven by the sale of previously built-up inventories [7] - Total iron ore sales increased by 3.6% to 66.1 million tons, while pellet sales fell by 18.8% to around 7.5 million tons [8] - The average realized price for iron ore fines was $90.8 per ton, down 9.8% year-over-year, and for pellets, it was $140.8 per ton, an 18.1% decrease [8] Copper Production - Copper production increased by 11% year-over-year to 90.9 thousand tons, with significant contributions from the Salobo and Sossego mines [9] - Copper sales rose by 6.6% to 81.9 thousand tons, reflecting higher production levels [10] - The average realized price for copper operations was $8,891 per ton, up 15.7% year-over-year [11] Nickel Production - Nickel production grew by 11.1% year-over-year to 43.9 thousand tons, driven by the ramp-up of Voisey's Bay underground mines [12] - Nickel sales increased by 17.5% to 38.9 thousand tons [12] - The average realized nickel price was $16,106 per ton, down 4% from the previous year [13] Financial Outlook - Vale is expected to report Q1 2025 revenues of $8.16 billion, indicating a 3.5% year-over-year decline, with earnings estimated at 37 cents per share, a 5% drop [14][15] - The company projects iron ore production between 325-335 million tons and copper production between 340-370 thousand tons for 2025 [15] Peer Comparisons - Rio Tinto reported a 9% decline in iron ore shipments to 70.7 million tons for Q1 2025, while BHP's iron ore production remained flat at 61.8 million tons [16][18] Stock Performance - Vale's shares have decreased by 25.3% over the past year, compared to a 24.9% decline in the industry [20]

Group 1 - Many foreign executives are visiting China to participate in high-level forums, highlighting new observations about China's development and opportunities [1] - The executives express that China's openness and innovation continue to release significant attraction for global investment [1] Group 2 - DeepSeek's energy efficiency is praised, with its energy consumption being only one-tenth of similar products, marking a revolutionary technological advancement [3] - The increasing application of AI necessitates planning for reduced energy consumption in search processes, emphasizing the importance of energy efficiency [3] Group 3 - The efficiency of Chinese partners in project execution is noted, with examples of projects being completed ahead of schedule and within budget, which is unusual in the industry [6] - The use of prefabricated components by Chinese partners provides new perspectives and learning opportunities for multinational companies [6] Group 4 - Multinational companies view China as an innovation testing ground and are eager to collaborate with Chinese firms to explore global markets [9] - Thyssenkrupp is collaborating with Chinese electric vehicle companies, recognizing China as a leader in the EV sector and seizing market opportunities [9] - Vale is exploring new paradigms for green steel production with Chinese partners, moving from being a commodity supplier to a collaborative partner [9] - The focus of this year's forum is on global cooperation, emphasizing the need for collaboration to address fundamental issues [9]

在谈到在华投资时，毕闻达表示，淡水河谷一直在努力扩大在华的混矿能力，同时希望扩大绿色新产品 在中国的应用。 高品位铁矿石对于能源转型至关重要。毕闻达透露，淡水河谷一直在增加高品位铁矿石产量以服务全球 客户，尤其是中国客户。除铁矿石外，近年来淡水河谷也非常注重发展能源转型金属业务，特别是铜产 业。"我们希望未来将铜产能从每年35万吨翻一番至每年70万吨。"毕闻达说，淡水河谷拥有独特的资产 禀赋，扩大铜和高品位铁矿石产量，可以满足全球能源转型日益增长的需求。 淡水河谷致力于成为全球矿业客户尤其是中国客户的主要供应商、首选供应商。毕闻达表示，目前，淡 水河谷已在巴西实现"范围二"（企业购买外部能源而产生的温室气体排放）的零排放，实现这一目标的 关键是与中国科技公司晶科能源共同建设的太阳能项目，该项目是南美洲最大的项目之一。此外，淡水 河谷还与中国新能源汽车公司比亚迪开展合作，主要研究轻型汽车电气化，将就在淡水河谷运营区安装 必要车辆充电基础设施进行评估，对部分电动车型进行测试。 毕闻达表示，中国政府提出大力发展绿色贸易，这与淡水河谷低碳绿色发展的策略高度契合。目前，淡 水河谷正在为中国客户开发和推广多款新型绿色产品 ...

As filed with the Securities and Exchange Commission on March 28, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2024 Commission file number: 001-15030 VALE S.A. (Exact name of Registrant as specified in its charter) Federative Republic of Brazil (Jurisdiction of incorporation or organization) Marcelo Feriozzi Bacci, Executive Vice-President Fin ...

Company Performance - VALE S.A. ended the latest trading session at $9.94, reflecting a -1.29% adjustment from the previous day's close, underperforming the S&P 500's daily gain of 1.77% [1] - Over the last month, VALE's shares decreased by 0.4%, which is slightly worse than the Basic Materials sector's loss of 0.29% and significantly better than the S&P 500's loss of 5.73% [1] Upcoming Earnings - The upcoming earnings release is anticipated, with expected EPS of $0.43, representing a 10.26% increase from the prior-year quarter [2] - Revenue is projected to be $8.81 billion, indicating a 4.09% increase compared to the same quarter of the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are estimated at $1.86 per share and revenue at $39.97 billion, reflecting changes of +2.2% and +5.02% respectively from the previous year [3] - Recent changes to analyst estimates indicate a favorable outlook on the company's business health and profitability [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks VALE S.A. at 3 (Hold) [5] - Over the past month, there has been a 0.65% rise in the Zacks Consensus EPS estimate [5] Valuation Metrics - VALE S.A. is trading with a Forward P/E ratio of 5.4, which is in line with the industry's average Forward P/E of 5.4 [6] - The company has a PEG ratio of 0.31, similar to the Mining - Iron industry's average PEG ratio of 0.31 [6] Industry Context - The Mining - Iron industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 82, placing it within the top 33% of over 250 industries [7] - The top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

[Executive Summary](index=8&type=section&id=Executive%20Summary) [Business Performance](index=8&type=section&id=Business%20Performance) Vale reported R$206.0 billion in net operating revenue and R$31.6 billion in net income for 2024, achieving its highest iron ore output since 2018 and exceeding copper production guidance 2024 Key Financial Highlights | Metric | Value | | :--- | :--- | | Net Operating Revenue | R$ 206.0 billion | | Adjusted EBIT | R$ 80.1 billion | | Net Cash from Operations | R$ 50.2 billion | | Net Income (Shareholders) | R$ 31.6 billion | | Expanded Net Debt | US$ 16.5 billion | 2024 Production & Sales Highlights | Product | Production | Sales | | :--- | :--- | :--- | | Iron Ore | 328 Mt (+6.3% YoY) | 307 Mt (+1.9% YoY) | | Pellets | 37 Mt (+1.2% YoY) | 38 Mt (+6.9% YoY) | | Copper | 348 kt (+6.6% YoY) | 327 kt | | Nickel | 160 kt (-3.0% YoY) | 155 kt (-7.6% YoY) | - Capital allocation in 2024 included **R$32.7 billion** in investments, **R$4.76 per share** in dividends and interest on capital, and **R$2.1 billion** in share buybacks[10](index=10&type=chunk) [ESG Highlights](index=10&type=section&id=ESG%20Highlights) Vale achieved key ESG milestones in 2024, including 100% renewable electricity in Brazil, 57% completion of its Dam Decharacterization Program, and early achievement of gender diversity targets - Achieved **100% renewable electricity consumption** in Brazil[13](index=13&type=chunk) - Completed **57%** of the Upstream Dam Decharacterization Program[13](index=13&type=chunk) - Reached **26.5% female representation** in the workforce, meeting the target a year ahead of schedule. Self-declared Black professionals hold **37.7% of leadership positions** in Brazil, nearing the 40% goal for 2026[13](index=13&type=chunk) - Reduced the Total Recordable Injury Frequency Rate (TRIFR) by **68%** compared to the 2019 baseline[13](index=13&type=chunk) [Reparations](index=10&type=section&id=Reparations) Vale advanced reparation efforts in 2024, with R$49.45 billion spent on Brumadinho reparations and a R$170 billion definitive settlement signed for the Mariana dam collapse - Brumadinho reparation expenditures reached **R$49.45 billion**, with **75%** of obligations under the Integral Reparation Agreement fulfilled[15](index=15&type=chunk) - A Definitive Settlement was signed with public authorities for the full reparation of the Samarco Fundão dam collapse in Mariana[16](index=16&type=chunk) - A total of **R$45 billion** has been disbursed for reparation and compensation related to the Mariana incident, funded by Samarco and its partners, BHP and Vale[15](index=15&type=chunk) [Strategic Developments](index=12&type=section&id=Strategic%20Developments) Vale pursued strategic initiatives in 2024, including advancing iron ore growth projects, acquiring a stake in Minas-Rio, divesting a portion of VBM, and launching a circular mining program - Commissioned the Vargem Grande and Capanema projects, which will add **30 Mtpy** of iron ore production capacity[18](index=18&type=chunk) - Acquired a **15% equity stake** in Anglo American Minério de Ferro Brasil S.A., owner of the Minas-Rio complex, to access high-quality pellet feed[18](index=18&type=chunk) - Completed the sale of a **10% stake** in Vale Base Metals (VBM) and completed the Voisey's Bay Mine Expansion Project, which has a capacity of **45 ktpy** of nickel[21](index=21&type=chunk)[22](index=22&type=chunk) - Launched the integrated mining circularity program, producing over **10 Mt** of iron ore from tailings and waste in 2024, with a potential to exceed **30 Mt** by 2030[25](index=25&type=chunk) [Messages from Leadership](index=18&type=section&id=Messages%20from%20Leadership) [Letter from the Chairman of the Board](index=18&type=section&id=Letter%20from%20the%20Chairman%20of%20the%20Board) The Chairman highlights the Board's oversight in 2024, focusing on CEO succession, disciplined capital allocation, and progress in dam safety and reparation agreements - The Board of Directors conducted a CEO succession process, resulting in the unanimous approval of Gustavo Pimenta as Vale's new CEO[28](index=28&type=chunk) - Key priorities overseen by the board included delivering on 2024 guidance, progressing on Mariana and Brumadinho reparations, and advancing dam safety, including the Upstream Dam Decharacterization Program[31](index=31&type=chunk) - The Board approved shareholder remuneration of **US$0.84 per share** for 2024 and a new share buyback program, demonstrating commitment to disciplined capital allocation[35](index=35&type=chunk) - Vale will voluntarily disclose its first report based on ISSB requirements in 2025, enhancing transparency on climate-related financial information[33](index=33&type=chunk) [Message from our CEO](index=22&type=section&id=Message%20from%20our%20CEO) The CEO emphasizes 2024 achievements including meeting production guidance, reducing costs, signing the Mariana reparation agreement, and advancing dam decharacterization, while outlining 2025 strategic pillars - Achieved all production guidances for iron ore (**328 Mt**), pellets (**37 Mt**), nickel (**160 kt**), and copper (**348 kt**)[45](index=45&type=chunk) - Reached a Definitive Agreement for the full reparation of the Mariana dam rupture, valued at **R$170 billion**[44](index=44&type=chunk) - Completed **57%** of the Upstream Dam Decharacterization Program and reduced the number of structures at emergency levels by **60%** since 2020, aiming for zero level 3 dams by the end of 2025[43](index=43&type=chunk) - Achieved the lowest C1 iron ore cost for a quarter since 2021 and the lowest All-in Copper cost for a quarter since 2020 in Q4 2024[46](index=46&type=chunk) [Company Overview](index=28&type=section&id=About%20our%20company) [Business Profile and Global Presence](index=28&type=section&id=Business%20Profile%20and%20Global%20Presence) Vale is a global leader in iron ore, copper, and nickel production, operating integrated logistics systems and maintaining a significant international presence - Vale is a leading producer of iron ore, copper, and nickel, and also produces platinum group metals, gold, silver, and cobalt[56](index=56&type=chunk) - The company operates integrated logistics systems including railroads, maritime terminals, and ports to support its global mining operations[57](index=57&type=chunk) 2024 Production and 2025 Guidance | Product | 2024 Production | 2025 Guidance | | :--- | :--- | :--- | | Iron Ore | 328 Mt | 325-335 Mt | | Nickel | 160 kt | 160-175 kt | | Copper | 348 kt | 340-370 kt | [Our Strategy: Vale 2030](index=32&type=section&id=Vale%202030%3A%20our%20strategy) Vale's 2030 strategy aims for a competitive and resilient portfolio, driven by a 'Superior Portfolio' focus, 'Performance Driven' operations, and becoming a 'Trusted Partner' - **Superior Portfolio:** Focus on a high-quality, flexible iron ore portfolio and accelerate copper production growth, especially in the Carajás region[66](index=66&type=chunk)[68](index=68&type=chunk) - **Performance Driven:** Commit to being a benchmark in safety and operational excellence, fostering a results-oriented culture, and driving innovation[69](index=69&type=chunk)[70](index=70&type=chunk) - **Trusted Partner:** Strengthen relationships with all stakeholders through transparency, open dialogue, and generating positive social and environmental impacts[71](index=71&type=chunk)[72](index=72&type=chunk) [Cultural Transformation](index=36&type=section&id=Cultural%20Transformation) Vale's cultural transformation focuses on its purpose to 'improve life and transform the future,' guided by core values and key behaviors like safety obsession and open dialogue - The company's purpose is to improve people's lives and transform the future, guided by core values such as 'Life matters most' and 'Act with integrity'[75](index=75&type=chunk)[76](index=76&type=chunk) - Key cultural behaviors include 'Obsession with safety and risk management', 'Open and transparent dialogue', and 'Empowerment with commitment'[76](index=76&type=chunk) [Shareholding Structure and Capital Market](index=38&type=section&id=Shareholding%20structure) Vale's shareholding structure is diversified with no controlling shareholder, and its shares trade on B3 and NYSE, with a market capitalization of R$232.9 billion at year-end 2024 Shareholding Structure (as of Dec 31, 2024) | Shareholder | Stake | | :--- | :--- | | Others | 72.62% | | Previ | 8.75% | | Mitsui | 6.31% | | BlackRock | 6.37% | | Shares in Treasury | 5.95% | 2024 Trading Information | Trading Information | 2024 | 2023 | | :--- | :--- | :--- | | Closing price (R$/share) | 54.55 | 77.20 | | Market capitalization (R$ billion) | 232.9 | 331.9 | | Variation YoY VALE3 | (29.3)% | (13.1)% | - As of December 31, 2024, there were **1,211,148,744 outstanding ADSs**, representing **26.7%** of the total share capital[84](index=84&type=chunk) [Workforce and Culture](index=42&type=section&id=Workforce) [Workforce Overview](index=42&type=section&id=Workforce%20Overview) Vale's 2024 workforce included 64,616 direct employees and 109,506 contractors, primarily in Iron Ore Solutions in Brazil, with a slight increase in turnover Workforce Composition (2024) | Category | Direct Employees | Contractors | | :--- | :--- | :--- | | **Total** | **64,616** | **109,506** | | Iron Ore Solutions | 43,607 | 68,898 | | Energy Transition Metals | 13,664 | 7,977 | | Corporate | 7,345 | 32,631 | - The turnover rate was **8.98%** in 2024, up from 8.64% in 2023, reflecting the implementation of the Productivity Program and efficiency improvements[92](index=92&type=chunk)[93](index=93&type=chunk) [Cultural Transformation Journey](index=46&type=section&id=Cultural%20Transformation%20Journey) Vale's cultural transformation shows progress in safety and operational discipline, with the 2024 Engagement Survey reporting an 83% approval rate and high scores in safety obsession - The 2nd Cultural Diagnosis confirmed significant progress in safety, operational discipline, and a commitment to how results are achieved[97](index=97&type=chunk)[100](index=100&type=chunk) - The 2024 Employee Engagement Survey achieved a record participation of over **40,000 employees**, with an **83% overall approval rate** (+1 p.p. vs 2023)[98](index=98&type=chunk)[99](index=99&type=chunk) - Key cultural mindset scores in 2024 include 'Obsession with Safety' at **92%** and 'Open and Transparent Communication' at **87%**[104](index=104&type=chunk) [Diversity, Equity and Inclusion (DE&I)](index=51&type=section&id=Diversity%2C%20Equity%20and%20Inclusion) Vale achieved significant DE&I progress in 2024, meeting its female representation target early and advancing Black leadership representation in Brazil - Achieved the goal of doubling women's representation in the workforce, reaching **26.5%** in 2024, a year ahead of schedule[108](index=108&type=chunk)[110](index=110&type=chunk) - Increased the proportion of Black individuals in leadership positions in Brazil to **37.7%**, progressing towards the 40% goal for 2026[109](index=109&type=chunk) - Representation of people with disabilities reached **5.5%** of the workforce in Brazil, exceeding the legal requirement of 5%[109](index=109&type=chunk) [Safety and Dam Management](index=52&type=section&id=Safety%20and%20dam%20management) [Occupational Health and Safety](index=52&type=section&id=Occupational%20health%20and%20safety) Vale significantly improved safety performance since 2019, reducing TRIFR by 68% and high-potential incidents by 60%, with a continued focus on zero fatalities Key Safety Indicators (2019 vs. 2024) | Indicator | 2019 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | N1+N2 Cases (High-potential injuries) | 62 | 25 | (60)% | | TRIFR (Total Recordable Injury Frequency Rate) | 3.46 | 1.09 | (68)% | | Occupational Exposure Limit (in thousands) | 23 | 9.2 | (60)% | - The occurrence of process safety events (P1 events) that could lead to fatalities or significant financial losses was reduced by **45%** compared to the previous year[119](index=119&type=chunk)[121](index=121&type=chunk) - Key safety actions for 2025 include implementing Critical Task Requirements (RACs), promoting safe behaviors, and focusing on contractor development[122](index=122&type=chunk) [Dam Management](index=56&type=section&id=Dam%20management) Vale made substantial progress in dam management, completing 57% of its decharacterization program, reducing emergency-level dams by 60%, and achieving 96% GISTM compliance - Completed **57%** of the Upstream Dam Decharacterization Program, eliminating 17 of 30 structures between 2019 and 2024. The goal is to eliminate **90%** by 2029[124](index=124&type=chunk)[127](index=127&type=chunk) - The number of dams at any emergency level in Brazil has been reduced by **60%** since its peak in 2020 (from 35 to 14)[135](index=135&type=chunk)[138](index=138&type=chunk) - The company's goal is to have zero dams at emergency level 3 by the end of 2025. As of year-end 2024, only one such structure remains[135](index=135&type=chunk) - Vale has implemented the Global Industry Standard on Tailings Management (GISTM) for **48 of its 50** Tailings Storage Facilities (TSFs)[142](index=142&type=chunk) - The company is reducing its reliance on dams, with approximately **80%** of tailings now managed through filtration and dry stacking systems[143](index=143&type=chunk) [Sustainability (ESG)](index=62&type=section&id=Sustainability) [Nature](index=64&type=section&id=Nature) Vale advances its nature commitment by protecting over 218,000 hectares, reducing new water use by 49%, and adopting the TNFD framework - Since 2020, Vale has protected and/or restored **218,536 hectares**, advancing toward its goal of **500,000 hectares** by 2030[150](index=150&type=chunk) - Vale helps protect around **one million hectares** of land, with **80%** located in the Amazon, including an 800,000-hectare area in partnership with ICMBio[152](index=152&type=chunk) - Achieved a **49% reduction** in the average annual use of new water for industrial purposes over the last 20 years[155](index=155&type=chunk) - Joined the group of companies committed to the early adoption of the Taskforce on Nature-related Financial Disclosure (TNFD) and published its pilot report in June 2024[158](index=158&type=chunk) [Social](index=66&type=section&id=Social) Vale's social strategy focuses on poverty reduction, indigenous rights, and community engagement, with R$11.6 billion in social, environmental, and institutional expenditures in 2024 - Progressing on its goal to help lift **500,000 people** out of extreme poverty, with 20 proof-of-concept projects involving approximately **51,000 people**[159](index=159&type=chunk)[161](index=161&type=chunk) - Finalized and published the Kayapó People's Consultation Protocol in Pará, as part of its commitment to support indigenous communities in securing rights under UNDRIP[163](index=163&type=chunk)[164](index=164&type=chunk) - A 2024 Community Opinion Survey found that **73%** of local community respondents and **78%** of traditional community respondents view Vale as a trustworthy company[165](index=165&type=chunk)[166](index=166&type=chunk) - Total social, environmental, and institutional expenditures reached **R$11.6 billion** in 2024, including R$4.96 billion for social/institutional initiatives and R$6.62 billion for environmental initiatives[169](index=169&type=chunk) [ESG Assessments](index=72&type=section&id=ESG%20assessments) Vale shows continuous improvement in ESG ratings, with its Sustainalytics score improving to 33.7 in 2024, reflecting its commitment to best practices ESG Rating Progression | Agency | 2019 | Current Rating (2024) | | :--- | :--- | :--- | | MSCI (AAA-CCC) | CCC | B | | Sustainalytics (lower is better) | 54.5 | 33.7 | | ISS Governance (lower is better) | 10 | 1 | | DJSI (higher is better) | 45 | 46 | - The Sustainalytics score improved to **33.7**, a **21-point reduction** since 2019, moving closer to the goal of a top-3 ranking[170](index=170&type=chunk) [Decarbonization](index=74&type=section&id=Decarbonization) Vale is committed to decarbonization with targets for Scope 1, 2, and 3 emissions reductions, advancing initiatives like 100% renewable electricity in Brazil and strategic alliances for low-carbon solutions - Key climate targets include a **33% reduction** in absolute Scope 1 & 2 emissions by 2030 (vs. 2017), net-zero Scope 1 & 2 emissions by 2050, and a **15% reduction** in net Scope 3 emissions by 2035 (vs. 2018)[177](index=177&type=chunk) - Achieved **100% electricity from renewable sources** in Brazil in 2023, two years ahead of schedule[181](index=181&type=chunk) - Signed strategic alliances with Petrobras for biofuels and with Green Energy Park for green hydrogen development to supply future Mega Hubs[184](index=184&type=chunk) - Began testing rotor sails on a Valemax vessel to harness wind power and reduce fuel consumption, one of five wind energy projects on ships servicing Vale[184](index=184&type=chunk) - Signed agreements with Hydnum Steel, ROGESA, Caterpillar, and Komatsu/Cummins to develop and supply low-carbon solutions for steelmaking and mining equipment[187](index=187&type=chunk) [Reparations](index=80&type=section&id=Reparations) [Brumadinho Reparation](index=80&type=section&id=Vale%27s%20B1%20dam%20collapse%2C%20Brumadinho%2C%202019) Vale completed 75% of its Brumadinho reparation obligations by 2024, indemnifying over 17,000 people and advancing environmental rehabilitation - Completed **75%** of total obligations under the Integral Reparation Agreement for Brumadinho[188](index=188&type=chunk)[191](index=191&type=chunk) - Over **17,000 people** have been indemnified, totaling **R$3.8 billion**[193](index=193&type=chunk) - Environmental efforts include handling **88%** of the 12.4 million m³ of tailings and placing **48%** of the 658 hectares of disturbed land under rehabilitation[195](index=195&type=chunk)[196](index=196&type=chunk) [Mariana Reparation](index=84&type=section&id=Samarco%27s%20Fund%C3%A3o%20dam%20collapse%2C%20Mariana%2C%202015) Vale, Samarco, and BHP signed a R$170 billion Definitive Reparation Agreement for the Mariana dam collapse in October 2024, outlining financial commitments for compensation and recovery - A Definitive Reparation Agreement was signed in October 2024 with a total financial commitment of approximately **R$170 billion**[200](index=200&type=chunk)[202](index=202&type=chunk) Mariana Agreement Financial Breakdown (100% Basis) | Category | Amount (R$ billion) | Description | | :--- | :--- | :--- | | Payments to Public Entities | 100 | Installment payments over 20 years for compensatory programs | | Performance Obligations | 32 | Individual indemnification, resettlement, environmental recovery | | Amounts Already Invested | 38 | Remediation and compensation measures to date | | **Total** | **170** | | - Vale's provision for these obligations was **US$3.7 billion** as of December 31, 2024. The company's expected cash contribution is projected to be **R$3.1 billion** in 2024 and **R$11.5 billion** in 2025[207](index=207&type=chunk)[208](index=208&type=chunk) [Operating, Economic and Financial Performance](index=88&type=section&id=Operating%2C%20economic%20and%20financial%20performance) [Overall Performance](index=88&type=section&id=Overall%20Performance) Vale's 2024 financial performance included R$206.0 billion in net operating revenue, R$80.1 billion in Adjusted EBITDA, and R$32.7 billion in investments, ending with US$16.5 billion in expanded net debt Selected Financial Indicators (R$ million) | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Net operating revenues | 206,005 | 208,066 | | Adjusted EBIT (LAJIR) | 63,596 | 77,294 | | Adjusted EBITDA (LAJIDA) | 80,121 | 92,594 | | Adjusted EBITDA margin (%) | 38.9% | 44.5% | | Net income attributable to Vale's shareholders | 31,592 | 39,940 | [Segment Performance](index=90&type=section&id=Segment%20Performance) Iron Ore Solutions' Adjusted EBITDA decreased to R$81.6 billion due to lower prices, while Energy Transition Metals' Adjusted EBITDA fell to R$7.9 billion, impacted by nickel prices and deconsolidation Adjusted EBITDA by Segment (R$ million) | Segment | 2024 Adjusted EBITDA (R$ million) | | :--- | :--- | | Iron Ore Solutions | 81,644 | | Energy Transition Metals | 7,929 | | Others & Eliminations | (9,452) | | **Total** | **80,121** | [Iron Ore Solutions](index=90&type=section&id=Iron%20Ore%20Solutions) Iron Ore Solutions saw increased production of iron ore and pellets, with Adjusted EBITDA of R$81.6 billion impacted by lower prices and reduced C1 cash costs - Iron ore production increased by **2.0%** to **327.7 Mt**, and pellet production grew by **1.2%** to **36.9 Mt**[216](index=216&type=chunk) - Adjusted EBITDA was **R$81.6 billion**, down **12.7% YoY**, mainly due to an **11.8% decrease** in average realized iron ore fines prices to **US$95.3/t**[217](index=217&type=chunk) - C1 cash cost of iron ore fines (ex-third party) was reduced by **2%** to **US$21.8/t**, driven by cost efficiency programs and higher production[219](index=219&type=chunk) [Energy Transition Metals](index=90&type=section&id=Energy%20Transition%20Metals) Energy Transition Metals reported increased copper production and decreased nickel production, with Adjusted EBITDA of R$7.9 billion impacted by lower nickel prices - Copper production rose **6.6%** to **348.2 kt**, while nickel production fell **3.0%** to **159.9 kt**, impacted by the PTVI deconsolidation[220](index=220&type=chunk) - Adjusted EBITDA decreased by **18.9%** to **R$7.9 billion**, as average nickel prices fell **21.8%** to **US$17,085/t**[220](index=220&type=chunk)[222](index=222&type=chunk) - All-in costs for copper and nickel met revised targets, ending the year at **US$2,616/t** and **US$15,420/t**, respectively[221](index=221&type=chunk) [Net Income Analysis](index=95&type=section&id=Net%20income) Net income attributable to shareholders decreased to R$31.6 billion in 2024, primarily due to lower iron ore prices and a R$21.2 billion net financial loss - Net income attributable to shareholders was **R$31.6 billion**, a **20.9% decrease** from 2023[228](index=228&type=chunk) Net Financial Result (R$ million) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Financial income | 2,281 | 2,159 | | Financial expenses | (7,968) | (7,276) | | Other financial items, net | (15,548) | (4,601) | | **Financial result, net** | **(21,235)** | **(9,718)** | - Recognized a net gain of **R$510 million** on non-current assets, resulting from gains on divestments in PTVI and VODC, offset by impairment losses on Thompson and Voisey's Bay assets[234](index=234&type=chunk)[235](index=235&type=chunk) [Investments (CAPEX)](index=100&type=section&id=Investments) Total investments in 2024 reached R$32.7 billion (US$6.0 billion), comprising R$24.8 billion in sustaining and R$7.9 billion in growth projects, with key iron ore and nickel expansions completed Capital Expenditure by Type (R$ million) | CAPEX Type | 2024 (R$ million) | 2023 (R$ million) | | :--- | :--- | :--- | | Growth projects | 7,889 | 8,214 | | Sustaining projects | 24,766 | 21,232 | | **Total** | **32,655** | **29,446** | - Successfully delivered the Vargem Grande and Capanema projects, which will increase iron ore capacity by **30 Mtpy**[242](index=242&type=chunk)[243](index=243&type=chunk) - Completed the Voisey's Bay mine expansion, with a production capacity of approximately **45 ktpy** of nickel[244](index=244&type=chunk) [Debt Indicators](index=102&type=section&id=Debt%20indicators) Vale's expanded net debt was US$16.5 billion at year-end 2024, within its target range, with an average debt maturity of 8.7 years and active liability management Key Debt Indicators (US$ million) | Indicator | 2024 (US$ million) | 2023 (US$ million) | | :--- | :--- | :--- | | Gross debt and leases | 15,505 | 13,923 | | Net debt | 10,499 | 9,560 | | Expanded net debt | 16,466 | 16,164 | | Average debt maturity (years) | 8.7 | 7.9 | | Net debt / LTM adjusted EBITDA (x) | 0.7 | 0.5 | - Expanded net debt remained within the target range of **US$10-20 billion**[246](index=246&type=chunk) - Key debt management activities in 2024 included the issuance of **US$1 billion** in bonds maturing in 2054 and **R$6 billion** in debentures[250](index=250&type=chunk) [Shareholder Returns](index=112&type=section&id=Dividends%20and%20interest%20on%20capital) [Dividends and Interest on Capital](index=112&type=section&id=Distribution%20of%20earnings) Vale's Board approved total shareholder remuneration of R$4.76 (US$0.84) per share for 2024, totaling R$20.3 billion (US$3.6 billion) in distributions 2024 Shareholder Remuneration | Type | Amount (R$ million) | Per Share (R$) | | :--- | :--- | :--- | | Interest on capital | 11,162 | - | | Dividends | 9,143 | - | | **Total** | **20,305** | **4.76** | [Share Buyback Program](index=112&type=section&id=Share%20Buyback%20Program) Vale repurchased 30.9 million shares for US$409.1 million in 2024, continuing its buyback program which has repurchased over 20% of outstanding shares since 2021 - Repurchased **30.9 million** common shares and ADRs in 2024 for a total of **US$409.1 million (R$2.05 billion)**[259](index=259&type=chunk) - Between 2021 and the end of 2024, Vale repurchased a total of **864.2 million shares** for **US$14.7 billion**, representing over **20%** of outstanding shares[258](index=258&type=chunk) - A new share buyback program for up to **120 million shares** over 18 months was announced in February 2025[260](index=260&type=chunk) [Business Outlook](index=114&type=section&id=Business%20outlook%20for%202025) Vale's 2025 guidance includes iron ore production of 325-335 Mt and nickel production of 160-175 kt, with long-term copper growth targets and optimized Capex of US$5.9 billion 2025 Production Guidance | Product | 2025 Guidance | | :--- | :--- | | Iron Ore | 325-335 Mt | | Pellets & Briquettes | 38-42 Mt | | Nickel | 160-175 kt | - Long-term iron ore production is expected to reach **340-360 Mt** in 2026[262](index=262&type=chunk) - Copper production is targeted to grow to **420-500 kt** by 2030 and approximately **700 kt** by 2035[266](index=266&type=chunk) - Annual Capex guidance for 2025 has been updated and optimized from **US$6.5 billion to US$5.9 billion**[266](index=266&type=chunk) [Independent Auditor Policy](index=116&type=section&id=Policy%20for%20engaging%20independent%20auditors) Vale's independent auditor policy ensures independence and prevents conflicts of interest, with PwC's contract renewed for five years and total fees of R$34.3 million in 2024 - The policy prohibits procuring consulting services that could threaten the independence of the independent auditors[268](index=268&type=chunk) - In 2024, the contract with PricewaterhouseCoopers Auditores Independentes LTDA. (PwC) was renewed for a five-year term[270](index=270&type=chunk) Fees Paid to Independent Auditor (R$ thousand) | Service | 2024 (R$ thousand) | 2023 (R$ thousand) | | :--- | :--- | :--- | | Accounting Audit | 30,914 | 27,707 | | Audit-Related Services | 3,354 | 2,721 | | **Total** | **34,268** | **30,428** |

[Table_Main] 铜企五大要素变化趋势与股东回报 ——海外 16 家年报全扫描 事件描述 根据现有已披露年报的 16 家海外铜企（必和必拓、自由港、智利国家铜业、 南方铜业、嘉能可、英美资源、力拓、安托法加斯塔、俄镍、泰克资源、第一 量子、伦丁矿业、淡水河谷、顶石铜业、巴里克黄金、哈铜 KAZ等），我们 对其产量、资源量、储量、成本、战略规划等进行分析。 事件点评 2024 年海外样本企业并购/勘探在路上。根据 S&P，2024 年样本铜企合计资 源量同比+2%，合计储量同比+4%，实现的主要方式为并购或勘探。并购方 面，近 2 年，必和必拓和顶石铜业在并购市场上较为活跃。勘探方面，力拓 2024 年勘探投入同比+9%，其中铜的勘探占 36%，为最大勘探投入部分；安 托法加斯塔也在 2024 年通过棕地开发实现了增储。 2024 年海外头部铜企产量基本满足预期。2024 年矿产铜产量合计为 1204.3 万吨，同比+16.3 万吨，同比增速为 1.4%。从产量指引兑现度来看，2024 年 实际合计产量基本和 2024 年初的产量指引一致。 展望 2025 年样本铜企产量较为稳定，给予铜价基本面支撑。根 ...