Core Insights - Vale, one of the world's largest iron ore producers, reported a 24% year-on-year decline in net profit to $2.12 billion for Q2, which was still better than analyst expectations [1] - Revenue for the period from April to June fell 11% year-on-year to $8.8 billion, aligning with market forecasts [1] - The average price of iron ore fines for the quarter was $85.1 per ton, reflecting a more than 13% decline compared to the previous year [1] Financial Performance - The adjusted EBITDA decreased by 15% to $3.39 billion due to weak iron ore prices [1] - The company managed to reduce costs across all categories: iron ore costs down by 10%, copper by 60%, and nickel by 30% [1] - Capital expenditures were reduced by $200 million year-on-year, with a budget target of $5.9 billion for 2025 likely to be achieved [1] Operational Developments - Vale has received preliminary approval for the Bacaba copper mine, which will extend the service life of the Sossego mining area [1] - The second furnace at the Osapama mine began trial operations this month, with nickel product production expected to commence in Q4 [1]