VALE3: quote, dividends and indicators for Vale

Vale S.A. is a Brazilian mining and metals company incorporated on January 11, 1943, whose trajectory is closely intertwined with the development of the country’s mining industry. Originally created as Companhia Vale do Rio Doce (CVRD) as a mixed-capital company, it was based on the nationalization of mineral reserves previously exploited by Itabira Iron Ore Company, a British-owned firm that held concessions in the Itabira region in Minas Gerais. The company was structured to mine, market, transport and export iron ore, in addition to operating the Vitória a Minas Railroad (EFVM), which, as early as the beginning of the 20th century, was already transporting ore and agricultural products between the Rio Doce Valley and the port of Vitória, in Espírito Santo. Over the following decades, CVRD consolidated an integrated mine-railroad-port system and began supplying markets such as the United States, Europe and Japan, with a strong expansion in exports from the 1960s onwards, following the inauguration of the Tubarão Port and the signing of long-term contracts with Japanese and German steelmakers.

The company’s history has been marked by an intense process of internationalization and production expansion. In the 1970s, the opening of the Chinese market to the company’s iron ore, starting in 1973, marked the beginning of a commercial relationship that would eventually turn China into Vale’s main sales destination. In 1979, the implementation of the Carajás Iron Ore Project began, culminating in 1985 with the inauguration of the Carajás Railroad (EFC) and the mining project itself in the Carajás region, in the state of Pará, which led to the organization of production into three large logistics systems – North, Southeast and South. In 1997, the company was privatized under the National Privatization Program, with control transferred to the holding company Valepar S.A. In the 2000s, Vale went through a significant expansion cycle, entering the copper segment with the Sossego Mine in 2004, starting operations at the Brucutu Mine in 2006, and acquiring Canadian miner Inco Limited, now Vale Canada Limited, which structurally diversified its portfolio toward base metals, especially nickel. In 2007, the company officially adopted the name Vale, consolidating its global brand.

Vale’s shares are traded on B3 under the ticker VALE3, in the Novo Mercado segment since December 2017, following a governance restructuring process that included the conversion of preferred shares into common shares and the merger of Valepar into the company. Vale’s shares are also listed on the NYSE through ADRs (VALE) and on the Latibex market in Madrid (XVALO), reinforcing the company’s presence in international capital markets. Throughout the 2000s and 2010s, the Brazilian government reduced its direct equity stake, retaining only special class preferred shares (golden shares). The shareholders’ agreement entered into in 2017, which governed the actions of the former controlling shareholders, expired in November 2020, and since then Vale has had no defined controlling shareholder, with a dispersed shareholding structure. This ownership structure is a relevant element of the company’s corporate governance and risk profile, with a board of directors and executive committees responsible for strategic decisions, including capital allocation and project expansion.

Vale’s business model is centered on two major segments: Iron Ore Solutions and Vale Base Metals. In Iron Ore Solutions, the company is one of the world’s largest producers of iron ore and pellets, operating three integrated systems in Brazil – North, Southeast and South – that combine open-pit mines, processing plants, railroads, maritime terminals and ports, as well as international distribution centers that support deliveries to steelmakers on different continents. In the North System, located in Carajás, in Pará, Vale operates mining complexes such as Serra Norte, Serra Sul and Serra Leste, with high-grade hematite ore and integrated logistics via the EFC to the Ponta da Madeira maritime terminal in Maranhão. In the Southeast and South systems, in the Iron Quadrangle in Minas Gerais, production is based mainly on itabirite ore, with beneficiation plants in complexes such as Itabira, Minas Centrais, Mariana, Vargem Grande and Paraopeba, connected by railroads such as the EFVM and MRS to ports in Espírito Santo and Rio de Janeiro. The company also operates eight pelletizing plants in Brazil and two in Oman, as well as briquetting plants for the production of iron ore briquettes, forming an agglomerates portfolio aimed at the global steel industry.

In the Vale Base Metals segment, the company produces nickel, copper and their by-products, with operations spread across Brazil, Canada, Indonesia and other jurisdictions. The main nickel operations are carried out by Vale Canada Limited, which controls mines and processing plants in Sudbury and Voisey’s Bay in Canada, and operations in Brazil such as Onça Puma. The company also holds stakes in nickel operations in Indonesia, under specific mining rights regimes, including special mining licenses. In copper, Vale produces concentrates in Brazil at the Salobo and Sossego mines in Carajás, and in Canada, where it produces concentrates and cathodes associated with nickel operations. Ore from Sudbury generates by-products such as cobalt, platinum group metals, silver and gold, processed at refining units in Port Colborne and Long Harbour in Canada. Copper operations at Salobo and Sossego also produce silver and gold, and the company uses streaming contracts to monetize by-product flows. In addition to mining, Vale has investments in energy businesses through joint ventures and consortia, which contribute to supplying electricity to its operations and influence its cost structure.

Vale’s geographical presence is global, both in terms of production and customer base. The company is involved in greenfield mineral exploration projects in five countries and operates large-scale logistics systems in Brazil and abroad, reinforcing the integration of its supply chain. In terms of revenue, the Asian market, primarily China, is the main destination for sales, especially iron ore and pellets, followed by Japan and other countries in the region. Europe, particularly Germany, and the Americas, including Brazil and the United States, account for relevant portions of operating revenue. In 2025, the company reported revenue distribution by regions such as Asia, Europe, the Americas and other countries, with no individual customer accounting for 10% or more of total revenue, indicating a diversified buyer base. In Brazil, the company is headquartered in Rio de Janeiro, with industrial infrastructure concentrated, among other states, in Pará, Minas Gerais, Maranhão, Espírito Santo and Rio de Janeiro, in addition to strategic logistics assets such as railroads, terminals and ports dedicated to ore exports.

Vale’s activities are subject to a broad regulatory framework, covering mining rights, environmental licensing, specific mining taxes and rules related to chemical products. In Brazil, mineral resources belong to the State and can only be exploited through government concessions, issued and overseen by agencies such as the National Mining Agency. Vale holds an extensive set of mining concessions with no fixed term and concession applications, both in Brazil and in countries such as Canada and Indonesia, as well as patented mining rights, leases and occupancy licenses. The company is subject to payment of CFEM, a federal royalty on the exploitation of mineral resources, with different rates for iron ore, copper, nickel, bauxite and manganese, in addition to mineral inspection fees charged by states and municipalities, such as Minas Gerais, Pará and Maranhão. In other relevant jurisdictions, such as Canada and Indonesia, specific taxes and royalties are levied on mining operations and nickel production and its derivatives, influencing the operating margin of each operation.

The social and environmental dimension is a central aspect of Vale’s recent trajectory, marked by major-impact events such as the collapse of the Fundão tailings dam in Mariana in 2015, through the Samarco joint venture (50% Vale, 50% BHP Brasil), and the collapse of the Córrego do Feijão Mine Dam I in Brumadinho in 2019. These events resulted in extensive social, environmental and material impacts, and triggered a set of remediation actions, regulatory reviews and changes in dam management and geotechnical risk practices. In 2024, Samarco, Vale and BHP Brasil entered into a Definitive Repactuation Agreement to repair the damages related to the Fundão dam, with multi-billion real disbursements since 2015 and the assumption by Samarco of the obligations to execute the remediation programs after the liquidation of Fundação Renova in 2025. As a shareholder in the joint venture, Vale committed to being liable for up to 50% of any amounts not paid by Samarco, maintaining significant provisions on its balance sheet. In parallel, the company has been consolidating environmental, social and governance (ESG) policies and practices, reported annually since 2007.

In the field of sustainability and ESG governance, Vale publishes an Annual Report that integrates financial and sustainability information, prepared in accordance with Global Reporting Initiative standards. The document is complemented by an ESG Databook, which follows metrics from international standards such as SASB, TNFD, the UN Sustainable Development Goals, and the principles of the International Council on Mining and Metals, of which the company is a member. The company also voluntarily published, in 2025, a sustainability-related financial information report based on International Sustainability Standards Board standards, addressing risks and opportunities related to climate and the energy transition. These reports undergo limited assurance by an independent auditor, which adds an additional degree of reliability to the non-financial information disclosed. Strategically, initiatives such as the S11D Eliezer Batista Complex, inaugurated in 2016, and the Novo Carajás Program, launched in 2025, illustrate the focus on combining technology, productivity, optimization of iron ore assets and acceleration of copper production in Carajás, considered a relevant region for global decarbonization and the supply of critical metals for the energy transition.