Vale SA (Vale) reported a strong operational performance for the second quarter of 2024, with record-high iron ore production since 2018, mainly driven by consistent performance at the S11D mine. The company is advancing on key growth projects, including Vargem Grande and Capanema, which are expected to add 30 Mt of capacity in the next twelve months. Vale also announced a partnership within its Mega Hubs strategy, aiming to strengthen its position as a competitive direct reduction products supplier. In the Energy Transition Metals segment, operations at Sossego, Onça Puma, and Salobo have resumed, with Shaun Usmar appointed as the new CEO to lead the copper and nickel business. The B3/B4 dam decharacterization was successfully completed, with 53% of the program expected to conclude...Show More

Vale SA (Vale) reported a strong operational performance for the second quarter of 2024, with record-high iron ore production since 2018, mainly driven by consistent performance at the S11D mine. The company is advancing on key growth projects, including Vargem Grande and Capanema, which are expected to add 30 Mt of capacity in the next twelve months. Vale also announced a partnership within its Mega Hubs strategy, aiming to strengthen its position as a competitive direct reduction products supplier. In the Energy Transition Metals segment, operations at Sossego, Onça Puma, and Salobo have resumed, with Shaun Usmar appointed as the new CEO to lead the copper and nickel business. The B3/B4 dam decharacterization was successfully completed, with 53% of the program expected to conclude by year-end. Financially, Vale reported a 210% increase in net income attributable to shareholders, reaching $2,769 million, and a 3% increase in net operating revenues, totaling $9,920 million. Capital expenditures were up 10% year-over-year, and the company announced a $1.6 billion interest on capital to be paid in September 2024. The Onça Puma nickel mine and the Sossego copper mine resumed activities after environmental license reinstatements, and the Salobo 3 processing plant operations resumed following a fire incident. Vale's 2024 copper production guidance remains unchanged.