Vale SANYSE: VALE

Vale S.A. (NYSE:VALE ) Q3 2024 Earnings Conference Call October 25, 2024 1:00 PM ET Company Participants Gustavo Pimenta - Chief Executive Officer Murilo Muller - Acting Executive Vice President of Finance and Investor Relations Rogério Nogueira - Acting Executive Vice President, Iron Ore Solutions Carlos Medeiros - Executive Vice President of Operations Shaun Usmar - Chief Executive Officer of Vale Base Metals Alexandre D'Ambrosio - Executive Vice President of Corporate and External Affairs Conference Call Participants Rodolfo Angele - J.P. Morgan Daniel Sasson - Itau BBA Leonardo Correa - BTG Caio Ribeiro - Bank of America Rafael Barcellos - Bradesco BBI Marina Calero - RBC Capital Markets Timna Tanners - Wolfe Research Christopher LaFemina - Jefferies Jon Brandt - HSBC Operator Good morning, ladies and gentlemen.

An agreement by Vale , BHP and their joint venture Samarco to pay 170 billion reais ($29.85 billion) in compensation for a deadly dam collapse in Brazil could end more than a hundred lawsuits against the mining companies in the South American country and possibly limit legal action abroad, three sources close to the matter said.

VALE's Q3 performance is likely to have benefited from increased copper revenues, offset by lower nickel and iron ore revenues as well as higher costs.

Vale's 3Q24 report showed increased production but lower prices. Net revenue expected at $9.7 billion, with potential for strong 4Q24 sales. The increase in production was the largest since 2018, helped by seasonality. However, freight costs and lower ore prices are expected to squeeze margins. Despite this, the company trades at just 3.5x EBITDA, which seems like a great bargain given its robustness.

VALE delivers third-quarter iron ore production of around 91 Mt, and reiterates its 2024 iron ore production goal between 323 Mt and 330 Mt.

VALE S.A. (VALE) reachead $10.98 at the closing of the latest trading day, reflecting a +1.76% change compared to its last close.

VALE S.A. (VALE) concluded the recent trading session at $10.91, signifying a -1.27% move from its prior day's close.

VALE S.A. (VALE) concluded the recent trading session at $11.52, signifying a +0.61% move from its prior day's close.

Vale S.A. is poised to benefit from global economic stimulus measures, especially in infrastructure, making a 25% YTD stock price decline a buying opportunity. Strong financial results, including a 63% increase in net earnings and a 4% reduction in net debt, support Vale's generous 11.8% dividend. Iron ore demand may rise due to developing nations' industrialization and potential fiscal stimulus in major economies, despite current global economic sluggishness.