Vale S.A. (VALE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la extracción global de minería y recursos, Vale S.A. se erige como un titán de innovación industrial, navegando estratégicamente los paisajes complejos de mercado a través de un modelo de negocio meticulosamente elaborado que equilibra la destreza tecnológica, la responsabilidad ambiental y las asociaciones estratégicas globales. Con operaciones que abarcan sectores industriales críticos como el acero, la energía automotriz y la energía renovable, el lienzo del modelo de negocio de Vale revela un enfoque sofisticado para la extracción mineral, la creación de valor y el desarrollo sostenible que va mucho más allá de los paradigmas mineros tradicionales.

Vale S.A. (Vale) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con fabricantes globales de equipos mineros

Vale ha establecido asociaciones estratégicas con los principales fabricantes de equipos mineros:

Pareja	Detalles de la asociación	Valor de inversión
Caterpillar Inc.	Suministro de equipos mineros a gran escala	Adquisiciones anuales de $ 450 millones
Komatsu Ltd.	Tecnología de minería autónoma avanzada	Contrato de equipo de $ 320 millones

Empresas conjuntas con compañías chinas de acero e infraestructura

Las asociaciones chinas clave de Vale incluyen:

• Hierro shandong & Steel Group: Proyecto de infraestructura conjunta valorado en $ 1.2 mil millones
• China Baowu Steel Group: Acuerdo de suministro de minerales estratégicos por valor de $ 780 millones anuales
• WISCO (Wuhan Iron and Steel Corporation): colaboración de recursos minerales a largo plazo

Asociaciones tecnológicas con firmas de sostenibilidad y descarbonización

Pareja	Área de enfoque	Inversión
Breakhroughthrough Energy Ventures	Tecnologías mineras de baja carbono	$ 250 millones de inversión
Shell nuevas energías	Integración de energía renovable	Programa de descarbonización de $ 340 millones

Colaboración con proveedores de logística y transporte

Las asociaciones logísticas incluyen:

• Línea de Maersk: Contrato de envío global valorado en $ 620 millones
• Red ferroviaria brasileña (TODA Logistica): Acuerdo de infraestructura de transporte
• Puerto de Tubarão: Asociación de logística integrada

Asociaciones de investigación con universidades e institutos de tecnología ambiental

Institución	Enfoque de investigación	Fondos
MIT (Instituto de Tecnología de Massachusetts)	Tecnologías mineras sostenibles	Subvención de investigación de $ 45 millones
Universidad Federal de Río de Janeiro	Técnicas de remediación ambiental	Colaboración de investigación de $ 22 millones

Vale S.A. (Vale) - Modelo de negocios: actividades clave

Extracción y procesamiento de minerales a gran escala

Vale opera 17 complejos de extracción de minerales en Brasil, con una capacidad de producción anual de mineral de hierro de 400 millones de toneladas métricas. En 2022, la compañía extrajo 326.1 millones de toneladas métricas de mineral de hierro.

Recurso mineral	Capacidad de producción anual	Volumen de producción 2022
Mineral de hierro	400 millones de toneladas métricas	326.1 millones de toneladas métricas
Níquel	250,000 toneladas métricas	209,000 toneladas métricas

Producción y distribución global de mineral de hierro y níquel

Vale opera en 30 países, con sitios de producción clave en Brasil, Canadá, Indonesia y Australia. La red de distribución global de la compañía sirve a fabricantes de acero y clientes industriales.

• Presencia operativa global en 30 países
• Sitios de producción importantes en 4 continentes
• Producción anual de níquel: 209,000 toneladas métricas

Desarrollo de tecnología minera sostenible

Vale invirtió $ 1.4 mil millones en investigación y desarrollo en 2022, centrándose en tecnologías mineras sostenibles y estrategias de descarbonización.

Área de inversión tecnológica	Monto de inversión (2022)
Tecnologías mineras sostenibles	$ 1.4 mil millones
Investigación de descarbonización	$ 350 millones

Gestión de la cadena de suministro compleja

Vale administra una sofisticada red de logística que involucra envío marítimo, transporte ferroviario y operaciones portuarias. La compañía posee 4 terminales marítimas dedicadas y opera 4.500 kilómetros de ferrocarriles.

• 4 terminales marítimas dedicadas
• 4.500 kilómetros de infraestructura ferroviaria
• Flota de envío global de 47 embarcaciones

Proyectos de rehabilitación y conservación ambiental

En 2022, Vale asignó $ 250 millones para proyectos de rehabilitación ambiental, con el compromiso de restaurar 30,000 hectáreas de tierra para 2030.

Iniciativa ambiental	Inversión	Objetivo
Rehabilitación terrestre	$ 250 millones	30,000 hectáreas para 2030
Objetivo de neutralidad de carbono	$ 4 mil millones	Emisiones net-cero para 2050

Vale S.A. (Vale) - Modelo de negocios: recursos clave

Extensas reservas minerales

Vale S.A. posee 300 millones de hectáreas de tierra en todo Brasil, con reservas minerales que incluyen:

Tipo mineral	Reservas probadas	Valor estimado
Mineral de hierro	4.300 millones de toneladas métricas	$ 68.5 mil millones
Níquel	18.6 millones de toneladas métricas	$ 37.2 mil millones
Cobre	1.200 millones de toneladas métricas	$ 22.6 mil millones

Infraestructura minera

Vale opera 17 complejos mineros a nivel mundial con la siguiente infraestructura:

• Flota total de equipos mineros: 1,247 máquinas pesadas
• 6 Corredores de logística integrados
• 3 terminales de puerto principales
• 5.500 kilómetros de redes ferroviarias

Capacidades de la fuerza laboral

Composición total de la fuerza laboral:

Categoría de empleado	Número
Total de empleados	59,000
Ingenieros técnicos	8,750
Investigación & Especialistas en desarrollo	1,200

Recursos financieros

Métricas financieras para 2023:

• Activos totales: $ 146.7 mil millones
• Equivalentes en efectivo y efectivo: $ 12.3 mil millones
• Gastos de capital anuales: $ 6.8 mil millones
• Ingresos anuales: $ 47.6 mil millones

Investigación y desarrollo

Detalles de inversión de I + D:

Área de enfoque de I + D	Inversión anual
Tecnologías mineras sostenibles	$ 420 millones
Innovación ambiental	$ 280 millones
Eficiencia operativa	$ 350 millones

Vale S.A. (Vale) - Modelo de negocio: propuestas de valor

Minerales y metales producidos de alta calidad

Vale S.A. produce 304 millones de toneladas de mineral de hierro en 2023, con el 89% de la producción que cumple con las especificaciones de calidad premium. La cartera de productos de mineral de hierro de la compañía incluye:

Tipo de producto	Producción anual (millones de toneladas)	Cuota de mercado
Gránulos de mineral de hierro	45.2	25%
Multas de mineral de hierro	259.8	35%

Suministro global confiable de materias primas industriales críticas

Vale opera en 30 países, suministrando materias primas industriales críticas con los siguientes volúmenes de producción en 2023:

• Níquel: 178,000 toneladas
• Cobre: ​​309,000 toneladas
• Cobalt: 12,000 toneladas
• Metales preciosos: 674,000 onzas

Compromiso con la responsabilidad ambiental y social

Las métricas de sostenibilidad de Vale para 2023 incluyen:

Métrica de sostenibilidad	Valor
Reducción de emisiones de CO2	16% desde 2017
Uso de energía renovable	48% de la mezcla de energía total
Inversión en proyectos sociales	$ 220 millones

Innovación tecnológica en procesos de minería y extracción

Inversiones tecnológicas de Vale en 2023:

• Gasto de I + D: $ 286 millones
• Flota de camiones de transporte autónomo: 75 vehículos
• Inversión de transformación digital: $ 412 millones

Precios competitivos y calidad constante del producto

Vale's 2023 Precios y métricas de calidad:

Métrico	Valor
Precio promedio de mineral de hierro	$ 106 por tonelada
Consistencia de la calidad del producto	95.7%
Índice de satisfacción del cliente	88%

Vale S.A. (Vale) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con fabricantes industriales

Vale mantiene Acuerdos estratégicos de suministro a largo plazo con fabricantes industriales globales, particularmente en sectores de acero, automotriz y construcción.

Tipo de contrato	Duración promedio	Valor anual del contrato
Contratos de la industria del acero	5-7 años	$ 1.2 mil millones
Acuerdos del sector automotriz	3-5 años	$ 750 millones

Gestión de cuentas dedicada para los principales clientes

Vale ofrece gestión de cuentas especializada para clientes de primer nivel en múltiples segmentos industriales.

• Número de gerentes de cuentas dedicados: 85
• TENISA DE RELACIÓN DEL CLIENTE PROMEDIO: 12 años
• Porcentaje de ingresos de los 10 principales clientes: 42%

Plataformas digitales para la participación del cliente

Vale ha implementado plataformas integrales de interacción digital de clientes.

Plataforma digital	Usuarios activos	Transacciones anuales
Portal de clientes de Vale	3.200 clientes industriales	126,000 transacciones digitales

Informes de sostenibilidad transparente

Vale proporciona informes detallados de sostenibilidad para mantener la confianza y la transparencia del cliente.

• Informes anuales de sostenibilidad publicados: 12 años consecutivos
• Calificación de ESG: BBB (MSCI)
• Cobertura de divulgación de sostenibilidad: 98% de las operaciones

Soporte técnico y desarrollo de productos colaborativos

Vale ofrece un amplio soporte técnico y programas de innovación colaborativa con clientes clave.

Categoría de apoyo	Inversión anual	Proyectos de colaboración de I + D
Servicios de soporte técnico	$ 45 millones	37 proyectos de colaboración activos

Vale S.A. (Vale) - Modelo de negocios: canales

Equipos de ventas directos

Vale opera 10 oficinas de ventas directas en 5 continentes, con una fuerza de ventas dedicada de 287 profesionales especializados de minerales y metales a partir de 2023.

Región	Número de oficinas de ventas	Tamaño del equipo de ventas
América del norte	3	72
Europa	2	58
Asia	3	95
Sudamerica	2	62

Plataformas de marketing digital y comercio electrónico

Los canales digitales de Vale incluyen:

• Sitio web corporativo con 2.3 millones de visitantes mensuales únicos
• Página de la compañía LinkedIn con 426,000 seguidores
• Procesamiento de plataforma de comercio electrónico 1.247 transacciones mensualmente

Conferencias de la industria y exposiciones comerciales

Vale participa en 42 conferencias internacionales de minería y metales anualmente, con una inversión promedio de $ 3.6 millones en presencia de exhibición comercial.

Redes estratégicas de distribución global

Vale mantiene 17 centros de distribución globales en 8 países, con gastos logísticos anuales de $ 412 millones.

Región de distribución	Número de centros	Costo de logística anual
Brasil	5	$ 127 millones
Porcelana	3	$ 86 millones
Europa	4	$ 95 millones
Otras regiones	5	$ 104 millones

Sistemas de gestión de relaciones con clientes en línea

Vale utiliza un sistema CRM basado en la nube que administra 4,672 interacciones con el cliente mensualmente, con una calificación de satisfacción del cliente del 94%.

• Inversión de la plataforma CRM: $ 2.8 millones anuales
• Tiempo de respuesta promedio: 3.2 horas
• Canales de soporte digital: correo electrónico, chat, videoconferencia

Vale S.A. (Vale) - Modelo de negocio: segmentos de clientes

Fabricantes de acero global

Vale sirve a los fabricantes de acero en múltiples continentes con mineral de hierro y producción de pellets.

Región	Suministro anual de mineral de hierro (millones de toneladas)	Cuota de mercado
Porcelana	292.4	25.7%
Japón	98.6	8.6%
Europa	76.3	6.7%

Industrias automotrices y de vehículos eléctricos

Vale suministra metales críticos para la fabricación de automóviles.

• Producción de níquel: 223,500 toneladas en 2022
• Producción de cobalto: 48,300 toneladas en 2022
• Cuota de mercado de Battery Metal: 12.4%

Desarrolladores de construcción e infraestructura

Vale proporciona materias primas para proyectos de infraestructura a nivel mundial.

Segmento de infraestructura	Suministro de material anual (millones de toneladas)
Construcción civil	45.6
Infraestructura de transporte	32.9

Compañías de tecnología de batería y energía renovable

Vale apoya las tecnologías emergentes de energía renovable.

• Producción de sulfato de níquel: 42,000 toneladas en 2022
• Suministro de metal de grado de batería: 18.7% del mercado global

Fabricantes de electrónica y tecnología

Vale suministra metales críticos para la fabricación electrónica.

Metal	Producción anual (toneladas)	Contribución del mercado global
Cobre	273,000	4.2%
Níquel	223,500	9.6%

Vale S.A. (Vale) - Modelo de negocio: Estructura de costos

Alto gasto de capital en infraestructura minera

En 2023, el gasto total de capital de Vale fue de USD 6.5 mil millones, con importantes inversiones en infraestructura minera y activos operativos.

Categoría de gastos de capital	Cantidad (USD miles de millones)
Capex de mantenimiento	3.2
Proyectos de crecimiento	2.8
Inversiones de descarbonización	0.5

Gastos significativos de operación y extracción

Los gastos operativos totales de Vale para 2023 alcanzaron USD 20.3 mil millones.

• Costos de extracción minera: USD 12.5 mil millones
• Gastos de procesamiento y beneficio: USD 4.8 mil millones
• Costos laborales y de personal: USD 3 mil millones

Inversiones de investigación y desarrollo

Vale asignó USD 250 millones a iniciativas de investigación y desarrollo en 2023.

Costos de cumplimiento ambiental y rehabilitación

Categoría de costos ambientales	Cantidad (USD millones)
Monitoreo de cumplimiento	180
Rehabilitación del sitio	350
Tecnología ambiental	120

Gastos complejos de logística global y transporte

Los costos de logística y transporte de Vale en 2023 totalizaron USD 3.7 mil millones.

• Envío marítimo: USD 1.8 mil millones
• Transporte ferroviario: USD 1.2 mil millones
• Operaciones de puerto y terminal: USD 700 millones

Vale S.A. (Vale) - Modelo de negocios: flujos de ingresos

Ventas de mineral de hierro

En 2022, el volumen de ventas de mineral de hierro de Vale alcanzó 326.1 millones de toneladas métricas. El precio promedio del mineral de hierro fue de $ 94.12 por tonelada métrica. Los ingresos del mineral de hierro totalizaron $ 30.76 mil millones.

Año	Volumen de ventas (millones de toneladas métricas)	Precio promedio ($/tonelada métrica)	Ingresos totales (mil millones $)
2022	326.1	94.12	30.76

Exportaciones de níquel y metales base

La producción de níquel de Vale en 2022 fue de 211,000 toneladas métricas. Las ventas de níquel generaron $ 5.4 mil millones en ingresos.

Metal	Volumen de producción (toneladas métricas)	Ingresos (mil millones $)
Níquel	211,000	5.4

Procesamiento mineral y productos de valor agregado

• Producción de cobre: ​​286,000 toneladas métricas en 2022
• Ingresos de cobre: ​​$ 2.1 mil millones
• Producción de cobalto: 4.700 toneladas métricas en 2022
• Ingresos de metales preciosos: $ 1.2 mil millones

Contratos de suministro a largo plazo

Vale tiene acuerdos de suministro a largo plazo con principales productores de acero y fabricantes de vehículos eléctricos. Valor del contrato estimado en $ 15.6 mil millones para el período 2022-2025.

Comercio y cobertura de productos básicos estratégicos

Las actividades de cobertura de productos básicos generaron $ 412 millones en ingresos adicionales en 2022. El volumen de negociación derivada alcanzó los $ 2.3 mil millones.

Actividad comercial	Ingresos (millones $)	Volumen de negociación (mil millones $)
Cobertura de productos básicos	412	2.3

Vale S.A. (VALE) - Canvas Business Model: Value Propositions

You're looking at the core value Vale S.A. (VALE) delivers to its customers and the market as of late 2025. It's a mix of essential raw materials and a growing commitment to cleaner production methods. Honestly, their ability to keep costs low while pivoting their product mix is a major part of the proposition right now.

A primary value is supplying high-grade iron ore products designed to help steel mills cut down on their environmental impact. This focus on quality supports the decarbonization efforts of their downstream partners. For instance, Vale's proprietary iron ore briquettes, developed over 18 years, can enable emissions reductions as high as 10% in the steel industry, with their low-temperature production process using up to 80% less CO2 compared to traditional agglomeration routes. The first briquette plant has been operating since the end of 2023 at Tubarão, with a second plant commissioning in 2024, aiming for a combined capacity of 6 million metric tons of briquettes per year.

Vale also offers a reliable, large-scale supply of critical metals needed for the energy transition. Their base metals segment is seeing strong growth momentum. In Q2 2025, copper production hit 92.6 kt, the highest Q2 output since 2019, with copper sales at around 89 kt. Nickel production in Q2 2025 surged to 40.3 kt, the best Q2 since 2021, with nickel sales at nearly 41.4 kt. The company is backing this with significant investment, projecting base metals CAPEX between USD 25 billion and USD 30 billion over the next decade for new projects.

The commitment to low-carbon solutions and sustainable mining practices is embedded in their targets. Vale achieved its goal to consume 100% renewable electricity in Brazil by 2025, two years ahead of schedule (achieved in 2023). The global renewable electricity target is 2030. They are targeting a 33% reduction in absolute Scope 1 and 2 GHG emissions by 2030 (from a 2017 baseline of 10.5 MtCO2e) and aim for net zero Scope 1 and 2 by 2050. Furthermore, they have an ESG workforce goal to double the presence of women from 13% to 26% by 2025.

Cost competitiveness is a clear differentiator, especially given market volatility. The Q2 2025 iron ore C1 cash cost came in at $22.2/t, marking the fourth consecutive quarter of year-over-year cost reduction. For context, the 2025 forecast for C1 iron ore cash cost is $21.3/t, with all-in iron ore costs guided around ~$55/t for 2025. This discipline helps them remain competitive even with rising tariffs.

You see portfolio flexibility in how Vale adjusts its output based on market signals. For example, in Q2 2025, they redirected pellet feed to iron ore fines sales by pausing production at the São Luís pelletising plant earlier than scheduled. This is a direct response to market conditions, as pellet production fell 12% year-on-year to 7.9 Mt in that quarter, while iron ore sales were down 3% year-on-year to 77.3 Mt, reflecting a strategy to prioritize medium-grade products offering better value realization.

Here's a quick look at some key operational metrics supporting these value propositions:

Metric	2025 Projection/Target	Q2 2025 Actual	Relevant Target Year
Iron Ore Production (Mt)	335 Mt (Projection)	83.6 Mt (Production)	2025
Iron Ore C1 Cash Cost (USD/t)	$21.3/t (Forecast)	$22.2/t (Actual)	2025
Copper Production (kt)	~370 kt (Projection)	92.6 kt (Actual)	2025
Nickel Production (kt)	~175 kt (Projection)	40.3 kt (Actual)	2025
Renewable Electricity in Brazil	100% (Target)	Achieved in 2023	2025

The value proposition also includes specific commitments to ESG and operational safety:

• Eliminate dams in critical safety condition (level 3) by 2025.
• Achieve 100% adherence to Global Standard for Dam Management (GISTM) for other structures by 2025.
• Increase representation of women in senior leadership to 26% by 2025.
• Reach 40% of leadership in Brazil made up of black people by 2026.
• Reduce exposure to harmful health agents by 50% by 2025.

To be fair, the flexibility is also about managing down less favorable products, like the Q2 2025 pellet production which was down 12% year-on-year to 7.9 Mt, aligning with the revised 2025 guidance.

Finance: draft 13-week cash view by Friday.

Vale S.A. (VALE) - Canvas Business Model: Customer Relationships

You're looking at how Vale S.A. manages the relationships that keep the ore and metal flowing to the world's largest consumers. It's all about long-term commitment and de-risking the supply chain for them.

Dedicated B2B sales teams managing long-term, high-volume contracts

Vale S.A. maintains a strong focus on its core B2B clientele, which dictates much of its operational planning. For instance, the company projected iron ore production toward the upper end of guidance for 2025, hitting $\text{335 mt}$ for the year, with copper production estimated at $\text{370 kt}$. The relationship-driven approach is evident in product pricing; the average realized iron ore fines price in the third quarter of $\text{2025}$ was $\text{USD } 94.4/\text{t}$, an $\text{11\%}$ increase quarter-over-quarter. This is supported by a $\text{USD } 2/\text{t}$ improvement in iron ore fines premiums quarter-over-quarter, driven by the product portfolio strategy.

The operational efficiency achieved directly benefits contract stability, as the C1 cash cost for iron ore fines (excluding third-party purchases) was $\text{USD } 20.7/\text{t}$ in Q3 $\text{2025}$, keeping the company on track to meet its $\text{2025}$ guidance of $\text{USD } 20.5-\text{USD } 22/\text{t}$.

Metric	Value (2025 Estimate/Actual)	Period/Context
Projected Iron Ore Production	335 mt	2025 (Update as of Dec 2025)
Projected Copper Production	370 kt	2025 (Update as of Dec 2025)
Iron Ore Fines Realized Price	USD 94.4/t	Q3 2025
Iron Ore Fines C1 Cash Cost	USD 20.7/t	Q3 2025
Copper All-in Cost Guidance (Revised)	USD 1,000-1,500/t	2025

Co-creation with customers on low-carbon solutions and supply chain sustainability

Vale S.A. is actively engaging customers to meet decarbonization targets, which is a key area for future contract value. The company has signed more than 50 MOUs (memorandums of understanding) with customers to advance low-carbon iron ore product hubs. The patented iron ore briquettes, for example, can enable customers to achieve greenhouse gas emissions reductions as high as 10% in the steel industry.

The commitment to this relationship is backed by capital allocation. The estimated decarbonization expenditure for $\text{2025}$ is approximately USD 137 million, following a total spend of approximately USD 1.4 billion since $\text{2020}$ on mitigating Scope 1, 2, and 3 emissions. The long-term strategy aims for a production volume of approximately 100 million metric tons of agglomerates beyond $\text{2030}$.

• Iron ore briquettes offer up to 10% GHG reduction for customers.
• Over 93% of base metals electricity use comes from renewable sources.
• Estimated $\text{2025}$ decarbonization spend: USD 137 million.

Direct, relationship-driven engagement with major global steel producers

Engagement goes beyond just sales; it involves technical partnership and satisfaction measurement. In the $\text{2024}$ Customer Satisfaction Survey, which targeted final iron ore customers (excluding traders), around 93% reported being satisfied or very satisfied with the Technical Assistance offered. Furthermore, the survey achieved a response rate representing approximately 87.8% of Vale S.A.'s iron ore sales volume. This direct feedback loop helps tailor the product portfolio, as seen by the $\text{USD } 2/\text{t}$ premium improvement in Q3 $\text{2025}$ driven by product quality.

The company is also exploring specific development synergies, such as the agreement with Glencore in December $\text{2025}$ to evaluate a copper development project in the Sudbury Basin, expected to produce $\text{880 kt}$ over $\text{21}$ years.

Investor relations focused on transparency and shareholder value creation

Transparency is managed through regular, detailed disclosures. As of December $\text{5, 2025}$, Vale S.A.'s Market Cap stood at USD 56.77B. The company reinforced its commitment to shareholders by using recurring free cash flow, which reached USD 1 billion in Q2 $\text{2025}$, to support returns. Specifically, $\text{USD } 1.984$ billion in dividends and interest on capital was approved for payment in March $\text{2025}$.

Managing the balance sheet is also a key part of this relationship. Expanded net debt ended Q2 $\text{2025}$ at USD 17.4 billion, with management targeting a range between USD 10 and USD 20 billion. The Director of Investor Relations signed the July $\text{2025}$ SEC compliance report, underscoring the commitment to regulatory transparency.

The Chairman of the Board of Directors explicitly noted in the $\text{2025}$ shareholder meetings that engagement stimulates continuous improvement and reinforces confidence in the work developed with a focus on sustainable results.

Finance: draft $\text{13}$-week cash view by Friday.

Vale S.A. (VALE) - Canvas Business Model: Channels

You're looking at how Vale S.A. moves its massive output-iron ore, nickel, and copper-from mine to customer across the globe. It's all about owning the critical path, which means heavy investment in logistics infrastructure.

Direct sales via global commercial offices in Asia, Europe, and the Americas

Vale S.A. executes direct sales through a global footprint, ensuring proximity to major consuming markets, particularly in Asia. The company maintains operations across the Americas, Europe, and Asia, with its headquarters coordinating from Rio de Janeiro, Brazil. Specific commercial offices support these sales efforts, with known subsidiaries like Vale Japan Limited indicating a direct sales channel presence in Asia. The company's operations span five continents, supporting its role as a global supplier.

• Global operational presence across the Americas, Europe, Asia, the Middle East, Africa, and Oceania.
• Head Office functions managed from Rio de Janeiro, Brazil.

Proprietary shipping fleet and maritime terminals for global distribution

The backbone of Vale S.A.'s export channel is its dedicated maritime capability, centered around the massive Valemax Very Large Ore Carriers (VLOCs). These ships, with capacities ranging from 380,000 to 400,000 tons deadweight (DWT), are designed to meet the Chinamax standard for efficient long-haul transport to Asian customers. As of 2020, the total Valemax fleet stood at 68 vessels, a key component of their sea-based distribution strategy. This proprietary control over shipping mitigates reliance on the volatile spot charter market for a significant portion of its volume.

The company also operates several high-capacity maritime terminals in Brazil to load these vessels. For instance, the Port of Tubarão alone ships around 80 million metric tonnes of iron ore, representing approximately 30% of the company's annual production. This integrated system is crucial, especially considering Vale S.A.'s 2024 iron ore sales volume of 77.3 million metric tons.

Maritime Terminal	Location	Approximate Annual Throughput (Metric Tonnes)
Port of Tubarão	Vitória, Espírito Santo	80,000,000 (30% of annual production)
Ponta da Madeira	Maranhão	Around 70,000,000
Port of Sepetiba	Rio de Janeiro	Around 60,000,000

Global network of distribution centers and blending facilities

To manage product quality and meet specific customer requirements globally, Vale S.A. utilizes a network of distribution centers and blending facilities worldwide. This allows the company to blend different grades of material to achieve precise specifications before final delivery. This capability supports the premium pricing often commanded by its high-grade products, such as the Carajas iron ore maintaining an industry-leading 66.7% Fe content.

• Supports product customization via blending operations.
• Maintains product quality consistency for global customers.
• Owned and operated centers support worldwide iron ore delivery.

Rail and port systems in Brazil for domestic transport and export

Domestic logistics within Brazil rely heavily on Vale S.A.'s owned and operated rail infrastructure, which connects major mining complexes to export ports. This captive network is a major cost advantage, helping the company target a 2025 C1 cash cost guidance of $20.5 to $22 per ton.

The two primary lines are the Carajas railroad and the Vitória a Minas railroad (EFVM). The Carajas line runs for 892 km, linking the Pará mines to the Ponta da Madeira port. The EFVM is 905 km long, connecting the Iron Quadrangle in Minas Gerais to the Port of Tubarão. Furthermore, Vale S.A. is actively enhancing this channel, with a $7.43 billion investment for the Anchieta branch of the EFVM, which is expected to add capacity to transport up to 15 million tons of cargo annually.

Rail System Component	Length (Kilometers)	Key Connection	Capacity/Investment Data
Carajas Railroad	892 km	Carajás Mines (Pará) to Ponta da Madeira Port	Upgrading to support 240 million ton capacity.
Vitória a Minas Railroad (EFVM)	905 km	Iron Quadrangle (MG) to Port of Tubarão (ES)	Anchieta branch investment of $7.43 billion for 15 Mt/year capacity.

The company is also advancing on its growth story, with iron ore production reaching 84 million tons in Q2 2025, driven by ramp-ups like the Capanema project and strong performance at S11D, all dependent on these integrated rail and port channels.

Vale S.A. (VALE) - Canvas Business Model: Customer Segments

You're looking at the core of Vale S.A.'s (VALE) business, and honestly, it's all about scale and where the world needs its raw materials right now. The customer base is dominated by heavy industry, but the future growth story is clearly leaning into the energy transition.

Large, multinational steel manufacturers represent the bedrock of Vale S.A.'s financial performance. This group is the primary destination for the company's massive iron ore and pellet output. Through the first nine months of 2025, the Iron Solutions segment, which includes iron ore and pellets, was the primary revenue source, contributing roughly 80.8% of the total Q3 2025 revenue, which itself was $10.42 billion. The company is tracking towards the upper end of its 2025 iron ore production guidance, which is in the range of 325-335 million tonnes. For context on recent activity, Vale S.A.'s iron ore sales totaled 77.3 million tonnes in Q2 2025, and in Q3 2025, sales rose by 5.1% year-on-year to 86 million tons. While the company prioritizes medium-grade products, the sheer volume moved to steelmakers defines the near-term financial picture.

The shift toward electrification means that Electric Vehicle (EV) battery and component manufacturers are becoming strategically vital customers for Vale S.A.'s Base Metals division. Vale S.A. accounts for about 6%-7% of the global nickel supply. In 2024, Vale S.A. produced 179,000 metric tons of nickel, with operations spanning Brazil, Canada, and Indonesia. The company has secured a long-term deal to supply Tesla with class 1 nickel from its Canadian facilities. Nickel production saw a significant surge in Q2 2025, reaching approximately 40,300t, a 44% year-on-year increase. Nickel contributed approximately 12% of Vale S.A.'s 2024 revenue, which amounted to $4.2 billion.

The customer base also includes established users of Vale S.A.'s other products, which you see reflected in the overall sales figures.

Here's a quick look at the production and sales volumes for the key commodities sold to these customer groups in recent quarters:

Product Segment	Metric	Q2 2025 Result	Q1 2025 Result
Iron Ore Sales (Steel Manufacturers)	Million Tonnes (Mt)	77.3	Not explicitly stated for Q1 sales volume
Nickel Production	Thousand Tonnes (kt)	40.3	Not explicitly stated for Q1 production
Nickel Sales	Thousand Tonnes (kt)	Approx. 41.4	Approx. 5.8 kt increase y/y, or approx. 37.8 kt based on Q1 2024 sales
Copper Sales (Alloy/Industrial Use)	Thousand Tonnes (kt)	Approx. 89	Approx. 5.1 kt increase y/y

The remaining customer groups, such as Nickel alloy and stainless steel producers and Ferroalloy and manganese producers, are largely captured within the Ferrous Minerals and Base Metals reporting segments, though specific revenue splits aren't itemized granularly in the latest reports. The Base Metals division, which includes nickel, is projected by Vale S.A. to grow to represent 25% of earnings by 2030.

You should keep an eye on these specific customer-facing trends:

• The primary market for iron ore remains heavily concentrated in Asia, with China being a key focus area for Vale S.A..
• The push for low-carbon nickel from Vale S.A.'s Canadian assets is a specific value proposition for EV battery makers focused on ESG metrics.
• Vale S.A.'s nickel division is undergoing a strategic review due to short-term market oversupply pressures, which could affect future supply agreements with these segments.
• The company is actively working to lower costs across its base metals, with nickel all-in costs at $12,396/t in Q2 2025, down 30% year-on-year.

Finance: draft a sensitivity analysis on Q4 2025 revenue assuming a 10% drop in realized iron ore prices by Friday.

Vale S.A. (VALE) - Canvas Business Model: Cost Structure

You're looking at the heavy lifting costs that keep Vale S.A. running, and honestly, it's dominated by the sheer scale of mining and moving material. The cost structure is inherently high in fixed costs, which you'd expect from an operation relying on massive mines, huge fleets of heavy equipment, and extensive logistics infrastructure like railways and port facilities. These assets require constant, non-negotiable spending just to keep the lights on, regardless of daily iron ore prices.

Operating expenses are where the day-to-day cash burn happens, driven heavily by labor, the energy needed to power everything from crushers to conveyor belts, and the relentless maintenance required for that heavy gear. For instance, in Q2 2025, the total Cost of Revenue, which covers mining, processing, and logistics, clocked in at $6.09 billion. Beyond that core cost, general Operating Expenses were reported at $715 million in the same quarter.

When we look at capital expenditures (CapEx), Vale S.A. has guided its spending for 2025 between $5.4 billion and $5.7 billion for the year, focusing on sustaining operations and measured growth projects. This spending is split between Iron Ore Solutions, projected around $3.9 billion, and Vale Base Metals, around $1.6 billion for 2025.

Also, you can't ignore the significant, non-operational costs tied to legacy issues. Vale S.A. booked an additional provision of about $500 million in its 2025 financial statements specifically to cover obligations linked to the Fundão dam disaster. This latest commitment brings the total recognized Vale Fundão dam provisions to approximately $2.9 billion. The broader Integral Reparation Agreement, which covers the full reparation to be concluded, has a total financial value of approximately R$170 billion.

The good news for Vale S.A. is its position as a low-cost producer, which is its primary defense against commodity price swings. The all-in iron ore cost for Q2 2025 was reported at $55.3/t. This efficiency is a key part of their strategy, as seen in the breakdown of unit costs for that same quarter:

Cost Metric	Amount (Q2 2025)	Context
Iron Ore All-in Cost	$55.3/t	As per Q2 2025 results
Iron Ore C1 Cash Cost	$22.2/t	Excluding third-party purchases
Copper All-in Cost	$1,450/t	Down 60% year-over-year
Nickel All-in Cost	$12,396/t	Down 30% year-over-year

These unit costs reflect intense focus on operational excellence. You can see where the money goes in the general ledger, too. For Q2 2025, the breakdown of key operating expenses looked like this:

• Cost of Revenue (Mining, Processing, Logistics): $6.09B
• Total Operating Expenses: $715M
• Research & Development (R&D): $159M
• Sales, General & Administrative (SG&A): $124M

Also, you should note the expected cash outflows for decharacterization, Brumadinho, and Samarco commitments were estimated to total $4.2 billion for the 2025 fiscal year. That's a substantial, non-discretionary cash item you have to factor in.

The main drivers keeping the overall cost base competitive, despite the fixed overhead, are:

• Efficiency gains across all segments, leading to lower unit costs.
• High output from core iron ore operations, leveraging existing fixed assets.
• Strategic investment in maintenance CapEx, projected near $4.3 billion in 2025.
• Ramp-up of lower-cost copper production, with guidance revised down to $1,500-2,000/t for 2025.

Finance: draft 13-week cash view by Friday.

Vale S.A. (VALE) - Canvas Business Model: Revenue Streams

You're looking at how Vale S.A. brings in the money, which is heavily concentrated in a few key areas as of late 2025. The total net operating revenue for the third quarter of 2025 hit $10,420 million.

The primary engine remains the sale of iron ore and pellets, which the company groups under Iron Solutions. This segment consistently contributes the lion's share of the top line, accounting for over 80% of the Q3 2025 revenue. The average realized iron ore fines price in that quarter was $94.4/t, reflecting strong quality premiums.

Here's a look at the key revenue drivers based on the Q3 2025 performance data:

• Iron Ore and Pellets sales: Contributing over 80% of Q3 2025 revenue.
• Base Metals sales (nickel, copper, cobalt): Reported Q3 2025 revenue of $1.997 billion.
• Logistics services revenue from third-party use of rail and port assets.
• Sales of by-products like gold and silver from polymetallic sites.

The operational performance in Q3 2025 supported these streams, with iron ore sales reaching 86.0 million metric tons, a 5% increase year-over-year. Pellet output was 8.0 Mt, though this was adjusted down 23% year-over-year based on market conditions, with that feed material redirected to fines sales for optimization.

The Base Metals segment showed strong operational results, which feeds directly into this revenue stream. Copper production was 90.8 kt, marking its best third quarter since 2019. Nickel production totaled 46.8 kt for the quarter. These metal sales, alongside by-product revenues, form the second major pillar.

To give you a clearer picture of the Q3 2025 revenue composition, based on reported figures and required data points, here is the breakdown:

Revenue Stream	Q3 2025 Revenue (USD)	Supporting Operational Data (Q3 2025)
Iron Ore and Pellets Sales	Over $8,336 million (Implied from >80% of total)	Iron Ore Sales: 86.0 Mt; Average Fines Price: $94.4/t
Base Metals Sales (Ni, Cu, Co)	$1.997 billion	Copper Production: 90.8 kt; Nickel Production: 46.8 kt
Logistics Services	Implied Remainder	Third-party use of rail and port assets
By-products (Gold, Silver)	Implied Remainder	Contributed to lower Copper all-in costs to $994/t

The logistics component is a steady earner, leveraging Vale S.A.'s extensive infrastructure, including its dedicated rail network and port facilities, for third-party customers when internal needs allow. Also, don't overlook the by-products; the revenue from gold and silver, for instance, helped drive down the all-in costs for copper to $994/t in the quarter, effectively boosting the profitability of the Base Metals segment.

Finance: draft 13-week cash view by Friday.