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

In der dynamischen Welt des globalen Bergbaus und der Ressourcengewinnung gilt Vale S.A. als Gigant der industriellen Innovation und navigiert strategisch durch komplexe Marktlandschaften durch ein sorgfältig ausgearbeitetes Geschäftsmodell, das technologische Leistungsfähigkeit, Umweltverantwortung und strategische globale Partnerschaften in Einklang bringt. Mit Aktivitäten in kritischen Industriesektoren wie Stahl, Automobil und erneuerbare Energien offenbart Vales Business Model Canvas einen ausgefeilten Ansatz zur Mineralgewinnung, Wertschöpfung und nachhaltigen Entwicklung, der weit über traditionelle Bergbauparadigmen hinausgeht.

Vale S.A. (VALE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen Herstellern von Bergbauausrüstung

Vale hat strategische Partnerschaften mit führenden Herstellern von Bergbauausrüstung aufgebaut:

Partner	Einzelheiten zur Partnerschaft	Investitionswert
Caterpillar Inc.	Lieferung von groß angelegter Bergbauausrüstung	Jährliche Beschaffung im Wert von 450 Millionen US-Dollar
Komatsu Ltd.	Fortschrittliche autonome Bergbautechnologie	Ausrüstungsvertrag über 320 Millionen US-Dollar

Joint Ventures mit chinesischen Stahl- und Infrastrukturunternehmen

Zu den wichtigsten chinesischen Partnerschaften von Vale gehören:

• Shandong-Eisen & Steel Group: Gemeinsames Infrastrukturprojekt im Wert von 1,2 Milliarden US-Dollar
• China Baowu Steel Group: Strategische Mineralliefervereinbarung im Wert von 780 Millionen US-Dollar pro Jahr
• WISCO (Wuhan Iron and Steel Corporation): Langfristige Zusammenarbeit im Bereich Bodenschätze

Technologische Partnerschaften mit Nachhaltigkeits- und Dekarbonisierungsunternehmen

Partner	Fokusbereich	Investition
Bahnbrechende Energieunternehmen	CO2-arme Bergbautechnologien	250-Millionen-Dollar-Investition
Shell Neue Energien	Integration erneuerbarer Energien	340-Millionen-Dollar-Dekarbonisierungsprogramm

Zusammenarbeit mit Logistik- und Transportanbietern

Zu den Logistikpartnerschaften gehören:

• Maersk Line: Globaler Schifffahrtsvertrag im Wert von 620 Millionen US-Dollar
• Brasilianisches Schienennetz (ALL Logistica): Verkehrsinfrastrukturabkommen
• Hafen von Tubarão: Integrierte Logistikpartnerschaft

Forschungskooperationen mit Universitäten und Umwelttechnologieinstituten

Institution	Forschungsschwerpunkt	Finanzierung
MIT (Massachusetts Institute of Technology)	Nachhaltige Bergbautechnologien	Forschungsstipendium in Höhe von 45 Millionen US-Dollar
Bundesuniversität Rio de Janeiro	Techniken zur Umweltsanierung	Forschungskooperation im Wert von 22 Millionen US-Dollar

Vale S.A. (VALE) – Geschäftsmodell: Hauptaktivitäten

Mineralgewinnung und -verarbeitung im großen Maßstab

Vale betreibt 17 Mineralgewinnungskomplexe in ganz Brasilien mit einer jährlichen Eisenerzproduktionskapazität von 400 Millionen Tonnen. Im Jahr 2022 förderte das Unternehmen 326,1 Millionen Tonnen Eisenerz.

Mineralressource	Jährliche Produktionskapazität	Produktionsvolumen 2022
Eisenerz	400 Millionen Tonnen	326,1 Millionen Tonnen
Nickel	250.000 Tonnen	209.000 Tonnen

Globale Eisenerz- und Nickelproduktion und -verteilung

Vale ist in 30 Ländern tätig und verfügt über wichtige Produktionsstandorte in Brasilien, Kanada, Indonesien und Australien. Das globale Vertriebsnetz des Unternehmens beliefert Stahlhersteller und Industriekunden.

• Globale operative Präsenz in 30 Ländern
• Große Produktionsstandorte auf 4 Kontinenten
• Jährliche Nickelproduktion: 209.000 Tonnen

Nachhaltige Entwicklung der Bergbautechnologie

Vale investierte im Jahr 2022 1,4 Milliarden US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf nachhaltige Bergbautechnologien und Dekarbonisierungsstrategien.

Technologie-Investitionsbereich	Investitionsbetrag (2022)
Nachhaltige Bergbautechnologien	1,4 Milliarden US-Dollar
Dekarbonisierungsforschung	350 Millionen Dollar

Komplexes Supply Chain Management

Vale verwaltet ein hochentwickeltes Logistiknetzwerk, das Seeschifffahrt, Schienentransport und Hafenbetrieb umfasst. Das Unternehmen besitzt vier eigene Seeterminals und betreibt 4.500 Kilometer Eisenbahnstrecken.

• 4 spezielle Seeterminals
• 4.500 Kilometer Eisenbahninfrastruktur
• Weltweite Schifffahrtsflotte von 47 Schiffen

Umweltsanierungs- und Naturschutzprojekte

Im Jahr 2022 stellte Vale 250 Millionen US-Dollar für Umweltsanierungsprojekte bereit und verpflichtete sich, bis 2030 30.000 Hektar Land wiederherzustellen.

Umweltinitiative	Investition	Ziel
Landsanierung	250 Millionen Dollar	30.000 Hektar bis 2030
Ziel der CO2-Neutralität	4 Milliarden Dollar	Netto-Null-Emissionen bis 2050

Vale S.A. (VALE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Mineralreserven

Vale S.A. besitzt 300 Millionen Hektar Land in ganz Brasilien mit Mineralreserven, darunter:

Mineraltyp	Bewährte Reserven	Geschätzter Wert
Eisenerz	4,3 Milliarden Tonnen	68,5 Milliarden US-Dollar
Nickel	18,6 Millionen Tonnen	37,2 Milliarden US-Dollar
Kupfer	1,2 Milliarden Tonnen	22,6 Milliarden US-Dollar

Bergbauinfrastruktur

Vale ist tätig 17 Bergbaukomplexe Weltweit mit folgender Infrastruktur:

• Gesamtflotte der Bergbauausrüstung: 1.247 schwere Maschinen
• 6 integrierte Logistikkorridore
• 3 große Hafenterminals
• 5.500 Kilometer Schienennetz

Fähigkeiten der Belegschaft

Zusammensetzung der Gesamtbelegschaft:

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	59,000
Technische Ingenieure	8,750
Forschung & Entwicklungsspezialisten	1,200

Finanzielle Ressourcen

Finanzkennzahlen für 2023:

• Gesamtvermögen: 146,7 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 12,3 Milliarden US-Dollar
• Jährliche Kapitalausgaben: 6,8 Milliarden US-Dollar
• Jahresumsatz: 47,6 Milliarden US-Dollar

Forschung und Entwicklung

Details zu F&E-Investitionen:

F&E-Schwerpunktbereich	Jährliche Investition
Nachhaltige Bergbautechnologien	420 Millionen Dollar
Umweltinnovation	280 Millionen Dollar
Betriebseffizienz	350 Millionen Dollar

Vale S.A. (VALE) – Geschäftsmodell: Wertversprechen

Hochwertige, nachhaltig produzierte Mineralien und Metalle

Vale S.A. produziert im Jahr 2023 304 Millionen Tonnen Eisenerz, wobei 89 % der Produktion den Premium-Qualitätsspezifikationen entsprechen. Das Eisenerz-Produktportfolio des Unternehmens umfasst:

Produkttyp	Jahresproduktion (Millionen Tonnen)	Marktanteil
Eisenerzpellets	45.2	25%
Eisenerzstrafen	259.8	35%

Zuverlässige globale Versorgung mit kritischen Industrierohstoffen

Vale ist in 30 Ländern tätig und liefert kritische Industrierohstoffe mit den folgenden Produktionsmengen im Jahr 2023:

• Nickel: 178.000 Tonnen
• Kupfer: 309.000 Tonnen
• Kobalt: 12.000 Tonnen
• Edelmetalle: 674.000 Unzen

Engagement für ökologische und soziale Verantwortung

Zu den Nachhaltigkeitskennzahlen von Vale für 2023 gehören:

Nachhaltigkeitsmetrik	Wert
Reduzierung der CO2-Emissionen	16 % seit 2017
Nutzung erneuerbarer Energien	48 % des gesamten Energiemixes
Investition in soziale Projekte	220 Millionen Dollar

Technologische Innovation in Bergbau- und Extraktionsprozessen

Vales technologische Investitionen im Jahr 2023:

• F&E-Ausgaben: 286 Millionen US-Dollar
• Autonome Lkw-Flotte: 75 Fahrzeuge
• Investition in die digitale Transformation: 412 Millionen US-Dollar

Wettbewerbsfähige Preise und gleichbleibende Produktqualität

Preis- und Qualitätskennzahlen von Vale für 2023:

Metrisch	Wert
Durchschnittlicher Eisenerzpreis	106 $ pro Tonne
Konstanz der Produktqualität	95.7%
Kundenzufriedenheitsindex	88%

Vale S.A. (VALE) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrieherstellern

Vale behauptet strategische langfristige Lieferverträge mit globalen Industrieherstellern, insbesondere in der Stahl-, Automobil- und Baubranche.

Vertragstyp	Durchschnittliche Dauer	Jährlicher Vertragswert
Verträge für die Stahlindustrie	5-7 Jahre	1,2 Milliarden US-Dollar
Vereinbarungen für den Automobilsektor	3-5 Jahre	750 Millionen Dollar

Dediziertes Account-Management für Großkunden

Vale bietet spezialisiertes Account-Management für Top-Kunden in mehreren Industriesegmenten.

• Anzahl dedizierter Account Manager: 85
• Durchschnittliche Kundenbeziehungsdauer: 12 Jahre
• Prozentsatz des Umsatzes mit Top-10-Kunden: 42 %

Digitale Plattformen für die Kundenbindung

Vale hat umfassende digitale Kundeninteraktionsplattformen implementiert.

Digitale Plattform	Aktive Benutzer	Jährliche Transaktionen
Vale-Kundenportal	3.200 Industriekunden	126.000 digitale Transaktionen

Transparente Nachhaltigkeitsberichterstattung

Vale bietet detaillierte Nachhaltigkeitsberichte, um das Vertrauen und die Transparenz der Kunden zu wahren.

• Jährliche Nachhaltigkeitsberichte veröffentlicht: 12 Jahre in Folge
• ESG-Rating: BBB (MSCI)
• Abdeckung der Nachhaltigkeitsoffenlegung: 98 % der Geschäftstätigkeit

Technischer Support und kollaborative Produktentwicklung

Vale bietet umfassenden technischen Support und gemeinsame Innovationsprogramme mit Schlüsselkunden.

Support-Kategorie	Jährliche Investition	F&E-Kooperationsprojekte
Technische Supportdienste	45 Millionen Dollar	37 aktive Kooperationsprojekte

Vale S.A. (VALE) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Vale betreibt 10 Direktvertriebsbüros auf 5 Kontinenten und verfügt ab 2023 über ein engagiertes Vertriebsteam von 287 spezialisierten Mineralien- und Metallfachleuten.

Region	Anzahl der Vertriebsbüros	Größe des Vertriebsteams
Nordamerika	3	72
Europa	2	58
Asien	3	95
Südamerika	2	62

Digitale Marketing- und E-Commerce-Plattformen

Zu den digitalen Kanälen von Vale gehören:

• Unternehmenswebsite mit 2,3 Millionen einzelnen monatlichen Besuchern
• LinkedIn-Unternehmensseite mit 426.000 Followern
• E-Commerce-Plattform, die monatlich 1.247 Transaktionen verarbeitet

Branchenkonferenzen und Fachausstellungen

Vale nimmt jährlich an 42 internationalen Bergbau- und Metallkonferenzen teil und investiert durchschnittlich 3,6 Millionen US-Dollar in die Messepräsenz.

Strategische globale Vertriebsnetzwerke

Vale unterhält 17 globale Vertriebszentren in 8 Ländern mit jährlichen Logistikausgaben von 412 Millionen US-Dollar.

Verbreitungsgebiet	Anzahl der Zentren	Jährliche Logistikkosten
Brasilien	5	127 Millionen Dollar
China	3	86 Millionen Dollar
Europa	4	95 Millionen Dollar
Andere Regionen	5	104 Millionen Dollar

Online-Kundenbeziehungsmanagementsysteme

Vale nutzt ein cloudbasiertes CRM-System, das monatlich 4.672 Kundeninteraktionen verwaltet, mit einer Kundenzufriedenheitsbewertung von 94 %.

• Investition in die CRM-Plattform: 2,8 Millionen US-Dollar pro Jahr
• Durchschnittliche Antwortzeit: 3,2 Stunden
• Digitale Supportkanäle: E-Mail, Chat, Videokonferenz

Vale S.A. (VALE) – Geschäftsmodell: Kundensegmente

Globale Stahlhersteller

Vale beliefert Stahlhersteller auf mehreren Kontinenten mit der Produktion von Eisenerz und Pellets.

Region	Jährliche Eisenerzversorgung (Millionen Tonnen)	Marktanteil
China	292.4	25.7%
Japan	98.6	8.6%
Europa	76.3	6.7%

Automobil- und Elektrofahrzeugindustrie

Vale liefert kritische Metalle für die Automobilherstellung.

• Nickelproduktion: 223.500 Tonnen im Jahr 2022
• Kobaltproduktion: 48.300 Tonnen im Jahr 2022
• Marktanteil von Batteriemetallen: 12,4 %

Bau- und Infrastrukturentwickler

Vale liefert Rohstoffe für Infrastrukturprojekte weltweit.

Infrastruktursegment	Jährliche Materialversorgung (Millionen Tonnen)
Zivilbau	45.6
Verkehrsinfrastruktur	32.9

Unternehmen für Batterie- und erneuerbare Energietechnologie

Vale unterstützt neue Technologien für erneuerbare Energien.

• Nickelsulfatproduktion: 42.000 Tonnen im Jahr 2022
• Versorgung mit Batteriemetallen: 18,7 % des Weltmarktes

Elektronik- und Technologiehersteller

Vale liefert kritische Metalle für die Elektronikfertigung.

Metal	Jahresproduktion (Tonnen)	Globaler Marktbeitrag
Kupfer	273,000	4.2%
Nickel	223,500	9.6%

Vale S.A. (VALE) – Geschäftsmodell: Kostenstruktur

Hoher Kapitalaufwand in der Bergbauinfrastruktur

Im Jahr 2023 beliefen sich die Gesamtinvestitionen von Vale auf 6,5 Milliarden US-Dollar, mit erheblichen Investitionen in die Bergbauinfrastruktur und Betriebsanlagen.

Kategorie „Kapitalausgaben“.	Betrag (Milliarden USD)
Wartungsinvestitionen	3.2
Wachstumsprojekte	2.8
Dekarbonisierungsinvestitionen	0.5

Erhebliche Betriebs- und Extraktionskosten

Die gesamten Betriebskosten von Vale beliefen sich im Jahr 2023 auf 20,3 Milliarden US-Dollar.

• Bergbaukosten: 12,5 Milliarden US-Dollar
• Bearbeitungs- und Aufbereitungskosten: 4,8 Milliarden US-Dollar
• Arbeits- und Personalkosten: 3 Milliarden US-Dollar

Forschungs- und Entwicklungsinvestitionen

Vale stellte im Jahr 2023 250 Millionen US-Dollar für Forschungs- und Entwicklungsinitiativen bereit.

Umweltkonformität und Sanierungskosten

Kategorie „Umweltkosten“.	Betrag (in Mio. USD)
Compliance-Überwachung	180
Standortsanierung	350
Umwelttechnologie	120

Komplexe globale Logistik- und Transportkosten

Die Logistik- und Transportkosten von Vale beliefen sich im Jahr 2023 auf insgesamt 3,7 Milliarden US-Dollar.

• Seeschifffahrt: 1,8 Milliarden US-Dollar
• Schienenverkehr: 1,2 Milliarden US-Dollar
• Hafen- und Terminalbetrieb: 700 Millionen US-Dollar

Vale S.A. (VALE) – Geschäftsmodell: Einnahmequellen

Verkauf von Eisenerz

Im Jahr 2022 erreichte Vales Eisenerz-Verkaufsvolumen 326,1 Millionen Tonnen. Der durchschnittliche Eisenerzpreis betrug 94,12 US-Dollar pro Tonne. Der Umsatz mit Eisenerz belief sich auf 30,76 Milliarden US-Dollar.

Jahr	Verkaufsvolumen (Millionen Tonnen)	Durchschnittspreis ($/Tonne)	Gesamtumsatz (Milliarden US-Dollar)
2022	326.1	94.12	30.76

Exporte von Nickel und unedlen Metallen

Die Nickelproduktion von Vale betrug im Jahr 2022 211.000 Tonnen. Der Nickelverkauf generierte einen Umsatz von 5,4 Milliarden US-Dollar.

Metal	Produktionsvolumen (Tonnen)	Umsatz (Milliarden $)
Nickel	211,000	5.4

Mineralverarbeitung und Mehrwertprodukte

• Kupferproduktion: 286.000 Tonnen im Jahr 2022
• Kupferumsatz: 2,1 Milliarden US-Dollar
• Kobaltproduktion: 4.700 Tonnen im Jahr 2022
• Umsatz mit Edelmetallen: 1,2 Milliarden US-Dollar

Langfristige Lieferverträge

Vale verfügt über langfristige Lieferverträge mit großen Stahlproduzenten und Herstellern von Elektrofahrzeugen. Der Auftragswert wird für den Zeitraum 2022–2025 auf 15,6 Milliarden US-Dollar geschätzt.

Strategischer Rohstoffhandel und Hedging

Rohstoffabsicherungsaktivitäten generierten im Jahr 2022 zusätzliche Einnahmen in Höhe von 412 Millionen US-Dollar. Das Handelsvolumen mit Derivaten erreichte 2,3 Milliarden US-Dollar.

Handelsaktivität	Umsatz (Millionen $)	Handelsvolumen (Milliarden US-Dollar)
Rohstoffabsicherung	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.