Vale S.A. (Vale): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique de l'extraction mondiale de l'exploitation minière et des ressources, Vale S.A. est un titan de l'innovation industrielle, naviguant stratégiquement des paysages de marché complexes à travers un modèle commercial méticuleusement conçu qui équilibre les prouesses technologiques, la responsabilité environnementale et les partenariats mondiaux stratégiques. Les opérations couvrant des secteurs industriels critiques comme l'acier, l'automobile et les énergies renouvelables, le canevas du modèle commercial de Vale révèle une approche sophistiquée de l'extraction minérale, de la création de valeur et du développement durable qui va bien au-delà des paradigmes d'exploitation traditionnels.

Vale S.A. (Vale) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fabricants mondiaux d'équipements minières

Vale a établi des partenariats stratégiques avec les principaux fabricants d'équipements miniers:

Partenaire	Détails du partenariat	Valeur d'investissement
Caterpillar Inc.	Approvisionnement en équipement minière à grande échelle	450 millions de dollars d'approvisionnement annuel
Komatsu Ltd.	Technologie minière autonome avancée	Contrat d'équipement de 320 millions de dollars

Coentreprises avec des sociétés chinoises en acier et infrastructure

Les principaux partenariats chinois de Vale comprennent:

• Fer à fer du shandong & Groupe d'acier: projet d'infrastructure conjoint d'une valeur de 1,2 milliard de dollars
• China Baowu Steel Group: Contrat stratégique de l'offre de minéraux d'une valeur de 780 millions de dollars par an
• Wisco (Wuhan Iron and Steel Corporation): collaboration à long terme des ressources minérales

Partenariats technologiques avec les entreprises de durabilité et de décarbonisation

Partenaire	Domaine de mise au point	Investissement
Bragershrough Energy Ventures	Technologies d'exploitation à faible teneur en carbone	Investissement de 250 millions de dollars
Coquille de nouvelles énergies	Intégration d'énergie renouvelable	Programme de décarbonisation de 340 millions de dollars

Collaboration avec les fournisseurs de logistique et de transport

Les partenariats logistiques comprennent:

• Mersk Line: Contrat d'expédition mondial d'une valeur de 620 millions de dollars
• Réseau ferroviaire brésilien (All Logistica): Contrat d'infrastructure de transport
• Port de Tubarão: partenariat logistique intégré

Partenariats de recherche avec les universités et les instituts de technologie environnementale

Institution	Focus de recherche	Financement
MIT (Massachusetts Institute of Technology)	Technologies minières durables	Subvention de recherche de 45 millions de dollars
Université fédérale de Rio de Janeiro	Techniques de correction environnementale	Collaboration de recherche de 22 millions de dollars

Vale S.A. (Vale) - Modèle d'entreprise: activités clés

Extraction et traitement minéraux à grande échelle

Vale exploite 17 complexes d'extraction minérale à travers le Brésil, avec une capacité annuelle de production de minerai de fer de 400 millions de tonnes métriques. En 2022, la société a extrait 326,1 millions de tonnes métriques de minerai de fer.

Ressource minérale	Capacité de production annuelle	2022 Volume de production
Minerai de fer	400 millions de tonnes métriques	326,1 millions de tonnes métriques
Nickel	250 000 tonnes métriques	209 000 tonnes métriques

Production et distribution mondiale du minerai de fer et du nickel

Vale opère dans 30 pays, avec des sites de production clés au Brésil, au Canada, en Indonésie et en Australie. Le réseau de distribution mondial de l'entreprise sert des fabricants d'acier et des clients industriels.

• Présence opérationnelle mondiale dans 30 pays
• Majeurs sites de production dans 4 continents
• Production annuelle de nickel: 209 000 tonnes métriques

Développement de technologies minières durables

Vale a investi 1,4 milliard de dollars dans la recherche et le développement en 2022, en se concentrant sur les technologies minières durables et les stratégies de décarbonisation.

Zone d'investissement technologique	Montant d'investissement (2022)
Technologies minières durables	1,4 milliard de dollars
Recherche de décarbonisation	350 millions de dollars

Gestion complexe de la chaîne d'approvisionnement

Vale gère un réseau logistique sophistiqué impliquant l'expédition maritime, le transport ferroviaire et les opérations portuaires. La société possède 4 terminaux maritimes dédiés et exploite 4 500 kilomètres de chemins de fer.

• 4 terminaux maritimes dédiés
• 4 500 kilomètres d'infrastructures ferroviaires
• Flotte d'expédition mondiale de 47 navires

Projets de réadaptation environnementale et de conservation

En 2022, Vale a alloué 250 millions de dollars aux projets de réadaptation environnementale, avec un engagement à restaurer 30 000 hectares de terrain d'ici 2030.

Initiative environnementale	Investissement	Cible
Réhabilitation des terres	250 millions de dollars	30 000 hectares d'ici 2030
Objectif de neutralité au carbone	4 milliards de dollars	Émissions nettes-zéro d'ici 2050

Vale S.A. (Vale) - Modèle d'entreprise: Ressources clés

Réserves minérales étendues

Vale S.A. possède 300 millions d'hectares des terres à travers le Brésil, avec des réserves minérales, notamment:

Type minéral	Réserves éprouvées	Valeur estimée
Minerai de fer	4,3 milliards de tonnes métriques	68,5 milliards de dollars
Nickel	18,6 millions de tonnes métriques	37,2 milliards de dollars
Cuivre	1,2 milliard de tonnes métriques	22,6 milliards de dollars

Infrastructure minière

Vale fonctionne 17 complexes minières À l'échelle mondiale avec l'infrastructure suivante:

• Flotte totale d'équipements d'extraction: 1 247 machines lourdes
• 6 couloirs logistiques intégrés
• 3 Terminaux portuaires majeurs
• 5 500 kilomètres de réseaux ferroviaires

Capacités de main-d'œuvre

Composition totale de la main-d'œuvre:

Catégorie des employés	Nombre
Total des employés	59,000
Ingénieurs techniques	8,750
Recherche & Spécialistes du développement	1,200

Ressources financières

Mesures financières pour 2023:

• Actif total: 146,7 milliards de dollars
• Equivalents en espèces et en espèces: 12,3 milliards de dollars
• Dépenses en capital annuelles: 6,8 milliards de dollars
• Revenu annuel: 47,6 milliards de dollars

Recherche et développement

Détails de l'investissement R&D:

Zone de focus R&D	Investissement annuel
Technologies minières durables	420 millions de dollars
Innovation environnementale	280 millions de dollars
Efficacité opérationnelle	350 millions de dollars

Vale S.A. (Vale) - Modèle d'entreprise: propositions de valeur

Minéraux et métaux produits de haute qualité et de haute qualité

Vale S.A. produit 304 millions de tonnes de minerai de fer en 2023, 89% de la production répondant aux spécifications de qualité supérieure. Le portefeuille de produits de minerai de fer de l'entreprise comprend:

Type de produit	Production annuelle (millions de tonnes)	Part de marché
Pellets de minerai de fer	45.2	25%
Fines de minerai de fer	259.8	35%

Fourniture mondiale fiable de matières premières industrielles critiques

Vale opère dans 30 pays, fournissant des matières premières industrielles critiques avec les volumes de production suivants en 2023:

• Nickel: 178 000 tonnes
• Cuivre: 309 000 tonnes
• Cobalt: 12 000 tonnes
• Métaux précieux: 674 000 onces

Engagement envers la responsabilité environnementale et sociale

Les mesures de durabilité de Vale pour 2023 incluent:

Métrique de la durabilité	Valeur
Réduction des émissions de CO2	16% depuis 2017
Consommation d'énergie renouvelable	48% du mélange d'énergie total
Investissement dans des projets sociaux	220 millions de dollars

Innovation technologique dans les processus miniers et d'extraction

Investissements technologiques de Vale en 2023:

• Dépenses de R&D: 286 millions de dollars
• Flotte de camions de transport autonome: 75 véhicules
• Investissement de transformation numérique: 412 millions de dollars

Prix ​​compétitifs et qualité de produit cohérente

Prix ​​de Vale 2023 et mesures de qualité:

Métrique	Valeur
Prix ​​moyen du minerai de fer	106 $ la tonne
Cohérence de la qualité du produit	95.7%
Indice de satisfaction client	88%

Vale S.A. (Vale) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les fabricants industriels

Vale maintient Accords d'approvisionnement à long terme stratégiques avec les fabricants industriels mondiaux, en particulier dans les secteurs de l'acier, de l'automobile et de la construction.

Type de contrat	Durée moyenne	Valeur du contrat annuel
Contrats de l'industrie sidérurgique	5-7 ans	1,2 milliard de dollars
Accords de secteur automobile	3-5 ans	750 millions de dollars

Gestion de compte dédiée pour les principaux clients

Vale fournit une gestion des comptes spécialisée pour les clients de haut niveau sur plusieurs segments industriels.

• Nombre de gestionnaires de compte dédiés: 85
• Tenure moyenne des relations avec le client: 12 ans
• Pourcentage de revenus des 10 meilleurs clients: 42%

Plateformes numériques pour l'engagement des clients

Vale a mis en œuvre des plateformes d'interaction complexe de clients numériques.

Plate-forme numérique	Utilisateurs actifs	Transactions annuelles
Portail client Vale	3 200 clients industriels	126 000 transactions numériques

Rapports transparents de durabilité

Vale fournit des rapports de durabilité détaillés pour maintenir la confiance des clients et la transparence.

• Rapports annuels de durabilité publiés: 12 années consécutives
• Évaluation ESG: BBB (MSCI)
• Couverture de divulgation de la durabilité: 98% des opérations

Support technique et développement de produits collaboratifs

Vale propose un support technique étendu et des programmes d'innovation collaborative avec des clients clés.

Catégorie de support	Investissement annuel	Projets de collaboration R&D
Services de support technique	45 millions de dollars	37 projets de collaboration actifs

Vale S.A. (Vale) - Modèle d'entreprise: canaux

Équipes de vente directes

Vale exploite 10 bureaux de vente directs sur 5 continents, avec une force de vente dédiée de 287 professionnels spécialisés des minéraux et des métaux en 2023.

Région	Nombre de bureaux de vente	Taille de l'équipe de vente
Amérique du Nord	3	72
Europe	2	58
Asie	3	95
Amérique du Sud	2	62

Plateformes de marketing numérique et de commerce électronique

Les canaux numériques de Vale comprennent:

• Site Web d'entreprise avec 2,3 millions de visiteurs mensuels uniques
• Page de l'entreprise LinkedIn avec 426 000 abonnés
• Traitement de plate-forme de commerce électronique 1 247 transactions mensuellement

Conférences de l'industrie et expositions commerciales

Vale participe à 42 conférences internationales sur les mines et les métaux chaque année, avec un investissement moyen de 3,6 millions de dollars en présence d'exposition commerciale.

Réseaux de distribution mondiaux stratégiques

Vale conserve 17 centres de distribution mondiaux dans 8 pays, avec des dépenses logistiques annuelles de 412 millions de dollars.

Région de distribution	Nombre de centres	Coût de la logistique annuelle
Brésil	5	127 millions de dollars
Chine	3	86 millions de dollars
Europe	4	95 millions de dollars
Autres régions	5	104 millions de dollars

Systèmes de gestion de la relation client en ligne

Vale utilise un système CRM basé sur le cloud gérant 4 672 interactions client mensuellement, avec une cote de satisfaction du client de 94%.

• Investissement de la plate-forme CRM: 2,8 millions de dollars par an
• Temps de réponse moyen: 3,2 heures
• Channeaux de support numérique: e-mail, chat, conférence vidéo

Vale S.A. (Vale) - Modèle d'entreprise: segments de clientèle

Fabricants d'acier mondiaux

Vale sert des fabricants d'acier sur plusieurs continents avec une production de minerai de fer et de granulés.

Région	Supply annuelle de minerai de fer (millions de tonnes)	Part de marché
Chine	292.4	25.7%
Japon	98.6	8.6%
Europe	76.3	6.7%

Industries des véhicules automobiles et électriques

Vale fournit des métaux critiques pour la fabrication automobile.

• Production de nickel: 223 500 tonnes en 2022
• Production de cobalt: 48 300 tonnes en 2022
• Part de marché de la batterie en métal: 12,4%

Développeurs de construction et d'infrastructure

Vale fournit des matières premières aux projets d'infrastructure dans le monde.

Segment des infrastructures	Supproduction annuelle des matériaux (millions de tonnes)
Construction civile	45.6
Infrastructure de transport	32.9

Batchies et sociétés de technologie des énergies renouvelables

Vale soutient les technologies des énergies renouvelables émergentes.

• Production de sulfate de nickel: 42 000 tonnes en 2022
• Alimentation métallique de qualité batterie: 18,7% du marché mondial

Fabricants d'électronique et de technologie

Vale fournit des métaux critiques pour la fabrication d'électronique.

Metal	Production annuelle (tonnes)	Contribution du marché mondial
Cuivre	273,000	4.2%
Nickel	223,500	9.6%

Vale S.A. (Vale) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés dans les infrastructures minières

En 2023, les dépenses en capital totales de Vale étaient de 6,5 milliards de dollars, avec des investissements importants dans les infrastructures minières et les actifs opérationnels.

Catégorie de dépenses en capital	Montant (milliards USD)
Capex de maintenance	3.2
Projets de croissance	2.8
Investissements de décarbonisation	0.5

Dépenses opérationnelles et d'extraction importantes

Les dépenses opérationnelles totales de Vale pour 2023 ont atteint 20,3 milliards USD.

• Coûts d'extraction minière: 12,5 milliards USD
• Frais de traitement et de bénéfice: 4,8 milliards USD
• Coûts de main-d'œuvre et de personnel: 3 milliards de dollars

Investissements de recherche et développement

Vale a alloué 250 millions USD aux initiatives de recherche et développement en 2023.

Coûts de conformité environnementale et de réhabilitation

Catégorie de coûts environnementaux	Montant (millions USD)
Surveillance de la conformité	180
Réhabilitation du site	350
Technologie environnementale	120

Frais de logistique mondiale et de transport complexes

Les coûts de logistique et de transport de Vale en 2023 ont totalisé 3,7 milliards USD.

• Expédition maritime: 1,8 milliard USD
• Transport ferroviaire: 1,2 milliard USD
• Opérations du port et du terminal: 700 millions USD

Vale S.A. (Vale) - Modèle d'entreprise: Strots de revenus

Ventes de minerai de fer

En 2022, le volume des ventes de minerai de fer de Vale a atteint 326,1 millions de tonnes métriques. Le prix moyen du minerai de fer était de 94,12 $ par tonne métrique. Les revenus de minerai de fer ont totalisé 30,76 milliards de dollars.

Année	Volume des ventes (millions de tonnes métriques)	Prix ​​moyen ($ / tonne métrique)	Revenu total (milliards de dollars)
2022	326.1	94.12	30.76

Exportations en nickel et en métal de base

La production de nickel de Vale en 2022 était de 211 000 tonnes métriques. Les ventes de nickel ont généré 5,4 milliards de dollars de revenus.

Metal	Volume de production (tonnes métriques)	Revenus (milliards de dollars)
Nickel	211,000	5.4

Traitement des minéraux et produits à valeur ajoutée

• Production de cuivre: 286 000 tonnes métriques en 2022
• Revenus en cuivre: 2,1 milliards de dollars
• Production de cobalt: 4 700 tonnes métriques en 2022
• Revenus de métaux précieux: 1,2 milliard de dollars

Contrats d'approvisionnement à long terme

Vale a des accords d'approvisionnement à long terme avec les principaux producteurs d'acier et les fabricants de véhicules électriques. Valeur du contrat estimé à 15,6 milliards de dollars pour la période 2022-2025.

Trading et couverture stratégiques des matières premières

Les activités de couverture des matières premières ont généré 412 millions de dollars de revenus supplémentaires en 2022. Le volume de négociation dérivée a atteint 2,3 milliards de dollars.

Activité commerciale	Revenus (million de dollars)	Volume de négociation (milliards de dollars)
Couverture de marchandises	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.