About the Company:
Vale is one of the largest metals and mining companies in the world, based on market capitalization, and one of the world’s largest producers of iron ore and nickel. It also produces iron ore pellets and copper. Its nickel and copper concentrates contain by-products of platinum group metals (“PGMs”), gold, silver and cobalt. It is engaged in greenfield mineral exploration in six countries. It operates large logistics systems in Brazil and other regions in the world, including railroads, maritime terminals and ports, which are integrated with its mining operations. In addition, it has distribution centers to support the delivery of iron ore worldwide. Directly and through associates and joint ventures, it also has investments in the energy business.
Vale currently divides its activities into the following segments of operations (net operating revenue in 2022):
Iron solutions (US$ 34,916mm):
Iron ore (US$ 28,188mm). It operates three systems in Brazil for the production and distribution of iron ore:
Northern System: fully integrated system consisting of three mining complexes and one maritime terminal.
Southeastern System: fully integrated system consisting of three mines complexes, a railroad, a maritime terminal and a port.
Southern System: consisting of two mining complexes and two maritime terminals.
Iron ore pellets (US$ 6,256mm). It currently has eight operational pellet plants in Brazil, and two in Oman.
Other ferrous products and services (US$ 472mm)
Energy transition metals (US$ 8,398mm):
Nickel (US$ 6,619mm). Its principal nickel operations are conducted through its wholly owned subsidiary Vale Canada Limited, which has mines and processing plants in Canada and Indonesia, and controls and operates nickel refining facilities in the United Kingdom and Japan. It also has nickel operations at Onça Puma, located in the Brazilian state of Pará.
Copper (US$ 1,779mm). In Brazil, it produces copper concentrates at Sossego and Salobo operations, in Carajás, in the state of Pará. In Canada, it produces copper concentrates and copper cathodes in conjunction with its nickel mining operations at Sudbury (Ontario), Voisey’s Bay (Labrador) and Thompson (Manitoba).
Cobalt, PGMs and other precious metals (figures included in Nickel line). Ore mined at its Sudbury nickel operations also yields cobalt, PGMs, silver and gold as by-products, processed at its refining facilities in Port Colborne, Ontario. In Canada, it also produces refined cobalt at its Long Harbour facilities in Newfoundland and Labrador. It receives silver and gold as by-product credits from its copper operations at Salobo in Brazil.
Total net operating revenues from continuing operations (2022): US$ 43,839mm
Bond List (USD):
VALEBZ 6 1/4 08/10/26
Maturity: 08/10/2026
Callable: No
Next Call Date: NA
Next Call Price: NA
Minimum: $ 2k
Coupon: 6.250%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 470mm
ISIN: US91911TAP84
CUSIP: 91911TAP8
VALEBZ 3 3/4 07/08/30
Maturity: 08/10/2026
Callable: Yes
Next Call Date: 04/08/2030
Next Call Price: 100.00%
Minimum: $ 2k
Coupon: 3.750%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 1,500mm
ISIN: US91911TAQ67
CUSIP: 91911TAQ6
Prospectus: https://vale.com/documents/d/guest/prospecto-notas-2030-1?download=true
VALEBZ 7.2 09/15/32 (Vale Canada)
Maturity: 09/15/2032
Callable: No
Next Call Date: NA
Next Call Price: NA
Minimum: $ 1k
Coupon: 7.200%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 279mm
ISIN: US453258AP01
CUSIP: 453258AP0
Prospectus: https://vale.com/documents/d/guest/prospecto-notas-2032-1?download=true
VALEBZ 6.125 06/12/33
Maturity: 06/12/2033
Callable: Yes
Next Call Date: 03/12/2033
Next Call Price: 100.00%
Minimum: $ 2k
Coupon: 6.125%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 1,500mm
ISIN: US91911TAR41
CUSIP: 91911TAR4
Prospectus: https://www.sec.gov/Archives/edgar/data/917851/000129281423002608/vale20230607_424b2.htm
VALEBZ 8 1/4 01/17/34
Maturity: 01/17/2034
Callable: No
Next Call Date: NA
Next Call Price: NA
Minimum: $ 2k
Coupon: 8.250%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 641mm
ISIN: US91911TAE38
CUSIP: 91911TAE3
Prospectus: https://vale.com/documents/d/guest/prospecto-notas-2034-1?download=true
VALEBZ 6 7/8 11/21/36
Maturity: 11/21/2036
Callable: No
Next Call Date: NA
Next Call Price: NA
Minimum: $ 2k
Coupon: 6.875%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 1,334mm
ISIN: US91911TAH68
CUSIP: 91911TAH6
Prospectus: https://vale.com/documents/d/guest/prospecto-notas-2017-e-2036
VALEBZ 6.875 11/10/39
Maturity: 11/10/2039
Callable: No
Next Call Date: NA
Next Call Price: NA
Minimum: $ 2k
Coupon: 6.875%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 1,146mm
ISIN: US91911TAK97
CUSIP: 91911TAK9
Prospectus: https://vale.com/documents/d/guest/prospecto-notas-2020-e-2039
VALEBZ 5.625 09/11/42
Maturity: 09/11/2042
Callable: No
Next Call Date: NA
Next Call Price: NA
Minimum: $ 2k
Coupon: 5.625%
Coupon Type: Fixed
Seniority: Senior
Outstanding: $ 491mm
ISIN: US91912EAA38
CUSIP: 91912EAA3
Prospectus: https://vale.com/documents/d/guest/prospecto-notas-2042