Vale: Digging for value

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Vale: Digging for value

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Vale

Digging for value

Maintain Rating: BUY | PO: 19.00 USD | Price: 14.99 USD

Operational reset complete, focus on growth & execution 09 June 2026

Vale’s 2026 Analyst and Investor tour’s key message was that the operational reset at Vale Equity

Base Metals (VBM) is largely complete, with the focus now shifting toward growth and

Caio Ribeiro >>

execution. Management highlighted improving reliability, lower costs and stronger Research Analyst

operational discipline across the portfolio. Productivity initiatives and decentralized Merrill Lynch (Brazil) +55 11 2188-4375

decision-making were cited as key drivers of recent performance gains. The company also caio.ribeiro@bofa.com

maintained a constructive long-term view on critical minerals demand. We maintain our Buy Guilherme Rosito >>

rating on Vale as we see estimated FCF yield of 7.8% in 2026 as attractive amongst global Research Analyst Merrill Lynch (Brazil)

miners, with potential catalysts including extraordinary dividends by the end of the year. +55 11 2188 4363

guilherme.rosito@bofa.com

Mariana Leite >>Copper growth remains the main strategic focus Research Analyst

Management reiterated a constructive long-term view on copper fundamentals, citing Merrill Lynch (Brazil)

structural supply deficits and limited global project development. VBM is targeting +55mariana.leite@bofa.com11 2188 4073

copper production growth from 350-380Kt in 2026 to ~700Kt by 2035, mainly through

brownfield projects, such as Bacaba, Salobo CPF and Alemão. Vale emphasized low

capital intensity and attractive project returns. Management also stated that internal

Stock Dataambitions extend beyond current formal guidance levels.

Price (ADR / Common) 14.99 USD / 78.07 BRL