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    Vale released this Thursday, February 22, its financial results for the fourth quarter of 2023.

    Vale reported proforma adjusted EBITDA from continued operations of US$ 6.7 billion in Q4, up 35% y/y and 50% q/q on the back of better operational performance and strong iron ore prices. Proforma adjusted EBITDA from continued operations of US$ 19.0 billion in 2023, down 9% mainly due to lower average iron ore, copper, and nickel reference prices in the year. 

    Iron ore fines C1 cash cost ex-3 rd party purchase decreased 5% q/q, reaching US$ 20.8/t in Q4. In 2023, it reached US$ 22.3/t, below the US$ 22.5/t guidance for the year.  

    Free Cash Flow from Operations of US$ 2.5 billion in Q4, representing an EBITDA to cash-conversion of 37%. 
    Below you can see the main highlights, as well as the full report: 
    2023 was a remarkable year for Vale. Our results translated the evolution of our safety-driven cultural transformation and our progress towards operational excellence. Regarding our Safety Journey, in 2023 we recorded the lowest injury frequency rate in our history. Our 2023 iron ore production at 321 Mt exceeded our guidance and provided evidence of increased asset and process reliability. In addition, we started up our 1st briquette plant and entered into a partnership with Anglo American in a world-class operation, important steps to support our strategy to grow with quality. In our path to transform the Energy Transition Metals business, copper production had an impressive 50% growth in the 4th quarter, while nickel production was in line with guidance. Regarding our commitments, 2023 saw a substantial progress in the reparations of Brumadinho and Mariana. Finally, we remain focused on a disciplined capital allocation, consistently returning value to our shareholders, as evidenced by our recent dividend announcement. We have walked the talk, and I am excited that Vale is progressing towards achieving even greater performance levels.”

    Eduardo Bartolomeo

    Chief Executive Officer
    Foto de placeholder Foto de placeholder

    Fotógrafo: Ricardo Teles

    Highlights

    • Capital expenditures of US$ 2.1 billion in Q4, an increase of US$ 331 million y/y, resulting primarily from increased investments in Iron Ore Solutions projects, particularly Capanema and the Carajás Railway, and higher investments to enhance our Energy Transition Metals mining operations. 
       
    • Gross debt and leases of US$ 13.9 billion as of December 31st, 2023, US$ 113 million lower q/q. 
       
    • Expanded net debt of US$ 16.2 billion as of December 31st, 2023, US$ 670 million higher q/q, mainly driven by the US$ 1.2 billion provision increase related to the Renova Foundation and a potential global agreement framework. Vale´s expanded net debt target continues to be US$ 10-20 billion. 
    • US$ 2.4 billion in dividends to be paid in March 2024, considering Vale’s ordinary dividend policy applied to 2H23 results.
       
    • US$ 2.0 billion in dividends and interest on capital paid in December 2023, referring to the anticipated allocation of the 2023 results. 
       
    • Allocation of US$ 44 million as part of the 4th buyback program in the quarter. As of the date of this report, the 4th buyback program was 15% complete1 , with 22.6 million shares repurchased.  
    • Agreement signed with Anglo American, in February, to acquire a 15% ownership interest and establish a partnership encompassing the Minas-Rio iron ore complex and Vale’s Serra da Serpentina resources in Brazil. Following completion of the transaction, Vale will receive its pro-rata share of Minas-Rio production. Minas-Rio has an estimated high-grade pellet feed production capacity of 26.5 Mtpy. 
     
    • MoU signed with Hydnum Steel, in February, to jointly evaluate the feasibility of building an iron ore briquette plant in Hydnum Steel's flagship project for green steel in Puertollano, Spain. The plant will begin producing 1.5 Mtpy of rolled steel in 2026, and it is projected to have a 2.6 Mtpy capacity starting from 2030. 

    Gaining momentum on Iron Ore Solutions: 

    • Several agreements signed with clients and partners, focused on developing solutions for carbon emission reduction and delivering high-quality products. These include agreements to supply high-quality agglomerates, joint studies for implementing green hubs and Mega hubs, and establishing co-located briquetting plants. 

    Building a unique Energy Transition Metals vehicle: 

    • Vale Base Metals Limited (“VBM”) creation, the holding entity of Vale’s Energy Transition Metals business. VBM has a separate corporate structure, with a dedicated Board of Directors. 
       
    • Two binding agreements signed in July, one with Manara Minerals and the other with Engine No. 1 under which the companies will separately invest in VBM. The total consideration to be paid to VBM is US$ 3.4 billion (subject to usual transaction adjustments on closing), for a 13% equity interest, implying a US$ 26 billion enterprise value. 
       
    • Heads of Agreement signed, regarding the divestment obligation of PT Vale Indonesia Tbk (“PTVI”), a significant step towards a mutually beneficial outcome that meets Indonesian divestment obligations and clears the way for renewal of PTVI’s mining license beyond 2025. 

    Advancing our project pipeline: 

    • The first iron ore briquette plant has started up in November at the Tubarão complex. The second plant is scheduled to start up in 1H24. 
       
    • The Torto dam operations at the Brucutu site has started up in July, enabling higher pellet feed availability and an improved product mix. 
       
    • The first throughput test at the Salobo complex was successfully completed in November. The three plants combined throughput capacity now exceeds 32 Mtpa, progressing towards reaching 36-Mtpa in 4Q24. The achieved production levels allowed the receipt of additional US$ 370 million related to the streaming agreement. 
       
    • PTVI and the Chinese company Zhejiang Huayou Cobalt Co. signed a definitive agreement with the global automaker Ford Motor Co. for the development of the Pomalaa project in Indonesia 
    • The B3/B4 dam had over 90% of its tailings removed, being reclassified to a level 1 protocol, and its complete decharacterization was brought forward from 2027 to 2024. 
       
    • Conformance with the Global Industry Standard on Tailings Management (GISTM) successfully achieved for all prioritized tailings facilities, within the industry's timeframe. 
       
    • Sol do Cerrado solar energy complex reached its 766-Megawatt full capacity in July. 
       
    • Vale Base Metals and BluestOne signed a long-term agreement in October, aimed at waste reuse of 50 ktpy of slag from the Onça Puma site, promoting circular mining. 
       
    • The creation of Agera, a company focused on developing and expanding our sustainable sand business. Agera will market and distribute the sand produced by processing tailings from Vale's iron ore operations in Minas Gerais, Brazil.
    • The Brumadinho Integral Reparation Agreement continues to progress with 68% of the agreed-upon commitments completed and in accordance with the settlement deadlines. 
       
    • In the Mariana reparation, the Renova Foundation accelerated the restitution of housing rights by delivering 575 housing solutions out of a total 675 forecast.

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    Historical Database in Excel from 2017 to 2023

    Vale has now made available a detailed spreadsheet of our results from 2017-2023.  The historical database in excel offers a comprehensive view of Vale´s performance since 2017, facilitating in-depth and informed analysis of our results.