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Vale released this Thursday, February 16, its financial results for the fourth quarter of 2022.

As business results, Vale reported proforma adjusted EBITDA from continued operations of US$ 5.0 billion in Q4, US$ 1 billion higher q/q, mainly reflecting the higher iron ore sales volumes and higher realized prices in nickel and copper.

Proforma adjusted EBITDA from continued operations of US$ 20.9 billion in 2022, 38% lower than 2021 mainly due to 23.6% lower iron ore fines realized prices.
Free Cash Flow from Operations of US$ 5.7 billion in 2022, vs. US$ 20.0 billion in 2021 due to lower EBITDA.
Below you can see the main highlights, as well as the full report:
“In 2022, we made significant progress on our strategic priorities. In safety, we are proud to have eliminated 40% of our upstream structures and removed the B3/B4 dam from the high-risk level.

In Iron Solutions, we advanced on our path to becoming the supplier of choice for high-quality products, leveraging Vale’s unique mineral endowment and capitalizing on the decarbonization trend of the steel industry. On that, we have announced hubs to develop green solutions in the Middle East and secured MoUs with clients representing around 50% of our scope 3 emissions, expanding the offer of low-carbon products such as high-grade pellets and briquettes. 

On operations, we took concrete actions to deliver on our long-term growth guidance by advancing on the critical milestones we had laid out for the year. In the Southeast, the tailings filtration plants are ramping up, and in the North, we improved orebody knowledge at S11D and, in Q4, commissioned the Gelado project.
In the Energy Transition Materials business, the operations at Sudbury are now stable, and Onça Puma had its best annual production in the last five years. On Copper, performance has resumed after major maintenance in Salobo and Sossego, and we are off to a great start in 2023. 

Additionally, our robust pipeline of accretive growth progressed with the successful start-up of Salobo III, the approval of Onça Puma 2nd furnace and the signing of partnerships in Indonesia. We have also re-designed the Executive Committee, ensuring a for-fit-for-purpose organizaton with a greater focus on our operations and on developing sustainable solutions for the global energy transition. 
We strongly believe these actions will continue to uniquely position Vale to benefit from the secular trends of the energy revolution impacting the mining industry, creating sustainable long-term value for all stakeholders.” 

Eduardo Bartolomeo

Chief Executive Officer

Fotógrafo: Ricardo Teles


  • Capital expenditures of US$ 1.8 billion in Q4, including growth and sustaining investments, up US$ 557 million q/q, but flat y/y, following usual seasonality. Capital expenditures of US$ 5.4 billion in 2022, 8% higher than 2021, due to investments in the Sol do Cerrado solar farm, Serra Sul 120, Capanema and Tubarão Briquette iron ore projects.
  • Gross debt and leases of US$ 12.7 billion as of December 31, 2022, US$ 508 million higher q/q, largely due to lower free cash flow from operations and further execution of the share buyback program.
  • Expanded Net Debt of US$ 14.1 billion, up US$ 856 million q/q, in line with targeted leverage of US$ 10-20 billion.
  • US$ 12.6 billion paid in dividends, interest on capital and share repurchases in 2022. Since 2020, Vale has returned US$ 35 billion to shareholders, representing around 46% of its market cap (Market capitalization of Dec 30th, 2022).
  •  US$ 1.8 billion in dividends to be paid in March 2023, considering Vale’s ordinary dividend policy applied to 2H22 results.
  • 3rd share buyback program now 43% complete, with a disbursement of US$ 3.4 billion to repurchase 213 million shares. With the three buyback programs, earnings and dividends on a per share basis have each increased 15% since April 2021.
Progressing in the electric vehicles value chain:
  • Multi-year agreement to supply low-carbon nickel to Swedish lithium-cell producer Northvolt AB signed in March.
  •  Affirmed nickel supply contract with Tesla in May.
  • Long-term nickel supply agreement with General Motors signed in November. Pursuant to the agreement, Vale will supply battery grade nickel sulfate, equivalent to 25ktpy of contained nickel starting in 2026.
Enhancing the iron solutions business:
  •  Vale signed three agreements in October for the development of Mega Hubs, industrial complexes to supply green solutions to the steel industry.
  • MoU with Nippon Steel Corporation, Hunan Iron & Steel Group, and SHS, among others, to pursue ironmaking solutions focused on the carbon-neutral steelmaking process, signed during 2022.
  • In July, Vale announced the start of construction of the Zhongzhai Pre-blending Project, a partnership with Shagang and Ningbo Zhoushan Port. Vale is committed to supplying part of the blended cargos, with high-quality products such as BRBF, and to provide technical assistance on the blending activities.
  • Tecnored started the construction of the R$ 1.6 billion-plant in April. Start-up is expected in 2025, with initial capacity of 250 ktpy of green pig iron and potentially reaching 500 ktpy in the future.
  • To reduce scope 1 and 2 emissions, Vale:
  1. Entered into an agreement to enable the supply of natural gas to the São Luís Plant, in Maranhão, starting in 2024, consolidating the use of this fuel in all its pellet plants;
  2.  started operating the Sol do Cerrado, one of the largest solar farms in Latin America with 766 MWp of capacity;
  3. Advanced the electrification of the operational fleet through renewable sources, with battery-powered off-road trucks and the second 100% battery-powered locomotive.
  • Creation of Vale Ventures to invest approximately US$100 million in startups that are focused on decarbonization initiatives within the mining process, mining without waste, energy transition metals and other technologies.
  • Addition of 172,000 hectares of forest since 2019, or around 34.4% of the long-term target.
  • “Biomas" project launched by Vale and other major companies in partnership to restore and protect 4 million hectares of native forests in different Brazilian biomes over 20 years.
  • Vale signed an agreement with the indigenous communities Xikrin do Cateté and Kayapós in the state of Pará and with the Pataxó and Pataxó Hã-Hã-Hãe communities, affected by the Brumadinho dam collapse.

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