Vale SA reported Q3 2024 Proforma Adjusted EBITDA of $3.7 billion, down 21% year-over-year and 6% quarter-over-quarter, primarily due to lower realized iron ore prices and higher freight costs. Net income attributable to shareholders reached $2.4 billion, declining 15% YoY. Iron ore production achieved its highest levels in over five years, while pellet production hit peak levels since 2019.The company's iron ore fines C1 cash cost decreased significantly to $20.6/t, 17% lower QoQ, driven by higher production volumes and improved operational efficiency. Vale completed the joint venture transaction with Apollo for $600 million, retaining 50% ownership of Vale Oman Distribution Center. Additionally, the company recognized an additional provision of $956 million for Samarco/Renova based on advanced negotiations with Brazilian authorities.In strategic developments, Vale's second underground mine at Voisey's Bay achieved mechanical completion, supporting the nickel business segment's competitiveness. The company also advanced in creating a private investment fund with BNDES to foster Critical Minerals development in Brazil, aiming to raise up to R$1 billion.

Vale SA reported Q3 2024 Proforma Adjusted EBITDA of $3.7 billion, down 21% year-over-year and 6% quarter-over-quarter, primarily due to lower realized iron ore prices and higher freight costs. Net income attributable to shareholders reached $2.4 billion, declining 15% YoY. Iron ore production achieved its highest levels in over five years, while pellet production hit peak levels since 2019.The company's iron ore fines C1 cash cost decreased significantly to $20.6/t, 17% lower QoQ, driven by higher production volumes and improved operational efficiency. Vale completed the joint venture transaction with Apollo for $600 million, retaining 50% ownership of Vale Oman Distribution Center. Additionally, the company recognized an additional provision of $956 million for Samarco/Renova based on advanced negotiations with Brazilian authorities.In strategic developments, Vale's second underground mine at Voisey's Bay achieved mechanical completion, supporting the nickel business segment's competitiveness. The company also advanced in creating a private investment fund with BNDES to foster Critical Minerals development in Brazil, aiming to raise up to R$1 billion.