Brazilian mining giant Vale Chief Executive Officer Mr Eduardo Bartolomeo said “As we celebrate our 80 years of operations in Brazil, we take this opportunity to reflect on our journey, challenges, and evolution. We are reinventing the way we operate, while committed to becoming one of the industry's safest and most reliable companies in the world. We move ahead with the conviction that mining is essential for the development of society and that it only serves its purpose by generating prosperity for all and taking care of the planet. In that sense, we continued to make progress in our decarbonization agenda and strengthening relationships with our neighbor communities. With the substantial reshaping of our business, such as the sale of the Midwestern System, the company is much better prepared to deliver on its production recovery agenda. We stay committed to a disciplined capital allocation and to generating and returning value to our shareholders, as further evidenced by the announcement to pay USD 3 billion in dividends.” In Q2 of 2022, Vale reported a proforma adjusted EBITDA from continued operations of USD 5.534 billion, USD 840 million lower than Q1 of 2022, reflecting the decline in iron ore and copper prices at the end of the quarter, but partially compensated by higher iron ore sales At the steel decarbonization front, Vale secured natural gas supply to our pellet plant in São Luís, Maranhão, which will allow for the usage of natural gas in 100% of our pelletizing plants by 2024 As part of our Powershift program, Vale received second 100%-electric battery-powered locomotive In April, Vale signed a MoU with Nippon Steel Corporation to pursue ironmaking solutions focused on the carbon neutral steelmaking process, in line with our commitment to reducing 15% of net Scope 3 emissions by 2035.
Brazilian mining giant Vale Chief Executive Officer Mr Eduardo Bartolomeo said “As we celebrate our 80 years of operations in Brazil, we take this opportunity to reflect on our journey, challenges, and evolution. We are reinventing the way we operate, while committed to becoming one of the industry's safest and most reliable companies in the world. We move ahead with the conviction that mining is essential for the development of society and that it only serves its purpose by generating prosperity for all and taking care of the planet. In that sense, we continued to make progress in our decarbonization agenda and strengthening relationships with our neighbor communities. With the substantial reshaping of our business, such as the sale of the Midwestern System, the company is much better prepared to deliver on its production recovery agenda. We stay committed to a disciplined capital allocation and to generating and returning value to our shareholders, as further evidenced by the announcement to pay USD 3 billion in dividends.” In Q2 of 2022, Vale reported a proforma adjusted EBITDA from continued operations of USD 5.534 billion, USD 840 million lower than Q1 of 2022, reflecting the decline in iron ore and copper prices at the end of the quarter, but partially compensated by higher iron ore sales At the steel decarbonization front, Vale secured natural gas supply to our pellet plant in São Luís, Maranhão, which will allow for the usage of natural gas in 100% of our pelletizing plants by 2024 As part of our Powershift program, Vale received second 100%-electric battery-powered locomotive In April, Vale signed a MoU with Nippon Steel Corporation to pursue ironmaking solutions focused on the carbon neutral steelmaking process, in line with our commitment to reducing 15% of net Scope 3 emissions by 2035.
