Vale has reported proforma adjusted EBITDA from continued operations of USD 20.9 billion in 2022, 38% lower than 2021 mainly due to 23.6% lower iron ore fines realized prices. Vale Chief Executive Officer Eduardo Bartolomeo said “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.”

He said “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.”

He said “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.”

He said “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.”

He added “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.

He concluded “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.”

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