Research · Oct 31, 2026
Vale (VALE) Q3 2026 earnings: iron ore fines premium falls to $1.6/t
Vale Q3 2026 earnings: the iron ore fines premium fell to $1.6/t and output fell 6% on Serra Norte limits, while costs held guidance and expanded net debt fell to $16.4 billion.
Research · Oct 27, 2026
Brazilian Real Plunges After Lula Win: Ero Copper, Nexa Cost Tailwind
The real fell more than 11% to 5.58 per dollar after Lula won Brazil's runoff, which could cut dollar costs for Brazil-based miners Ero Copper and Nexa Resources.
Research · Oct 21, 2026
[VALE] Vale: Q3 2026 Iron Ore Costs, Premiums and Cash Flow
Vale's 2Q26 revenue rose 19% to US$10.5 billion as iron ore C1 cost hit US$24.1/t; Q3 must show if premiums and costs let cash cover a US$1.7 billion dividend.
Research · Sep 3, 2026
[VALE] Vale Thesis 2026: Iron Ore Price Pressure Hits Earnings Despite Volume Growth
Vale FY25 (Dec 31, 2025) at $38.23B revenue (+0.5%). OpInc $11.08B (+3%); Net income $2.47B (-60% YoY on iron ore prices + accounting); Diluted EPS $0.58. FCF $3.06B; Capex $5.98B; Div $3.57B held. Total debt $19.4B. Iron Ore Solutions ~75% (Carajás + Itabira; production target 320-340 Mtpa); Energy Transition Metals ~25% (nickel + copper). B of A upgraded N→Buy Apr 2 ($18→$19); Barclays downgraded OW→EW Apr 20; RBC downgraded OP→SP Mar 12. MS $18→$19.50 Street-high.
Research · Apr 10, 2026
VALE FY2025 Earnings: $85.9B EBITDA Beats Iron Ore Slump — Is 2026 Guidance Too Low?
Vale's FY2025 6-K shows $85.9B Adjusted EBITDA (+7% YoY), with base metals surging to offset iron ore declines; 336 Mt iron ore beat guidance. 2026 targets remain steady at 335-345 Mt iron ore, signaling confidence amid cost controls and project ramps.
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