Vale S.A. (VALE) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and thank you for joining Vale's second quarter 2026 conference call. First, I would like to briefly reinforce our strategic direction and ambition to create superior value for our shareholders. In this context, we have been consistently focused on our key priorities of operational excellence, disciplined capital allocation, and the advancement of highly accretive growth projects, particularly in copper and iron ore. Our objective is to build a business that is resilient through the cycle, competitive under different market environments, and well positioned to deliver sustainable returns. Despite the uncertainties that continue to shape the global landscape, I am very confident about Vale's future. And what gives me that confidence is not only the quality of our assets, but also the consistency in which our teams are executing and delivering results. Based on the strong performance in the first half of 2026, yesterday our board of directors approved $1.7 billion in dividends and interest on capital to be paid in September. The board also approved the extension of our share buyback program for up to 2.3% of our outstanding shares reflecting our positive view on Vale's long-term outlook and our continued commitment to delivering superior returns to our shareholders. Let me now turn to the highlights of the second quarter performance. We once again delivered solid year-on-year results across all commodities, reinforcing our confidence in achieving all production guidances for the year. In the particular case of VBM, we have now narrowed the guidance ranges for copper and nickel, implying higher midpoints on the back of continued strong operational performance in both businesses. Starting with Aionor in Q2, production reached the highest second quarter lev...