“We continue to make significant progress on our strategic and business priorities.
In Iron Solutions, we remain on track to meet guidance, with increased production year-to-date, enhanced average quality and a reduced production-to-sales gap in the quarter. In Energy Transition Metals, we are progressing with an asset review to achieve operational excellence. The transition of the Voisey’s Bay mine to underground and the maintenance activities will support sustainable asset performance. In Copper, the successful ramp-up of Salobo III contributes to a higher total output and lower unit costs. We are advancing toward our long-term objectives, by starting loading tests at our 1st briquetting plant and signing two new agreements for the development of Mega Hubs. We have also completed the decharacterization of Dique 2, and B3/B4 dam’s emergency level was reduced to 1, in line with our new framework for dam management established in 2019. We will continue delivering on our strategy to turn Vale into a reference in creating and sharing value to all of our stakeholders.” commented Eduardo Bartolomeo, Chief Executive Officer.

Highlights

Business Results

• Proforma adjusted EBITDA from continued operations of US$ 4.5 billion in Q3, up 12% y/y and 8% q/q. EBITDA from the Iron Solutions business was up 18% y/y and 13% q/q, mainly due to higher iron ore realized prices and sales volumes.
   
• Iron ore C1 cash cost ex-3rd party purchases decreased 7% q/q, reaching US$ 21.9/t, on track to meet the US$21.5 – 22.5/t guidance for the year.
   
• Free Cash Flow from Operations of US$ 1.1 billion in Q3, representing an EBITDA to cash-conversion of 25%.