Vale S.A. (NYSE:VALE) Q3 2023 Earnings Call Transcript

Gustavo Pimenta: Now just quickly on base metals. We’ll bring more information. We are running out of time here, but we bring more information at Vale Day as a result of the asset review. Remember, one of the reasons why we did the carve-out is exactly to position base metals for growth. There is a series of projects. You probably saw in our release yesterday, the project we announced in Indonesia, Pomala. It’s a large project there. So there’s a lot of copper projects in Brazil that we are looking to accelerate. So we’ll bring this in a more structured way at Vale Day, but certainly, we want to accelerate growth at base metals.

Operator: This concludes today’s question-and-answer session. Mr. Eduardo Bartolomeo at this time you may proceed with your closing statements.

Eduardo de Salles Bartolomeo: Okay. Thank you. Well, I have never been so optimistic about the future of this company. After we did the reshape that we sold 9 business, we’re going to be focused on our 2 unique assets in iron ore and base metals. What we’re seeing all leading operational KPIs and safety indicators in iron ore are substantially better since ’19. As Spinelli mentioned, we have a very resilient market ahead of us, even in nickel with the softening that is happening now, but we see a bright future for nickel and copper is needless to explain. And of course, the aftermath of the carve-out is showing us in fixing the operational issues, we have even more value to extract on those assets. As I have been always saying, it’s not a sprint, it’s a marathon. But as I said, I have never been so optimistic and thanks a lot for your attention, and let’s see you in the next call.

Operator: Vale’s conference call for today is now concluded. Thank you very much for your participation. You may now disconnect.