Vale Investor Conference Presentation Deck
2022 BofA Securities Global Metals, Mining & Steel Conference
Coupled with growth, Vale can unlock substantial value
Base metals margins ² (US$/t)
Medium term EBITDA¹ (US$ billion)
Iron ore margins ² (US$/t)
Ni: 6,000
Cu: 4,500
Ni: 7,500
Cu: 6,000
Ni: 9,000
Cu: 7,500
40
~17.4
~18.2
-19.0
70
~28.9
~29.8
-30.6
100
~40.5
-41.3
~42.1
Enterprise value potential (US$ billion)
Vale's
current EV³
Vale re-rated @
industry historical
multiple (~6x)
Vale re-rated @
industry current
multiple (~4.8x)
25 50
I
75 100 125 150
Midpoint medium term
EBITDA matrix scenario
175 200 225 250 275
1 Sensitive analysis. Assuming -385 Mt of iron ore and pellets sales (considering pelletizing process losses and inventory transportation and management), ~220 kt of Ni sales and 420 ktpy of copper sales (including
copper as by-product). Considers others non-related business costs and expenses. 2 EBITDA per ton. Iron ore@US$100/t, nickel@ US$9,000/t and copper@US$7,500/t margin scenario refers to the approximately margins
of 2021 and iron ore@US$40/t, nickel@US$6,000/t and copper@ US$4,500/t margin scenario refers to the approximately margins of 2018. 3 As of May 13th, 2022.
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