 |
|
| Type | Sociedade Anônima |
|---|---|
|
Traded as |
B3: VALE3 NYSE: VALE BMAD: XVALO Ibovespa Component |
| Industry | Metals and Mining[1] |
| Founded | 1 June 1942; 80 years ago (as Companhia Vale do Rio Doce) Itabira, Minas Gerais, Brazil |
| Founder | Vargas Era federal government of Brazil |
| Headquarters | Rio de Janeiro, Brazil |
|
Area served |
Worldwide |
|
Key people |
Eduardo Bartolomeo, CEO Luciano Siani, CFO[2] |
| Products | Iron ore Iron ore pellets Manganese ore Ferroalloys Copper Nickel Coal Fertilizers |
| Revenue |  US$ 54.5 billion (2021)[3] |
|
Net income |
US$ 24.8 billion (2021)[3] |
| Total assets |  US$ 89.4 billion (2021)[3] |
|
Number of employees |
213,413 (2021)[3] In-House: 72.266 Outsourced: 141.147 |
| Subsidiaries | Vale Limited Vale Fertilizantes Caemi (98,3%) Samarco (50%) VLI Multimodal S.A. (37,6%) MRS Logística (10,9%) Companhia Siderúrgica do Pecém (50%) |
| Website | www.vale.com |
Vale S.A., formerly Companhia Vale do Rio Doce (the Sweet River Valley Company, referring to the Doce River)[4] (Portuguese pronunciation: [ˈvali]) is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. Vale is the largest producer of iron ore and nickel in the world. It also produces manganese, ferroalloys, copper, bauxite, potash, kaolin, and cobalt, currently operating nine hydroelectricity plants, and a large network of railroads, ships, and ports used to transport its products.[5]
The company has had two catastrophic tailings dam failures in Brazil: Mariana, in 2015, and Brumadinho, in 2019; the Brumadinho dam disaster caused the company to lose its license to operate eight tailings dams in Minas Gerais,[6][7] and its stock to lose nearly 25 percent in value.[8] Vale is considered the most valuable company in Latin America, with an estimated market value of US$ 111 billion in 2021.[9]
Current operations[edit]
Although the company’s primary operations are in Brazil, Vale has operations in 30 countries, which are detailed below and on the company’s website.[10]
Ownership structure[edit]
The company is listed on the stock exchanges of São Paulo, New York City, Jakarta, Paris and Madrid.
Mining business[edit]
Vale’s Carajás Iron Mine, Pará, 2009 NASA satellite photo
Iron ore: Vale is the world’s largest iron ore producer.[11] Sales of iron ore fines and pellets represented 65% of total company revenues in 2014. In 2014, Vale sold 256 million metric tonnes of iron ore fines and 44 million metric tonnes of iron ore pellets.[5] Vale’s Mariana Hub was the 9th largest iron ore mining center in the world in 2014, with an output of 39 million metric tonnes.[12] Vale’s Serra Sul / S11D is the largest mining reserve in the world. The company’s iron ore mines are primarily in Brazil.[5]
Nickel: Vale is the world’s largest nickel producer.[11] Sales of nickel represented 17% of total company revenues in 2014. In 2014, Vale sold 272,000 metric tonnes of nickel.[5] The company owns nickel mines in Canada, Indonesia, New Caledonia and Brazil. Tesla is known to buy the majority of their Nickel from Vale.[5] In May 2022, Vale said that it had signed a long-term deal of supplying nickel for Tesla. The agreement involves supplying low-carbon Class 1 nickel which Tesla needs for its electric vehicles’ batteries. In line with this, Vale is pushing to increase its exposure to the electric vehicle industry.[13]
Fertilizer products, primarily phosphates and nitrogen: Sales of fertilizer products represented 6% of total company revenues in 2014. In 2014, Vale sold 9 million metric tonnes of fertilizer products.[5]
Copper: Sales of copper concentrate represented 4% of total company revenues in 2014. In 2014, Vale sold 353,000 metric tonnes of copper. The company owns copper mines in Brazil, Canada, Chile and Zambia.[5]
Manganese and alloys: Sales of manganese and alloys represented 1% of total company revenues in 2014. In 2014, Vale sold 2 million metric tonnes of manganese and alloys.[5]
Coal: Sales of coal represented 2% of total company revenues in 2014. In 2014, Vale sold 7.5 million metric tonnes of coal. The company owns coal mines in Australia and Mozambique.[5]
Logistics[edit]
Railroads[edit]
From 2000 to 2006, Vale invested more than $1.3 billion on the acquisition of over 361 locomotives and around 14,090 freight cars, those locomotives were primarily for iron ore transportation, but some were for regular cargo.[5] Some of the locomotives purchased were secondhand for refurbishment but at least 55 of the locomotives acquired were new ones of the model EMD SD70M, each one costing about $2 million.[14][15]
After those investments, Vale became the owner of over 800 locomotives and more than 35,000 freight cars.[5]
Vale owns the concession of three Brazilian railways: Vitória-Minas Railway (EFVM), Ferrovia Centro-Atlântica (FCA) and Carajás railroad (EFC).
Ferrovia Centro-Atlântica and Vitória a Minas railroads
- Vitória a Minas railroad — Vale operates under a 30-year contract this 905 km, 1,000 mm (3 ft 3+3⁄8 in) railroad, which is used to transport iron from the Iron Quadrangle in Minas Gerais to the Port of Tubarão in the state of Espírito Santo . The concession expires in 2027. This railroad also carried 1.1 million passengers in 2006.
- Carajás railroad — The concession of this 892 km, 1,600 mm (5 ft 3 in) gauge railroad also expires in 2027, it links Carajás iron ore mines in the state of Pará to Ponta da Madeira port terminal in the state of Maranhão. Vale operates a train of 3.2 km and 340 cars on this railroad.
- Ferrovia Centro-Atlântica[16] — Vale controls this railroad through the subsidiary FCA. As it is shown on the Vale’s operations map above, this 7,000 km, 1,000 mm (3 ft 3+3⁄8 in) railroad extends through 6 Brazilian states, this railroad originally belonged to the RFFSA. Vale’s concession of this railroad expires in 2026.
- Vale also has a stake in railway operators in Mozambique and Malawi via the Nacala Logistics Corridor.[17]
Ports and container terminals[edit]
Brazil[edit]
On February 5, 2019, the state court of the Province of Minas Gerais ordered Vale to halt use of eight of its tailings dams, including the Laranjeiras dam at Brucutu.[6]
- Port of Tubarão — Vale owns and operates this port located in Vitória, Brazil in the state of Espirito Santo.[18] It’s the largest iron ore embarking port in the world.[19] Around 80 million metric tons of iron ore (30% of the company’s annual production) are shipped through this port.[5]
- Ponta da Madeira — Located in the state of Maranhão, it ships around 70 million metric tons mostly of iron ore, but also of manganese and copper for the company; it is being upgraded for the S11D project
- Port of Sepetiba — Vale operates two maritime terminals in the Port of Sepetiba area located in the state of Rio de Janeiro, together they ship around 60 million metric tons of iron ore.
- Feijão mine – site of the Brumadinho dam disaster on 25 January 2019.
Vale also operates port terminals in the state of Sergipe and two others in the state of Espirito Santo.
Malaysia[edit]
- Teluk Rubiah Maritime Terminal (TRMT), a state of the art maritime terminal in the state of Perak, operates as a distribution centre for iron ore in the Asia Pacific region.
Ships[edit]
Vale has also entered the shipping business by ordering 35 Very Large Ore Carriers (VLOC) to transport iron ore between South America and Asia. These 362-metre (1,188 ft), 400,000 DWT ships are the longest and largest dry bulk carriers in the world. The first ship, Vale Brasil, was delivered in March 2011.[20]
Energy[edit]
Vale’s energy business is focused at power production to fulfill the needs of its mining operations, as well as supplying the general Brazilian power grid. In 2005 it consumed 16.9 TWh of electrical power, accounting for 4.4% of Brazil’s total consumption in that year.[citation needed]
Vale has participation in 8 hydroelectric plants, with 7 of these located in the state of Minas Gerais. Vale’s investment in hydroelectric power plants totals $880 million.[21] The company also plans to build a 600 MW thermoelectric power plant in the state of Pará.[22]
| Name | Location | Production Capacity | Vale’s Ownership | Vale’s Investment | Start of Operations |
| Aimorés | Minas Gerais | 330 MW | 51% | $141 million | July 2005 |
| Candonga | Minas Gerais | 140 MW | 50% | $46 million | September 2004 |
| Capim Branco I | Minas Gerais | 240 MW | 48.42% | $90 million | February 2006 |
| Capim Branco II | Minas Gerais | 210 MW | 48.42% | $90 million | May 2007 |
| Estreito | Tocantins | 1,087 MW | 30% | $355 million | August 2009 |
| Funil | Minas Gerais | 180 MW | 51% | $49 million | December 2002 |
| Igarapava | Minas Gerais | 210 MW | 38.15% | $88.1 million | January 1999 |
| Porto Estrela | Minas Gerais | 112 MW | 33.33%% | $20 million | September 2001 |
Vale also operates hydroelectric plants in Canada and Indonesia.[5]
Rebranding[edit]
In November 2007, the company retired the name CVRD in favour of simplified company name of Vale, and rebranded.[23]
History[edit]
Companhia Vale do Rio Doce (widely known as CVRD prior to 2007) (in English, «Doce River Valley Company») was founded in Itabira, Minas Gerais, by the Brazilian Federal Government on 1 June 1942.[24]
One year later the Vitória a Minas railroad was inaugurated.[24]
The 1950s marked Companhia Vale do Rio Doce’s entry into the global iron ore market, after the company’s mine-railroad-port complex was modernized and iron ore prices doubled. At first, sales were mostly to the United States, but exports to Europe increased over the course of the decade.[25]
In 1966, the company inaugurated in Espirito Santo the Port of Tubarão, which was to become the most important port for CVRD and is still used to export iron ore mined from the Iron Quadrangle in Minas Gerais.[24]
The company acquired a majority interest in the Carajás Mine, with over 1.5 billion tonnes of iron ore in reserves, in 1970.[26]
In 1974, Vale became the world’s biggest exporter of iron ore, a title which it still holds today.[26]
In 1982, Vale began to diversify after it started to produce aluminium in Rio de Janeiro.[26]
In the mid-1980s, profits increased considerably under the leadership of Eliezer Batista, father of Eike Batista.[27]
In 1985, Vale started to explore the Carajás Mine in the state of Pará just after the 1,600 mm (5 ft 3 in) gauge Carajás railroad was opened.
In 1986, Ponta Madeira port terminal, which is still used to export iron ore mined at the Carajás Mine, was inaugurated in the state of Maranhão.[28]
In March 2017, Vale SA chose a commodities industry veteran, Fabio Schvartsman, as chief executive officer. Schvartsman was CEO of Klabin SA, Brazil’s largest paper and cardboard producer, for the previous six years.[29]
Privatization in 1997[edit]
In May 1997, despite protests by Vale employees and some politicians, the Brazilian Government auctioned a 41.73% interest in the company, which was sold for R$3.34 billion (US$3.13 billion). The largest interest purchased was a 16.3% stake purchased by Brazilian steel company Companhia Siderúrgica Nacional.[30]
Sale of wood pulp businesses[edit]
In 2001, Vale sold its Cenibra wood pulp business for US$670.5 million to focus on mining and logistics.[31]
In 2002, Vale sold 100,000 acres of land and the eucalyptus forests thereon related to its wood pulp business for R$137 million.[32]
Sale of steel businesses[edit]
In 2000, the company sold its stake in Açominas to Gerdau in exchange for preferred shares in Gerdau.[33]
In 2001, Vale sold its stake in Companhia Siderúrgica Nacional for R$520 million.[34]
In 2004, Vale sold its stake in CST to Arcelor for US$415.1 million.[35]
In 2006, Vale sold its interest in Siderar to Ternium for US$107.5 million.[36]
In 2006, the company sold 5,362,928 shares in Usiminas for or R$378.6 million.[37] In 2007, the company sold the majority of its stake in Usiminas.[38] In 2009, the company sold its remaining stake in Usiminas.[39]
Acquisitions of Brazilian iron ore companies[edit]
In May 2000, the company acquired Sociomex, owner of the Gongo Sôco Mine, with proven reserves of approximately 75 million tons.[40]
In May 2000, the company also acquired a controlling interest in Samitri, one of the biggest pelletizing companies of Brazil.[41]
In April 2001, the company acquired Ferteco, then the third largest Brazilian producer of iron ore, with a production capacity of 15 million tonnes per year.[42]
In 2006, the company acquired Rio Verde Mineracao for $47 million.[43]
Acquisition of Caemi and acquisition and partial disposition of MBR[edit]
On 1 April 2000, Vale offered to pay Mitsui US$277 million for 50% of the common shares and US$150 million for 40% of the preferred stock in Caemi. Caemi owned MBR, Brazil’s second largest iron ore producer, mining over 60 million tonnes per year.[44]
The acquisition was approved by European regulators subject to conditions.[45]
In September 2003, Vale purchased an additional stake in Caemi from Mitsui for US$426.4 million.[46]
On 23 January 2006, the company announced a stock swap merger to acquire the interest Caemi that it did not already own.[47]
In 2007, increased its ownership in MBR by purchasing additional interests from Mitsui for US$114.5 million.[48]
Also in 2007, Vale announced that it will lease the shares of MBR that it did not already own from their 7 Japanese shareholders for a 30-year period. The agreement required the company to pay a total of US$60.5 million in 2007 and US$48.1 million annually for a 30-year period and gave it total control of MBR.[49]
In 2015, Vale announced the sale of a 36.4% interest in MBR for R$4 billion.[50]
Diversification into non-ferrous metals, coal and phosphate[edit]
In 2001, Vale increased its copper mining operations by purchasing the Sossego mine in Carajas, in northern Brazil, for $48.5 million.[51]
In 2005, Vale acquired Canico Resource, owner of a nickel mine in Brazil, after increasing its offer to $865 million.[52][53]
In October 2006, Vale acquired Canadian-based nickel producer Inco for $18.9 billion, including $17.7 billion in cash and the assumption of $1.2 billion in debt.[54] To gain approval from Canadian authorities, Vale promised to continue investments in Canada and not lay off people for 3 years after closing.[55]
In 2007, Vale made a major entry into coal mining by acquiring AMCI Holdings Australia for AU$835 million.[56]
In 2010, Vale launched a public offer to acquire fertilizer and copper producer Paranapanema.[57][58]
In 2010, Vale acquired a controlling interest in Fosfertil via a series of transactions.[59][60]
In June 2011, Jason Chenier and Jordan Fram were killed at the 3,000 foot level of the Frood Mine near Sudbury, Ontario.[61]
In 2011, the company sold its aluminum business to Norsk Hydro in a US$5.27 billion transaction.[62]
In July 2012, Vale sold its ferro-manganese plants in Europe to Glencore for $160 million.[63]
In 2014, Vale announced the sale of coal assets in Mozambique to Mitsui in a $950 million transaction.[64]
In 2014, Vale sold its interest in Fosbrasil S.A., a manufacturer of phosphate-based products.[65]
In 2015, the company announced that it would sell a 25% interest in gold produced from its Salobo mine, located in Brazil, to Silver Wheaton for US$900 million.[66]
In 2015, the company entered into a letter of intent to sell bauxite assets to Norsk Hydro.[67]
On 26 November 2015, Vale announced that it planned to reduce its budget for capital expenditures from US$8 billion in 2015 to US$6.2 billion in 2016, with further reductions to US$4–5 billion by 2018.[68]
Disasters and Incidents[edit]
Bento Rodrigues dam collapse[edit]
On 5 November 2015, the Mariana dam disaster caused 19 deaths and massive environmental contamination when a tailings dam collapsed at the Samarco mining site, co-owned by Vale and BHP. Heavy metal contamination of the Doce River caused water emergencies in many downstream cities which depend on the river for drinking water. Activities at the mine were suspended, and the companies agreed to pay compensation of R$4.4 billion (US$1.55 billion).[69]
An investigation into the disaster commissioned by BHP, Vale and Samarco found the collapse was due to a variety of construction and design flaws.[70] In June 2018, Samarco, Vale and BHP signed an agreement to drop a US$7 billion lawsuit and allow two years for the companies to address the greater US$55 billion suit seeking social, environmental and economic compensation.[71]
Brumadinho dam disaster[edit]
On 25 January 2019, the Brumadinho dam disaster occurred at the Córrego do Feijão mine in the Brazilian state of Minas Gerais, releasing 3 billion gallons of mine waste,[72] in a wave of red iron ore which destroyed the mine’s cafeteria, where many workers were present and died, and which flooded the town of Brumadinho.[73] Two hundred and seventy people were killed.[74] In 2020, prosecutors found that Vale had falsified safety reports for at least ten of its dams. They later charged sixteen officials of Vale including its CEO, with manslaughter.[75]
In 2021, Vale agreed to pay victims $7 billion. Though substantially deadlier, the environmental devastation was not as severe as with Bento Rodrigues.
Following the Córrego do Feijão disaster, a Brazilian court ordered Vale to stop disposing of tailings at eight dams.[72]
Tax dispute[edit]
In 2013, Vale S.A. agreed to pay the equivalent of $9.5 billion to settle a tax dispute with the Brazilian authorities regarding its overseas profits from 2003 to 2012.[76]
Totten Mine[edit]
On September 28, 2021, thirty-nine miners were trapped underground for 24 hours at the Totten Mine in Ontario after the entrance shaft became obstructed.[77]
Criticism[edit]
In January 2012, Vale received the «people’s choice» Public Eye Award as the corporation with the most «contempt for the environment and human rights» in the world. Vale received 25,000 votes, with the Belo Monte Dam cited as a reason.[78]
During the interim between the two dam disasters of 2015 and 2019; Vale had denied owning an upstream tailings waste structure such as collapsed, causing the Brumadinho dam to burst.[8]
Following the 2019 disaster, BBC News reported that «Correspondents say the alarm system the company had installed to warn residents of any risk did not go off.»[79]
In February 2021, an agreement was signed that required Vale to pay over $7 billion in compensation to the families of the victims.[80]
Carbon footprint[edit]
Vale reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 10,250[81] Kt (-1,850 /-15.3% y-o-y). This is a higher rate of decline than over the period since 4Q’18 (-10.9% CAGR).
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 |
|---|---|---|---|---|
| 13,300[82] | 14,100[83] | 14,500[84] | 12,100[85] | 10,250[81] |
References[edit]
- ^ Vale’s Performance in 2015
- ^ Vale: Leadership
- ^ a b c d «Integrated Report 2021» (PDF). Vale IR. May 2022. pp. 21, 58, 59, 60, 90. Retrieved 11 July 2022.
- ^ Vale: The pride of Brazil becomes its most hated company BBC News January 30, 2019. Retrieved February 10, 2019.
- ^ a b c d e f g h i j k l m Vale 2014 Form 20-F Annual Report
- ^ a b «Vale ordered to halt operations at Brucutu», by Kelsey Rolfe, CIM magazine, Canadian Institute of Mining, Metallurgy and Petroleum, February 04, 2019. Retrieved February 10, 2019.
- ^ «Vale Loses License at Dam That Caused Iron Ore Force Majeure», by R.T. Watson, Bloomberg News, February 5, 2019. Retrieved February 10, 2019.
- ^ a b «Vale Denied Having ‘Upstream’ Dams Ahead of Deadly Accident», Wall Street Journal February 10, 2019. Retrieved February 10, 2019.
- ^ «Mercado vê valor de até R$ 858 bi para Vale na bolsa com explosão do minério». CNN (in Portuguese). 3 May 2021.
- ^ Vale: Across the World
- ^ a b Cecilia Jamasmie (25 February 2016). «Vale posts record loss, to sell core assets». Mining.com.
- ^ Vladimir Basov (17 September 2015). «True giants of mining: World’s top 10 iron ore mines». Mining.com.
- ^ Araujo, Gabriel (6 May 2022). «Brazil’s Vale signs long-term deal to supply Tesla with nickel». Reuters. Retrieved 8 May 2022.
- ^ «CVRD-controlled Carajas Railway received 12 new SD70M locomotives from Electro-Motive Diesel in December to handle growing traffic». International Railway Journal. 2006. Archived from the original on 28 September 2008.
- ^ EMD: JT2CWR Archived 15 May 2008 at the Wayback Machine
- ^ «Ferrovia Centro Atlântica». Archived from the original on 10 September 2001. Retrieved 27 September 2012.
- ^ «Railway Gazette: Mining drives African rail plans». Retrieved 2 November 2010.
- ^ Porto e Negócios Archived 14 December 2007 at the Wayback Machine
- ^ News Article Archived 17 November 2007 at the Wayback Machine
- ^ Brazilian mining group’s giant ore carrier soon to enter service. Mining Weekly, 13 May 2011. Retrieved 2011-08-26.
- ^ a b SEC Info — Companhia Vale do Rio Doce, et al. — 20-F — For 12/31/05
- ^ a b A CVRD Anuncia a Construção de uma Térmica a Carvão — Adriano Pires: O Globo Online
- ^ «As CVRD changes name to Vale, iron ore pre-talks begin». Mineweb. 30 November 2007. Archived from the original on 30 March 2016. Retrieved 18 March 2016.
- ^ a b c Vale History Book: Chapter 1
- ^ Vale History Book: Chapter 3
- ^ a b c Vale History Book 5
- ^ Alan Riding (19 May 1985). «Mining for Profits in the Jungles of Brazil». New York Times.
- ^ «First ship loaded at Ponta da Madeira: a special Monday in Vale’s history» (Press release). 15 January 2016.
- ^ «Vale taps veteran executive Schvartsman as new CEO». Reuters. 28 March 2017. Retrieved 28 March 2017.
- ^ «Brazil Awards Big Mining Stake To Group Bidding $3.13 Billion». New York Times. 7 May 1997.
- ^ «CVRD Concludes the Sale of CENIBRA» (Press release). PRNewswire. 14 September 2001.
- ^ «CVRD Sells its Last Pulp and Paper Assets» (Press release). PRNewswire. 10 June 2002.
- ^ «CVRD Divests AÇOMINAS» (Press release). 7 December 2000.
- ^ «Cross Shareholding Unwinding: CVRD Sells Its CSN Stake» (Press release). PRNewswire. 15 March 2001.
- ^ «CVRD Divests Its Stake in CST» (Press release). PRNewswire. 28 June 2004.
- ^ «Ternium Purchases CVRD’s Ownership Stake in Siderar» (Press release). Business Wire. 28 December 2006.
- ^ «CVRD Restructures Its Investment in Usiminas» (Press release). PRNewswire. 6 November 2006.
- ^ «Brazilian mining giant Vale do Rio Doce share offer seen yielding R$1.93 billion». 17 April 2007.
- ^ «Vale sells its stake in Usiminas». Steel Orbis. 17 April 2009.
- ^ «CVRD Acquired SOCOIMEX» (Press release). 15 May 2000.
- ^ «Acquisition of SAMITRI» (Press release). 30 May 2000.
- ^ «CVRD Negotiates the Acquisition of FERTECO» (Press release). 12 April 2001.
- ^ «CVRD to Invest US$ 6.3 Billion in 2007» (Press release). PRNewswire. 26 January 2007.
- ^ Matthew Flynn (15 April 2003). «CVRD’s Caemi purchase might face conditions». BN Americas.[permanent dead link]
- ^ «Commission clears merger between Brazilian iron ore producers subject to undertakings». European Commission. 30 October 2001.
- ^ «CVRD in $426m iron-ore acquisition». Mining Weekly. 5 September 2003.
- ^ «CVRD Announces Stock Merger With Caemi» (Press release). PRNewswire. 23 January 2006.
- ^ «Mitsui to Sell Shares in EBM to CVRD». Mitsui. 2 May 2007. Archived from the original on 26 March 2016. Retrieved 18 March 2016.
- ^ «CVRD seeking synergies with MBR». BN Americas. 2 May 2007.
- ^ «Vale announces the sale of a minority stake of MBR» (Press release). 30 June 2015.
- ^ «Acquisition of the Sossego Project Confirms CVRD Copper Strategy» (Press release). PRNewswire. 25 October 2001.
- ^ «CVRD Successfully Completes Take-Over Bid for Canico» (Press release). PRNewswire. 9 December 2005.
- ^ «Canico accepts sweetened CVRD offer». Globe & Mail. 12 November 2005.
- ^ «CVRD Announces Proposed All-Cash Offer to Acquire Inco» (Press release). PRNewswire. 11 August 2006.
- ^ «CVRD obtains Investment Canada Act approval» (Press release). Vale. 18 October 2006.
- ^ «CVRD concludes acquisition of AMCI Holdings Australia» (Press release). 20 April 2007.
- ^ «Vale launches public offer to acquire Paranapanema» (Press release). 29 July 2010.
- ^ Fernanda de Biagio (29 July 2010). «Vale offers to buy Paranapanema for US$1.14bn». BN Americas.
- ^ Fernanda de Biagio (30 September 2010). «VVale concludes acquisition of Mosaic stake in Fosfertil for US$1.03bn». BN Americas.
- ^ «Vale acquires Fosfertil shares» (Press release). 28 January 2010.
- ^ «Vale mine death plea disappoints union». CBC. 19 September 2013.
- ^ «Hydro-Vale aluminium transaction to be completed today» (Press release). Norsk Hydro. 28 February 2011. Archived from the original on 4 February 2013.
- ^ Vale sells ferromanganese units to Glencore for $160 mln, Reuters, 11 July 2012
- ^ «Vale of Brazil Sells Coal Stake to Mitsui & Co. for About $950 Million». New York Times. 9 December 2014.
- ^ «ICL Completes Acquisition Of 100% Of Fosbrasil S.A» (Press release). PRNewswire. 22 December 2014.
- ^ «Silver Wheaton Acquires Additional Gold Stream From Vale’s Salobo Mine» (Press release). PRNewswire. 2 March 2015.
- ^ «Norsk Hydro: Hydro enters LoI with Vale to raise MRN ownership to 45%» (Press release). Globe Newswire. 9 October 2015.
- ^ Vale presents strategic planning for 2016 in London
- ^ «BHP Billiton reaches $1.55bn settlement with Brazil over dam collapse». Australian Associated Press. 2 March 2016. Retrieved 20 March 2016 – via The Guardian.
- ^ «Samarco dam disaster probe reveals construction and design flaws». ABC News. 29 August 2016. Retrieved 10 February 2022.
- ^ «BHP signs deal to suspend $55b Samarco lawsuit for two years». ABC News. 25 June 2018. Retrieved 10 February 2022.
- ^ a b «Court Orders Vale To Stop Using Tailings Dams As Death Toll Climbs Above 120», by Vanessa Roma, February 4, 2019. Retrieved February 10, 2019.
- ^ Phillips, Dom (26 January 2019). «Hundreds feared dead as Brazil dam collapse releases mud tide». The Observer. ISSN 0029-7712. Retrieved 26 January 2019.
- ^ Business, Jaide Timm-Garcia, Shasta Darlington and Alessandra Castelli, CNN. «Vale will pay nearly $7 billion over Brazilian dam collapse that killed 270 people». CNN. Retrieved 13 February 2022.
- ^ Andreoni, Manuela; Casado, Letícia (4 February 2021). «Vale Mining Company to Pay $7 Billion in Compensation for Brazil Dam Collapse». The New York Times. ISSN 0362-4331. Retrieved 13 February 2022.
- ^ https://www2.deloitte.com/content/dam/Deloitte/kr/Documents/tax/tax-newsletter/2014/kr_tax_global-tax-alerts_brazil_20140114.pdf[bare URL PDF]
- ^ «Vale miners stranded for 24 hours underground using ladder to exit Totten». Sudbury.com. Retrieved 13 February 2022.
- ^ Chaudhuri, Saabira (27 January 2012). «Public Eye award singles out Brazilian mining company, Barclays». The Guardian.
- ^ «Brazil dam: Startling pictures of Brumadinho collapse», BBC News, British Broadcasting Corporation, February 1, 2019. Retrieved February 10, 2019.
- ^ «Vale dam disaster: $7bn compensation for 270 killed». BBC News. 4 February 2021. Retrieved 4 February 2021.
- ^ a b «Vale’s Sustainability Report for 2020Q4» (PDF). Archived from the original (PDF) on 30 June 2021. Alt URL
- ^ «Vale’s Sustainability Report for 2018Q4» (PDF). Archived from the original on 27 September 2021. Alt URL
- ^ «Vale’s Sustainability Report for 2020Q4» (PDF). Archived from the original (PDF) on 30 June 2021. Alt URL
- ^ «Vale’s Sustainability Report for 2020Q4» (PDF). Archived from the original (PDF) on 30 June 2021. Alt URL
- ^ «Vale’s Sustainability Report for 2020Q4» (PDF). Archived from the original (PDF) on 30 June 2021. Alt URL
Bibliography[edit]
- (in French) Michel Braudeau, « Mourir dans l’or à Serra Pelada », in Le rêve amazonien, éditions Gallimard, 2004 (ISBN 2-07-077049-4).
External links[edit]
- The company’s home page in Portuguese
- The company’s home page in English
- Rheebu Nuu — indigenous group attempting to halt CVRD’s mining projects in the South Pacific
- Eyewitness Survivor Account and video. «Brumadinho: novas imagens revelam detalhes da tragédia, Jornol O Globo, February 1, 2019. Retrieved February 10, 2019.
- Nogueira, Elton P. «Brumadinho Dam Rupture Judicial Class Action Case Study». Academia Letters. Retrieved 20 December 2021.
▫️ Капитализация: $63 b
▫️ Выручка TTM:$48 b
▫️ Прибыль TTM: $19,8 b
▫️ P/E fwd 2022:6
▫️ P/B: 1,7
👉 Все обзоры: t.me/taurenin/651
👉 Vale S.A. — бразильская горнодобывающая компания, производитель железной руды, железнорудных гранул, никеля и других ископаемых. Кроме того, Vale управляет собственной логистической системой в Бразилии, включая железные дороги, морские терминалы и порт, обслуживающие основной бизнес. 👉 Ключевые сегменты 2Q2022: Железная руда: 72% Гранулы: 16% Никель: 9% Медь:3% Другие продукты:8%
✅ Компания направляет почти весь FCF на дивиденды и байбэк, что дает высокую доходность акционерам. По итогам 2022г. компания выплатит около 1,5$ на акцию (11% дивидендной доходности к текущей цене). Кроме того, компания проводит программу выкупа акций на 5 млрд долларов (8% от текущей капитализации) из которых по итогам 2 квартала израсходовано всего 23%.
✅ Себестоимость добычи ресурсов у компании находится на уровне с мировыми гигантами отраслями (Glencore, BHP и Rio Tinto), что говорит о высокой эффективности бизнеса.
❌ В отличии от конкурентов, Vale приходится уже сокращать планы по добычи ресурсов на 2022г: добыча железной руды вместо запланированных 320-335 млн тонн составит 310-320 млн тонн но скорее всего результат по итогам года будет еще меньше. Следует отметить, что для менеджмента ставить завышенные цели и снижать их уже во 2 квартале это почти традиция.
❌ У компании значительно возросли издержки при падении добычи: за второй квартал 2022г рост издержек составил 28%, при росте выручки всего на 3%. Кроме того, выросла и чистая себестоимость добычи железной руды на 14% до 24,2$. По оценкам компании, железнорудный сегмент будет оставаться прибыльным на уровне EBITDA пока цены на сырье находятсявыше 59$.
❌ Как и у Rio Tinto, более половины выручки Vale приходится на Китай. Однако по сравнению с австралийской компанией, у Vale значительно меньше политических рисков на этом рынке (повышение пошлин или полный отказ от импорта Австралийской руды) в силу нейтральной бразильской юрисдикции. Но риски по экономическому замедлению Китая и его строительно-инфраструктурного сектора актуальны и для Vale.
❌ Vale вынуждена оплачивать государственные социальные проекты (в качестве компенсации за многочисленные инциденты на производстве) поэтому значительная часть капитальных затрат направлена не на ростовые проекты, а на ремонт ГЭС, социальные объекты и улучшение условий труда на шахтах и заводах компании. Это приводит к сокращению FCF и уменьшению дивидендной базы. Даже при замедлении бизнеса в 1П 2022г. план по капитальным затратам компания собирается реализовать в полном объёме.
⚠️ В Бразилии в октябре 2022г пройдут президентские выборы. Вероятность смены власти достаточно высокая, а вместе с этим существует и риск потенциальной смены налоговой политики в стане.
Вывод
По отношению к ближайшем конкурентам из отрасли (RIO и BHP) дисконт в оценке Vale вполне оправдан. Компания оценена справедливо, но если есть желание инвестировать в сектор, то лучше сделать выбор в пользу Rio Tinto или BHP.
👉 Все обзоры: t.me/taurenin/651
Не является индивидуальной инвестиционной рекомендацией
#обзор #vale_s.a. #VALE
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Vale SA занимается производством и экспортом железной руды, окатышей, марганца и железных сплавов, которые являются сырьем, необходимым для производства стали. Работает в следующих сегментах: черные минералы, уголь, основные металлы, удобрения и другие. Компания основана 1 июня 1942 года, штаб-квартира в Рио-де-Жанейро, Бразилия.
Финансовые показатели
- Капитализация: 42.5 млрд
- Ежегодный оборот: 36.8 млрд
- Доходы: 7 млрд
- Активы: 88.2 млрд
О компании
- Год основания: 1942
- Руководитель: Эдуардо Бартоломео
- Кол-во сотрудников: 71149
- Головной офис: Рио-де-Жанейро
- Официальный сайт: http://www.vale.com/
Дата обновления показателей: Май, 2021
Бразильская Vale стала единоличным владельцем завода окатышей в Омане
- Vale
- Бразилия
- окатыши
- Оман
- покупка акций
Бразильская группа Vale выкупила у государственной оманской компании OQ (бывшей Oman Oil Company) 30% активов предприятия Vale Oman по производству окатышей. Сделка соответствует и программе правительства Омана по привлечению иностранных инвестиций, и стратегии Vale по расширению производства на Среднем Востоке. Предприятие было основано в 2007 г. под эгидой Vale Oman, совместной компании Vale SA и OQ. Все это время активы были распределены между ними в соотношении 70 к 30. Теперь Vale становится …
Бразильская Vale может отделить от себя медно-никелевый бизнес
- Vale
- Бразилия
- Медь
- Никель
- реорганизация
Бразильская горно-металлургическая корпорация Vale может выделить в обособленное подразделение свой медно-никелевый бизнес. Об этом заявил на FT Mining Summit генеральный директор корпорации Эдуардо Бартоломео. В 2021 г. Vale заявляла о намерении продать это подразделение, но сейчас план действий выглядит по-другому. Предполагается, что медные и никелевые активы будут выделены в отдельную компанию, акции которой будут котироваться на бирже. Как сообщил Эдуардо Бартоломео, если базовый железорудный …
Vale Indonesia запускает третий крупный никелевый проект
- Vale
- Аккумуляторы
- Бразилия
- Индонезия
- Китай
- Никель
- новые мощности
Бразильско-индонезийская никелевая компания PT Vale Indonesia подписала соглашение с китайской Zhejiang Huayou Cobalt по проекту строительства завода по производству никелевой продукции методом кислотного выщелачивания под давлением (HPAL) в районе г. Соровако в индонезийской провинции Южный Сулавеси. Объем инвестиций в проект оценивается в $1,8 млрд. На предприятии предполагается выпускать смешанный гидроскидный прекурсор (mixed hydroxide precipitate, MHP), который используется в производстве …
В Индонезии запускается крупный никелевый проект
- Vale
- Индонезия
- Китай
- Никель
- Tisco
- новые проекты
- никельсодержащий чугун
Горнодобывающая компания PT Vale Indonesia, подразделение бразильской корпорации Vale, и китайские компании Shandong Xinhai Technology и Taigang Iron and Steel (TISCO) подписали соглашение о реализации проекта строительства завода по производству никельсодержащего чугуна (NPI) на индонезийском острове Сулавеси. Данный проект был впервые анонсирован в середине 2021 г. Совместная доля двух китайских компаний составит 51%. PT Vale Indonesia, которая будет поставлять для предприятия никелевую руду, …
Бразильская Vale снижает план по производству ЖРС
- Vale
- Бразилия
- ЖРС
- Прогнозы
- железная руда
- статистика
Бразильская горнодобывающая корпорация Vale сообщила, что в первой половине 2022 г. произвела 163,1 млн. т железорудного сырья, что на 2,7% уступает аналогичному периоду прошлого года. Компания отмечает, что производство отчасти сократилось вследствие продажи активов в штате Мату-Гроссу-ду-Сул, где добывалось порядка 3,5 млн. т руды в год. Однако Vale понизила план на весь 2022 г. от прежних 320-335 млн. т до 310-320 млн. т. Компания объясняет это тем, что в текущих рыночных условиях она нуждается …
Бразильская Vale выставила на продажу металлургический завод
- Vale
- Бокситы
- Бразилия
- Слябы
- продажа активов
Бразильская горнодобывающая корпорация Vale сообщила о намерении продать свою долю в металлургическом заводе Companhia Siderurgica do Pecem (CSP), так как считает его непрофильным активом. По той же причине на продажу выставлен бокситовый рудник Mineracao Rio do Norte (MRN). Завод CSP, расположенный в штате Пара на севере Бразилии, выпускает товарные слябы. Его проектная мощность составляет 3 млн. т в год. В 2021 г. на предприятии было произведено около 2,8 млн. т полуфабрикатов, из которых …
Vale продала непрофильные железорудные активы
- Vale
- Бразилия
- железная руда
- продажа активов
Бразильская горнодобывающая корпорация Vale подписала соглашение о продаже своих активов в штате Мату-Гроссу-ду-Сул холдинговой компании J&F Investimentos, чьи интересы ранее были сосредоточены в животноводстве, целлюлозно-бумажной и пищевой промышленности. Стоимость сделки оценивается примерно в 1 млрд. реалов ($215 млн.). К новому собственнику переходят железорудные и марганцевые ГОКи Mineracao Corumbaense, Mineracao Mato Grosso, International Iron Company и Transbarge Navegacion, а также …
$VALE — бразильская горнодобывающая компания. Основная продукция компании — железная руда. Кроме того $VALE добывает никель, медь, марганец, кобальт, золото и небольшое количество других ископаемых.
В 2020 году компания снизила добычу всей линейки продукции. В результате выручка упала до уровня чуть выше 2017 года. За 4 полных года выручка не выросла. Можно было бы простить компании это недоразумение списав все на пандемию коронавируса, но мы этого делать не будем. Другие компании смогли не только сохранить уровень добычи, но даже показали рекордные успехи.
Средний ROA за 5 лет = 1%. Компания чудовищно не эффективна. С такой рентабельностью более правильно будет распродать имущество, раздать деньги акционерам и ликвидироваться.
Котировки акций компании были на пике в 2008 году, после чего ни разу не смогли дотянуться до этих значений. Цена находится в нисходящем тренде с 2011 года. Сейчас наблюдается хороший отскок, но перспектив для формирования долгосрочного восходящего тренда я не вижу. Когда исторический максимум котировок акций был 13 лет назад — это плохой знак. Не рекомендую к покупке в долгосрок.
В Пульсе есть группа граждан ожидающая ракету на отчете 25 февраля. Возможно, ракета будет. Спекулятивно на бычьей волне с учетом роста цен на металлы, котировки $VALE могут показать рост. А может, как это часто бывает, на хорошем отчете инвесторы наоборот начнут фиксировать прибыль и вместо взлета ракеты увидим погружение батискафа. Кто знает?
Если хочется добавить в портфель на долгосрок горнодобывающие компании, рекомендую обратить внимание на отечественных игроков — $CHMF, $GMKN, с натяжкой можно добавить в этот список иностранную $SCCO (но это на очень долгий срок, от 5 лет).
Оставив за скобками патриотизм, можно констатировать, что бизнес российских горнодобывающих компаний на порядок лучше бразильского конкурента. Да что там, на фоне $VALE даже Газпром и Роснефть кажутся не таким уж плохим бизнесом.
БЕСПЛАТНОЕ ПОСОБИЕ
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Введение в инвестиции
Узнай, как грамотно инвестировать в акции, облигации,
золото, и другие активы. Без регистрации и СМС.
Сравнить показатели:
В абсолютном выражении
Скрывать текущий период
дата начала финансового года
— 31 декабря
данные в таблице указаны
в млн. долл. США
Сырье
Сталь
Vale SA ADR (VALE)
Нью-Йорк
| Тикер | Биржа | Валюта | ||
|---|---|---|---|---|
| VALE | Нью-Йорк | USD | Реальное время | |
| VALEN | Мексика | MXN | C задержкой | |
| VALE3 | Франкфурт | EUR | C задержкой | |
| VALESy | Гамбургская биржа | EUR | C задержкой | |
| VALO | LATIBEX | EUR | C задержкой | |
| VALE3 | Сан-Паулу | BRL | C задержкой |
- Объем: 467.063
- Спрос/Предл.: 0,00 / 0,00
- Дн. диапазон: 14,88 — 14,90
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Обзор
-
График
- Потоковый график
- Интерактивный график
-
Новости и аналитика
- Новости
- Аналитика и мнения
-
Отчеты
- Финансовая сводка
- Отчет о доходах
- Баланс
- Денежный поток
- Коэффициенты
- Дивиденды
- Прибыль
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Теханализ
- Технический анализ
- Свечные модели
- Целевая цена аналитиков
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Форум
- Форум
- Прогнозы
- Рейтинг прогнозов
- Обзор
- Профиль
- Прошлые данные
- Опционы
- Компонент индексов
Vale SA, ранее называвшаяся Companhia Vale do Rio Doce, является бразильской металлургической и горнодобываюей компанией, которая в основном занимается добычей железной руды и никеля. Компания также производит железорудные окатыши, медь, металлы платиновой группы (МПГ), золото, серебро и кобальт. Vale занимается разведкой новых месторождений полезных ископаемых в пяти странах и управляет логистическими системами в Бразилии и других регионах мира, включая железные дороги, морские терминалы и порты, интегрированные с добычей полезных ископаемых. Кроме того, Vale имеет распределительные центры для поддержки доставки железной руды по всему миру. Vale имеет множество дочерних компаний, в том числе Vale Logistica Uruguay SA, Vale Holdings BV, Vale Overseas Ltd. Деятельность Компании за рубежом охватывает примерно 30 стран.
Руководители
| Название | Возраст | Год | Заголовок |
|---|---|---|---|
| Daniel Andre Stieler | — | 2021 | Director |
| José Luciano Duarte Penido | 74 | 2019 | Chairman of the Board |
| Manuel Lino Silva de Sousa Oliveira | — | 2021 | Director |
| Fernando Jorge Buso Gomes | 66 | 2015 | Vice Chairman of the Board |
| Eduardo de Oliveira Rodrigues Filho | 68 | 2011 | Director |
| José Luciano Duarte Penido | 74 | 2019 | Independent Chairman of the Board |
| Bernardeth Vieira de Souza | 70 | — | General Manager of Treasury for CVRD and Director of Vale Overseas |
| Lucio Azevedo | 64 | 2015 | Employee Director |
| Raphael Manhaes Martins | 39 | 2015 | Member of Fiscal Council |
| Robert Juenemann | 57 | 2022 | Member of Fiscal Council |
| Arthur Prado Silva | — | 2015 | Alternate Director |
| Johan Albino Ribeiro | — | 2019 | Alternate Director |
| Hugo Serrado Stoffel | — | 2019 | Alternate Director |
| Murilo César Lemos dos Santos Passos | 75 | 2019 | Independent Director |
| Iran da Cunha Santos | — | 2019 | Alternate Director |
| Nuno Maria Pestana de Almeida Alves | — | 2020 | Alternate Director |
| Marcia Fragoso Soares | — | 2019 | Alternate Director |
| João Ernesto de Lima Mesquita | — | 2020 | Alternate Director |
| Esteves Pedro Colnago | — | 2022 | Member of Fiscal Council |
| Heloisa Belotti Bedicks | — | 2022 | Member of Fiscal Council |
| Ivan Luiz Modesto Schara | 55 | 2019 | Alternate Director |
| Ken Yasuhara | — | 2019 | Director |
| Rachel de Oliveira Maia | 51 | — | Independent Director |
| Adriano Cives Seabra | — | 2019 | Alternate Director |
| Roger Allan Downey | 55 | 2012 | Director |
| Roberto da Cunha Castello Branco | — | — | Director |
| Marcelo Gasparino Da Silva | 51 | 2016 | Independent Director |
| Mauro Rodrigues da Cunha | — | 2021 | Director |
| Marcio De Souza | — | 2022 | Chairman of Fiscal Council |
| Daniel André Stieler | — | 2021 | Director |
| Manuel Lino Silva De Sousa-Oliveira | 70 | 2021 | Independent Non-Executive Director |
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