Transcript and key updates from Vale's 2Q26 earnings call
Vale released a transcript of its 2Q26 earnings call attended by CEO Gustavo Pimenta, CFO and IR head Marcelo Bacci, commercial chief Rogerio Nogueira, operations chief Carlos Medeiros, VBM CEO Shaun Usmar.
Board set shareholder payouts of USD 1.7 billion for September; extended buyback with a new 18-month plan for up to 100 million shares.
Iron ore cost outlook reset: 2026 C1 cash cost ex third-party purchases seen at USD 22.5-23.5/ton; all-in cost seen at USD 58-62/ton.
Serra Sul +20 started up in July with S11D’s second long-distance conveyor; Compact Crusher project commissioning targeted for 4Q.
Bacaba copper project brought forward to commissioning in 3Q27 from 1H28; copper all-in cost guidance cut to USD 0-500/ton, nickel to USD 10,000-11,500/ton.
VALE•
