淡水河谷 (VALE) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Vale's conference call to discuss fourth quarter '22 results. (Operator Instructions) As a reminder, this conference is being recorded, and the recording will be available on the company's website at vale.com at the Investors link. This conference call is accompanied by a slide presentation, also available at the Investors link at the company's website and is transmitted via Internet as well. The broadcasting via Internet, both the audio and the slide change, has a few seconds delay in relation to the audio transmitted via phone.

早上好，女士們，先生們。歡迎參加 Vale 的電話會議，討論 22 年第四季度的業績。 （操作員說明）提醒一下，本次會議正在錄製中，錄製內容將在公司網站 vale.com 的投資者鏈接上提供。此電話會議附有幻燈片演示，也可在公司網站的投資者鏈接上獲得，並通過互聯網傳輸。通過互聯網的廣播，無論是音頻還是幻燈片變化，相對於通過電話傳輸的音頻都有幾秒鐘的延遲。

Before proceeding, let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act of 1996. Actual performance could differ materially from that anticipated in any forward-looking comments as a result of macroeconomic conditions, market risks and other factors.

在繼續之前，讓我提一下，前瞻性陳述是根據 1996 年證券訴訟改革法案的安全港做出的。由於宏觀經濟狀況、市場風險，實際表現可能與任何前瞻性評論中預期的表現存在重大差異和其他因素。

With us today are Mr. Eduardo de Salles Bartolomeo, Chief Executive Officer; Mr. Gustavo Pimenta, Executive Vice President of Finance and Investor Relations; Mr. Marcello Spinelli, Executive Vice President of Iron Solutions; Mr. Carlos Medeiros, Executive Vice President of Operations; Ms. Deshnee Naidoo, Executive Vice President of Energy Transition Materials. First, Mr. Eduardo Bartolomeo will proceed to the presentation on Vale's fourth quarter '22 performance. And after that, he will be available for questions and answers.

今天和我們在一起的是首席執行官 Eduardo de Salles Bartolomeo 先生；財務和投資者關係執行副總裁 Gustavo Pimenta 先生； Iron Solutions執行副總裁Marcello Spinelli先生；運營執行副總裁 Carlos Medeiros 先生；能源過渡材料執行副總裁 Deshnee Naidoo 女士。首先，Eduardo Bartolomeo 先生將繼續介紹 Vale 22 年第四季度的業績。之後，他將有空回答問題。

It is now my pleasure to turn the call over to Mr. Eduardo Bartolomeo. Sir, you may now begin.

現在我很高興將電話轉給 Eduardo Bartolomeo 先生。先生，您現在可以開始了。

Thank you very much. Good morning, everyone. I hope you're all doing well. 2022, we substantially derisked and reshaped Vale. We had strong deliveries in the management and decommissioning. We advanced as expected at the Brumadinho reparation. We created leverage for operational stability and flexibility. And we are simplifying our business portfolio, enabling a greater focus on our core businesses. On top of that, we drew up a plan for the Vale of the future, a company that promotes sustainable mining, fosters low carbon solutions and remain capital disciplined.

非常感謝。大家，早安。我希望你們一切都好。 2022年，我們大幅降低風險並重塑淡水河谷。我們在管理和退役方面取得了很好的成果。我們在 Brumadinho 賠款中取得了預期的進步。我們創造了運營穩定性和靈活性的槓桿。我們正在簡化我們的業務組合，從而更加專注於我們的核心業務。最重要的是，我們為未來的淡水河谷制定了一個計劃，一家促進可持續採礦、培育低碳解決方案並保持資本紀律的公司。

Next slide. Before going to our performance in Q4, let me just reinforce that we just announced a new organization design for Vale's Executive Committee, which will strengthen our core business, broaden technical excellence and improve project execution. I will provide more details later on.

下一張幻燈片。在談到我們第四季度的業績之前，讓我強調一下，我們剛剛宣布了 Vale 執行委員會的新組織設計，這將加強我們的核心業務，擴大技術優勢並改善項目執行。我稍後會提供更多細節。

I'm also very happy to announce the appointment of Jerome Guillen as our first Independent Director for our Energy Transition Materials business, in line with the new management model that we had laid out during Vale Day. Jerome is a former President of Tesla Automotive and has played a key role in developing the EV market as we know today. He is a very innovative and purpose-driven individual that will certainly add tremendous value to our energy transition materials strategy. As well, we continue to make substantial progress on the minority sale and expect to share additional details with you still in the first half of this year.

我也很高興地宣布，根據我們在 Vale Day 期間制定的新管理模式，任命 Jerome Guillen 為我們能源轉換材料業務的第一位獨立董事。杰羅姆是 Tesla Automotive 的前總裁，在我們今天所知的電動汽車市場發展中發揮了關鍵作用。他是一個非常有創新精神和以目標為導向的人，他肯定會為我們的能源轉換材料戰略增加巨大的價值。此外，我們繼續在少數股權出售方面取得實質性進展，並希望在今年上半年與您分享更多細節。

Moving on to our operations. In iron solutions, we delivered strong results. We find sales up 24%, combined with a strong price realization. Our all-in cost decreased benefited by lower freight rates. On the project side, the Gelado project is now under commissioning, and that help us make us very confident about our production guidance.

繼續我們的操作。在鐵溶液中，我們取得了很好的成績。我們發現銷售額增長了 24%，而且價格變現強勁。我們的總成本因較低的運費而下降。在項目方面，Gelado 項目目前正在調試中，這讓我們對我們的生產指導非常有信心。

In our energy transition materials business, our nickel production was steady with sales up 30% and production up by 6% mainly due to the excellent performance of our Sudbury mines, which delivered the highest production rates since 2019. Also, Onca Puma had the best annual production in the last 5 years.

在我們的能源轉換材料業務中，我們的鎳產量穩定，銷售額增長 30%，產量增長 6%，這主要歸功於我們的薩德伯里礦山的出色表現，該礦山的生產率達到了 2019 年以來的最高水平。此外，Onca Puma 的表現最好過去 5 年的年產量。

In copper, it was a quarter of important maintenance activities in Salobo and Sossego to ensure asset integrity, which is paving the way for higher production rates in 2023. We successfully completed the startup of Salobo III, which will add 30 to 40 kilotons per year of copper at peak capacity.

在銅方面，Salobo 和 Sossego 進行了四分之一的重要維護活動以確保資產完整性，這為 2023 年的更高生產率鋪平了道路。我們成功完成了 Salobo III 的啟動，每年將增加 30 至 40 噸銅的峰值容量。

On product strategy, I would highlight Vale's long-term agreement with General Motors to supply battery-grade nickel sulfate. This reinforces Vale's unique strategic position to be the supplier of choice to the EV industry. In our quest to become a leader in sustainable mining, we continue to deliver in many of our public commitments such as in human rights, Amazon forest protection and the safety of our (inaudible).

在產品策略方面，我要強調淡水河谷與通用汽車的長期協議，以供應電池級硫酸鎳。這鞏固了淡水河谷作為電動汽車行業首選供應商的獨特戰略地位。為了成為可持續採礦領域的領導者，我們繼續履行許多公開承諾，例如人權、亞馬遜森林保護和我們（聽不清）的安全。

Finally, we walk the talk on cash return to our shareholders. We just announced a $1.8 billion dividend for payment in March, while remaining committed to our buyback program, about 42% completed.

最後，我們言出必行，向股東返還現金。我們剛剛宣佈在 3 月份支付 18 億美元的股息，同時繼續致力於我們的回購計劃，大約完成了 42%。

Next slide, please. The redesign of our executive team is key to ensure a fit-for-purpose organization with greater focus on its core business and on delivering our strategic goals. We now have a dedicated structure led by Spinelli to accelerate the development of innovative products and solutions in iron ore and the improvement of our marketing strategy. (inaudible) now has the challenge of accelerating the implementation of Vale's management model, which will promote greater safety and reliability on Vale's operations.

請換下一張幻燈片。重新設計我們的執行團隊是確保組織更加專注於核心業務和實現戰略目標的關鍵。我們現在擁有一個由 Spinelli 領導的專門結構，以加速鐵礦石創新產品和解決方案的開發以及我們營銷策略的改進。 （聽不清）現在面臨加速實施 Vale 管理模式的挑戰，這將提高 Vale 運營的安全性和可靠性。

(inaudible) was promoted to the executive team, implemented with excellence, our tailings and dams management model and now will lead our technical office, which incorporates safety and operational excellence, mineral exploration and operational innovation.

（聽不清）被提升為執行團隊，以卓越的方式實施我們的尾礦和大壩管理模式，現在將領導我們的技術辦公室，該辦公室融合了安全和卓越運營、礦產勘探和運營創新。

Alexandre Pereira will be entirely focused on implementing a state-of-the-art product planning execution from end-to-end to secure our long-term growth ambitions. As you can see, we designed our organizational structure for the efficient management of our operations and the development of innovative solutions for a carbon-neutral society.

Alexandre Pereira 將完全專注於實施最先進的端到端產品規劃執行，以確保我們的長期增長目標。如您所見，我們設計的組織結構是為了有效管理我們的運營和為碳中和社會開發創新解決方案。

Next slide, please. We are seeing unprecedented opportunities for segmentation and demand growth for high-quality products. Quality is key for the decarbonization of steelmaking and a game-changing transformation for the high-quality suppliers like Vale.

請換下一張幻燈片。我們看到了前所未有的細分機會和對高質量產品的需求增長。質量是煉鋼脫碳的關鍵，也是像淡水河谷這樣的優質供應商實現顛覆性轉型的關鍵。

There is no other company like Vale, which combines volume and quality, innovative products and supply chain to deliver the decarbonization solutions that the steel industry needs. Our iron solution strategy is designed precisely for this purpose.

沒有其他公司像淡水河谷這樣結合數量和質量、創新產品和供應鏈來提供鋼鐵行業所需的脫碳解決方案。我們的鐵溶液策略正是為此目的而設計的。

With those differentiators, we are a partner of choice for our clients. We are establishing partnership with steel mills to find new solutions to decarbonize the industry. We have signed with clients representing almost 50% of our Scope 3 emissions.

憑藉這些差異化優勢，我們成為客戶的首選合作夥伴。我們正在與鋼廠建立合作夥伴關係，以尋找使該行業脫碳的新解決方案。我們已與代表我們範圍 3 排放量近 50% 的客戶簽約。

As you can see on the chart, we are projecting a higher average iron content in our iron ore portfolio starting in 2023. This would give us much higher quality premium on prices. It's a quality and a price game.

正如您在圖表中看到的那樣，我們預計從 2023 年開始我們的鐵礦石組合中的平均鐵含量會更高。這將使我們的價格質量溢價更高。這是一場質量和價格的博弈。

Just as a reference of how much value we can generate on quality, each 1 percentage point increase in average iron content corresponds to around $550 million of incremental EBITDA. The commissioning of the plus 20 project in the S11D and the Gelado project, which I already mentioned, will help us achieve growth, higher quality and better prices.

作為我們可以在質量上產生多少價值的參考，平均含鐵量每增加 1 個百分點，相當於增加約 5.5 億美元的 EBITDA。 plus 20項目在S11D和Gelado項目的投產，我已經提到了，將幫助我們實現增長、更高的質量和更好的價格。

In the Southern Eastern and the Southern systems, we are increasing concentration process to deliver high-quality feedstock with the 4 filtration plants in Itabira, Vargem Grande and Brucutu that we delivered recently. And concentration is key to a high-quality, low carbon supply, reason why we signed up for the development of mega hubs in the Middle East.

在 Southern Eastern 和 Southern 系統中，我們正在增加濃縮工藝，以通過我們最近在 Itabira、Vargem Grande 和 Brucutu 交付的 4 個過濾廠提供高質量的原料。集中是高質量、低碳供應的關鍵，這也是我們簽署在中東開發大型樞紐的原因。

And finally, we are also about to start up our first green briquette plant in the first half of 2023. We face 6 million tons production capacity as originally planned.

最後，我們也即將在 2023 年上半年啟動我們的第一個綠色型煤工廠。我們按照原計劃面臨 600 萬噸的產能。

Next slide, please. In our energy transition material business, we have the right assets in the right jurisdictions, making us the ideal partner for delivering high-quality products to our customers. In 2022, we entered into strategic nickel supply agreements with Northvolt and with General Motors, in addition to an MOU for nickel processing between PTVI, Huayou and Ford Motor Company.

請換下一張幻燈片。在我們的能源轉換材料業務中，我們在正確的司法管轄區擁有正確的資產，這使我們成為向客戶提供高質量產品的理想合作夥伴。 2022 年，除了 PTVI、華友和福特汽車公司之間的鎳加工諒解備忘錄外，我們還與 Northvolt 和通用汽車簽訂了戰略鎳供應協議。

We are developing a first-of-its-kind plant in Canada and North America to produce nickel sulfate from high period low-carbon nickel from our (inaudible) refineries. This project is a natural extension to our business, offering diversified sales with a greater footprint in the North American EV market. Nickel production increased 6% in 2022 mainly due to the stabilization of Sudbury operations and the consistent and strong performance at Onca Puma.

我們正在加拿大和北美開發首個此類工廠，以從我們（聽不清）精煉廠的高週期低碳鎳中生產硫酸鎳。該項目是我們業務的自然延伸，提供多樣化的銷售，在北美電動汽車市場佔據更大的份額。鎳產量在 2022 年增長了 6%，這主要是由於薩德伯里業務的穩定以及 Onca Puma 的持續強勁表現。

Copper production declined by 15% to 253,000 tons in 2022 due to extended maintenance at the Sossego mill during the first half of the year and additional maintenance required at Sossego and Salobo. With the maintenance completion and the startup of Salobo III, our copper production should grow materially in 2023.

2022 年銅產量下降 15% 至 253,000 噸，原因是上半年 Sossego 工廠的維護時間延長以及 Sossego 和 Salobo 需要額外維護。隨著 Salobo III 的維護完成和啟動，我們的銅產量將在 2023 年大幅增長。

In short, we have the assets, we have the innovative technology, and we are building the client engagement and the supply chain. With that, we have the will and the conditions to take Vale to the leadership of a sustainable mining on the critical minerals world.

簡而言之，我們擁有資產，我們擁有創新技術，我們正在建立客戶參與度和供應鏈。有了這個，我們就有意願和條件讓淡水河谷成為關鍵礦產世界可持續採礦的領導者。

Next slide, please. Safety is the basis of a working culture, and we are proud to have achieved historic results in 2022. We reduced more than 80% the number of high potential injuries since 2019 in key critical activities. Vale has now the lowest injury rate in 15 years.

請換下一張幻燈片。安全是工作文化的基礎，我們很自豪在 2022 年取得了歷史性的成果。自 2019 年以來，我們在關鍵關鍵活動中減少了 80% 以上的高潛在傷害人數。淡水河谷現在的工傷率是 15 年來最低的。

We are also 40% completed in our goal to eliminate all our upstream dams. The B3/B4 dam had its emergency level reduced from high to medium after successful safety improvements, an important milestone in the journey to eliminate critical safe conditions in dams by 2025.

我們還完成了 40% 的目標，即消除所有上游水壩。 B3/B4 大壩在成功進行安全改進後，其緊急級別從高級別降至中級別，這是到 2025 年消除大壩關鍵安全條件的重要里程碑。

Vale is around 90% adherent to the requirements of the global industry standard for tailings management, which give us confidence that we will be 100% compliant by 2025. And we will continue to pursue the highest safety standards and operational excellence, making sure safety is incorporated into the company's culture.

Vale 大約 90% 遵守全球尾礦管理行業標準的要求，這讓我們有信心到 2025 年我們將 100% 合規。我們將繼續追求最高安全標準和卓越運營，確保安全融入公司文化。

Next slide, please. At Vale, we are making sure that sustainable mining is at the core of all our actions. On our journey to reduce Scope 1 and 2 emissions, we established a natural gas supply agreement for the pelletizing plant in São Luís. We are assorting biochar in our metallurgical and pelletizing processes while progressing with the conversion of the 2 pelletizing plants to green briquette in Tubarao, as mentioned before.

請換下一張幻燈片。在淡水河谷，我們確保可持續採礦是我們所有行動的核心。在減少範圍 1 和範圍 2 排放的過程中，我們為聖路易斯的球團廠簽訂了天然氣供應協議。如前所述，我們正在我們的冶金和造粒工藝中分類生物炭，同時在 Tubarao 將 2 家造粒廠轉化為綠色型煤。

We have a voluntary commitment to protect and restore additional 500,000 hectares of forest by 2030. We protected and recovered 51,000 hectares in 2022, bringing the total to 172,000 hectares since 2019 or about 34.4% of the long-term goal.

我們自願承諾到 2030 年保護和恢復額外的 500,000 公頃森林。我們在 2022 年保護和恢復了 51,000 公頃，使 2019 年以來的森林總面積達到 172,000 公頃，約佔長期目標的 34.4%。

On the human rights, 100% of Vale's operations in Brazil are covered by human rights due diligence. As you know, we have a goal of taking 500,000 people out of extreme poverty by 2030. In 2022, we detailed our action plan. In 2023, we will start a pilot project to benefit 30,000 people from areas neighboring Vale's operation and in other locations.

在人權方面，淡水河谷在巴西100%的業務都受到人權盡職調查的覆蓋。如您所知，我們的目標是到2030年讓50萬人擺脫極端貧困。我們在2022年制定了詳細的行動計劃。 2023 年，我們將啟動一個試點項目，使淡水河谷運營區周邊地區和其他地區的 30,000 人受益。

In Brumadinho, we delivered 58% of the commitments set by the reparation agreement. We didn't establish deadlines. In Mariana, the Renova Foundation provided 315 housing solutions in 2022. This means Renova provided a total of 441 housing solutions so far or about 60% of the resettlement requirement.

在布魯馬迪尼奧，我們履行了賠償協議規定的承諾的 58%。我們沒有設定最後期限。在馬里亞納，Renova 基金會在 2022 年提供了 315 個住房解決方案。這意味著 Renova 迄今為止總共提供了 441 個住房解決方案，約佔重新安置需求的 60%。

In conclusion, we have materially derisked Vale, and we are delivering on our commitments to a safer and more sustainable company. With that, I am sure we are building a better Vale.

總而言之，我們已經從實質上降低了淡水河谷的風險，並且我們正在兌現我們對一家更安全、更可持續發展的公司的承諾。有了這個，我相信我們正在建設一個更好的淡水河谷。

Now I'll pass the floor to Gustavo, who will detail our financial results, and I'll get back to Q&A at the end. Thank you.

現在我將發言權交給古斯塔沃，他將詳細介紹我們的財務結果，最後我會回到問答環節。謝謝。

Thanks, Eduardo, and good morning, everyone. Let me start with our EBITDA performance for the quarter. As you can see, we delivered a solid $5 billion EBITDA in Q4, $1 billion higher than Q3 2022. This $1 billion increase is mainly explained by our strong sales performance in the quarter with iron ore finance up by 15.8 million tons and nickel by 13.9 kilotons. Price realization for iron ore fines also contributed to our better performance, and I'll provide more details about that on the next slide.

謝謝，愛德華多，大家早上好。讓我從本季度的 EBITDA 表現開始。如您所見，我們在第四季度實現了 50 億美元的 EBITDA，比 2022 年第三季度高出 10 億美元。這 10 億美元的增長主要歸因於我們在本季度的強勁銷售業績，其中鐵礦石融資增加了 1580 萬噸，鎳增加了 13.9千噸。鐵礦石粉的價格實現也為我們更好的業績做出了貢獻，我將在下一張幻燈片中提供更多詳細信息。

Bunker and oil cost was positively affected by $250 million due to lower freight costs mainly as a result of lower bunker prices. In others, the main driver was the $224 million one-off tax agreement in Para, which I will cover later in my presentation.

燃油和石油成本受到 2.5 億美元的積極影響，主要是由於燃油價格下降導致運費降低。在其他方面，主要驅動因素是 Para 的 2.24 億美元一次性稅收協議，我將在稍後的演講中介紹。

So back to iron ore price realization. The average reference price for the quarter was $99 per ton. Our average premium was $1.6 per ton, up $1 versus Q3 as a result of better sales mix. The pricing mechanism effect had also a positive impact on our final realized prices. This is largely explained by the higher forward prices at the end of December. Around 31% of sales were booked at an average price of $116 per ton.

所以回到鐵礦石價格實現。本季度的平均參考價格為每噸 99 美元。由於更好的銷售組合，我們的平均溢價為每噸 1.6 美元，比第三季度上漲 1 美元。定價機制效應也對我們的最終實現價格產生了積極影響。這主要是由於 12 月底遠期價格較高。約 31% 的銷售額以每噸 116 美元的平均價格預訂。

You can see this effect on provisional prices in current quarter, which contributed with $5.3 per ton. Before the adjustments for moisture and FOB sales, price realization was about $107 per ton, 8.5% above the benchmark price. So in summary, we delivered a realized price of $95.6 per ton, up $3 per ton versus Q3 despite a decrease in benchmark prices of $3.3 per ton.

您可以在本季度看到這種對臨時價格的影響，每噸貢獻了 5.3 美元。在對水分和離岸價銷售進行調整之前，實現價格約為每噸 107 美元，比基準價格高出 8.5%。因此，總而言之，儘管基準價格每噸下降 3.3 美元，但我們交付的實際價格為每噸 95.6 美元，比第三季度每噸上漲 3 美元。

Now moving to iron ore all-in costs. As you can see at the bottom of the table, our EBITDA breakeven cost came down by $2.8 per ton to $48.5 per ton. This is explained by 3 main factors: first, the 18% decrease in sales from third-party purchases, which contributed to $1.2 per ton in our C1; second, our freight performance, which contributed with a cost reduction of $3.6 per ton due to lower bunker prices and better freight rates; and $1 per ton resulting from higher finance premium due to a better mix.

現在轉向鐵礦石總成本。正如您在表格底部看到的那樣，我們的 EBITDA 盈虧平衡成本每噸下降 2.8 美元至每噸 48.5 美元。這由 3 個主要因素解釋：首先，第三方採購的銷售額下降 18%，這導致我們的 C1 每噸 1.2 美元；其次，我們的貨運表現，由於較低的燃油價格和更好的運費，每噸成本降低了 3.6 美元；更好的組合帶來更高的融資溢價，每噸 1 美元。

On royalties, Vale joint approval with the government of Para in relation to the increase of TFRM, which is a fee to fund the government supervision of mineral production activities. This agreement, which covers the entire 2022 fiscal year, was fully recorded in Q4. Excluding this one-off event, the royalties line in Q4 would have been $2.7 per ton lower with all-in EBITDA breakeven of $45.8 per ton versus the $48.5 per ton reported. For 2023, we forecast a decrease of $2 (inaudible) the EBITDA breakeven due to higher average quality of our product portfolio and lower fuel costs.

在特許權使用費方面，Vale 與帕拉政府共同批准增加 TFRM，這是一項為政府監督礦產活動提供資金的費用。該協議涵蓋整個 2022 財年，已在第四季度全面入賬。排除這一一次性事件，第四季度的特許權使用費線每噸降低 2.7 美元，總計 EBITDA 盈虧平衡為每噸 45.8 美元，而報告的每噸 48.5 美元。對於 2023 年，由於我們產品組合的平均質量更高和燃料成本更低，我們預測 EBITDA 收支平衡將減少 2 美元（聽不清）。

Now turning to energy transition materials. Our EBITDA more than doubled quarter-on-quarter, reaching $775 million. This was mainly driven by better price realization for both nickel and copper, as well as a 30% growth in nickel sales and a decrease in nickel unit cost by 16% in the quarter.

現在轉向能量轉換材料。我們的 EBITDA 環比增長了一倍以上，達到 7.75 億美元。這主要是由於鎳和銅的價格實現更好，以及本季度鎳銷售額增長 30% 和鎳單位成本下降 16%。

Now looking at all-in costs. In nickel, all-in unit costs dropped by 2,600 per ton mainly driven by lower cost of goods sold. As you may recall, in Q3, we had a carryover of high-cost inventories, which was a one-off impact to our Q3 cost of sales.

現在看看總成本。在鎳方面，總單位成本每噸下降 2,600 美元，這主要是受銷售商品成本下降的推動。您可能還記得，在第三季度，我們結轉了高成本庫存，這對我們第三季度的銷售成本產生了一次性影響。

For 2023, we project nickel unit cost to be relatively flat as we don't expect to change our purchase feed strategy in the short term despite higher expected productivity in Sudbury. In the midterm, we expect the reduction in nickel costs as we ramp up VBME.

對於 2023 年，我們預計鎳的單位成本將相對持平，因為儘管薩德伯里的預期生產力更高，但我們預計短期內不會改變我們的採購飼料策略。在中期，我們預計隨著 VBME 的增加，鎳成本會降低。

Now moving on to copper. Copper all-in unit cost was up due to lower volumes from South Atlantic operations after maintenance at Salobo and Sossego plants. We expect the unit cost to go down on the back of higher volumes associated with better operational performance at Salobo and Sossego and the ramp-up of Salobo III.

現在轉向銅。由於 Salobo 和 Sossego 工廠維護後南大西洋業務的產量下降，銅的總單位成本上升。我們預計單位成本將下降，原因是 Salobo 和 Sossego 的運營績效更好以及 Salobo III 的產能增加導致銷量增加。

Now moving to cash generation. As you can see, free cash flow generation was largely impacted by working capital and CapEx, which are usually high in Q4. The working capital variation is largely explained by the $2.1 billion increase in accounts receivable, mainly due to higher accrual sales volume for iron ore, together with the positive effect of $21 per ton on higher iron ore provisional prices. These invoices will be collected in Q1 this year, and we expect the effect on working capital to revert in the following quarters. We also repurchased around $1 billion in Vale shares in Q4, which is aligned with our capital allocation strategy.

現在轉向現金產生。如您所見，自由現金流的產生在很大程度上受到營運資本和資本支出的影響，這在第四季度通常很高。營運資金變化的主要原因是應收賬款增加了 21 億美元，這主要是由於鐵礦石的應計銷售額增加，以及每噸 21 美元對鐵礦石臨時價格上漲的積極影響。這些發票將在今年第一季度收取，我們預計對營運資金的影響將在接下來的幾個季度恢復。我們還在第四季度回購了約 10 億美元的淡水河谷股票，這符合我們的資本配置策略。

So let me talk more about our capital allocation strategy in the next slide. Since April 2021, we bought back 683 million shares or 13% of the initial number of outstanding shares. This means a 15% increase in concentration of earnings and dividends on a per share basis. Also yesterday, we announced $1.8 billion in dividends to be paid in March 2023.

因此，讓我在下一張幻燈片中更多地談談我們的資本配置策略。自 2021 年 4 月以來，我們回購了 6.83 億股股票，佔初始已發行股票數量的 13%。這意味著每股收益和股息的集中度增加了 15%。同樣在昨天，我們宣布將於 2023 年 3 月支付 18 億美元的股息。

So before opening up for questions, I would like to reinforce the key takeaways from today's call. As Eduardo mentioned, Vale redesigned its executive committee to ensure a fit-for-purpose organization with greater focus on our operations and on delivering solutions for the global energy transition.

因此，在開始提問之前，我想強調一下今天電話會議的要點。正如 Eduardo 提到的，淡水河谷重新設計了其執行委員會，以確保一個適合目的的組織，更加關注我們的運營和為全球能源轉型提供解決方案。

In that sense, we are taking actions to serve a growing market demand for quality products, leveraging on our unique mineral endowment and innovation capabilities. For example, the high-grade pellets and briquettes, the mega hubs initiatives and the low carbon nickel products. We also remain focused on delivering new projects to meet our production guidance and to make sure we sustain the unique competitive advantage of Vale. And finally, we remain highly committed to a disciplined capital allocation process as evidenced by our highly accretive buyback program and dividend payout.

從這個意義上說，我們正在採取行動，利用我們獨特的礦產禀賦和創新能力，滿足市場對優質產品不斷增長的需求。例如，高檔球團礦和煤球、大型樞紐計劃和低碳鎳產品。我們還繼續專注於交付新項目以滿足我們的生產指導，並確保我們保持淡水河谷獨特的競爭優勢。最後，我們仍然高度致力於嚴格的資本分配流程，我們具有高度增值性的回購計劃和股息支付就證明了這一點。

Now I would like to open the call for questions. Thank you.

現在我想打開問題的電話。謝謝。

(Operator Instructions) And our first question comes from Leonardo Correa with BTG Pactual.

（操作員說明）我們的第一個問題來自 BTG Pactual 的 Leonardo Correa。

Can you hear me well?

你能聽清楚嗎？

Yes, yes, we can now.

是的，是的，我們現在可以。

Perfect. So my first question goes to Gustavo. On the note of still of cash returns, right? Gustavo, I mean, Vale has been very active on the buybacks over the past quarters. And since you joined Vale, your message has been very clear on buybacks and the preference for buybacks, right? I think Vale has really stepped up the game on that front.

完美的。所以我的第一個問題是古斯塔沃。關於現金回報的注意事項，對嗎？古斯塔沃，我的意思是，淡水河谷在過去幾個季度的回購中一直非常活躍。自從你加入淡水河谷以來，你關於回購和回購偏好的信息一直非常明確，對吧？我認為淡水河谷在這方面確實加強了比賽。

Since the recent lows, right? I mean, Vale has rebounded like 40%, 50%, right? The stock has performed quite well over the past months. In this context, I mean, the stock has related as well, right? I mean, versus Australian peers. We see that re-rating process probably complete, right? I mean, the multiple is now more aligned, which is fair, right?

自最近的低點以來，對嗎？我的意思是，淡水河谷反彈了 40%、50%，對吧？該股在過去幾個月表現良好。在這種情況下，我的意思是，股票也有關聯，對吧？我的意思是，與澳大利亞同行相比。我們看到重新評級過程可能已經完成，對吧？我的意思是，倍數現在更加一致，這很公平，對吧？

So in this context, Gustavo, I mean, how do you see the balance, right, of now sustaining this buyback, right in the context of, let's say, a higher priced share vis-a-vis paying that balance in extraordinary dividend. So I just wanted to see how you see current trade-off, given where the share price is in the recent r.

所以在這種情況下，古斯塔沃，我的意思是，你如何看待現在維持這種回購的平衡，比方說，相對於支付特別股息的平衡，價格更高的股票。所以我只想看看你如何看待當前的權衡，考慮到最近 r 的股價。

And the second question on costs, I think we had a pretty reassuring number, right, in terms of delivered cost into China, right? The number has declined from $51 to about $48 this fourth quarter.

關於成本的第二個問題，我認為我們有一個非常令人放心的數字，對吧，就交付到中國的成本而言，對吧？這個數字在第四季度從 51 美元下降到大約 48 美元。

I mean, looking forward, right? Given the deflationary pressures we're seeing, right? I mean, the oil price is still quite depressed. I mean, if you think of freight rates, Brazil (inaudible), the number is $16, so still below the freight rate that you guys are booking. And I understand that you have a good part of that which is long-term contracts.

我的意思是，很期待，對吧？考慮到我們看到的通貨緊縮壓力，對吧？我的意思是，油價仍然很低迷。我的意思是，如果你想到運費，巴西（聽不清），這個數字是 16 美元，所以仍然低於你們預訂的運費。我知道你們有很大一部分是長期合同。

But just putting everything together, can we see the delivered cost into China falling below $45 by year-end? Or how are you seeing the evolution of those costs?

但是，如果將所有因素放在一起，我們能否看到到中國的交付成本在年底前降至 45 美元以下？或者您如何看待這些成本的演變？

Thanks, Leo. So on the first one, as you know, we have a very attractive dividend policy, right? The 30% EBITDA less sustaining, which is somewhat close to a 50% payout. So we've been performing on that.

謝謝，利奧。所以關於第一個，如你所知，我們有一個非常有吸引力的股息政策，對吧？ 30% 的 EBITDA 不太可持續，這有點接近 50% 的支出。所以我們一直在執行。

And on the buyback, as you know, we've been walking the talk, delivering and executing on the buyback, especially when prices are softer. Quite frankly, we continue to believe that even at the current levels, this is probably one of the best, if not the best investment that we have, buying back shares. And we'll continue to do at those levels.

在回購方面，如你所知，我們一直在言行一致，交付和執行回購，尤其是在價格走軟的時候。坦率地說，我們仍然相信，即使在目前的水平上，這可能是最好的投資之一，如果不是我們擁有的最好的投資，回購股票。我們將繼續在這些級別上做。

We continue to believe that these investments at the current levels is highly accretive for our shareholders.

我們仍然相信，目前水平的這些投資對我們的股東來說具有很高的增值性。

On the cost, I mean, the guidance that we have provided for 2023 is about $47. So $2 lower than what we posted last year. So we have to see. I think a lot -- it will depend on how bunker performs. Certainly, year-to-date, freight rates are better, about $3 altogether, so that could be an upside. But so far, we are keeping the $47 as our guidance for 2023.

關於成本，我的意思是，我們為 2023 年提供的指導約為 47 美元。所以比我們去年發布的價格低 2 美元。所以我們必須看到。我想了很多——這將取決於地堡的表現。當然，年初至今，運費更好，總共約為 3 美元，因此這可能是一個好處。但到目前為止，我們將 47 美元作為 2023 年的指導。

And our next question comes from Rafael Barcellos with Banco Santander.

我們的下一個問題來自桑坦德銀行的 Rafael Barcellos。

My first question is about briquetting. I mean, how is the briquetting project evolving? And how has been your commercial strategy on this as I think we are approaching the start-up, and of course, how your customers have been reacting to that?

我的第一個問題是關於壓塊的。我的意思是，壓塊項目是如何發展的？當我認為我們正在接近啟動時，您在這方面的商業策略如何，當然，您的客戶對此有何反應？

And my second question is about the Base Metals division. Could you please elaborate on how are you seeing operations evolving now in the first Q, not only on the cost side, but also on the production side, and which type of contribution to Vale we could expect from Tesla's former executive who just joined the Board?

我的第二個問題是關於基本金屬部門的。您能否詳細說明您如何看待現在第一季度的運營發展，不僅在成本方面，而且在生產方面，以及我們可以期待剛剛加入董事會的特斯拉前高管對淡水河谷的貢獻類型？

Thank you, Rafael, for the questions. This is Spinelli here. Talking about the briquette, the green briquette. So as you mentioned, we expect the start-up this year for the first industrial plant in the first half, second -- in the second half. So this is the year for test, so industrial test in our clients.

謝謝拉斐爾提出的問題。我是斯皮內利。談論煤球，綠色煤球。因此，正如您提到的，我們預計今年上半年將啟動第一家工業工廠，第二家將在下半年啟動。所以今年是測試的一年，所以在我們的客戶中進行工業測試。

We've been developing the blast furnace briquette, and we've been testing around Brazil in more than all the kind of size of blast furnace. So that will be another test. So we're going to explore the seaborne, all the impact in the vessel. So that's a year for a test.

我們一直在開發高爐煤球，並且我們在巴西各地測試了超過各種規模的高爐。所以這將是另一個考驗。所以我們要探索海上，所有在船上的影響。所以這是一個測試的一年。

And also direct reduction will be a possibility to foster and increase the speed to test in our clients. So for this year, it's about test. All the -- the commercial strategy is similar to the pellets. And for next year, we'll be evolving in our agenda to expand our production to the mega hubs and to our clients in other parts of the world.

直接減少將有可能促進和提高我們客戶的測試速度。所以今年，它是關於測試的。所有 - 商業策略類似於顆粒。明年，我們將推進我們的議程，將我們的生產擴大到大型樞紐和我們在世界其他地區的客戶。

Rafael, I'll relay the question for Deshnee to go over the performance. But I want to explore your second part of the question around Jerome. I think as we've been continuously saying, we have unique assets and opportunity in the, what I say, revolution energy of the world.

Rafael，我會把這個問題轉達給 Deshnee，讓他回顧一下表演。但我想圍繞杰羅姆探討你的問題的第二部分。我認為正如我們一直在說的那樣，在我所說的世界革命能量中，我們擁有獨特的資產和機會。

And I think Jerome is part of this, right? His 10 years in Tesla, he's been true and made what we know what is the EV world today. So he will help us a lot on guiding us, on helping us and the Board together with me and other peers that we're going to construct to unlock the tremendous value that we have inside this business.

我認為杰羅姆是其中的一部分，對吧？他在 Tesla 的 10 年裡，他是真實的，並創造了我們所知道的當今電動汽車世界。因此，他將在指導我們方面幫助我們很多，幫助我們和董事會與我以及我們將要構建的其他同行一起釋放我們在該業務中擁有的巨大價值。

Absolutely is one profile that fits because he comes from OEM. We are looking for other profiles as well that will help us with underground mining for sure, for -- with the base metals experience. So when we said, let's carve out the business, let's ring fence Base Metals is exactly to attract talented top people. And I think this is a good example.

絕對是一個適合的配置文件，因為他來自 OEM。我們也在尋找其他配置文件，這些配置文件肯定會幫助我們進行地下採礦，因為 - 具有基本金屬經驗。所以當我們說，讓我們開拓業務，讓我們圍欄基本金屬正是為了吸引有才華的頂尖人才。我認為這是一個很好的例子。

And again, I'm so glad that he took the challenge to come and extract this unperceived value of the Base Metals business at Vale. And I think Deshnee can elaborate on your question around the performance. And I think we are doing good strides on that side as well and still a lot of challenges as well. Okay, Deshnee, please.

再一次，我很高興他接受了挑戰，並從淡水河谷的基本金屬業務中提取了這種未被察覺的價值。我認為 Deshnee 可以詳細說明您關於性能的問題。我認為我們在這方面也取得了長足的進步，但仍然面臨很多挑戰。好的，Deshnee，請。

Thank you for that, Eduardo, and thank you for the question, Rafael. So if I look at nickel and as we guided at Vale Day, nickel will be very similar to the production level that we achieved last year, but with 2 changes.

謝謝你，Eduardo，也謝謝你提出這個問題，Rafael。因此，如果我看一下鎳，正如我們在 Vale Day 指導的那樣，鎳將與我們去年實現的生產水平非常相似，但有 2 個變化。

We will take the Onca Puma furnace 1 down in quarter 4, and we will take the Creighton shaft down for overhaul in quarter 3. But despite that and because of the productivity gains that Eduardo mentioned in terms of Sudbury, we are still expecting to keep production largely flat in the rest of the business.

我們將在第 4 季度拆除 Onca Puma 1 號熔爐，並在第 3 季度拆除 Creighton 豎井進行大修。但儘管如此，並且由於 Eduardo 在薩德伯里提到的生產率提高，我們仍然期望保持其餘業務的生產基本持平。

And outside of Sudbury and after completing the PTVI furnace for rebuild last year, PTVI will give us a delta 10,000 tons in the year. So that's on nickel. But I think because of the seasonal impacts of PMP that we generally do in the first half, we'd have a similar year for nickel where you see the production back ended to the second half, including sales as well.

在薩德伯里以外，在去年完成 PTVI 熔爐的重建後，PTVI 將在今年為我們提供 10,000 噸的增量。這就是鎳。但我認為，由於我們通常在上半年進行的 PMP 的季節性影響，我們將有類似的鎳年，您會看到生產回到下半年，包括銷售。

Coming to copper. So copper, there's 3 changes that will happen this year. The first one is the North Atlantic, where we'll see about a delta 10,000 tons year-on-year, and that's largely from the improved support that we did last year following some of the seismicity events we've had that we've since supported. And it was great to see not only did Eduardo mentioned, nickel had a great quarter last quarter, but so did copper for us out of Sudbury.

來到銅。所以銅，今年將發生 3 種變化。第一個是北大西洋，我們將在那裡看到大約 10,000 噸的三角洲同比，這主要是由於我們去年在經歷了一些地震活動之後所做的改進支持自支持以來。很高興看到 Eduardo 不僅提到鎳在上個季度表現出色，而且薩德伯里對我們來說銅也是如此。

The game that we need to win at this year is the backlog maintenance at both Salobo and Sossego. And turning to Salobo quickly, we've now moved this into a very structured program where we've mapped out not only all of the risk based on loss profile, but the action that we need to follow to both catch up on some of the backlog maintenance, but as well as keep up to the maintenance schedule that we've had.

今年我們需要贏得的比賽是 Salobo 和 Sossego 的積壓維護工作。並迅速轉向 Salobo，我們現在已經將其轉移到一個非常結構化的計劃中，我們不僅根據損失概況制定了所有風險，而且還制定了我們需要採取的行動來趕上一些積壓的維護工作，但也要跟上我們已有的維護計劃。

And again, we have had a good January, which tells us that we are on the right plan. Now we all know that in order to be successful, what gets measured gets done. So we've actually put the Salobo operations into a PMO structure so that we now as a leadership team can see weekly all of the work that is happening.

再一次，我們度過了一個美好的一月，這告訴我們我們的計劃是正確的。現在我們都知道，要取得成功，必須衡量才能完成。因此，我們實際上已經將 Salobo 運營納入 PMO 結構，這樣我們現在作為一個領導團隊就可以每週看到所有正在進行的工作。

That will give us about a delta 45,000 tons from last year's performance across both Salobo I and II plant, as well as the Sossego plant. But the real win for us this year is making sure that we can continue on the ramp-up plan of Salobo III plant, which will give us about a delta of 50,000 plus in the year.

這將使我們在 Salobo I 和 II 工廠以及 Sossego 工廠的去年業績基礎上增加約 45,000 噸。但今年對我們來說真正的勝利是確保我們能夠繼續 Salobo III 工廠的擴產計劃，這將使我們在這一年中增加約 50,000 輛。

And again, Rafael, that will be back ended, right? Just because of the nature of the ramp-up curve that we have, but we're very happy to report that as of today, both lines are operating in Salobo III.

再說一次，拉斐爾，那將被取消，對吧？僅僅因為我們擁有的上升曲線的性質，但我們很高興地報告，截至今天，兩條生產線都在 Salobo III 運營。

So the way to look at the performance, nickel similar to last year with some of the exceptions I mentioned. Copper, we are targeting the guidance, and it will come from the delta that we're going to get in terms of the maintenance that we are doing. But because of the Salobo III ramp-up, back ended into the second half of the year.

所以看表現的方式，鎳與去年相似，但我提到了一些例外。銅，我們的目標是指導，它將來自我們將在我們正在進行的維護方面獲得的增量。但由於 Salobo III 的加速生產，回到了下半年。

Our next question comes from Caio Ribeiro with Bank of America.

我們的下一個問題來自美國銀行的 Caio Ribeiro。

So my first question is on the Base Metals division. If you could share some updates in regards to the process, right, of potentially selling a 10% stake in the division that would be very helpful, right? Especially in regards to the timing of concluding the transaction files, first half '23 is still valid, what profile of investors you're in discussion with? And what you plan to do with the potential sales proceeds?

所以我的第一個問題是關於基本金屬部門的。如果你能分享一些關於流程的更新，對，可能出售該部門 10% 的股份，這將非常有幫助，對吧？特別是關於完成交易文件的時間，23 年上半年仍然有效，您正在與哪些投資者討論？您打算如何處理潛在的銷售收入？

And then secondly, if you could also provide an update in terms of discussions around the renegotiation of the Renova framework agreement, whether there is any timing, any definition of potential amounts already agreed, that would be great too.

其次，如果您還可以提供有關重新談判 Renova 框架協議的討論的最新情況，是否有任何時間安排，對已經商定的潛在金額的任何定義，那也很好。

Caio, this is Gustavo. So I'll cover both. On Base Metals, it's moving quite well. Quite frankly, we are expecting to have news in more details as we said before in the first half of 2023. We're discussing the opportunity with different parties, all great parties that we think is going to add a lot of value to this story. So stay tuned.

Caio，這是古斯塔沃。所以我會涵蓋兩者。在 Base Metals 上，它運行得很好。坦率地說，正如我們之前所說，我們希望在 2023 年上半年獲得更詳細的新聞。我們正在與不同的各方討論這個機會，我們認為所有偉大的政黨都會為這個故事增加很多價值.敬請期待。

We should be using a larger portion of the proceeds to fund growth. This is a business that should be investing in new platforms going forward that I think it's going to be highly accretive, right? Good level of returns and so on. So the idea is that a lot of the resources will be used for that.

我們應該將更多的收益用於為增長提供資金。這是一個應該投資於未來新平台的企業，我認為它將具有很高的增值能力，對吧？良好的回報水平等。因此，我們的想法是為此使用大量資源。

On the TTAC renegotiation, Renova, we continue to evolve on the discussions. I think the new government has been vocal in the sense that they are also reinforcing a desire to settle, which we all think it's a good thing. So our expectation is that we'll be able to find a resolution and settle the renegotiation this year in a format that works for everybody.

關於 TTAC 重新談判，Renova，我們繼續在討論中取得進展。我認為新政府一直在發聲，因為他們也在強化定居的願望，我們都認為這是一件好事。因此，我們的期望是，我們將能夠找到解決方案，並以適合所有人的方式解決今年的重新談判。

Our next question comes from Carlos De Alba with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Carlos De Alba。

So a couple of questions. Coming back to the Base Metal business. I don't know what else can you elaborate, but maybe how do you see the value re-rating that a transaction in base metal can take place? Do you see that more coming from a multiple re-rating? Or do you think that it's more really the performance of the business that unfortunately, even though in the last few months, it has improved, over the last several years it hasn't been stellar.

所以有幾個問題。回到基本金屬業務。我不知道你還能詳細說明什麼，但也許你如何看待賤金屬交易可以發生的價值重估？您是否看到更多來自多次重新評級？或者你認為更不幸的是業務的表現，儘管在過去的幾個月裡，它有所改善，但在過去的幾年裡，它並沒有表現出色。

So how do you -- could you maybe articulate, Gustavo, on how do you see this playing out? Do you attribute this more to multiple re-rating, transparency, structure of the business, organizational structure and leadership structure or more to the performance going forward being better on a sustainable basis?

那麼你如何 - 古斯塔沃，你能否闡明你如何看待這件事？您是將這更多地歸因於多次重新評級、透明度、業務結構、組織結構和領導結構，還是更多地歸因於在可持續的基礎上取得更好的業績？

And then the other question if I may, Gustavo, has to do with the CSLL recent decision by the FTF. Potentially the government will be able to get the money on tax disputes before the process or the disputes come to an end on an exhaust on the legal avenues. And it could be, in theory, retroactive. How much Vale is exposed to that? And also continuing with the tax situation, there was a proposal, provisional measure that would change the transfer pricing practices in Brazil. How is Vale exposed to that provisional measure?

古斯塔沃，如果可以的話，另一個問題與 FTF 最近對 CSLL 的決定有關。有可能政府將能夠在流程之前獲得稅收糾紛的資金，或者糾紛在法律途徑耗盡時結束。從理論上講，它可能具有追溯力。有多少淡水河谷受到影響？此外，還有一項關於稅收情況的提案，即臨時措施，將改變巴西的轉讓定價做法。 Vale 如何受到該臨時措施的影響？

Okay. Carlos, I'll let Gustavo go to the second one. But again, maybe all the above that you mentioned because let's be frank. I think the name of the game here, I've been saying that for a long time, it's execution.

好的。卡洛斯，我會讓古斯塔沃去第二個。但同樣，也許您提到的所有上述內容都是因為坦率地說。我想這裡的遊戲名稱，我已經說了很長時間了，它是執行。

Why we ring fence the business? Because we believe that doing the right incentives, the right motivations will allow us to improve our performance. It's happening, by the way. You noticed that. So -- and we're finishing this ring fencing.

我們為什麼要圍欄業務？因為我們相信，做正確的激勵，正確的激勵會讓我們提高績效。順便說一句，這正在發生。你注意到了。所以 - 我們正在完成這個環形圍欄。

So Deshnee is going to have all her exco together with her directly focused. The governance that we are building together is around attracting people like I just mentioned, Jerome and others that you see in the next months as we evolve in the design of this governance.

所以 Deshnee 將讓她所有的 exco 和她一起直接專注。我們正在共同建立的治理是為了吸引像我剛才提到的人、杰羅姆和其他人，你會在接下來的幾個月裡看到我們在這種治理設計中的發展。

But fundamentally, why bring somebody else to the table now? That's a good question, a fair question to answer. And I said that we would do anyway, right? So just bear in mind that if eventually we don't have a right proposal because what we want with this is an anchor to promote the acceleration of the execution.

但從根本上說，為什麼現在讓其他人參與進來？這是一個很好的問題，一個值得回答的公平問題。我說過無論如何我們都會這樣做，對嗎？所以請記住，如果最終我們沒有一個正確的提案，因為我們想要的是一個促進執行加速的錨點。

We spent already 16 years on that. We don't have another 16 years for that. So if I'm able to bring somebody that shares the same perception of value of -- like I mentioned that Jerome did as a Board member, as a partner, a financial partner, a strategic partner that can help us, again, accelerate the execution. That would be the fundamental reasons why we carved out, ring fenced and sold a minor participation.

我們已經為此花費了 16 年的時間。我們沒有另外 16 年的時間了。因此，如果我能夠帶來對價值有相同看法的人——就像我提到的，杰羅姆作為董事會成員、合作夥伴、財務合作夥伴、戰略合作夥伴所做的，可以再次幫助我們加速執行。這就是我們分拆、圍欄並出售少量參與的根本原因。

We don't want to put a lipstick on the pig. We want to make this business really, really excel. And I'm sure the re-rating is key here. It's not only because Vale has re-rated as I think Leo mentioned. I think the whole industry is underrated. The whole industry is ridiculous underrated.

我們不想給豬塗口紅。我們想讓這項業務真正非常出色。我相信重新評級是關鍵。這不僅是因為 Vale 已經重新評級，我認為 Leo 提到過。我認為整個行業都被低估了。整個行業都被荒謬地低估了。

I'm not talking about the mining industry. We cannot be in the basis of the energy revolution and being taking multiples as we speak. And not evidently, if I move the green metals, copper, nickel, cobalt to a separate entity, that makes it easier to people understand the criticality and the growth that is coming.

我不是在談論採礦業。我們不能在能源革命的基礎上，在我們說話的時候就以倍數計算。顯然，如果我將綠色金屬、銅、鎳、鈷轉移到一個單獨的實體中，人們就更容易理解其重要性和即將到來的增長。

That's the next reason why we're doing that because if you understand the needs of cash for this business, we are talking a huge amount of money. We're talking $20 billion. And I think Vale's iron solutions shareholder eventually wouldn't like that as well. So why not have this option in the near future if you are executing well?

這就是我們這樣做的下一個原因，因為如果你了解這項業務對現金的需求，我們正在談論大量資金。我們說的是 200 億美元。而且我認為淡水河谷的鋼鐵解決方案股東最終也不會喜歡這樣。那麼，如果您執行得很好，為什麼不在不久的將來選擇這個選項呢？

So sorry for the long answer, Carlos, but it's all of the above. And I have zero doubt that we are in the right path. I have zero doubt that we're going to execute much better than we have been executing. I have zero doubt that we're going to have a re-rating and our re-rating much more above.

卡洛斯，很抱歉回答這麼長，但以上都是。我毫不懷疑我們走在正確的道路上。我毫不懷疑我們會比以往執行得更好。我毫不懷疑我們將進行重新評級，而且我們的重新評級要高得多。

And I think mining industry has to be re-rated. It's unacceptable to be re-rated everybody, I'm not talking about Vale, I'm talking about the mining industry. So we are so critical to the world, and you know exactly what I'm talking about valuation.

我認為必須重新評估採礦業。重新評級每個人都是不可接受的，我不是在談論淡水河谷，而是在談論採礦業。所以我們對世界如此重要，你很清楚我在說什麼估值。

So long answer, sorry, but that's a fundamental thing for us. This is the most important strategic matter in our portfolio today. And then we will have time to talk about iron ore, by the way. I never saw a call with so many questions about base metals. I think that shows the interest. Thanks, Carlos, for the question again. I will ask Gustavo to go over the...

這麼長的回答，抱歉，但這對我們來說是基本的事情。這是我們今天投資組合中最重要的戰略問題。然後我們將有時間順便談談鐵礦石。我從未見過關於基本金屬有這麼多問題的電話。我認為這表明了興趣。謝謝卡洛斯，再次提出這個問題。我會請古斯塔沃檢查一下...

So Carlos, just to complement quickly here. On the tax, the CSLL, we've booked at 100% of the potential impact on Vale in Q4, which was $150 million. So that's fully provisioned, including the interest and penalties.

卡洛斯，我想在這裡快速補充一下。在稅收方面，CSLL，我們已將第四季度對淡水河谷的潛在影響計入 100%，即 1.5 億美元。所以這是完全規定的，包括利息和罰款。

So you probably heard there has been discussions around giving some relief on penalties, which we are following closely. But at this point, it's fully reserved, $150 million of impact in Q4.

所以你可能聽說過關於減輕處罰的討論，我們正在密切關注。但在這一點上，它已完全保留，在第四季度產生 1.5 億美元的影響。

On the transfer pricing, we saw it very positively actually because I think the view here is that the regulation will follow the OECD principles, which is what Vale already follows. So I think to a certain extent, it gives transparency and clarity on the regulation that Vale has been already following so far was a positive move.

在轉讓定價方面，我們實際上非常看好它，因為我認為這裡的觀點是監管將遵循經合組織的原則，而淡水河谷已經遵循了這一原則。因此，我認為在某種程度上，它使淡水河谷迄今一直遵循的監管變得透明和清晰，這是一個積極的舉措。

Our next question comes from Vanessa Quiroga with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Vanessa Quiroga。

I have a couple. The first one is how -- if you can discuss how you see the current demand for higher-grade iron ore and agglomerate. I mean, in the very short term, we are well aware of the fundamentals for the medium and long term, but just wondering how -- what is your sense of that current market conditions for the product?

我有一對。第一個是如何 - 如果你能討論你如何看待當前對高品位鐵礦石和團塊的需求。我的意思是，在很短的時間內，我們很清楚中長期的基本面，但只是想知道 - 您對產品當前市場狀況的看法如何？

And the second one, just to add on the question about Base Metals, we've seen and we heard that potential partners could be either a player in the automotive sector or a financial partner. So can you discuss a bit further on what are the different virtues that you see in either profile for the potential strategic partner?

第二個，只是為了補充有關基本金屬的問題，我們已經看到並聽說潛在的合作夥伴可能是汽車行業的參與者或金融合作夥伴。那麼，您能否進一步討論一下您在潛在戰略合作夥伴的兩種形像中看到的不同優點是什麼？

Thank you, Vanessa, for your questions. Spinelli here. Well, let me talk about the short term and midterm. So short-term pellet business, agglomerated business now is pellet. So we're moving to green briquette so far.

凡妮莎，謝謝你的提問。斯皮內利在這裡。好吧，讓我談談短期和中期。所以短期顆粒業務，現在聚集的業務是顆粒。所以到目前為止，我們正在轉向綠色煤球。

But actually, blast furnace pellet in the last quarter, we had some adjustment in the demand because of all the problems in the energy in Europe. So Europe is obviously important client. But so far, so good. They didn't have a huge -- that huge impact that we were expecting. So the demand is strong for this quarter and next quarter.

但實際上，上個季度高爐球團，由於歐洲能源方面的所有問題，我們對需求進行了一些調整。所以歐洲顯然是重要的客戶。但到目前為止，還不錯。他們並沒有產生我們預期的巨大影響。因此本季度和下季度的需求強勁。

Direct reduction is really with a good demand in the Middle East. Middle East and the U.S. today are the main users for direct reduction route. So far they have some adjustments in their price, but the demand is there when you see the demand and the production and the level that we announced in our guidance.

直接還原在中東確實有很好的需求。中東和美國是當今直接還原路線的主要用戶。到目前為止，他們對價格進行了一些調整，但是當您看到我們在指導中宣布的需求、產量和水平時，需求就在那裡。

But I have some news in midterm. I just came from China. Actually, I was the first major in presence in China so far after COVID. And one thing is they are -- and it's funny because I expected that Europeans will come in the first moment for the mega hubs, all the strategy that we have to improve the production for pellets, and they are really interested in that.

但我在中期有一些消息。我剛從中國來。實際上，我是 COVID 之後迄今為止第一個出現在中國的專業。有一件事是——這很有趣，因為我預計歐洲人會在第一時間進入大型樞紐，我們必須採取所有提高顆粒生產的戰略，他們對此非常感興趣。

We believe in the trend of growing the use of scrap in China. But they are struggling to speed up that supply of scrap, and they will need the pellets for that. So they are aiming to join us in this mega hubs project.

我們相信中國廢料使用量增加的趨勢。但他們正在努力加快廢料供應，為此他們需要顆粒。所以他們的目標是加入我們這個大型樞紐項目。

And also, our team was in Japan, in Korea. And so far, they are already investing in some places in the -- where we have (inaudible) that is in Oman, also (inaudible) in Saudi Arabia.

而且，我們的團隊在日本、韓國。到目前為止，他們已經在一些地方進行了投資——我們在阿曼（聽不清）和沙特阿拉伯（聽不清）的地方進行了投資。

So again, it is happening. And for the midterm, the carbon price, you make a real important difference. And so far, the clients are coming. So we are excited to keep our strategy. We are sticking on that.

所以，它再次發生了。對於中期，碳價格，你會產生真正重要的影響。到目前為止，客戶來了。所以我們很高興能保持我們的戰略。我們堅持這一點。

Vanessa, Gustavo here. Just on your second question, look, we are keeping this certainly close to us in terms of details of potential interested parties. What I can say at this point is we are looking at potential partners that believe on the energy transition, believe on what Eduardo highlighted earlier in terms of electrification of everything, EV transition, that sees the long-term value of Base Metals, right? And is willing to support our strategy.

凡妮莎，這裡是古斯塔沃。關於你的第二個問題，就潛在利益相關方的詳細信息而言，我們肯定會密切關注這一點。在這一點上我能說的是，我們正在尋找相信能源轉型的潛在合作夥伴，相信 Eduardo 早些時候在一切電氣化、電動汽車轉型方面強調的東西，看到基本金屬的長期價值，對嗎？並願意支持我們的戰略。

So that's the type of profile that we are looking at. So we will make sure we share those details later once we finalize those conversations.

這就是我們正在查看的配置文件類型。因此，一旦我們完成這些對話，我們將確保稍後分享這些細節。

Our next question comes from Rodolfo Angele with Banco JPMorgan.

我們的下一個問題來自摩根大通銀行的 Rodolfo Angele。

I have 2 questions. My first is, I think, a hard one, but I would like to hear your thoughts. What I'm hearing from this call is there is a big change happening at Vale, and you're positioning the company to be a key player in a world that's going to be very different.

我有兩個問題。我認為我的第一個是困難的，但我想听聽你的想法。我從這次電話會議中聽到的是，淡水河谷正在發生巨大變化，您正在將公司定位為成為一個非常不同的世界中的關鍵參與者。

And indeed, the company has very unique assets, both in the base metals and in the iron ore space to kind of deliver that. But we are still a few -- I don't know, there is a gap of time until we get there. And in the meantime, we're, of course, looking at what's happening.

事實上，該公司在基本金屬和鐵礦石領域都擁有非常獨特的資產，可以實現這一目標。但我們仍然有幾個——我不知道，在我們到達那里之前還有一段時間。與此同時，我們當然也在關注正在發生的事情。

We discussed costs. We discussed a number of things here. So my question to you is when -- or what are the key kind of first indicators that will become -- will make clear that -- for investors that we're getting to a point where profitability is increasing because of the profile of products the company has, because of the changes that are being implemented, and you should think that will happen before the re-rating of the sector or not? So that's more of a concept question.

我們討論了成本。我們在這裡討論了很多事情。所以我要問你的問題是什麼時候——或者什麼是關鍵類型的第一個指標——將清楚地表明——對於投資者來說，我們正達到盈利能力增加的地步，因為產品的概況公司有，因為正在實施的變化，你應該認為這會在行業重新評級之前發生嗎？所以這更像是一個概念問題。

And the other question was -- sorry, it's going to be a bit more boring. I just wanted to know if you can provide us on the Base Metals cost guidance assumption. What are your assumptions embedded there for byproduct trends? So that's it for me.

另一個問題是-- 抱歉，這會有點無聊。我只是想知道您是否可以向我們提供基本金屬成本指導假設。您對副產品趨勢的假設是什麼？對我來說就是這樣。

Rodolfo, as you said, hard question, but excellent question. I'll try to be brief because it's around everything that we've been talking about, right? If you look at this iron solutions business, there's a fundamental shift that we are trying to push on everybody's mind and ourselves, by the way. That's why we redesigned the organization, taking Spinelli completely focused on the marketing and the strategy, bringing (inaudible) to face the most immediate challenge that you mentioned.

Rodolfo，正如你所說，很難回答，但卻是一個很好的問題。我會盡量簡短，因為它圍繞著我們一直在談論的一切，對嗎？順便說一句，如果你看看這個鋼鐵解決方案業務，就會發現我們正在努力推動每個人和我們自己的思想發生根本性轉變。這就是我們重新設計組織的原因，讓 Spinelli 完全專注於營銷和戰略，讓（聽不清）面對你提到的最緊迫的挑戰。

How can you perceive that? It's the increase of production of pellet feeds and feed of quality in the Northern system. That will bring exactly that percentage point that I mentioned to our -- to the model that you model because, of course, we have to be on the lowest quartile. We are -- we have the bad assets with some cost pressures, but we're doing fine on cost.

你怎麼能這麼認為？這是北部系統顆粒飼料和優質飼料產量的增加。這將把我提到的那個百分點帶到你建模的模型中，因為當然，我們必須處於最低的四分位數。我們是 - 我們擁有一些成本壓力的不良資產，但我們在成本方面做得很好。

That's -- and if we dilute for 340 as you model, obviously, we will help. But fundamentally, it's a percentage of iron ore quality. That is the iron solutions that where we segment the market, where we play in the high yield. Remember the slide on the presentation that we showed that this year, we improved like 0.7 percentage points, but we want to improve like 2 point percentage.

那是——如果我們按照你的模型稀釋 340，顯然，我們會提供幫助。但從根本上說，它是鐵礦石質量的百分比。這就是我們細分市場、發揮高收益的鐵解決方案。請記住我們展示的演示文稿幻燈片，今年我們提高了 0.7 個百分點，但我們希望提高 2 個百分點。

Like I know if you remember Vale Day, we put Carajas being able to concentrate to 67. That's where you're going to start seeing the true premium. And we're going to do a webinar about that, by the way, just -- it's not a place to announce these kind of things, but we're doing a webinar to give even more details about that for you because people are not factoring that. We mentioned that in Vale Day, and we're going to talk a little bit more. So that's one part of the equation.

就像我知道你是否還記得 Vale Day 一樣，我們將 Carajas 的注意力集中到 67。這就是你將開始看到真正溢價的地方。順便說一下，我們將舉辦一個關於此的網絡研討會，只是 - 它不是宣布此類事情的地方，但我們正在舉辦一個網絡研討會，為您提供更多相關細節，因為人們不是考慮到這一點。我們在 Vale Day 中提到了這一點，我們將進一步討論。所以這是等式的一部分。

Second one, I'll try not to repeat my whole spiel about Base Metals. But that's -- it's ridiculous undervalued, everybody, not only us. The kind of demand that's coming over us of nickel and copper or cobalt and everything, on lithium, et cetera, it's not priced. And we need to be able to deliver the projects.

第二，我會盡量不重複我關於賤金屬的全部演講。但那是——它被低估了，每個人都荒謬可笑，不僅僅是我們。我們對鎳、銅或鈷以及鋰等所有東西的需求都沒有定價。我們需要能夠交付項目。

So I think if you asked me where the key points are, delivering the guidance, delivering the effectiveness of our current operations because we still have great assets that are under -- that could perform better, I would say, underperform, but they could perform better. They are getting better performance like in copper, Deshnee mentioned, on nickel and the growth because that is the growth.

所以我想，如果你問我關鍵點在哪裡，提供指導，提供我們當前運營的有效性，因為我們仍然擁有大量資產——它們可能表現更好，我會說，表現不佳，但它們可以表現更好的。 Deshnee 提到，他們在銅方面的表現越來越好，在鎳和增長方面，因為這就是增長。

Like Salobo III, we are very excited with Salobo III. Salobo III started up very well. Those kind of assets are the ones that are going to bring growth to the market, and people are going to stop appreciating that.

與 Salobo III 一樣，我們對 Salobo III 感到非常興奮。 Salobo III 啟動得很好。這類資產將為市場帶來增長，人們將不再欣賞它。

And you look at -- when you look at the percentage of the participation of Base Metals in our cash generation, and you can go back to your model, redo it because you're underestimating the size of cash generation that we're going to be able to bring if we execute the projects. So that's why, again, we -- especially we focus our organization in that sense.

你看——當你看基本金屬在我們現金產生中的參與百分比時，你可以回到你的模型，重做它，因為你低估了我們將要產生的現金的規模如果我們執行項目，能夠帶來。所以這就是為什麼，我們 - 特別是我們在這個意義上關注我們的組織。

So conceptually speaking, it's that. I think it's a bit of a -- not only time. I think I'm not trying to buy time here. We are doing. We're executing. We are buying back Vale. That's another extremely high avenue of growth, and you do much more better calculation than I do.

所以從概念上講，就是這樣。我認為這有點——不僅僅是時間。我想我不是想在這裡爭取時間。我們正在做。我們正在執行。我們正在回購淡水河谷。那是另一個非常高的增長途徑，你比我做的計算要好得多。

You know we increased 15%, the basis. We are going to buy more 7%. We're going to renew our buyback program. So I think it's a long-term game. We always said that this kind of business is not a sprint. It's a marathon, and people that believe in the marathon is going to make a lot of money as we are doing already, right?

你知道我們增加了 15%，基礎。我們將購買更多的 7%。我們將更新我們的回購計劃。所以我認為這是一個長期的遊戲。我們總說這種業務不是衝刺。這是一場馬拉松，相信馬拉鬆的人會像我們已經在做的那樣賺很多錢，對吧？

So let's be honest. I think Vale has been really accretive, and it has a lot much to do. And I think those -- your questions are the (inaudible) was that investors should really thought about. And people that jump in the bus now will be very happy in the medium term. Thanks for the question.

所以說實話吧。我認為淡水河谷確實在增值，而且還有很多事情要做。我認為那些 - 你的問題是（聽不清）是投資者應該真正考慮的問題。現在跳上公共汽車的人在中期會非常開心。謝謝你的問題。

Eduardo, just complement Rodolfo's question on the second one on the cost. So Rodolfo, we are taking certainly the benefit of byproducts based on market prices. This is the numbers we are currently using.

Eduardo，就成本方面的第二個問題補充一下Rodolfo 的問題。所以 Rodolfo，我們肯定會根據市場價格從副產品中獲益。這是我們目前使用的數字。

For 2023, we had guided copper at 3,200. It's better than last year as we're bringing Salobo online, resuming capacity at Salobo I and II and bringing Salobo III online.

2023 年，我們將銅價指導在 3,200。這比去年好，因為我們將 Salobo 上線，恢復 Salobo I 和 II 的產能並使 Salobo III 上線。

And in nickel, we are at 13,000. So similarly to last year as volumes are somewhat flat as Deshnee has highlighted.

在鎳方面，我們是 13,000。正如 Deshnee 強調的那樣，與去年非常相似，因為銷量有些持平。

Our next question comes from Daniel Sasson with Itau BBA.

我們的下一個問題來自 Itau BBA 的 Daniel Sasson。

My first question is on the TRFM in Para, right? If I'm not wrong, they basically -- Para was trying to triple the taxes that they charged, and you actually reported higher royalties or higher expenses with royalties in your iron ore business this quarter.

我的第一個問題是關於 Para 中的 TRFM，對嗎？如果我沒記錯的話，他們基本上 - Para 試圖將他們收取的稅收增加三倍，而你實際上報告了本季度鐵礦石業務中更高的特許權使用費或更高的特許權使用費。

And you explicitly mentioned that $2.7 per ton cost increase because of an agreement with the Para state. If you could just give us more details on how -- or by how much the final taxes really increased that would be great.

你明確提到，由於與 Para 州達成協議，每噸成本增加 2.7 美元。如果您能向我們提供更多有關最終稅收真正增加的方式或增加量的詳細信息，那就太好了。

And just a quick follow-up on the iron ore cash cost. You mentioned that you remain comfortable with your $47 per ton guidance for the year. But if you could comment a bit on the marginal cost that you see in the industry right now after the very strong cost inflation that we saw but -- during 2022. But then again, we're now seeing lower bunker prices as you mentioned, lower freight rates. So if you could give us a sense on where you see the marginal production cost standing right now that would be great.

並且只是對鐵礦石現金成本的快速跟進。你提到你對今年每噸 47 美元的指導價保持滿意。但是，如果您能對我們在 2022 年看到的非常強勁的成本通脹之後您現在在行業中看到的邊際成本發表一些評論。但是話又說回來，正如您提到的那樣，我們現在看到較低的燃油價格，運費較低。因此，如果您能告訴我們您現在看到的邊際生產成本在哪裡，那就太好了。

Thank you, Daniel. I'll let Spinelli go over the marginal cost of the system. On the TFRM, the increase is when -- it's in real. Actually, it's around BRL 8. So in dollars, about $1.6 per ton from the north, right?

謝謝你，丹尼爾。我會讓 Spinelli 考慮系統的邊際成本。在 TFRM 上，增長是真實的。實際上，它大約是 8 巴西雷亞爾。以美元計算，北方每噸約 1.6 美元，對吧？

So this was a long dispute we had with the state of Para, and we decided to settle. Part of the increase will be dedicated for local investments that we're planning to do, social related and others. So that's the impact you're going to see from now on. As I mentioned in my prepared remarks, we booked everything in Q4. That's why you saw that large variation in our Q4 performance.

所以這是我們與帕拉州的長期爭執，我們決定和解。部分增長將用於我們計劃進行的本地投資、社會相關投資和其他投資。這就是您從現在開始將要看到的影響。正如我在準備好的評論中提到的，我們在第四季度預訂了所有東西。這就是為什麼你看到我們第四季度的表現有很大差異。

Daniel, it's Spinelli here. So you're right, there is a movement that for us, it's better than our competitors. Actually, we are more exposed to the freight.

丹尼爾，我是斯皮內利。所以你是對的，有一種運動對我們來說比我們的競爭對手更好。實際上，我們更容易受到運費的影響。

And what we believe today is that our long-term price is -- for the last -- the 70 that used to be in the past now is 90 despite all those ups and downs in terms of cost. That's the long-term price in average.

我們今天相信，我們的長期價格是——最後一次——過去的 70 美元現在是 90 美元，儘管在成本方面存在所有這些起伏。這是平均長期價格。

So -- and again, it's important to say we were the benchmark last year in terms of all-in costs because of our high-grade ores. So the premiums are playing an important role. And that mid- to long-term strategy that we see, the premiums will play a very important role to be -- to make Vale in the first quartile of the cost -- of the cost curve.

因此 - 再次強調，由於我們的高品位礦石，我們去年在總成本方面是基準。因此，保費發揮著重要作用。我們看到的中長期戰略，保費將發揮非常重要的作用——使 Vale 成為成本曲線的第一個四分之一。

Our next question comes from Amos Fletcher with Barclays.

我們的下一個問題來自巴克萊銀行的 Amos Fletcher。

I just had one question on Base Metals. I just wanted to play devil's advocate here and ask why does it make sense to bring an OEM onto the shareholder register and the Board of the Base Metals business? I'm just concerned, I guess, around potential for a conflict of interest as in the low nickel and copper prices, but Vale shareholders want high prices. So yes, I guess my question is why get in OEM as a shareholder when you can sign offtake volumes as you've already been doing with Tesla and GM, et cetera?

我只有一個關於基本金屬的問題。我只是想在這裡唱反調，問為什麼將原始設備製造商納入基本金屬業務的股東名冊和董事會是有意義的？我想，我只是擔心鎳價和銅價低可能會引起利益衝突，但淡水河谷股東希望價格高。所以，是的，我想我的問題是，當你可以像特斯拉和通用汽車等公司所做的那樣簽署承購量時，為什麼要以股東身份參與 OEM？

Okay, Amos. I ask Gustavo, Gustavo is leading the process. Just to be clear, like Jerome is a former guy, right? So I think you were asking about the partnership. So go ahead.

好的，阿莫斯。我問古斯塔沃，古斯塔沃在領導這個過程。只是要清楚，就像杰羅姆是前任一樣，對吧？所以我認為你問的是合作夥伴關係。所以請繼續。

Yes. So Jerome is no longer with Tesla, right? So what we are after is his innovation capability, his understanding about the market. We think it's going to add a lot of value to the Board.

是的。所以杰羅姆不再在特斯拉工作了，對吧？所以我們看重的是他的創新能力，他對市場的理解。我們認為這將為董事會增加很多價值。

Regarding your reference to GM, we haven't commented on any potential candidates. So I won't comment on that.

關於您提到的 GM，我們尚未對任何潛在候選人發表評論。所以我不會對此發表評論。

That does conclude today's question-and-answer session. Mr. Eduardo Bartolomeo, at this time, you may proceed with your closing statements.

今天的問答環節到此結束。 Eduardo Bartolomeo 先生，此時，您可以繼續您的結案陳詞。

Okay, thank you. I think, very exciting moments, right? I think different call. Good to have a different call once in a while. And I don't know -- nobody asked about China.

好的謝謝。我想，非常激動人心的時刻，對吧？我認為不同的電話。很高興偶爾有不同的電話。我不知道——沒有人問起中國。

China is doing fine. China is going to improve. But anyhow, I think we are in a good start. I think I'm going to push on Gustavo's remarks in the end. The organization after the reshaping, as we exit all the assets that were draining cash inside Vale, we were able to repurpose our people. We have a great team here at Vale to execute the strategy.

中國做得很好。中國要進步。但無論如何，我認為我們的開端不錯。我想我最後要強調 Gustavo 的發言。重組後的組織，當我們退出淡水河谷內部耗盡現金的所有資產時，我們能夠重新調整我們的員工。我們在淡水河谷擁有一支優秀的團隊來執行該戰略。

We have taken the actions as was asked by (inaudible). We need to put quality truly on the market with volumes. Our volumes are coming back with quality. We're not going to put anything else besides quality. So -- and we're going to have to make iron solutions be real.

我們已經按照（聽不清）的要求採取了行動。我們需要將質量真正推向市場。我們的數量正在以質量回歸。除了質量，我們不會放任何其他東西。所以 - 我們將不得不讓鐵解決方案成為現實。

In Base Metals, energy transition now, we need to educate ourselves with energy transition materials. It's -- the opportunities are huge as we discussed during the call, and execution of the projects and the operations are key.

在賤金屬中，現在是能源轉型，我們需要用能源轉型材料來教育自己。這是 - 正如我們在電話會議期間討論的那樣，機會是巨大的，項目和運營的執行是關鍵。

And finally, we remain capital disciplined. I think if any of our -- the check box list is we've been very critical to assign Vale to our shareholders and to our stakeholders. This is -- society, as we discussed before, has to perceive Vale as desired not only in mining, we're not in this game alone. It's an effort to supply the critical minerals that are needed for society.

最後，我們保持資本紀律。我認為，如果我們的 - 複選框列表中的任何一個是我們對將 Vale 分配給我們的股東和利益相關者非常關鍵。這是 - 正如我們之前討論的那樣，社會必須將 Vale 視為不僅在採礦方面所需要的，我們並不孤單。這是提供社會所需的關鍵礦物質的努力。

That's a collective effort. Society has to recognize that. And when that does happen, I would truly believe that not only Vale, but the whole sector will be re-rated.

這是集體努力。社會必須認識到這一點。當這種情況真的發生時，我真的相信不僅淡水河谷，而且整個行業都將被重新評級。

So with that, I would like to thank you for your attention and your questions. And I hope you all keep safe. I hope to see you in the next call. Have a good day.

因此，我要感謝您的關注和提問。我希望你們都注意安全。我希望在下次通話中見到你。祝你有美好的一天。

That does conclude Vale's conference call for today. Thank you very much for your participation. You may now disconnect.

淡水河谷今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連接。