淡水河谷 (VALE) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Vale's Conference Call to discuss the '23 second quarter results. (Operator Instructions) This call is being translated simultaneously to Portuguese. (Operator Instructions) As a reminder, this conference is being recorded. And the recording will be available on the company's website at vale.com in the area for investors.

早上好，女士們，先生們。歡迎參加淡水河谷的電話會議，討論 23 年第二季度的業績。 （操作員說明）此呼叫正在同時翻譯為葡萄牙語。 （操作員指示）謹此提醒，本次會議正在錄製中。該錄音將在該地區的公司網站 vale.com 上供投資者查閱。

The slide presentation that accompanies this call is being broadcast on the Internet, and is also available in the Investors area of the company's website. There's a slight 2 second delay between the audio and slide changes compared to the audio transmitted via phone.

伴隨本次電話會議的幻燈片演示正在互聯網上播放，也可以在公司網站的投資者區域中找到。與通過電話傳輸的音頻相比，音頻和幻燈片更改之間存在輕微的 2 秒延遲。

Before proceeding, let me mention that forward-looking statements may be provided in this presentation including Vale's expectations about future events or results encompassing those matters listed in the respective presentation.

在繼續之前，請允許我提一下，本演示文稿中可能會提供前瞻性陳述，包括淡水河谷對包含相應演示文稿中列出的事項的未來事件或結果的預期。

We caution you that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. To obtain information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission, SEC, the Brazilian Comissao de Valores Mobiliarios CVM, and in particular the factors discussed under forward-looking statements and risk factors in Vale's annual report on Form 20-F.

我們提醒您，前瞻性陳述並不是對未來業績的保證，並且涉及風險和不確定性。要獲取可能導致結果與淡水河谷預測不同的因素的信息，請查閱淡水河谷向美國證券交易委員會、SEC、巴西 Comissao de Valores Mobiliarios CVM 提交的報告，特別是前瞻性章節中討論的因素。查看Vale 年度報告20-F 表格中的陳述和風險因素。

With us today are Mr. Eduardo De Salles Bartolomeo, Chief Executive Officer; Mr. Gustavo Pimenta, Executive Vice President of Finance and Investor Relations; Mrs. Deshnee Naidoo, CEO of Vale Base Metals, Mr. Carlos Medeiros, Executive Vice President of Operations.

今天與我們在一起的有首席執行官 Eduardo De Salles Bartolomeo 先生；財務和投資者關係執行副總裁 Gustavo Pimenta 先生；淡水河穀賤金屬首席執行官 Desshee Naidoo 女士、運營執行副總裁 Carlos Medeiros 先生。

Mr. Eduardo Bartolomeo will begin the presentation on Vale's second quarter performance. And after that, he will be available for questions and answers.

Eduardo Bartolomeo 先生將開始介紹淡水河谷第二季度的業績。之後，他將可以回答問題和回答。

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愛德華多·巴托洛梅奧先生。先生，您現在可以開始了。

Thank you very much. Good morning, everyone. I hope you are all well.

非常感謝。大家，早安。我希望你們一切都好。

Let me start with a very significant milestone that we delivered and announced last night. We signed a strategic partnership with world-class diversified investors for the energy transition metal business. This partnership attributed a very attractive valuation for our ETM business, which shows that our partners recognize the value generation potential of our assets and how uniquely positioned they are.

讓我從昨晚我們交付並宣布的一個非常重要的里程碑開始。我們與世界級多元化投資者就能源過渡金屬業務簽署戰略合作夥伴關係。此次合作為我們的 ETM 業務帶來了非常有吸引力的估值，這表明我們的合作夥伴認識到我們資產的價值創造潛力以及它們的獨特定位。

This is an encouraging starting point for what we believe is a powerful platform for growth. I will give you more details during the presentation. Now let me cover our operating results.

對於我們認為強大的增長平台來說，這是一個令人鼓舞的起點。我將在演示期間向您提供更多詳細信息。現在讓我介紹一下我們的經營業績。

We delivered a solid production performance for our business this quarter. In Iron Solutions, we are growing quarterly output year-on-year while our all-in cost declined yearly and quarterly. We are so commissioning Torto dam, which will increase availability of pellet feeds for Brucutu operations and improve the average quality of our portfolio.

本季度我們的業務取得了穩健的生產業績。在 Iron Solutions 中，我們的季度產量同比增長，而我們的總成本逐年下降。我們正在調試 Torto 大壩，這將增加 Brucutu 業務的顆粒飼料供應量，並提高我們產品組合的平均質量。

In Energy Transition Metals, Salobo III is ramping up ahead of schedule with a solid contribution to our corporate growth year-to-date. In nickel, we are firmly marching towards our annual guidance.

在能源過渡金屬領域，薩洛博 III 正在提前推進，為我們今年迄今的企業增長做出了堅實貢獻。在鎳方面，我們正在堅定地朝著年度指引邁進。

Moving on to dam management, we reached the first deadline for implementing the global industry standard for tailing management, the GISTM. With a positive outlook, all of our prioritized structures are in conformance with the standard with ongoing action plans to ensure that the best practices are in place. This is part of our commitment to being a safer company for our employees, communities, and society.

接下來是大壩管理，我們達到了實施尾礦管理全球行業標準 GISTM 的第一個最後期限。懷著積極的態度，我們所有的優先結構都符合標準，並製定了持續的行動計劃，以確保最佳實踐到位。這是我們致力於成為一家對員工、社區和社會來說更安全的公司的承諾的一部分。

On top of that, our discipline in capital allocation remains pristine. We announced the distribution of $1.74 billion in shareholder remuneration with payment in September. Since 2021, the total amount distributed in dividends and interest on capital translated into a 27% yield to our shareholders. This shows Vale's solid track record in creating and sharing value.

最重要的是，我們在資本配置方面的紀律仍然保持原始狀態。我們宣布 9 月份已支付 17.4 億美元的股東薪酬分配。自 2021 年以來，股息和資本利息分配總額為我們的股東帶來了 27% 的收益率。這顯示了淡水河谷在創造和分享價值方面的良好記錄。

In addition, our third share buyback program is now 69% complete. Since launching our first share buyback program in 2021, Vale has repurchased about 16% of its share base, representing a concentration in shareholder future earnings of almost 20%.

此外，我們的第三次股票回購計劃現已完成 69%。自 2021 年啟動首次股票回購計劃以來，淡水河谷已回購了約 16% 的股票，這意味著股東未來收益的集中度接近 20%。

With that, we are walking the talk, delivering in our commitments. So let me go now over some details of our performance.

至此，我們言出必行，兌現我們的承諾。現在讓我來回顧一下我們表演的一些細節。

Next slide. We reached the end of the first half of 2023 with strong results and a positive outlook being well positioned to deliver the production guidance for 2023. In Iron Solutions, asset reliability initiatives have started to bear fruits this quarter and driving the solid performance across our 3 systems.

下一張幻燈片。我們在2023 年上半年結束時取得了強勁的業績和積極的前景，為提供2023 年的生產指導做好了充分準備。在Iron Solutions 中，資產可靠性計劃已在本季度開始取得成果，並推動了我們3 個業務領域的穩健表現。系統。

We set a new production record for the second quarter at S11D. Itabira and Vargem Grande performed very well as well and our mix improved substantially. As I mentioned, Torto is finally commissioned, which should allow for more pellet production, improving our mix and average price premium.

我們在 S11D 創造了第二季度的新生產記錄。 Itabira 和 Vargem Grande 的表現也非常好，我們的混音也有了很大的改善。正如我所提到的，Torto 最終投入使用，這應該可以提高顆粒產量，改善我們的產品組合和平均溢價。

In Energy Transition Metals, copper production in the second quarter grew 41% year-on-year, mainly due to the successful ramp-up of Salobo III and improved performance at Sossego, benefiting from the extended [SAG] new maintenance done last year.

在能源過渡金屬領域，第二季度銅產量同比增長 41%，這主要是由於 Salobo III 的成功擴產以及 Sossego 的業績改善，受益於去年進行的延長的 [SAG] 新維護。

Copper sales were exceptional for the period, growing 43% year-on-year. Finished nickel production grew 8% year-on-year, given continued solid performance from our Sudbury mines and improved production sourced from Indonesia, with planned maintenance in the quarter, Voisey's Bay and Long Harbor operations had a lower output.

期內銅銷量表現出色，同比增長 43%。由於我們的薩德伯里礦場持續表現強勁，以及來自印度尼西亞的產量有所提高，加上本季度計劃進行維護，沃伊西灣和長港業務的產量較低，因此成品鎳產量同比增長8% 。

Onca Puma furnace is currently operating at an over rate in preparation for the furnace rebuild later this year. Despite that, our outlook for 2023 nickel production remains solid.

Onca Puma 熔爐目前超速運行，為今年晚些時候的熔爐重建做準備。儘管如此，我們對 2023 年鎳產量的前景仍然樂觀。

Next slide. We are ramping up Salobo III ahead of schedule with strong production rates. We had an increment of 10 kilotonnes this quarter versus the first quarter with a total output of 16 kilotonnes in the first half of 2023, meaning 9% of our total copper output in the same period.

下一張幻燈片。我們正在以強勁的生產率提前提高 Salobo III 的產量。本季度我們的產量較第一季度增加了 10 千噸，2023 年上半年總產量為 16 千噸，占同期銅總產量的 9%。

Once that peak capacity expected at the end of 2024, Salobo III will add 30,000 to 40,000 kilotonnes per year of copper to our total Salobo complex output.

一旦預計 2024 年底達到峰值產能，Salobo III 每年將為我們的 Salobo 綜合體總產量增加 30,000 至 40,000 千噸銅。

Next slide. In 2020, we committed to implement the GISTM, the global industry standard for tailing management, within the industry timeframe. I'm glad to inform that we have implemented the standard for all of our prioritized structures within the first deadline with ongoing action plans to ensure full conformance. This is an important milestone in the evolution of our brand management towards the safety of our employees, neighboring communities and society.

下一張幻燈片。 2020年，我們致力於在行業時間內實施尾礦管理全球行業標準GISTM。我很高興地通知您，我們已在第一個截止日期內實施了所有優先結構的標準，並製定了持續的行動計劃以確保完全符合標準。這是我們品牌管理朝著員工、鄰近社區和社會安全方向發展的一個重要里程碑。

In addition, we are on track to full conformance for all our tailing facilities, not in state of closure by 2025. We are consistently reducing risks associated with our dams and implementing the best international practices in dam management while developing alternative solutions to reduce dam use.

此外，我們的所有尾礦設施有望在2025 年之前完全符合要求，而不是處於關閉狀態。我們不斷降低與大壩相關的風險，並在大壩管理方面實施最佳國際實踐，同時開發替代解決方案以減少大壩的使用。

So we will continue to deliver on our ESG commitments so that Vale becomes a leader in sustainable mining and a benchmark in safety.

因此，我們將繼續履行我們的 ESG 承諾，使淡水河谷成為可持續採礦領域的領導者和安全基準。

Next slide. Finally, talking about our ETM business. As you all know, we have been working over the last 18 months on a series of initiatives to position our ETM business for success. We have completely redesigned our organization; reinvented the business into a single vehicle and a leaner structure and dedicated governance.

下一張幻燈片。最後說說我們的ETM業務。眾所周知，在過去 18 個月裡，我們一直在努力實施一系列舉措，以確保我們的 ETM 業務取得成功。我們徹底重新設計了我們的組織；將業務重塑為單一工具、更精簡的結構和專門的治理。

We attracted industry experts for the Board, top talents like [Jerome], [Ian] and Mark Cutifani who needs no introduction. In addition, we define management incentive plans tailored to foster business development. All of that to establish a more fit-for-purpose organization that will allow us to unlock the ETM business value over the next several years.

我們為董事會吸引了行業專家，像[Jerome]、[Ian]和Mark Cutifani這樣的頂尖人才，無需介紹。此外，我們還制定了旨在促進業務發展的管理激勵計劃。所有這些都是為了建立一個更適合目標的組織，使我們能夠在未來幾年內釋放 ETM 的業務價值。

Today, I am very proud to announce the formation of a partnership with world-class strategic investors to ETM, which I am confident, will create substantial long-term value to all of our shareholders. I am honored to partner with Manara Minerals Investment Company, a new venture between Madden and PIF, the Public Investment Fund, that brings in experience, and help us in accessing strategic geographies, including the iron ore business with our mega hubs.

今天，我非常自豪地宣布ETM與世界級戰略投資者建立合作夥伴關係，我相信這將為我們所有股東創造可觀的長期價值。我很榮幸能與Manara Minerals Investment Company 合作，這是Madden 和PIF（公共投資基金）之間的新合資企業，它帶來了經驗，並幫助我們進入戰略地域，包括我們的大型樞紐的鐵礦石業務。

I am also honored to partner with Engine No.1, a reference in sustainability-focused investments with solid ESG credentials. The future ahead of us is very promising. The need for a lower carbon economy is a generational challenge. But at the same time, it's an enormous opportunity as they simply will not be achieved without a significant increase in the supply of critical minerals.

我也很榮幸能與 Engine No.1 合作，這是一家以可持續發展為重點的投資領域的典範，擁有紮實的 ESG 資質。我們的未來是非常有希望的。對低碳經濟的需求是一代人的挑戰。但與此同時，這也是一個巨大的機遇，因為如果不大幅增加關鍵礦物的供應，這些目標就無法實現。

We see ETM uniquely positioned to play a relevant role in this process, not only because we have a tremendous mineral endowment, but also because we are building the leading ESG future-facing minerals platform in our space, one that pursues long-term value creation to all stakeholders.

我們認為ETM 處於獨特的地位，可以在這一過程中發揮相關作用，不僅因為我們擁有巨大的礦產資源，還因為我們正在我們的領域建立領先的面向ESG 未來的礦產平台，一個追求長期價值創造的平台致所有利益相關者。

We all share the same vision for long-term growth and value creation. And the terms of our partnership is a validation of that. I said we would close a deal only at the right value and with the right partners. That is exactly what we achieved today.

我們對長期增長和價值創造有著共同的願景。我們的合作夥伴關係條款就是對此的驗證。我說過，我們只會以正確的價格並與正確的合作夥伴達成交易。這正是我們今天所取得的成就。

So now I pass the floor to Gustavo, who will detail the transaction and our financial results. And I'll get back to you on our Q&A at the end and thank you for your attention.

現在我請古斯塔沃發言，他將詳細介紹交易和我們的財務業績。我將在最後回复您的問答，並感謝您的關注。

Thanks, Eduardo, and good morning, everyone. As Eduardo explained it, this partnership is another important milestone in building a leading future-facing commodities platform with significant mineral endowment and resources, inclusive of reserves, amounting over 30 million tonnes for copper and 90 million tonnes for nickel.

謝謝，愛德華多，大家早上好。正如 Eduardo 所解釋的那樣，此次合作是建立面向未來的領先大宗商品平台的又一個重要里程碑，該平台擁有豐富的礦產資源和資源，其中銅儲量超過 3000 萬噸，鎳儲量超過 9000 萬噸。

We see potential for ETM to invest $25 million to $30 million in highly accretive projects over the next decade, growing its copper production from approximately 350 kilotonnes per year to 900 kilotonnes per year and its nickel production from around 175 kilotonnes per year to 300 kilotonnes per year.

我們認為，ETM 有潛力在未來十年內投資2500 萬至3000 萬美元用於高增值項目，將銅產量從每年約350 千噸增加到每年900 千噸，鎳產量從每年約175 千噸增加到每年300 千噸。年。

With this exciting outlook, I now turn to the transaction details in the next slide. Given the strong interest to partner with ETM and the high caliber of potential partners, we, together with our Board, decided to accommodate a greater share of investors and increased the equity capitalization to 13%, considering an enterprise value of $26 billion.

有了這個令人興奮的前景，我現在轉向下一張幻燈片中的交易細節。鑑於與 ETM 合作的強烈興趣以及高素質的潛在合作夥伴，考慮到企業價值 260 億美元，我們與董事會一起決定容納更多投資者，並將股本增加至 13%。

The implied pre-money equity value for Vale was $25.1 billion. The total net proceeds are expected to reach $3.4 billion, out of which $1 billion will stay with BBM and the balance will be returned to the parent company for future use as per our capital allocation framework.

淡水河谷的隱含投資前股權價值為 251 億美元。淨收益總額預計將達到 34 億美元，其中 10 億美元將留在 BBM，餘額將返還給母公司，以根據我們的資本分配框架供未來使用。

Now moving to our financial performance in the second quarter. Let's start with our EBITDA. As you can see, we delivered an EBITDA of $4.1 billion, $1.4 billion below the same period in 2022. This decrease is explained by $15 per tonne lower iron ore fines realized price and by the $3,000 per tonne lower nickel realized prices following the decline in the reference prices since second quarter 2022.

現在轉向我們第二季度的財務業績。讓我們從 EBITDA 開始。正如您所看到的，我們的EBITDA 為41 億美元，比2022 年同期低14 億美元。造成這一下降的原因是，鐵礦粉實現價格每噸下降15 美元，鎳礦實現價格每噸下降3,000 美元。 2022年第二季度以來的參考價格。

The impact of cost and expenses on EBITDA was relatively small at $96 million, mainly from transitory effects in the nickel business related to the maintenance and higher third-party nickel feed purchases.

成本和費用對 EBITDA 的影響相對較小，為 9600 萬美元，主要來自與維護和更高的第三方鎳原料採購相關的鎳業務的暫時影響。

In iron ore and copper, despite the year-on-year inflationary pressure, cost and expenses improved EBITDA by $218 million. I will go into more details on costs later in my presentation.

在鐵礦石和銅方面，儘管存在同比通脹壓力，但成本和費用使 EBITDA 提高了 2.18 億美元。我將在稍後的演講中詳細介紹成本。

Sales volumes and byproducts helped increased our EBITDA by $154 million as a result of initiatives to improve asset reliability. And we expect to continue seeing these positive results in the second half of 2023.

由於採取了提高資產可靠性的舉措，銷量和副產品使我們的 EBITDA 增加了 1.54 億美元。我們預計 2023 年下半年將繼續看到這些積極成果。

Now on to iron ore costs. Our C1 cash cost ex-third-party purchases came down slightly to $23.50 per tonne quarter-on-quarter, even considering a $0.70 per tonne negative effect from the Brazilian currency appreciation.

現在談談鐵礦石成本。即使考慮到巴西貨幣升值帶來的每噸 0.70 美元的負面影響，我們的 C1 除去第三方採購的現金成本環比小幅下降至每噸 23.50 美元。

Given the significant appreciation of the Brazilian real and now considering an average exchange rate of BRL 4.95 for the year versus our previous assumption of BRL 5.20 per dollar, we have adjusted our C1 guidance for the year to $21.5 to $22.5 per tonne.

鑑於巴西雷亞爾大幅升值，現在考慮到今年平均匯率為 4.95 雷亞爾，而我們之前假設為每美元 5.20 雷亞爾，我們將今年的 C1 指導調整為每噸 21.5 至 22.5 美元。

This means an expected C1 below $22 per tonne in the second half of this year, driven by more Northern System, production in the mix and the continuous rollout of our productivity program with gains in asset reliability and procurement initiatives.

這意味著，在更多北方系統、混合生產以及我們生產力計劃的不斷推出以及資產可靠性和採購計劃的提高的推動下，今年下半年的 C1 預計將低於每噸 22 美元。

With regards to all-in costs, our EBITDA breakeven reached $53 per tonne, roughly flat year-on-year and $5.2 per tonne lower quarter-on-quarter. This can be attributed to the improved product portfolio mix with more northern system ore and lower high-silica product sales in addition to greater volumes.

就總成本而言，我們的 EBITDA 盈虧平衡點達到每噸 53 美元，同比大致持平，環比每噸降低 5.2 美元。這可歸因於產品組合的改善，北方系統礦石的增加以及高矽產品銷量的下降以及銷量的增加。

We also adjusted our iron ore all-in cost guidance to $52 to $54 per tonne for the year. This change is essentially a result of external factors, such as the lower all-in premiums due to market conditions and the adjustments in C1 due to the Brazilian real appreciation.

我們還將今年鐵礦石總成本指導調整至每噸 52 至 54 美元。這一變化本質上是外部因素的結果，例如市場狀況導致的總保費下降以及巴西雷亞爾升值導致的C1調整。

Just to give a sense a bit, a $0.10 appreciation of the Brazilian real converts into a $0.30 per tonne increase in C1 cash costs, ex-third-party purchases and a $0.50 per tonne increase in all-in costs in 2023.

舉個例子，巴西雷亞爾升值 0.10 美元將轉化為 C1 現金成本、前第三方採購成本每噸增加 0.30 美元，2023 年總成本每噸增加 0.50 美元。

In copper, we continue to see gains from higher production at both Salobo and Sossego, which supports the dilution of fixed costs at our operations. Higher gold prices and the one-off effect on tax credits contributed to reducing our total costs in the quarter.

在銅方面，我們繼續看到薩洛博和索塞戈產量增加帶來的收益，這支持了我們運營固定成本的攤薄。金價上漲和稅收抵免的一次性效應有助於降低我們本季度的總成本。

As a result, our all-in cost was just over $3,000 per tonne, approximately $1,800 per tonne lower than in the first quarter, which is in line with our expectations with the continued ramp-up of Salobo III.

因此，我們的總成本略高於每噸 3,000 美元，比第一季度每噸降低約 1,800 美元，這符合我們對 Salobo III 持續產量增長的預期。

At our nickel operations, our COGS ex third-party feed increased about 5,000 year-on-year due to lower availability of our on feed, which we were already expecting with the ongoing transition in Voisey's Bay mine and the relatively longer planned maintenance period at Long Harbour.

在我們的鎳業務中，由於我們的原料供應量較低，我們的第三方原料的 COGS 同比增加了約 5,000，我們已經預計到 Voisey's Bay 礦山正在進行的過渡以及相對較長的計劃維護期。長港.

Also, in connection with Voisey's Bay transition and Long Harbour maintenance, this quarter, we have recognized a one-off decrease in the recoverable value of inventories, which were produced at higher costs.

此外，由於沃伊西灣的過渡和長港的維護，本季度我們發現庫存的可收回價值出現了一次性下降，而這些庫存的生產成本較高。

As a result, our all-in costs increased year-on-year, but stayed essentially flat quarter-on-quarter at just over 17,000 per tonne. The all-in cost guidance for nickel in 2023 has been adjusted to 15,500 to 16,000 per tonne, mostly reflecting lower-than-expected by-product prices and volumes, which were expected to continue throughout the second half of 2023. For the second half, we expect all-in cost to decline as production increases and no other one-off event materialized.

因此，我們的總成本同比增加，但環比基本持平，略高於每噸 17,000 美元。 2023年鎳的總成本指導已調整為每噸15,500至16,000元，主要反映了副產品價格和產量低於預期，預計這種情況將持續到2023年下半年。 ，我們預計隨著產量增加並且沒有其他一次性事件發生，總成本將會下降。

Now moving to cash generation. As you can see, Q2 free cash flow was negatively impacted by working capital as we had 7 million tonnes higher accrual sales volumes in iron ore in addition to higher Brumadinho-related commitments.

現在轉向現金生成。正如您所看到的，第二季度自由現金流受到營運資本的負面影響，因為除了與布魯馬迪尼奧相關的承諾增加之外，我們的鐵礦石應計銷量增加了 700 萬噸。

Also in the second quarter, Vale raised $1.5 billion from bond issuance, whose proceeds were mostly used to repurchase $500 million of higher cost debt and to repurchase $1.4 billion of shares as part of our buyback program.

同樣在第二季度，淡水河谷通過發行債券籌集了15 億美元，其收益大部分用於回購5 億美元的成本較高的債務，並作為我們回購計劃的一部分回購14 億美元的股票。

Looking specifically at our capital allocation strategy. Yesterday, our Board of Directors approved a distribution of $1.7 billion in interest on capital to be paid in September based on financial results from the first half of the year.

特別關注我們的資本配置策略。昨天，我們的董事會根據上半年的財務業績，批准了 9 月份支付的 17 億美元資本利息的分配。

Since 2021, Vale generated 27% of dividend yield. Additionally, we continue to see the repurchase of our shares as one of the best ways to create long-term value for our shareholders.

自2021年以來，淡水河谷的股息收益率為27%。此外，我們仍然認為回購股票是為股東創造長期價值的最佳方式之一。

Since the beginning of our share buyback program, Vale has repurchased 16% of our share base, representing a concentration in shareholder future earnings of almost 20%.

自我們的股票回購計劃開始以來，淡水河谷已回購了我們 16% 的股票，相當於股東未來收益的集中度接近 20%。

So before we move on to the Q&A session, I would like to reinforce the key messages from today's call. We continue to make substantial progress in our operational performance and are extremely confident in delivering our production targets for the year.

因此，在我們進入問答環節之前，我想強調一下今天電話會議的關鍵信息。我們的經營業績繼續取得實質性進展，並對實現今年的生產目標充滿信心。

At our Energy Transition Metals business, we are thrilled with today's announcement and believe the actions we have taken over the last 18 months will position the business to be a winner in the global energy transition.

在我們的能源過渡金屬業務部門，我們對今天的公告感到非常興奮，並相信我們在過去 18 個月中採取的行動將使該業務成為全球能源轉型的贏家。

At the same time, we have been taking immediate and consistent actions to improve dam safety, being, now adherent to the GISTM for all critical structures.

與此同時，我們一直在採取立即和一致的行動來提高大壩安全，現在所有關鍵結構都遵守 GISTM。

And finally, we remain highly committed to a disciplined capital allocation process as evidenced by today's dividend announcement and the continuous execution of our highly accretive buyback program.

最後，我們仍然高度致力於嚴格的資本分配流程，今天的股息公告和我們高度增值的回購計劃的持續執行就證明了這一點。

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

現在我想開始提問。謝謝。

(Operator Instructions) Our first question comes from Daniel Sasson, Itau BBA.

（操作員說明）我們的第一個問題來自 Itau BBA Daniel Sasson。

My first question is on the cost front. If you could give us more details on the cost difference between your Northern and Southern systems, that would be helpful and help us understand the evolution of your cost going forward given the increase of participation of the Northern system, your total mix and your total sales mix in the second half.

我的第一個問題是關於成本方面的。如果您可以向我們提供有關北方和南方系統之間成本差異的更多詳細信息，這將很有幫助，並幫助我們了解隨著北方系統參與度的增加、您的總組合和總銷售額的增加，您未來的成本變化後半部分混合。

And if you could remind us of your exposure, what percentage of your Q1 is actually denominated in real; that would be great. And my second question, congrats on the transaction for the Base Metals division.

如果您能提醒我們您的風險敞口，您的 Q1 實際上以實際計價的百分比是多少？那太好了。我的第二個問題，祝賀基本金屬部門的交易。

If you could give us more color on your expectations on the potential contributions from Madden and the NPIS from a strategic standpoint to the development and stabilization of operations in your Base Metals division, that would be great, right?

如果您能從戰略角度進一步說明您對 Madden 和 NPIS 對基本金屬部門運營的發展和穩定的潛在貢獻的期望，那就太好了，對吧？

I'm trying to understand that in addition from the interest evaluation that you were able to reap, what is -- what your partners could bring to the table and help us with those -- with unlocking value in those operations.

我試圖了解，除了您能夠獲得的利益評估之外，您的合作夥伴可以帶來什麼並幫助我們實現這些目標，從而在這些業務中釋放價值。

Probably first on the costs, and we're going to detail a little bit more the partnership later.

可能首先是成本，稍後我們將詳細介紹合作夥伴關係。

Thanks, Eduardo. Thanks, Daniel, for your question. So on the Northern system, C1 is on the mid-teens. So you can do the math. You see there is certainly a contribution as we bring more volume from the north to our overall mix, right?

謝謝，愛德華多。謝謝丹尼爾的提問。所以在北方系統中，C1 位於十幾歲左右。所以你可以做數學計算。你看，當我們從北方帶來更多的銷量到我們的整體組合中時，肯定會有貢獻，對吧？

We've seen some improvement in Q2. And you will continue to see in the second half of the year. Regarding your FX question, I think the best way to look into that is to assess the sensitivity that I've talked about in my prepared remarks.

我們在第二季度看到了一些改善。下半年你還會繼續看到。關於你的外匯問題，我認為調查這個問題的最佳方法是評估我在準備好的發言中談到的敏感性。

So every $0.10 of BRL appreciation is about $0.30 of increase in our C1. I think that's the best way to look into the overall exposure that we have and $0.50 at the all-in. So I'll pass the third question to Eduardo.

因此，雷亞爾每升值 0.10 美元，我們的 C1 就會增加約 0.30 美元。我認為這是了解我們的整體風險敞口以及全押 0.50 美元的最佳方式。我將把第三個問題轉交給 Eduardo。

Thanks, Gustavo. I think, Daniel, thanks for the question. When we discussed the unlocking value for Base Metals, we always said it's a conjunction of factors, right?

謝謝，古斯塔沃。我想，丹尼爾，謝謝你的提問。當我們討論賤金屬的解鎖價值時，我們總是說這是多種因素的結合，對嗎？

It wasn't only the participation. The participation would come, as I mentioned, at the right value with the right partner, one that would see the opportunity down the road and the ability of ourselves to execute it. We are obviously, as Gustavo mentioned, there were several interests in Manara to Madden together with this and then Engine No. 1 as well.

這不僅僅是參與。正如我所提到的，參與將以正確的價值與正確的合作夥伴進行，我們會看到未來的機會以及我們執行它的能力。顯然，正如古斯塔沃提到的，我們對《馬納拉》和《Madden》以及《1號引擎》都有很多興趣。

They came up exactly on these 2 fundamental elements that we believe will unlock value. First of all, they validated thesis. They are long-term investors. They're not here for the spring. They're coming here for the long term. They bring a sector experience. And Madden has partnerships with other several miners, so they will help us as well.

他們準確地提出了我們認為將釋放價值的這兩個基本要素。首先，他們驗證了論文。他們是長期投資者。他們來這裡不是為了春天。他們來這裡是為了長期利益。他們帶來了行業經驗。 Madden 與其他幾家礦工有合作夥伴關係，所以他們也會幫助我們。

And PF, as I mentioned already, is a long-term value investor and Engine No. 1 brings ESG credentials that is key as we are in a business of energy transition. So I believe the validation, the strength in the governance that will happen with them, their help in the sector.

正如我已經提到的，PF 是一家長期價值投資者，一號引擎帶來了 ESG 資質，這對於我們從事能源轉型業務而言至關重要。因此，我相信他們將獲得驗證、治理力量以及他們對該行業的幫助。

And there's, a collateral that, of course, is a benefit from us is that we have interest in the Middle East as well with the Mega Hubs, as you know. So there were several elements that added to bring the right partner. People that share the same view, share the same values. They have ESG credentials.

當然，我們對中東以及大型樞紐也有興趣，這是我們的一個附帶條件，正如你所知。因此，需要添加幾個要素才能找到合適的合作夥伴。擁有相同觀點的人，就有相同的價值觀。他們擁有 ESG 資質。

So I think they will be very helpful on strengthening the governance, because as we've been saying repeatedly, it's all about execution and growth. And with Mark Cutifani, leading the Board, attracting talents like him, like Jerome, having a fit-for-purpose organization, having partners.

因此，我認為它們對於加強治理非常有幫助，因為正如我們反复所說，這一切都與執行和增長有關。馬克·庫蒂法尼 (Mark Cutifani) 領導董事會，吸引像杰羅姆 (Jerome) 這樣的人才，擁有一個適合目標的組織，擁有合作夥伴。

This will add up to a convergency of interest and how can I say that objectives that will unlock a tremendous values because we're going to execute faster and grow faster. Thanks for your question, Daniel. And we are very excited by the way.

這將導致利益趨同，我怎麼能說這些目標將釋放巨大的價值，因為我們將更快地執行並更快地成長。謝謝你的提問，丹尼爾。順便說一句，我們非常興奮。

I think we are beginning a new phase in Vale that will unlock tremendous value for our shareholders and fundamentally for the Base Metals business.

我認為淡水河谷正在開始一個新階段，這將為我們的股東以及基本金屬業務帶來巨大的價值。

Our next question comes with Leonardo Correa, Banco BTG Pactual.

我們的下一個問題來自 BTG Pactual 銀行的 Leonardo Correa。

So my first question is on Base Metals. Gustavo, you mentioned during the presentation, the initial presentation that $3.4 billion was the total, right, injection in the transaction. But you mentioned that $1 billion would stay at VBM and $2.4 billion would be returning to Vale, right?

我的第一個問題是關於基本金屬的。古斯塔沃，您在演示中提到，最初的演示中，這筆交易的注資總額是 34 億美元。但你提到 10 億美元將留在 VBM，24 億美元將返回淡水河谷，對嗎？

I guess there were some doubts on how much would stay at the energy transition unit. So I think you clarified that. I just wanted to confirm.

我猜想有人對能源轉型部門將保留多少資金存有疑問。所以我認為你已經澄清了這一點。我只是想確認一下。

And this $2.4 billion, that's flowing back into Vale, I mean, where would we see that being allocated? I mean, I can imagine the key question would be if that that would be returned to shareholders in a form of a special dividend or continued aggressive buyback.

這 24 億美元將回流到淡水河谷，我的意思是，我們會看到它被分配到哪裡？我的意思是，我可以想像關鍵問題是，這是否會以特別股息或持續積極回購的形式返還給股東。

So the question is, what will, Vale do with the $2.4 billion that's returning to the company or that's staying at Vale and not being allocated to VBM.

所以問題是，淡水河谷將如何處理返還給公司或留在淡水河谷而不分配給 VBM 的 24 億美元。

The second question still on cash returns and still for you Gustavo. I mean, from your approach and just analyzing what Vale has been doing, right? You announced you're basically paying the minimum dividend based on the formula, right? And you're allocating all the exit, right, towards a very aggressive buyback, which has been on pretty much Vale's cards over the past quarters.

第二個問題仍然是關於現金回報，仍然是古斯塔沃的問題。我的意思是，從你的方法來看，只是分析淡水河谷一直在做什麼，對吧？您宣布您基本上將根據公式支付最低股息，對吧？而且你將所有退出都分配給非常積極的回購，這在過去幾個季度幾乎一直在淡水河谷的計劃中。

You're allocating something around $1.4 billion, $1.5 billion per quarter of buybacks. Even with the changes in interest on equity, right, which and then will probably be extinguished. I mean, do you think that's the same tone going forward. We should expect minimum dividends being paid and all the balance on the buyback? Is that still the way to go? So those are the 2 questions.

你分配了大約 14 億美元，每季度 15 億美元用於回購。即使權益利息發生變化，這種權利也可能會消失。我的意思是，你認為未來的基調是一樣的嗎？我們應該期望支付最低股息和回購的所有餘額嗎？這仍然是要走的路嗎？這就是兩個問題。

Thanks, Leo, for your questions. So on the first one, yes. We wanted to provide more clarity in terms of where the money will stay. So based on what VBM is able to generate on an ongoing basis plus their -- own balance sheet. We've -- we came to the conclusion that $1 billion was sufficient to fund the business for the next 3 to 4 years based on the plan that they have.

謝謝，利奧，你的問題。所以對於第一個，是的。我們希望更明確地說明資金的去向。因此，基於 VBM 能夠持續生成的內容以及他們自己的資產負債表。我們得出的結論是，根據他們的計劃，10 億美元足以為未來 3 到 4 年的業務提供資金。

So the rest is indeed moving back to the parent. It will come into our overall pool of cash. And we will then allocate based on our capital allocation framework that we all know very well. So that links to the second conversation.

所以剩下的確實是回到了父級。它將進入我們的整體現金池。然後我們將根據我們都非常了解的資本分配框架進行分配。這鏈接到第二個對話。

I'm very happy with the way we've been allocating capital over the last couple of years. I think we are creating significant value for our shareholders, either through a very healthy dividend payment or the share buyback at a very attractive level.

我對過去幾年我們分配資本的方式非常滿意。我認為我們正在為股東創造巨大的價值，無論是通過非常健康的股息支付還是以非常有吸引力的水平回購股票。

This is certainly a conversation that we have constantly with our Board. And we'll bring more clarity in terms of how we keep going on this one. But you should continue to expect us to be very disciplined and very focused on creating long-term value for our shareholders.

這當然是我們經常與董事會進行的對話。我們將更清楚地說明我們如何繼續開展這一工作。但您應該繼續期望我們非常自律並非常專注於為股東創造長期價值。

Our next question comes with Vanessa Quiroga, Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Vanessa Quiroga。

And congrats on the transaction. I have a couple of questions. One of them is regarding the agreement with the partners.

並祝賀交易成功。我有一些問題。其中之一是關於與合作夥伴的協議。

Is there any optionality for offtake for the partners as part of the agreement? And will they have any dividend? I mean any rights to receive dividends from Vale in the future?

作為協議的一部分，合作夥伴是否可以選擇承購？他們會有股息嗎？我的意思是未來有權利從淡水河谷獲得股息嗎？

And the second question is related to -- the second question is related to -- I would like you to review basically your corporate governance protection to be able to avoid any sudden change in leadership at the company, Vale.

第二個問題與——第二個問題有關——我希望您基本上審查一下您的公司治理保護，以避免淡水河谷公司領導層發生任何突然變化。

All right, so Gustavo here. The first -- on the first one, yes. So on the -- there is no special dividend or anything like that on the agreement.

好吧，古斯塔沃來了。第一個——就第一個而言，是的。因此，協議中沒有特別股息或類似的內容。

I think the agreement is very proportional to the final stake of each one of the partners. There is, some commercial discussions that we've had, an agreement that we've had with our partners. And it's all based on market conditions.

我認為該協議與每個合作夥伴的最終股份成正比。我們進行了一些商業討論，我們與合作夥伴達成了協議。這一切都基於市場狀況。

And that's pretty much it. So it's very attractive from a governance standpoint for us. If anything, it just opens up new markets for Vale, right, including the opportunity for us to deploy our products in the Middle Eastern.

差不多就是這樣了。因此，從治理的角度來看，這對我們來說非常有吸引力。如果說有什麼不同的話，那就是它為淡水河谷開闢了新市場，包括我們在中東部署產品的機會。

We have to answer the second question still. On the corporate governance, I think it's a very important question for Vanessa is that we've been since I think 2017, I taken when we entered Novo Mercado we've been improving the governance.

我們還是要回答第二個問題。關於公司治理，我認為對 Vanessa 來說一個非常重要的問題是，自 2017 年進入 Novo Mercado 以來，我們一直在改善治理。

So I think Vale's governance is fit for purpose for a world-class organization like ours. So I believe that we are in good shape. We have independence. We have representation. We have lead independent director. So I think the corporate governance is rightsized to avoid any problems that we would eventually have.

因此，我認為淡水河谷的治理適合我們這樣的世界級組織的目的。所以我相信我們的狀態很好。我們有獨立性。我們有代表。我們有首席獨立董事。因此，我認為公司治理規模應該適當調整，以避免我們最終會遇到的任何問題。

Our next question is from Carlos De Alba, Morgan Stanley.

我們的下一個問題來自摩根士丹利的卡洛斯·德阿爾巴。

Carlos Alba%

卡洛斯·阿爾巴%

Yes and congratulations on finally executing the transaction. I wanted to maybe step back and think about how do you see the path forward now for VBM? Given whether you accomplished, I guess, what presumably is the first step or the first 2 steps in that, in what you want to do with this company in the future.

是的，恭喜您終於執行了交易。我想退一步思考一下您如何看待 VBM 現在的前進道路？我想，考慮到你是否已經完成了你未來想要在這家公司做的事情的第一步或前兩步。

Do you want now to concentrate on improving operations and then potentially do an IPO or see what opportunities are there to buy or merge with another entity and you further increase the already attractive pipeline of rate that you have.

您現在是否想集中精力改善運營，然後進行首次公開​​募股（IPO），或者看看有什麼機會購買或與另一個實體合併，然後進一步增加您已經具有吸引力的利率管道。

If you could comment and provide any color that would be really useful. I have another question, but maybe I can ask it after the first one.

如果您可以評論並提供任何真正有用的顏色。我還有一個問題，但也許我可以在第一個問題之後再問。

Okay, Carlos. Your question is extremely important because, as I mentioned before, it's a path, right? It's, first of all, it's execute. That's why the partners are relevant in that sense because they are not -- how can I say that, short-term investors or short-term viewers on this matter.

好的，卡洛斯。你的問題非常重要，因為正如我之前提到的，它是一條路徑，對嗎？首先，它是執行。這就是為什麼合作夥伴在這個意義上是相關的，因為他們不是——我怎麼說呢，短期投資者或短期觀察者。

That -- that fit-for-purpose organization that we mentioned that is being -- that is designed already is ring-fenced, as I mentioned, is the first step. The acquisition of talents like Jerome and Mark will go under the first hurdle that is executing on existing assets.

正如我所提到的，我們提到的那個適合目的的組織已經設計好了，這是第一步。收購杰羅姆和馬克這樣的人才將面臨第一個障礙，即現有資產的執行。

Of course, we still have gaps to fulfil these 2 projects that are ramping up. So we believe that's the first and most important challenge that we have to keep on doing as we've been doing.

當然，我們距離完成這兩個正在加速的項目還有差距。因此，我們相信這是我們必須繼續做的第一個也是最重要的挑戰。

The difference, I believe, with this new design or this new arrangement is speed. The second one is growth. With a more dedicated organization, we believe that the projects, the attention, the drives are -- will help us on accelerate that growth.

我相信，這種新設計或這種新安排的區別在於速度。第二個是成長。有了一個更加專注的組織，我們相信項目、關注和動力將幫助我們加速增長。

When those 2 things merge and will take a while is not something you need it takes 2, 3 years, I don't know. We will see what kind of demand we will have? What kind of opportunities we will have. I don't know if Gustavo wants to complement.

當這兩件事合併時，需要一段時間，這不是你所需要的，它需要 2、3 年，我不知道。我們將看看我們會有什麼樣的需求？我們將會有什麼樣的機會。不知道古斯塔沃願不願意補充。

But fundamentally, it's a path to execution, a path to growth and eventually opportunities that will arise later, right? Of course, there's capital allocation opportunity as well.

但從根本上來說，這是一條執行之路、一條成長之路以及最終會出現的機會，對吧？當然，還有資本配置機會。

Yes. No, I think you covered well, Eduardo. I think the key message for us here is also optionality. I think this transaction creates options that otherwise value wouldn't have, right, to fund the opportunities that will come along.

是的。不，我認為你報導得很好，Eduardo。我認為我們在這里傳達的關鍵信息也是選擇性。我認為這筆交易創造了其他價值不會有的選擇，對吧，為即將到來的機會提供資金。

So we are very excited because I think we are through a series of actions over the last 18 months. I think we are setting this business for success, creating options that otherwise we would not have and a more focused organization, which, over time, I think we all believe strongly that it will create significant value for our shareholders.

所以我們非常興奮，因為我認為我們在過去 18 個月裡採取了一系列行動。我認為我們正在讓這項業務取得成功，創造我們原本不會有的選擇，以及一個更加專注的組織，隨著時間的推移，我認為我們都堅信它將為我們的股東創造巨大的價值。

Carlos Alba%

卡洛斯·阿爾巴%

And Gustavo, maybe the second question I have, you could address is the following. So Vale has a dividend policy that is based on EBITDA generation and minus sustaining CapEx.

古斯塔沃，也許我的第二個問題你可以解決如下。因此，淡水河谷的股息政策基於 EBITDA 生成並減去維持性資本支出。

But assuming that iron ore prices were to come into some pressure, EBITDA will come down. Sustaining CapEx, you may have some space to bring it down. But presumably there is a minimum level that you want to do, so that you maintain the integrity of your operations and assets.

但假設鐵礦石價格面臨一定壓力，EBITDA將會下降。維持資本支出，您可能有一些空間來降低它。但想必您想要達到一個最低水平，以便保持運營和資產的完整性。

So there is a little bit of little room to maneuver. If EBITDA comes down, but not as much as your free cash flow generation impacted by the repayments of the Brumadinho/Mariana accidents rather than the characterization. So meaning it is conceivable that your free cash flow yield could be lower than your dividend yield as suggested by your dividend policy.

所以有一點點可操作的空間。如果 EBITDA 下降，但不會像布魯馬迪尼奧/馬里亞納事故償還而不是特徵對自由現金流產生的影響那麼大。因此，這意味著您的自由現金流收益率可能會低於股息政策所建議的股息收益率。

So how do you see this situation? What would the company do in such scenario? Clearly the balance sheet is strong. And you could sustain a dividend yield higher than your free cash flow yield, but potentially not for too long.

那麼您如何看待這種情況呢？在這種情況下公司會怎麼做？顯然，資產負債表很強勁。您可以維持高於自由現金流收益率的股息收益率，但可能不會持續太久。

So yes, I just wanted to explore how do you see this and if there is a possibility potentially to change the dividend policy or maybe I'm just mistaken. And the payments and the expenses of Brumadinho that are adjusted out on EBITDA and some calculations are not adjusted out for the dividend policy purposes.

所以，是的，我只是想探討一下您如何看待這一點，以及是否有可能改變股息政策，或者也許我只是錯了。布魯馬迪尼奧的付款和費用在 EBITDA 和某些計算中調整後並未出於股息政策目的進行調整。

Yes. That's a good question, Carlos. So look, those -- I think first thing is those expenses or disbursements are temporary, right? So over a period of time, they will be heavier. And then they will, over time, reduce which will free up cash down the road.

是的。這是個好問題，卡洛斯。所以看，我認為首先這些費用或支出是暫時的，對嗎？所以過了一段時間，它們就會變重。然後，隨著時間的推移，他們將減少這將在未來釋放現金。

In the very immediate term under the scenario frame, I think we will have the ability to even use our balance sheet. And we've been doing this, as you've noticed. We have a very strong balance sheet, amortizations, debt amortization is very smooth over the years.

在情景框架下的短期內，我認為我們甚至有能力使用我們的資產負債表。正如您所注意到的，我們一直在這樣做。我們擁有非常強勁的資產負債表、攤銷、債務攤銷多年來非常順利。

You've seen us doing a lot of liability management in the last 2, 3 years, pushing out amortization, which would give us a lot of breathing room for us to accommodate and continue to deliver on our dividend policy.

您已經看到我們在過去的兩三年中進行了大量的負債管理，推出了攤銷，這將為我們提供很大的喘息空間，以適應並繼續履行我們的股息政策。

So we are -- this is very critical for us. And we'll continue to be very disciplined in terms of delivering on the policy that we have.

所以我們——這對我們來說非常重要。我們將繼續嚴格遵守我們現有的政策。

Our next question is from Thiago Lofiego, Bradesco BBI.

我們的下一個問題來自 Bradesco BBI 的 Thiago Lofiego。

First question, congratulations on the Base Metals deal. And if I may go back to Carlos' question, which was in the lines of what may be the effects are. And I'll be more specific in my question here, which is, would you consider a next step being a potential sale to a larger strategic shareholder, now that you have the valuation kind of like a temp, would you pursue larger steps in terms of bringing in larger partners to Vale Base Metals or is an IPO a higher probable scenario? Or you're not thinking about any of those 2 scenarios and just thinking about the operating turnaround.

第一個問題，祝賀基本金屬交易。我可以回到卡洛斯的問題，這個問題與可能產生的影響有關。我將在這裡更具體地提出我的問題，即您是否會考慮下一步是否可能向更大的戰略股東出售，既然您的估值有點像臨時工，您是否會在以下方面採取更大的步驟為淡水河穀賤金屬引入更大的合作夥伴還是首次公開募股是更有可能的方案？或者您沒有考慮這兩種情況中的任何一種，而只考慮運營周轉。

And then, my second question to Medeiros if I may. Medeiros, could you please talk a little bit about the main initiatives you're focusing on at the operating side? What the main upsides are. We understand the licensing bottlenecks, the resuming production story.

然後，如果可以的話，我向梅代羅斯提出第二個問題。 Medeiros，您能談談您在運營方面關注的主要舉措嗎？主要優點是什麼。我們了解許可瓶頸和恢復生產的故事。

But from your perspective, are there any other major levers that you're working on to bring production efficiency and operating efficiency.

但從您的角度來看，您是否正在研究其他主要手段來提高生產效率和運營效率。

Okay, Thiago. Thanks for the congrats and thanks for the very specific question. Yes, there is no -- the path now is execution. What we have the focus now as we arranged every piece of the puzzle. We have a partner. We have a structure. We have the people. We have Mark. We have Jerome, we have Deshnee. We have our structured execution. So that's that our primary focus.

好吧，蒂亞戈。感謝您的祝賀，也感謝您提出了非常具體的問題。是的，沒有——現在的道路是執行。當我們安排好拼圖的每一塊時，我們現在的重點是什麼。我們有一個合作夥伴。我們有一個結構。我們有人。我們有馬克。我們有杰羅姆，我們有德希尼。我們有結構化的執行。這就是我們的首要關注點。

But as Gustavo has mentioned, the amount of investment that this business will require down the road, the optionality is in our hands. Is that an IPO could be, is a merger it could be, but it's not in our minds now. Our minds are totally focused on the execution, okay?

但正如古斯塔沃所提到的，這項業務未來需要多少投資，選擇權就在我們手中。是否可以進行首次公開​​募股，是否可以進行合併，但現在不在我們的考慮範圍內。我們的注意力完全集中在執行上，好嗎？

I hope I have been more clear now. This is something for down the road 2 to 3 years to think about. For now, now that we did the deal, let's focus on accelerating the -- how can I say that filling the gaps or closing the gaps on the execution and accelerating growth, as I mentioned before.

我希望我現在已經更清楚了。這是未來 2 到 3 年需要考慮的事情。現在，既然我們已經完成了交易，那麼讓我們集中精力加速——我怎麼說呢，就是填補執行上的空白或縮小執行上的差距並加速增長，正如我之前提到的。

And then 2, 3 years down the road, I don't know, we might -- and then, as Gustavo mentioned, the optionalities will be all in our hands. We haven't think about that yet. Okay. I hope I have been specific and answered you in this time. And I'll pass to Medeiros to answer your second question.

然後兩三年後，我不知道，我們可能會——然後，正如古斯塔沃提到的，選擇權將全部掌握在我們手中。我們還沒有考慮過這一點。好的。我希望這次我已經具體回答了你。我將請梅代羅斯回答你的第二個問題。

Thiago, so the main points have been working in the operational side is basically asset reliability -- in all systems. So that's the point where we believe there is the most that is most room for improvement.

蒂亞戈，所以在運營方面一直工作的要點基本上是資產可靠性——在所有系統中。因此，這就是我們認為還有最大改進空間的地方。

And clearly, we saw some results in the last quarter. Besides the reliability, there are some specific points that vary from system to system and also the geography where I believe there is the biggest opportunity for upside is S11D in terms of reliability. Yes, this is the main point.

顯然，我們在上個季度看到了一些結果。除了可靠性之外，還有一些具體點因係統和地理位置而異，我認為在可靠性方面 S11D 具有最大的上升空間。是的，這是重點。

Our next question is from Amos Fletcher with Barclays.

我們的下一個問題來自巴克萊銀行的阿莫斯·弗萊徹。

I just wanted to ask a question about the separation of VBM. Will it be run effectively with a separate balance sheet? And will that influence Vale's net debt target and cash returns policy?

我只是想問一個關於VBM分離的問題。它能通過單獨的資產負債表有效運行嗎？這會影響淡水河谷的淨債務目標和現金回報政策嗎？

So for example, if VBM is free cash flow negative, for example, are you going to carve that out from Vale's adjusted net debt when you think about shareholder returns?

舉例來說，如果 VBM 的自由現金流為負，那麼當您考慮股東回報時，您是否會將其從淡水河谷調整後的淨債務中剔除？

Amos, Gustavo here. No, given the larger share of participation, it will be all consolidated still. But certainly, they will be able to fund themselves with their own either generated cash, being able to raise capital. And that potentially that it's -- for now, we are expecting to be recourse.

阿莫斯，古斯塔沃在這裡。不，鑑於參與比例較大，仍將全部合併。但當然，他們將能夠用自己產生的現金為自己提供資金，從而能夠籌集資金。目前，我們可能會尋求追索權。

But over time, as the business matures, we may be able to change it. But at this point, given the size of the participation from Vale, it will continue to be consolidated and treated as such, so no change in the policies at this point.

但隨著時間的推移，隨著業務的成熟，我們也許能夠改變它。但目前，考慮到淡水河谷的參與規模，它將繼續被合併和處理，因此目前政策沒有變化。

Our next question is from Rodolfo Angele, JPMorgan.

我們的下一個問題來自摩根大通的 Rodolfo Angele。

My first question, I just wanted to confirm the cash that stays at VBM of $1 billion. You mentioned this is what you see as what the company will need for the next 3 to 4 years. Did I get this right? Gustavo, can you just confirm, please?

我的第一個問題，我只是想確認一下 VBM 裡有 10 億美元的現金。您提到這是您認為公司未來 3 到 4 年所需要的。我做對了嗎？古斯塔沃，你能確認一下嗎？

Yes. Rodolfo, because the company -- I mean, the way we are setting the company up is there is no debt, they want, right, so very conservative balance sheet.

是的。魯道夫，因為公司——我的意思是，我們建立公司的方式是沒有債務，他們想要非常保守的資產負債表。

We are adding $1 billion of cash, plus they do generate good cash flow. So that combination will allow them to fund what they have planned for the next 3 to 4 years.

我們增加了 10 億美元現金，而且它們確實產生了良好的現金流。因此，這種組合將使他們能夠為未來 3 到 4 年的計劃提供資金。

We certainly assess new opportunities to invest may come up. But at this point, based on the plan, that's what we have. So the rest, the $2.4 billion will come up to the parent.

我們當然評估可能會出現新的投資機會。但目前，根據計劃，這就是我們所擁有的。因此，剩下的 24 億美元將歸母公司所有。

The next question is from Rafael Barcellos, Banco Santander.

下一個問題來自桑坦德銀行的 Rafael Barcellos。

My first question about the Base Metals and firstly, congratulations for the deal. You mentioned that the Vale Based Metals division is expected to invest around $25 billion to $30 billion in the next decade in the strategic projects, right?

我的第一個問題是關於基本金屬的，首先，祝賀這筆交易。您提到淡水河谷金屬部門預計未來十年將在戰略項目上投資約 250 億至 300 億美元，對吧？

So could you please give us more color on how would you believe that the funding of this investment plan would be? I mean, overall, how are you thinking about the capital allocation strategy for this division?

那麼，您能否給我們提供更多信息，說明您認為該投資計劃的資金來源將如何？我的意思是，總體而言，您如何考慮該部門的資本配置策略？

If there is any risk that you could change the dividend policy to have the dividend policy more related to the iron ore division. Just to understand how are you thinking about that?

如果存在任何風險，您可以更改股息政策，使股息政策與鐵礦石部門更加相關。只是為了了解您對此有何看法？

And the second question, I mean, about the iron ore business. So finally received the license to operate the total dam, which of course, will improve its ability to produce more pellet feeds. So my question is just to understand what can we expect in terms of ramp-up?

我的意思是，第二個問題是關於鐵礦石業務的。所以最終獲得了總壩的運營許可，這當然會提高其生產更多顆粒飼料的能力。所以我的問題只是想了解我們在提升方面可以期待什麼？

I mean, we will already see these effects in the third Q or more to the fourth Q in order in that? I mean, I remember that the Brucutu complex used to produce like 30 million tonnes before the Brumadinho. And it's now at a run rate of 20 million tonnes.

我的意思是，我們已經在第三個問題或更多到第四個問題中按順序看到了這些影響？我的意思是，我記得 Brucutu 綜合體在 Brumadinho 之前生產了大約 3000 萬噸。目前產能為 2000 萬噸。

So just to understand whether or not the Brucutu complex could return to a run rate of 30 million tonnes in the short term, okay?

所以只是想了解 Brucutu 綜合設施是否可以在短期內恢復到 3000 萬噸的運行率，好嗎？

Thanks, Rafael. Gustavo here. So on Base Metals; there will be a ramp up for us to get to the $25 billion to $30 billion of investment in the next decade, right? So I think the deal that we are doing now allows us, as I mentioned a couple of times, to create options for us to fund those growth could be internally generated cash, their own balance sheet, but could be others, right?

謝謝，拉斐爾。古斯塔沃在這裡。賤金屬也是如此；未來十年我們的投資將會增加到 250 億至 300 億美元，對吧？因此，我認為，正如我多次提到的那樣，我們現在正在進行的交易允許我們為這些增長創造選擇，可以是內部產生的現金、他們自己的資產負債表，但也可以是其他資金，對嗎？

Vale could continue to fund its proportional. But we could also access capital markets, either public or private as we just did. So I think we are opening up different alternatives. And we will assess at its due time, right, 3 to 4 years from now, if we need to make a large investment, we will assess where the market is and what is best for our shareholders.

淡水河谷可以繼續為其比例提供資金。但我們也可以像剛才那樣進入公共或私人資本市場。所以我認為我們正在開闢不同的選擇。我們將在適當的時候評估，對的，從現在起3到4年後，如果我們需要進行大量投資，我們將評估市場在哪里以及什麼對我們的股東最有利。

So that's the first one. On Torto, it's already in operations. So in terms of benefit is about $50 million a month, not in terms of volume, but quality. So it's already there. In terms of bringing up to '29, the number that we've quoted, it will take some time, a couple of years still because there is some work that we need to do in terms of waste disposal, which will require some licenses.

這是第一個。在 Torto 上，它已經投入運行。因此，就效益而言，每月大約有 5000 萬美元，不是數量，而是質量。所以它已經在那裡了。就達到我們引用的數字“29”而言，這將需要一些時間，甚至幾年的時間，因為我們需要在廢物處理方面做一些工作，這將需要一些許可證。

So the first stage was really to improve the quality of the 21 million tonnes, 20 million tonnes that we currently produce. So we'll start to see this already in the P&L. The ability to ramp up, it still requires some license, especially for waste disposal, which we are working on.

因此，第一階段實際上是提高我們目前生產的 2100 萬噸、2000 萬噸的質量。因此，我們將開始在損益表中看到這一點。要提高能力，仍然需要一些許可，特別是我們正在研究的廢物處理方面。

The next question is from Rodolfo Angele, Banco JPMorgan.

下一個問題來自摩根大通銀行的 Rodolfo Angele。

I had a second question for management. So the question is really about VBM again. The ambition is really enormous, right? We're talking about tripling copper, doubling nickel.

我還有第二個問題要問管理層。所以問題實際上又是關於 VBM 的。野心確實很大，對吧？我們談論的是三倍的銅，雙倍的鎳。

So the question is really, do you have that mapped out? Is this going to be done at the current assets or is that, at this point, a target, a goal for the company and you're going to be evaluating green-fields, M&As. And kind of this ties back to my first question because I felt like $1 billion was a bit shy given the ambition, so just wanted to hear your thoughts on that. Thanks again for getting me back on line.

所以問題是，你已經計劃好了嗎？這是否會在現有資產上完成，或者是目前公司的一個目標，你將評估綠地、併購。這有點回到我的第一個問題，因為我覺得 10 億美元對於這個雄心勃勃的目標來說有點羞澀，所以只是想听聽你對此的想法。再次感謝您讓我重新上線。

Thanks Rodolfo, apologies for cutting you off earlier. So yes, the $1 billion is mostly due to the ramp-up profile. So it takes time for us to materialize some of those opportunities.

謝謝魯道夫，很抱歉提前打斷你。所以，是的，這 10 億美元主要是由於產能提升所致。因此，我們需要時間來實現其中一些機會。

But look, I think one of the unique competitiveness of our ETM business and from our perspective that is what attracted these partners and many others that were interested and be part of this is the fact that ETM or Vale Base Metals is sitting in a tremendous amount of resources, right?

但是看，我認為我們ETM 業務的獨特競爭力之一，從我們的角度來看，吸引這些合作夥伴和許多其他對此感興趣並參與其中的人的原因是ETM 或Vale Base Metals 坐擁巨大的數量資源，對嗎？

And 3 of them most relevant mineral jurisdictions in the world. So Brazil, with Carajas, you have Canada and then you have Indonesia, right? So we have a tremendous endowment. So I think the key message that we want to convey here is there's 2 elements of value unlocking.

其中 3 個是世界上最相關的礦產管轄區。那麼巴西、卡拉哈斯、加拿大、印度尼西亞，對嗎？所以我們擁有巨大的禀賦。所以我認為我們想在這里傳達的關鍵信息是價值釋放有兩個要素。

There is one which is continued stabilization of the operations that we have, which Mark is working with Deshnee and being very focused on that. And then there's a second stage, which is how we anticipate the development of that endowment, right?

其中一個是我們運營的持續穩定，Mark 正在與 Deshnee 合作，並且非常專注於此。然後是第二階段，這就是我們預期捐贈的發展的方式，對吧？

How we bring more projects faster to the market. We see tremendous opportunity to unlock value, good level of returns, mid-to-high double-digit returns and that's what we are going to go after. So we don't need to do any M&A, large M&A, and large transactions to get to that future. I think we can do with the own resources that we could currently have.

我們如何將更多項目更快地推向市場。我們看到了釋放價值的巨大機會、良好的回報水平、中高兩位數的回報，這就是我們要追求的。因此，我們不需要進行任何併購、大型併購和大型交易來實現這個未來。我認為我們可以利用我們目前擁有的資源來做到這一點。

Our next question is from Tyler Broda, RBC.

我們的下一個問題來自加拿大皇家銀行 (RBC) 的泰勒·布羅達 (Tyler Broda)。

Congratulations on the transaction. My question is on the nickel assets in Canada. I guess, in general, both Voisey's Bay and Sudbury have kind of underperformed this year.

祝賀交易成功。我的問題是關於加拿大的鎳資產。我想，總的來說，沃西灣和薩德伯里今年的表現都有些不佳。

I know from the site visit last year that this is going to be a multiyear process. But I guess, how do you sort of assess what's gone wrong this year? And then just secondly, with that, I guess, is how does Mark Cutifani's presence started to affect that? Like what's Mark doing in particular in his role?

從去年的實地考察中我知道這將是一個多年的過程。但我想，你如何評估今年出了什麼問題？其次，我想馬克·庫蒂法尼的存在是如何開始影響這一點的？比如馬克在他的角色中具體做了什麼？

Okay. Tyler, I'll let Deshnee go over the first point about Voisey's Bay and I don't agree that it's not going as planned. I think it is like planned. That's why exactly we've had this gap between the sit for Long Harbour, but anyhow.

好的。泰勒，我會讓德希尼談談關於沃伊西灣的第一點，我不同意事情沒有按計劃進行。我認為這就像計劃的那樣。這就是為什麼我們在長港的座位之間有這樣的差距，但無論如何。

But Mark Cutifani is a person that had worked with us. I worked with him when he was still in (inaudible) at the time and when we acquired Vale. I think Mark brings a total alignment in the way we see how to fix the problem. But he has done it and track record. So he already is with us.

但馬克·庫蒂法尼 (Mark Cutifani) 是一位曾與我們共事過的人。當他還在（聽不清）的時候以及我們收購淡水河谷的時候，我就和他一起工作過。我認為馬克在我們解決問題的方式上帶來了全面的一致。但他已經做到了並且有記錄。所以他已經和我們在一起了。

We are doing an asset review with top specialists to see exactly how we can accelerate things that are already undergoing and other elements that are -- he's going to chair the board, of course.

我們正在與頂級專家進行資產審查，以確切地了解我們如何能夠加速已經發生的事情以及其他因素——當然，他將擔任董事會主席。

I will be there together with Pimenta. So this kind of focus will -- as I've been saying, help us to accelerate. So Mark is the right asset, the right guy at the right time, in the right place with the right partners, exactly like our other partners that I mentioned before. And I sanctioned to go up over Voisey's Bay, because we are very excited with how we can actually go down underground and extract value that Voisey's Bay has.

我會和 Pimenta 一起去那裡。因此，正如我所說，這種關注將幫助我們加速發展。因此，馬克是正確的資產，在正確的時間、正確的地點與正確的合作夥伴一起擔任正確的人，就像我之前提到的我們的其他合作夥伴一樣。我批准了前往 Voisey's Bay 的上方，因為我們對如何真正深入地下並提取 Voisey's Bay 的價值感到非常興奮。

Thank you for that, Eduardo, and thank you, Tyler. So as you mentioned, the Investor Day that we had. So in Sudbury, the challenge has been on development. I'm very happy to say that the development that the team is achieving this year is more than doubled what we've achieved last year, and the tonnes are coming to plan.

謝謝你，愛德華多，謝謝你，泰勒。正如您提到的，我們舉辦了投資者日。因此，在薩德伯里，挑戰在於發展。我很高興地說，該團隊今年取得的進展是去年的兩倍多，而且數量正在按計劃進行。

But as we've guided at Vale Day, the challenge we have in Sudbury, some of the one-off maintenance activities that we have, including things like the Kraton cage one-off. So that's why you're seeing the slight decrease. But it exactly as what Eduardo said. The tonnes are actually coming to plan and we're very satisfied with the performance.

但正如我們在淡水河谷日所指導的那樣，我們在薩德伯里面臨的挑戰，我們進行的一些一次性維護活動，包括科騰籠一次性之類的活動。這就是為什麼你會看到略有下降。但正如Eduardo所說的那樣。噸數實際上正在按計劃進行，我們對性能非常滿意。

But as we also guided in Vale Day regarding Voisey's Bay, Voisey's Bay and in fact, the entire V&L entity will be in transition for another 18 months or so. And the reason for that is we are busy ramping down the open pit, which is near completion right now and ramping up the underground mines, but sticking very disciplinely to our PMP schedule.

但正如我們在 Vale Day 中關於 Voisey's Bay 的指導那樣，Voisey's Bay 乃至整個 V&L 實體將在另外 18 個月左右的時間內進行過渡。原因是我們正忙於擴大露天礦坑的規模（目前已接近完工）並擴大地下礦山的規模，但我們非常嚴格地遵守我們的 PMP 時間表。

We then took Long Harbour down for a 2-month PMP this past quarter. So both transitions in terms of the tonnes as well as the PMP came together to give us what looks like a horrible quarter, but I can assure you it is to plan.

然後，我們在上個季度對長港進行了為期 2 個月的 PMP 培訓。因此，噸數和 PMP 方面的轉變共同給我們帶來了一個看起來糟糕的季度，但我可以向你保證，這是有計劃的。

And just echoing what Eduardo said about Mark. Mark and I have already started working together. We are putting together something that looks like a pathway to value plan. And in addition to what Mark brings from an expertise point of view, in terms of helping the management team and myself, we do have the likes of Tonio Nel and some of the other industry experts helping us with an asset review that we will then use to look at how we can unlock the full potential outside of the current initiatives to fix and get back to the run rates that we need. Thank you.

只是呼應愛德華多關於馬克的話。馬克和我已經開始合作了。我們正在整理一些看起來像是價值計劃途徑的東西。除了馬克從專業知識的角度帶來的幫助之外，在幫助管理團隊和我自己方面，我們確實有托尼奧·內爾和其他一些行業專家幫助我們進行資產審查，然後我們將使用該資產審查看看我們如何在當前舉措之外釋放全部潛力，以修復並恢復到我們需要的運行率。謝謝。

Our next question is from Alex Hacking with Citi.

我們的下一個問題來自花旗銀行的 Alex Hacking。

So 2 questions. Firstly, could you maybe give us an update on the outlook for mining taxes in Brazil and then secondly, could you maybe discuss the role that Engine No. 1 will play in Base Metals. The fund does have some history of being quite active in its investments.

所以有2個問題。首先，您能否向我們介紹一下巴西採礦稅前景的最新情況，其次，您能否討論一下“1 號引擎”在賤金屬中將發揮的作用。該基金確實有相當活躍的投資歷史。

Thanks, Alex. So on mining tax, I think we - I think we are following closely all the discussions in Brazil lately. It's also important to remind -- always important to remind that our sector is highly taxed already compared to others when you take the full taxation in consideration.

謝謝，亞歷克斯。因此，關於採礦稅，我認為我們正在密切關注巴西最近的所有討論。同樣重要的是要提醒——始終重要的是要提醒，當您考慮全額稅收時，與其他行業相比，我們的行業已經繳納了很高的稅。

So we are feeling good about where we are heading towards, of course, everybody -- like everybody monitoring closely potential impacts, but so far so good, and we'll continue to monitor that closely.

因此，我們對我們的前進方向感覺良好，當然，每個人——就像每個人都在密切監測潛在的影響一樣，但到目前為止一切都很好，我們將繼續密切監測。

In terms of Engine 1 with Matt then talked to Chris James and team over the last several months about this opportunity. And we are highly aligned in terms of the vast new opportunity we see long term.

就 Engine 1 而言，Matt 在過去的幾個月裡與 Chris James 和團隊討論了這個機會。我們對長期看到的巨大新機遇高度一致。

And I'm sure he and his team are very excited to join Vale Base Metals. And we are thrilled to have them joining. I think he will be a very important strategic voice to help us drive value in the long term.

我確信他和他的團隊對加入淡水河穀賤金屬公司感到非常興奮。我們很高興他們加入。我認為他將成為一個非常重要的戰略聲音，幫助我們推動長期價值。

So we are excited, very aligned long term and looking forward to working with them.

所以我們很興奮，長期合作並期待與他們合作。

This concludes 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。愛德華多·巴托洛梅奧先生，現在您可以繼續進行結案陳詞。

Okay. Thank you. I'm just going to echo Gustavo's point in the end. I think we are very confident that the middle of the year that we are with a stronger operational performance in all of our assets. ETM, as we were able to discuss today has a tremendous opportunity ahead.

好的。謝謝。最後我只想重複古斯塔沃的觀點。我認為我們非常有信心，到今年年中，我們所有資產的運營業績都會更加強勁。正如我們今天所討論的，ETM 面臨著巨大的機遇。

The puzzle is done. Now it's a matter of execution and growth, very happy to be able to confirm GSTIM Vale. It is going to be a reference in their management. We started earlier. And of course, we have the obligation with society to be reference on that. And GSTIM is a very welcome standard to protect ourselves and society.

拼圖完成了。現在是執行和增長的問題，很高興能夠確認 GSTIM Vale。這將為他們的管理提供參考。我們開始得比較早。當然，我們有義務向社會提供參考。 GSTIM 是一個非常受歡迎的保護我們自己和社會的標準。

And lastly, as was discussed during the call as well, there is no doubt about our capital discipline. Everything that we do here is on the way to create value for our shareholders and, of course, for all stakeholders, society, our employees and the ones that we think, by the way, that had a hard time to create this transaction that everybody perceived how much value there is in the assets that Vale owns and will extract.

最後，正如電話會議中所討論的那樣，我們的資本紀律是毫無疑問的。我們在這裡所做的一切都是為了為我們的股東創造價值，當然，也為所有利益相關者、社會、我們的員工以及那些我們認為在創建這項交易時遇到困難的人創造價值。了解淡水河谷擁有和將要開采的資產有多少價值。

As I always say, we are in a marathon and we are in a kilometer 25 now, and we're going to get there. And the ones that come together with us, surely, you're going to benefit from that. And thanks a lot for your attention and see you in the next call.

正如我常說的，我們正在進行一場馬拉鬆比賽，現在我們已經跑到了 25 公里，我們一定會到達那裡。當然，那些與我們一起的人也會從中受益。非常感謝您的關注，我們下次通話再見。

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

淡水河谷今天的電話會議現已結束。非常感謝您的參與。您現在可以斷開連接。