淡水河谷 (VALE) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Vale's First Quarter 2024 Earnings Call. This conference is being recorded, and a replay will be available on our website at vale.com. (Operator Instructions).

早安，女士們，先生們。歡迎參加淡水河谷 2024 年第一季財報電話會議。本次會議正在錄製中，重播將在我們的網站 vale.com 上提供。 （操作員說明）。

We would like to advise that forward-looking statements may be provided in this presentation including Vale's expectations about future events or results, encompassing those matters listed in their respective presentation. 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, the Brazilian Comissao Valores Mobiliarios. And in particular, the factors discussed under forward-looking Statements and Risk Factors in Vale's annual report on Form 20-F.

我們謹建議，本簡報中可能會提供前瞻性陳述，包括淡水河谷對未來事件或結果的預期，涵蓋各自簡報中列出的事項。我們提醒您，前瞻性陳述並不是對未來績效的保證，並且涉及風險和不確定性。如需了解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、巴西 Comissao Valores Mobiliarios 提交的報告。特別是淡水河谷 20-F 表格年度報告中的前瞻性陳述和風險因素中討論的因素。

With us today are Mr. Eduardo de Salles Bartolomeo, CEO; and Mr. Gustavo Pimenta, Executive Vice President of Finance and Investor Relations; Mr. Marcello Spinelli, Executive Vice President, Iron Ore Solutions; Mr. Carlos Medeiros, Executive Vice President of Operations; and Mr. Mark Cutifani, Chairman of Vale Base Metals.

今天與我們在一起的有首席執行官 Eduardo de Salles Bartolomeo 先生；財務與投資者關係執行副總裁 Gustavo Pimenta 先生； Marcello Spinelli 先生，鐵礦石解決方案執行副總裁； Carlos Medeiros 先生，營運執行副總裁；以及淡水河谷基本金屬公司董事長 Mark Cutifani 先生。

Now I will turn the conference over to Mr. Eduardo Bartolomeo. Sir, you may now begin.

現在我將會議交給愛德華多·巴托洛梅奧先生。先生，您現在可以開始了。

Thank you, and good morning, everyone. I'm very excited that we got off to a good start in 2024. Starting with our safety journey. Technological enhancements and innovation towards safety improvements is showing encouraging results with 77% reduction in accidents in some critical activities.

謝謝大家，大家早安。我很高興我們在 2024 年有了一個好的開始。針對安全改進的技術改進和創新正在顯示出令人鼓舞的成果，某些關鍵活動的事故減少了 77%。

On the safety, the Peneirinha dam located in the Vargem Grande complex was removed from the emergency level by international mining agency and is now certified as safe and stable. On our second lever, the stabilization of our iron ore operations, we are taking Vale to an even higher level of performance. Iron ore production had the highest output for our first quarter since 2019, and sales were up 15% year-over-year.

在安全方面，位於Vargem Grande綜合體的Peneirinha大壩已被國際礦業機構解除緊急級別，目前已被認證為安全穩定。在我們的第二個槓桿上，即鐵礦石業務的穩定，我們正在將淡水河谷的表現提升到更高水平。鐵礦石產量創2019年以來第一季最高產量，銷售量較去年同期成長15%。

On our total lever, one of Vale's major competitive advantage is our potential to grow a high-quality portfolio with low capital intensity. Our 3 key projects will add 50 million tons capacity by 2026; Vargem Grande, Capanema and S11D plus 20.

就我們的整體槓桿而言，淡水河谷的主要競爭優勢之一是我們以低資本密集度發展高品質投資組合的潛力。 3個重點項目到2026年新增產能5000萬噸； Vargem Grande、Capanema 和 S11D plus 20。

The first project to come online will be Vargem Grande, which is almost 90% completed and on track to start up in the fourth quarter of 2024. On our path to transform the energy transition metal business, copper production grew 22% in the first quarter, nickel production decreased by 4% year-on-year, in line with plan, mainly reflecting maintenance overhaul at the on Onça Puma furnace.

第一個上線的項目是 Vargem Grande，該項目已完成近 90%，預計於 2024 年第四季度啟動。下降4%，符合計劃，主要反映Onña Puma爐的維護檢修。

Outside Brazil, we saw a stronger performance in the Canadian and Indonesian operations. On the Energy Transition Metals partnership, last week the committee on further investment in the United States granted the final regulatory approval, and we expect to close the transaction in the upcoming weeks. And in our pursuit towards ESG leadership in mining, we reached a remarkable target, 100% renewable energy consumption in Brazil, 2 years ahead of schedule. Reaching the target means that Vale has zeroed its indirect CO2 emissions in Brazil, which corresponds to scope 2 emissions.

在巴西以外，我們看到加拿大和印尼業務表現強勁。關於能源過渡金屬合作夥伴關係，上周美國進一步投資委員會獲得了最終監管批准，我們預計在未來幾週內完成交易。在追求採礦業 ESG 領先地位的過程中，我們提前 2 年實現了一個非凡的目標：巴西 100% 使用再生能源。達到目標意味著淡水河谷已將在巴西的間接二氧化碳排放量歸零，相當於範圍 2 排放量。

To support our decarbonization pathway, Vale has announced an agreement to acquire the remaining 45% stake in Alianca Energia, which is a first step towards creating an asset-light energy platform. Lastly, our discipline in capital allocation remains untouched. We are walking the talk and returning value to shareholders. In March, we paid $2.3 billion in dividends while completing 17% of the fourth buyback program launched since 2020.

為了支持我們的脫碳之路，淡水河谷宣布達成協議，收購 Alianca Energia 剩餘 45% 的股權，這是創建輕資產能源平台的第一步。最後，我們在資本配置方面的紀律保持不變。我們言出必行，為股東回報價值。 3 月份，我們支付了 23 億美元的股息，同時完成了 2020 年以來第四次回購計畫的 17%。

Now let's go over more details of our quarter performance.

現在讓我們詳細了解我們季度業績的更多細節。

Next slide, please. We are gradually becoming a safer company. Technology and innovation have been key pillars to our quest to deliver a sustainable safety performance. We want to turn Vale into a safe benchmark starting with zeroing our N2 injuries, those that usually precede life-changing or fatal events by the end of 2025. We are on the right track to fulfill these commitments.

請下一張投影片。我們正逐步成為一家更安全的公司。技術和創新一直是我們追求永續安全績效的關鍵支柱。我們希望將淡水河谷打造成一個安全標桿，首先要在 2025 年底之前將 N2 傷害歸零，這些傷害通常會發生在改變生活或致命事件之前。

Our safety transformation program targets the critical activities with the highest N2 records, later developing preventive controls. Some of them technology based like collision alerts and driver drowsiness detection. As a result, we had a 77% reduction in N2 events since 2019.

我們的安全轉型計畫針對具有最高 N2 記錄的關鍵活動，隨後制定預防控制措施。其中一些基於碰撞警報和駕駛員困倦檢測等技術。因此，自 2019 年以來，N2 事件減少了 77%。

Another key element of our safety strategy is our Dams safety management. Since 2020, we increased safety conditions up to adequate levels for 16 dams. All our structures are continuously checked by our 24/7 geotechnical monitory centers. In a conservative approach, we removed 100% of the people from risk areas and back-up dams were constructed to reduce potential consequences in those areas.

我們安全戰略的另一個關鍵要素是大壩安全管理。自2020年以來，我們將16座大壩的安全條件提高到合格水準。我們的所有結構均由我們的 24/7 岩土監測中心持續檢查。我們採用保守的方法，將 100% 的人員從危險地區撤離，並建造了備用水壩以減少這些地區的潛在後果。

At the same time, Vale continues to progress on the Dam De-Characterization Program with 43% of the structures eliminated to date. We are already seeing a safer Vale, built with operational discipline and a strong management model.

同時，淡水河谷繼續推進大壩去特徵化計劃，迄今已消除了 43% 的結構。我們已經看到一個更安全的淡水河谷，建立了營運紀律和強大的管理模式。

Okay. Next slide, please. We delivered a robust operating performance on iron ore in Q1. Production was the highest for a first quarter since 2019, underpinned by increased assets and process reliability, especially S11D. We have talked about our strong actions toward operational excellence, and we are now consistently bearing the fruits of that strategy.

好的。請下一張投影片。第一季我們的鐵礦石業務表現強勁。由於資產增加和製程可靠性（尤其是 S11D）的支撐，第一季產量達到 2019 年以來的最高水準。我們已經談到了我們為實現卓越營運而採取的強有力行動，現在我們正在不斷地結出該策略的成果。

Our operational plan for the quarter was successful in dealing with a higher average rainfall. We delivered a 6% increase in total production and 15% higher sales year-on-year. Moreover, we continued to debottleneck our operations at S11D, increased geological knowledge enables more accurate mining plans, while the truckless system combined with a mobile mining fleet provides further operating flexibility.

我們本季的營運計劃成功地應對了較高的平均降雨量。我們的總產量年增 6%，銷售額年增 15%。此外，我們繼續消除 S11D 的營運瓶頸，增加地質知識可以實現更準確的採礦計劃，而無卡車系統與移動採礦車隊相結合提供了進一步的操作靈活性。

Our long-term ability to deal with jaspilite relies on the installation of the new crushers, as you know, but these surgical measures have allowed us to operate S11D with more efficiency with the highest production for our first quarter since 2020. The solid production performance in Q1 give us further confidence that we will deliver our guidance as planned.

如您所知，我們處理碧玉石的長期能力依賴於新破碎機的安裝，但這些外科手術措施使我們能夠更有效率地運作 S11D，並實現 2020 年以來第一季的最高產量。第一季的業績讓我們更有信心，我們將按計劃提供指導。

Next slide, please. We are committed to accelerating solutions to support the steel industry's decarbonization. Our briquette plant is ramping up in our Tubarao complex, aiming to deliver around 1.5 million tons of briquettes in 2024. We continue to progress on agreements for the construction of mega hubs. We are also studying the feasibility of developing green industrial hubs in Spain together with Hydnum Steel.

請下一張投影片。我們致力於加快支持鋼鐵業脫碳的解決方案。我們圖巴朗綜合體的煤球工廠正在擴建，目標是在 2024 年交付約 150 萬噸煤球。我們也正在與海德南鋼鐵公司一起研究在西班牙開發綠色工業中心的可行性。

Finally, we are very proud to be selected under the Inflation Reduction Act funding to enter in negotiations to develop a briquette plant in the U.S. The selection by the U.S. Government Department of Energy represents a critical path for the validation of our proprietary technology and its potential to deliver a transformative solution to decarbonize the steel sector.

最後，我們非常自豪能夠根據《通貨膨脹減少法案》的資助被選中參加在美國開發煤球工廠的談判。碳的變革性解決方案。

Iron ore briquettes will contribute to achieving Vale's commitment to reduce 15% of its Scope 3 net emissions by 2025.

鐵礦球團將有助於實現淡水河谷到 2025 年將其範圍 3 淨排放量減少 15% 的承諾。

Next slide, please. In the Energy Transition Metals business, we delivered remarkable output in copper, an outstanding 22% increase quarter-on-quarter, driven by the successful ramp-up of Salobo III and a stronger performance at Salobo I and II plants.

請下一張投影片。在能源過渡金屬業務中，受薩洛博三號工廠成功產能提升以及薩洛博一號和二號工廠表現強勁的推動，我們的銅產量顯著增長，季度環比增長 22%。

On nickel, we are on track to deliver the production guidance for 2024. As part of the asset review initiatives, Sudbury mines had improved performance and the Clarabelle mill throughput was up 7% year-on-year. The improved mine performance resulted in reduced consumption of third-party feeds and lower costs. We are confident that we are taking the right steps to transform the Energy Transition Metals business.

在鎳方面，我們預計將提供 2024 年的生產指導。礦山績效的提高減少了第三方飼料的消耗並降低了成本。我們相信，我們正在採取正確的步驟來轉型能源過渡金屬業務。

Next slide. On ESG, we continue to march towards becoming a more transparent and open company. We just released our 2023 integrated report where we announced that we reached the target of 100% renewable energy consumption in Brazil, 2 years ahead of schedule. Reaching the target means that Vale has zero scope 2 emissions in Brazil. To support our decarbonization pathway, Vale signed an agreement to acquire the remaining 45% stake in Alianca Energia. This is an important step towards creating an asset-light energy platform.

下一張投影片。在ESG方面，我們不斷向成為更透明、開放的公司邁進。我們剛發布了 2023 年綜合報告，宣布提前 2 年實現了巴西 100% 再生能源消耗的目標。達到目標意味著淡水河谷在巴西的範圍 2 排放量為零。為了支持我們的脫碳之路，淡水河谷簽署了一項協議，收購 Alianca Energia 剩餘的 45% 股份。這是打造輕資產能源平台的重要一步。

Upon the transaction conclusion, value search for potential partners to better advance in our commitments to decarbonize our operations using renewable sources at competitive costs. Our big focus on becoming an ESG leader in mining is bearing fruits. Our improvement in carbon emissions and safety practice led to renewal perception by Sustainalytics for instance, with an important upgrade in our ESG risk rating in April.

交易完成後，我們將尋找潛在合作夥伴，以更好地履行我們以具有競爭力的成本使用再生能源實現營運脫碳的承諾。我們致力於成為礦業領域的 ESG 領導者，這一目標正在取得成果。例如，我們在碳排放和安全實踐方面的改進導致 Sustainalytics 重新認識，四月我們的 ESG 風險評級得到了重要升級。

With that said, now I'll pass the floor to Gustavo for our financial results. and I'll get back to you in the Q&A. Thank you.

話雖如此，現在我將請古斯塔沃介紹我們的財務表現。我會在問答中回覆您。謝謝。

Thanks, Eduardo, and good morning, everyone. Let me start with our EBITDA performance in the quarter. As you can see, we delivered a pro forma EBITDA of $3.5 billion in Q1. Before going to the main drivers, I would like to first explain a couple of reporting changes we implemented this quarter with the reorganization of our assets between iron ore solutions and energy transition metals, some items previously classified as others will now be allocated to their respective business segments. This change includes items such as SG&A and energy generation assets, and will allow for more precise evaluation of each business segment's performance.

謝謝，愛德華多，大家早安。讓我從本季的 EBITDA 表現開始。正如您所看到的，我們第一季的預期 EBITDA 為 35 億美元。在討論主要驅動因素之前，我想先解釋一下我們本季實施的一些報告變化，即鐵礦石解決方案和能源過渡金屬之間的資產重組，之前分類為其他項目的一些項目現在將分配給各自的專案業務板塊。這項變更包括SG&A和發電資產等項目，並將允許更精確地評估每個業務部門的表現。

In addition, for better alignment with market peers, we are now including the proportion of EBITDA of our associates and joint ventures into our EBITDA. We note that before 2024, our EBITDA included the dividends coming from those entities. Which were naturally more volatile during the year. Now returning to the main drivers behind our EBITDA performance in the quarter.

此外，為了更好地與市場同業保持一致，我們現在將聯營公司和合資企業的 EBITDA 比例納入我們的 EBITDA 中。我們注意到，在 2024 年之前，我們的 EBITDA 包括來自這些實體的股息。年內自然更為波動。現在回到本季 EBITDA 業績背後的主要驅動因素。

We are pleased to see a continued strong operational performance across the board, which helped us offset a large portion of the impact from provisional prices given the decrease in the iron ore benchmark prices during the quarter.

我們很高興看到全面持續強勁的經營業績，這幫助我們抵消了由於本季度鐵礦石基準價格下降而產生的臨時價格的很大一部分影響。

On volumes, iron ore sales increased almost 15% or 8.2 million tons year-on-year, driven by better operational performance in all of our systems, highlighting S11D, which achieved the highest output for our first quarter since 2020.

就銷量而言，在我們所有系統更好的營運績效推動下，鐵礦石銷量年增近15%，即820 萬噸，其中S11D 尤為突出，該系統實現了2020 年以來第一季的最高產量。

Sales were also quite strong in Q1 this year, reflecting the initiatives undertaken in 2023, to improve operational performance and flexibility of our Ponta da Madeira port. Corporate sales were another highlight in the quarter, increasing by 22% or 14,000 tons year-on-year, driven by the ramp-up of Salobo III and better operational performance in the Salobo I and II operations.

今年第一季的銷售也相當強勁，反映了 2023 年為提高馬德拉港營運績效和靈活性所採取的措施。企業銷售是本季的另一個亮點，在 Salobo III 的成長以及 Salobo I 和 II 業務更好的營運績效的推動下，年增 22%，即 14,000 噸。

On costs and expenses, I'd like to highlight the ongoing effort that our teams have been making internally to improve productivity and efficiency. Excluding the external effects, of higher freight costs in the iron ore business and the one-off effects in base metals, like the Onça Puma Furnace rebuild, our cost and expenses were roughly flat year-on-year. Again, this is being accomplished through a series of initiatives across the business, and we are quite excited about the cost efficiency opportunities we still see ahead of us.

關於成本和費用，我想強調我們的團隊在內部為提高生產力和效率所做的持續努力。排除鐵礦石業務貨運成本上漲以及賤金屬一次性影響（例如 Onña Puma Furnace 重建）的外部影響，我們的成本和支出與去年同期基本持平。同樣，這是透過整個企業的一系列舉措來實現的，我們對我們仍然看到的成本效率機會感到非常興奮。

Now moving on to price realization. Iron ore Finance realized price was $100.7 per ton in Q1. 7% lower year-on-year and 15% lower quarter-on-quarter. Pricing mechanisms had a negative impact of $10 per ton on our realized price in the quarter, largely explained by the negative effect of provisional prices. At the end of Q1, 24% of our iron ore fines sales were booked at $102 per ton on average, which compares to an average price of $124 per ton in the quarter. Also, about 30 million tons of sales from Q4 '23, were booked at an average price of $139 per ton and were later realized at lower prices in Q1.

現在轉向價格實現。鐵礦石財經第一季實現價格為每噸 100.7 美元。年減7%，季減15%。定價機制對我們本季的實際價格產生了每噸 10 美元的負面影響，這主要是由臨時價格的負面影響造成的。第一季末，我們 24% 的鐵礦石​​粉銷售價格平均為每噸 102 美元，而本季的平均價格為每噸 124 美元。此外，23 年第四季約 3,000 萬噸的銷售量以每噸 139 美元的平均價格預訂，後來在第一季以較低的價格實現。

Our average iron ore fines premium came in negative at $1.6 per ton as we increased the share of high silica products in our sales mix given the lower discounts observed for these products during the quarter. This has allowed us to maintain an adequate balance of high-quality products through our supply chain for later value maximization. For Q2, we continue to see similar market conditions and, therefore, expected to maintain a slightly higher share of high silica products in our mix compared to historical levels.

我們的平均鐵礦石溢價為負值，為每噸 1.6 美元，因為我們增加了高矽產品在銷售組合中的份額，因為本季度觀察到這些產品的折扣較低。這使我們能夠透過供應鏈保持高品質產品的充分平衡，以實現後期價值最大化。對於第二季度，我們繼續看到類似的市場狀況，因此，與歷史水平相比，預計高矽產品在我們的產品組合中所佔的份額將保持略高。

Now let me turn to our cost performance. In iron ore, our C1 cash cost ex third-party purchases was $23.5 per ton, slightly lower versus last year despite the negative impact of the BRL appreciation. Excluding this effect, C1 would have been $22.8 per ton, almost $8 per ton lower year-on-year. This was driven by lower demurrage costs due to improved shipping and port loading during the rainy season, higher fixed cost dilution as a result of higher production volumes and gains from our cost efficiency programs.

現在讓我談談我們的性價比。在鐵礦石方面，儘管雷亞爾升值帶來了負面影響，但我們的 C1 除去第三方採購的現金成本為每噸 23.5 美元，略低於去年。排除此影響，C1 將為每噸 22.8 美元，年減近 8 美元每噸。這是由於雨季期間運輸和港口裝載改善而導致的滯期費降低、產量增加導致的固定成本攤薄率上升以及我們的成本效率計劃帶來的收益所推動的。

Additionally, I'd like to take a moment to comment on our strategy behind third-party purchases. We acquired iron ore from the smaller producers that operate near our operations. This product is sold directly to our customers where it is blended within our own production, generating a positive contribution margin. This helps dilute fixed costs, particularly as we have excess logistics capacity while capital intensity is very low, which implies a very healthy return on invested capital.

此外，我想花點時間評論我們第三方購買背後的策略。我們從我們業務附近的小型生產商那裡購買鐵礦石。該產品直接銷售給我們的客戶，並與我們自己的生產混合，產生積極的邊際貢獻。這有助於稀釋固定成本，特別是因為我們擁有過剩的物流能力，而資本密集度非常低，這意味著投資資本回報非常可觀。

In 2023, our third-party volume was 24 million tons, and it is expected to increase slightly in 2024. We are also evaluating to accelerate the development of some of our smaller deposits through leasing agreements with regional partners, transactions that can offer attractive returns for both sides.

2023年，我們的第三方產量為2400萬噸，預計2024年將略有增加。開發對於雙方來說。

Moving on to our Energy Transition Metals business. We are pleased to deliver significant year-on-year reductions in all-in cost in both copper and nickel. Our copper all-in costs decreased by 26% year-on-year, driven by continued successful ramp-up of Salobo III and the improved operational performance at Salobo I and II. The higher proportion of Salobo III volumes in the product mix has also contributed to an increase in unit by product revenues with higher gold sales.

繼續我們的能源過渡金屬業務。我們很高興銅和鎳的總成本比去年同期大幅下降。受薩洛博三期產能持續成功提升以及薩洛博一期和二期營運績效改善的推動，我們的銅總成本年減了 26%。 Salobo III 銷售量在產品組合中所佔比例較高，也有助於增加以產品計算的單位收入以及較高的黃金銷售量。

Nickel all-in costs were down 14% year-on-year, supported by higher unit byproduct revenues. The unit COGS increase was expected and largely related to the furnace rebuild at Onça Puma. I would like to also mention that Mark Cutifani and the VBM team continued to make significant progress on the asset review. The value unlock opportunities are being assessed and designed for implementation over the next 2 to 3 years with some benefits already being captured in the shorter term.

受單位副產品收入增加的支撐，鎳的總成本年減 14%。單位銷貨成本的增加是預期的，並且很大程度上與 Onña Puma 的熔爐重建有關。我還想提一下，Mark Cutifani 和 VBM 團隊在資產審查方面持續取得重大進展。正在評估和設計價值釋放機會，以便在未來 2 至 3 年內實施，並已在短期內獲得一些好處。

As we pointed out last quarter, we will present the key findings and action plan of the asset review in our webinar to be scheduled for June this year.

正如我們上季度指出的那樣，我們將在定於今年 6 月舉行的網路研討會上介紹資產審查的主要調查結果和行動計劃。

Now moving on to cash generation. Our EBITDA to cash conversion was 57% in Q1. with free cash flow reaching $2 billion, roughly $0.5 billion lower than Q4 2023, despite the $3.4 billion sequential drop in EBITDA, driven mostly by seasonally lower shipments quarter-on-quarter and lower iron ore prices. This was achieved primarily due to the positive impact of a strong cash collection from Q4 sales as we had anticipated last quarter and seasonally lower CapEx disbursement. Most of the free cash flow generation was used to pay dividends and execute our buyback program for a total shareholder remuneration of $2.6 billion in Q1.

現在轉向現金產生。第一季我們的 EBITDA 現金轉換率為 57%。自由現金流達到 20 億美元，比 2023 年第四季減少約 5 億美元，儘管 EBITDA 環比下降 34 億美元，這主要是由於季節性季度出貨量下降和鐵礦石價格下降所致。實現這一目標主要是由於我們上季度預期的第四季度銷售強勁的現金回籠以及季節性較低的資本支出的正面影響。大部分自由現金流產生用於支付股息和執行我們的回購計劃，第一季股東報酬總額為 26 億美元。

So before we move on to the Q&A session, I would like to reinforce the key messages from today's call. Safety continues to be our key priority, and we remain highly focused on creating the conditions for an accident-free workplace environment. Our continued strong operational performance across all commodities only reinforces we are in the right direction to consistently deliver on our short- and long-term commitments.

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訊息。安全仍然是我們的首要任務，我們仍然高度重視為無事故的工作環境創造條件。我們在所有商品領域持續強勁的營運表現只會進一步證明我們正朝著正確的方向不斷兌現我們的短期和長期承諾。

On ESG, we are making significant progress on several fronts as demonstrated by our recent achievement of 100% renewable sourcing in Brazil for Scope 2 and the continued investments to deliver a sustainable future for our businesses.

在 ESG 方面，我們在多個方面取得了重大進展，最近我們在巴西實現範圍 2 100% 可再生能源採購的成就以及為我們的業務創造可持續未來的持續投資就證明了這一點。

On the medium-term strategic objectives we laid out at Vale Day, we are quite pleased to see the development of our key projects such as Vargem Grande, which we expected to reach startup later this year. These investments will position Vale as the leader in high-quality offerings, which are critical for steel-making decarbonization.

關於我們在Vale Day制定的中期策略目標，我們非常高興看到Vargem Grande等重點項目的發展，我們預計該項目將在今年稍後啟動。這些投資將使淡水河谷成為高品質產品的領導者，這對於鋼鐵生產脫碳至關重要。

Last, we remain highly committed to a disciplined capital allocation process as evidenced by our $2.6 billion cash return to shareholders year-to-date through dividends and share buybacks.

最後，我們仍然高度致力於嚴格的資本分配流程，今年迄今為止，我們透過股利和股票回購向股東帶來了 26 億美元的現金回報。

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 Rafael Barcellos with Bradesco BBI.

（操作員說明）。我們的第一個問題來自 Bradesco BBI 的 Rafael Barcellos。

So firstly, I would say that the main news in the sector was the potential merger between BHP and Anglo American. So -- so maybe if you could discuss a bit on how this movement could change Vale's strategy going forward. It could be interesting for us? Or even how could it change your recently announced partnership at Anglo's Minas-Rio assets.

首先，我想說該行業的主要新聞是必和必拓和英美資源集團之間的潛在合併。那麼，也許您可以討論這項運動將如何改變淡水河谷的未來策略。這對我們來說可能很有趣？甚至它會如何改變您最近宣布的與英美資源集團 Minas-Rio 資產的合作夥伴關係。

And second -- my second question here is maybe to just understand better your views on iron ore markets and price premiums in the coming quarters. And of course, how do you see the possibility of further extraordinary dividends now with iron ore prices back to the $120 per ton level?

其次，我的第二個問題可能是為了更好地了解您對未來幾季鐵礦石市場和價格溢價的看法。當然，隨著鐵礦石價格回到每噸120美元的水平，您如何看待進一步發放額外股息的可能性？

It's Eduardo here. As you've noticed, it's truly unfolding. So we are still digesting what is going on. We -- specifically answering your question, we don't see any impacts on our Minas-Rio deal. It's being undertaken with Anglo, it's going to be respected by whoever comes later if it comes later. So that's the first reaction.

我是愛德華多。正如您所注意到的，它正在真正展開。所以我們仍在消化正在發生的事情。我們－具體回答你的問題，我們認為我們的米納斯-裡約交易不會受到任何影響。它是與Anglo 一起進行的，如果晚來的話，誰來都會受到尊重。所以這是第一個反應。

Second is, we've been speaking with you since we've decided to do the carve-out, right? We believe that Vale has a unique position in the industry, right? We do have a growth platform in iron ore. As Gustavo mentioned during his presentation, we are going to add 50 million tons of high quality with low cost. So there is no other asset in the world that could be attractive to us on that sense.

其次，自從我們決定進行剝離以來，我們一直在與您交談，對吧？我們相信淡水河谷在產業中擁有獨特的地位，對吧？我們確實在鐵礦石方面有一個成長平台。正如古斯塔沃在演講中提到的，我們將以低成本增加 5000 萬噸高品質產品。因此，從這個意義上來說，世界上沒有其他資產可以對我們有吸引力。

And when you look at base metals, we still have the -- as well the best endowment in Canada, in Brazil, in Carajas province and Indonesia. We obviously, we're always looking at opportunities eventually, but it doesn't change our strategic focus on executing the asset review, the transformation in base metals. There is a tremendous amount of value to be extracted there. And iron ore, we are the only iron ore growth with quality in the sector. So we will follow up closely this development of this deal, but it doesn't impact our strategy or change anything in our mindset. And I'll pass the second question to Spinelli.

當你看看基本金屬時，我們仍然擁有加拿大、巴西、卡拉哈斯省和印尼最好的資源。顯然，我們最終總是在尋找機會，但這並沒有改變我們執行資產審查和基本金屬轉型的策略重點。那裡有巨大的價值可供開採。鐵礦石方面，我們是業界唯一優質的鐵礦石成長企業。因此，我們將密切關注這筆交易的進展，但這不會影響我們的策略或改變我們的思維方式。我將把第二個問題轉交給斯皮內利。

Thank you, Rafael. Regarding the market, so we see China, as you mentioned, we remain the same view about China. That's the main market. We are calling this moment as the China resiliency. Despite the problem and the proper markets that all of us track we see since '21, a very strong market in the manufacturing growing really constantly with the energy transition industry or shipbuilding. So we have an offset for that.

謝謝你，拉斐爾。關於市場，我們看到中國，正如你所提到的，我們對中國的看法保持不變。那是主要市場。我們把這個時刻稱為中國的韌性。儘管自 21 世紀以來我們所有人都在追蹤問題和適當的市場，但隨著能源轉型行業或造船業的發展，製造業的一個非常強勁的市場確實在不斷增長。所以我們對此有一個補償。

And we may consider the exports as something that is sometimes bothering the markets. But by the end of the day, is a trade-off between protection in the market and inflation. So -- all the micron conditions in China are going well. So steel inventory now is slower than last year and the margins are getting better.

我們可能會認為出口有時會困擾市場。但歸根結底，這是市場保護和通膨之間的權衡。所以——中國的所有微米條件都進展順利。因此，現在鋼材庫存比去年慢，利潤率也在改善。

So as a whole, we see the market really similar compared to last year. And you asked us about the premiums. Premiums by product, we see a stable moment and we've been stable for some months. So some quarters actually. So we see the Carajas and also the BRBF in a stable gap. And we can have a upside risk if we have some spike in the coke and coal market, that can increase the necessity for efficiency.

因此，總的來說，我們認為市場與去年非常相似。您向我們詢問了保費的情況。按產品劃分的保費，我們看到了一個穩定的時刻，並且已經穩定了幾個月。實際上是一些季度。所以我們看到 Carajas 和 BRBF 都處於穩定的差距。如果焦炭和煤炭市場出現一些飆升，我們可能會面臨上行風險，這會增加提高效率的必要性。

Next question from Caio Ribeiro with Bank of America.

下一個問題來自美國銀行的 Caio Ribeiro。

So first of all, I just wanted to see if you could share some updates with us on the latest, involving the Onça Puma and Sossego operations? And any color that you can share on expected operational, financial impacts there would be helpful.

首先，我只是想看看您是否可以與我們分享一些最新消息，包括 Onña Puma 和 Sossego 的營運情況？您可以分享的任何有關預期營運和財務影響的顏色都會有所幫助。

And then my second question is related to the renegotiation of the railroad concessions, right? Can you give us some color there as well on your latest expectations around those negotiations and on timing as well to conclude them?

我的第二個問題是關於鐵路特許權的重新談判，對吧？您能否告訴我們您對這些談判的最新期望以及結束談判的時間？

I think Mark is on the call, right, Mark, could you answer the first one?

我想馬克正在打電話，對吧，馬克，你能接聽第一通電話嗎？

Yes. Thanks, Eduardo. Can you hear me okay?

是的。謝謝，愛德華多。你聽得到我說話嗎？

Yes.

是的。

Well, thanks for the question. On both operations, we're working through with the authorities as we speak. In the case of Sossego, what has been outlined to us is that there were some complaints on noise and dust and complaints around reduced social programs through COVID. We have already submitted our reports for those issues, which was subject to the first complaint. And now that it's clear that we've input the report, we're now working through detail that's contained in those reports both with the authorities and with the local political leadership as well. And we've got about 3 to 4 weeks ore on the ground to process.

嗯，謝謝你的提問。在這兩項行動中，我們正在與當局合作。就索塞戈的情況而言，我們了解到有人對噪音和灰塵提出了一些投訴，也有人對新冠疫情導致的社會計畫減少提出了投訴。我們已經針對這些問題提交了報告，這是第一個投訴的對象。現在很明顯我們已經輸入了報告，我們現在正在與當局和當地政治領導層一起研究這些報告中包含的細節。我們在地面上還有大約 3 到 4 週的礦石需要加工。

So we're in good shape in terms of our ore stocks because it's the mines that are actually impacted. So processes are still going forward.

因此，我們的礦石庫存狀況良好，因為真正受到影響的是礦山。因此，流程仍在繼續進行中。

On Onça Puma, a fairly similar story in terms of complaints, a little bit different in terms of some of the mining with more environmental related but also connected to social programs and a similar story. We're working through with the authorities. We're also talking to other leaders in the community, very sensitive to making sure that people aren't impacted. And I think everybody is keen to make sure we get things up and running very quickly.

在 Onña Puma 上，就投訴而言，這是一個相當相似的故事，但在一些與環境更多相關但也與社會計劃和類似故事有關的採礦方面略有不同。我們正在與當局合作。我們也正在與社區中的其他領導人進行交談，他們非常注重確保人們不受影響。我認為每個人都渴望確保我們能夠快速啟動並運行。

In the Onça Puma case, we're going to have 4 months of ore because we've now finished the furnace rebuild, and we're on heat up at the moment, still going through those processes. But again, at this stage, we're not anticipating problems over the course of the year, we should be able to make up the production through the course of the year.

在 Onña Puma 案例中，我們將擁有 4 個月的礦石，因為我們現在已經完成了熔爐重建，目前我們正在熱身，仍在經歷這些過程。但同樣，在現階段，我們預計今年不會出現問題，我們應該能夠彌補全年的生產。

May might be impacted on the furnace issue, but that's more an operating ramp up to full capacity issue than anything connected to the current mining shutdown because we've got lots of ore. So that's where we are. I would expect during the course of next week we'll have both issues pretty well in view and we'll let everybody know where we're up to.

可能會受到熔爐問題的影響，但這更多的是一個運營提升至滿負荷問題，而不是與當前採礦關閉有關的任何問題，因為我們有大量礦石。這就是我們現在的情況。我預計下週我們將很好地解決這兩個問題，並且我們會讓每個人都知道我們的進展。

Caio, thank you for your question. So first of all, we have a very solid contract. We spent more than 4 years to reach a few of the renewal with all the approvals on all the levels -- federal levels. And it's important to say we are complying with our obligations. But nevertheless, we've been talking to the transportation ministry. We see it room to optimize some specific parts of the contract and also adjust some obligations that can bring value for the company. And we see that we can balance this value with new obligations to pay. So you may expect a balanced negotiation. We are finalizing the discussion. And we expect the final terms soon.

凱奧，謝謝你的提問。首先，我們有一份非常可靠的合約。我們花了 4 年多的時間才完成了一些更新，並獲得了各級（聯邦層級）的所有批准。重要的是我們正在履行我們的義務。但儘管如此，我們一直在與交通部進行交談。我們認為合約的一些具體部分還有優化的空間，也可以調整一些能為公司帶來價值的義務。我們發現我們可以平衡這價值與新的支付義務。因此，您可能會期待一場平衡的談判。我們正在最後討論。我們預計最終條款很快就會確定。

Next question from Carlos De Alba with Morgan Stanley.

卡洛斯·德阿爾巴 (Carlos De Alba) 與摩根士丹利 (Morgan Stanley) 提出了下一個問題。

So my question may be similar to the last one, but focusing a little on Mariana. Clearly, you took a provision in the fourth quarter and now you provided us with an updated disbursement path. And there were news overnight about the potential restart or the reportedly restart of the negotiations this week. So I don't know if you can provide an update there. Clearly, a key concern by the market something that everyone would like to get resolved. I think the company, the authorities and certainly the people that were impacted. So an update will be great there.

所以我的問題可能與上一個類似，但稍微關注瑪麗安娜。顯然，您在第四季度獲得了撥款，現在您向我們提供了更新的支付路徑。隔夜有消息稱談判可能重啟或據報道本週將重啟。所以我不知道你是否可以在那裡提供更新。顯然，這是市場關注的關鍵問題，每個人都希望得到解決。我認為公司、當局，當然還有受到影響的人。所以那裡的更新會很棒。

And my second question is, in light of the increasing CapEx at Serra Sul 120 as well as the Voisey's Bay expansion and then the revision of CapEx of the briquettes projects. How can we think about? How should we think about the 2025, maybe 2026 CapEx for the company?

我的第二個問題是，鑑於 Serra Sul 120 的資本支出不斷增加以及 Voisey's Bay 的擴建以及煤球項目資本支出的修訂。我們可以怎麼思考呢？我們該如何看待公司 2025 年、也許 2026 年的資本支出？

Carlos, this is Gustavo. So on Mariana, yes, you have -- your question is spot on. We are highly engaged with the counterparties, the mediation process, as you probably know, has been ongoing, and we engage it more actively recently in order to find a resolution that works for everybody. We continue to be hopeful that by mid this year, we can reach a negotiated outcome, which we all think it's the ideal path in this case. So stay tuned. We'll keep you updated, but we are certainly engaged looking forward to find an agreeable solution here for all parties.

卡洛斯，這是古斯塔沃。所以關於瑪麗安娜，是的，你的問題是正確的。我們與交易對手方高度互動，正如您可能知道的那樣，調解過程一直在進行，並且我們最近更加積極地參與其中，以便找到適合所有人的解決方案。我們仍然希望，到今年年中，我們能夠透過談判達成成果，我們都認為這是這種情況下的理想路徑。所以請繼續關注。我們會及時向您通報最新情況，但我們當然期待在這裡找到各方都滿意的解決方案。

On the CapEx, we've updated. The main one is S11D. It's over a period of years as we get to commissioning in 2026. So no impact in our guidance for -- in our expectations as we had before for the following years. This year, we are still within the $6.5 billion, no impact. And we should be able to accommodate those increases in the following years as well.

關於資本支出，我們已經更新。主要的是S11D。我們要在 2026 年進行調試，這需要花費數年的時間。今年我們還在65億美元之內，沒有影響。我們也應該能夠在接下來的幾年裡適應這些成長。

Next question from Jon Brandt with HSBC.

匯豐銀行的 Jon Brandt 提出了下一個問題。

I just wanted to clarify an earlier answer Eduardo. Just given the Anglo BHP news today, are you sort of unequivocally saying that Vale have no interest in the Anglo assets and that you're more watching to see what the impact is from a potential deal, but Vale have no interest in those assets. Is that correct?

我只是想澄清愛德華多之前的回答。就在今天有關英美資源必和必拓的新聞中，您是否明確表示淡水河谷對英美資源集團的資產沒有興趣，並且您更多地關注潛在交易的影響，但淡水河谷對這些資產沒有興趣。那是對的嗎？

And then I guess my question is really around -- we sort of discussed some of the rail concessions, some of the permits, the Samarco liabilities, et cetera. I'm just wondering, I think that's sort of a big part of the reason for Vale's underperformance relative to peers. And I'm just wondering, how would you categorize your relationship with the government, right? I mean, you've talked a lot about stability and wanting sort of a stable environment. This seems to be anything, but -- So I'm just -- I'm wondering what you can do or what Vale can do to sort of improve the relationship that you have with the government so that the market doesn't have to deal with these sorts of issues?

然後我想我的問題確實存在——我們討論了一些鐵路特許權、一些許可證、薩馬科負債等等。我只是想知道，我認為這是淡水河谷相對於同行表現不佳的重要原因。我只是想知道，你會如何分類你與政府的關係，對吧？我的意思是，您已經談論了很多關於穩定性以及想要穩定的環境的問題。這似乎沒什麼問題，但是——所以我只是——我想知道你可以做些什麼，或者淡水河谷可以做些什麼來改善你與政府的關係，這樣市場就不必這樣做處理這類問題？

And then my second question, just really quickly, is, it looks like on the breakeven cost for copper, they came in well below guidance for 2024. I'm just wondering how much upside risk there is to that guidance number? Is this a seasonal issue? Or has some of the things Mark that you've put into place, is that really starting to bear fruit?

然後我的第二個問題，非常快，是，看起來銅的盈虧平衡成本遠低於 2024 年的指導。 我只是想知道該指導數字有多少上行風險？這是季節性問題嗎？或者馬克，你已經採取的一些措施真的開始有成果了嗎？

Thanks, Jon. Well, it's a question that, obviously, when you look at Anglo assets, obviously, would be interested. What we try to explain in my answer at the beginning is that we have better options inside house to look at and more cheap options because otherwise, you would go to a bid and that's not -- doesn't make any sense for us. So that's why I said we are watching with attention that the asset that has interference with our strategy is the Minas-Rio that we just closed with Anglo and this one is protected.

謝謝，喬恩。嗯，顯然，當你查看英美資源集團的資產時，你顯然會對這個問題感興趣。我們在開頭的回答中試圖解釋的是，我們內部有更好的選擇和更便宜的選擇，因為否則，你會出價，但這對我們來說沒有任何意義。這就是為什麼我說我們正在密切關注幹擾我們策略的資產是我們剛剛與英美資源集團達成的米納斯-裡約項目，這項資產受到了保護。

The others, as mentioned, we are wait and see to see what's going to happen. But meanwhile, we are much more interested in accelerating, executing our own endowment.

正如前面提到的，其他人我們正在觀望，看看會發生什麼。但同時，我們更感興趣的是加速、執行自己的捐贈。

Specifically about the railway concessions. That's a good question because it's not a Vale's issue, right? It has been done through (inaudible). It has been done through [MRIS]. It has been with all the other concessions. So -- it's not a Vale-specific problem. Obviously, as Spinelli said, we are truly sure that we have a very robust contract but we will take the opportunity to adjust some specifics and make a win-win situation with the government that we believe will help on this problem or on this matter that you mentioned better and a more stable relationship with the government. That is always good. That we are -- by the way, we always had.

特別是關於鐵路優惠。這是一個很好的問題，因為這不是淡水河谷的問題，對嗎？它已經完成（聽不清楚）。它是透過[MRIS]完成的。與所有其他讓步一樣。所以——這不是淡水河谷特有的問題。顯然，正如斯皮內利所說，我們確實確信我們有一份非常穩健的合同，但我們將藉此機會調整一些細節，並與政府建立雙贏的局面，我們相信這將有助於解決這個問題或這個問題你提到與政府的關係更好、更穩定。這總是好的。順便說一句，我們一直都是這樣。

And the second question is to you, right? Sorry, a couple of questions to Mark. Sorry, Mark.

第二個問題是問你的，對吧？抱歉，有幾個問題想問馬克。對不起，馬克。

I can -- we probably lost Mark. I can take it, Jon. So yes, it was a good first quarter, especially given the strong ramp-up of Salobo. Salobo III, plus also a strong operational performance in Salobo I and II. So we are not resetting expectations, but what I can say, it's looking -- it's looking pretty good within the guidance that we had laid out. So hopefully, III and we -- with the remaining part of the year, we can provide more details around it.

我可以——我們可能失去了馬克。我可以接受，喬恩。所以，是的，第一季表現不錯，特別是考慮到薩洛博的強勁成長。薩洛博 III，以及薩洛博 I 和 II 的強勁營運表現。因此，我們不會重新設定預期，但我可以說，在我們制定的指導範圍內，它看起來相當不錯。因此，希望 III 和我們——在今年剩下的時間裡，我們可以提供更多有關它的細節。

Next question from Leonardo Correa with BTG Pactual.

萊昂納多·科雷亞 (Leonardo Correa) 與 BTG Pactual 提出了下一個問題。

I have a couple of questions on my side. Yes. So the first one, I'm not sure if Mark is back. So feel free...

我有幾個問題。是的。所以第一個，我不確定馬克是否回來了。所以隨意...

Still here.

還在。

Gustavo -- Oh you are here, okay. Perfect. Welcome back, Mark. On the -- just on the base metal story still, right. I mean they're very mixed results are pressured, right, by in fairness by pressured nickel prices, but you're having a dual speed situation, right, where basically copper is performing very well, perhaps above expectations and nickel is performing well below expectations. And the overall results have been pressured, if you take a year of expectations for EBITDA in base metals are way above what you guys are currently delivering.

古斯塔沃——哦，你在這裡，好吧。完美的。歡迎回來，馬克。仍然只是關於賤金屬的故事，對吧。我的意思是，他們的結果非常複雜，公平地說，受到鎳價壓力的壓力，但你遇到了雙速情況，對吧，基本上銅的表現非常好，也許高於預期，而鎳的表現遠低於預期期望。如果你對基本金屬 EBITDA 的一年預期遠高於你們目前的交付水平，那麼整體業績就受到了壓力。

And I get the point that there's a lot under review, so I don't want to be unfair, but -- and I know that Gustavo and I think in the opening remarks, you said that by June, we're going to have more details. But -- I mean just thinking of you, I mean, do you see an opportunity to adjust capacities and to perhaps put some of Vale's nickel assets under care and maintenance at this point just given market conditions are unfavorable, and the asset is not generating any EBITDA? So my first question is specifically to nickel, how you see the evolution and how viable certain assets are to Vale are in this scenario?

我明白有很多事情正在審查中，所以我不想不公平，但是 - 我知道古斯塔沃和我認為在開場白中，你說到六月，我們將有更多細節。但是——我的意思是，我只想到你，我的意思是，你是否看到了調整產能的機會，並且考慮到市場條件不利且該資產沒有發電，此時也許可以對淡水河谷的一些鎳資產進行保養和維護有息稅折舊攤提前利潤嗎？因此，我的第一個問題專門針對鎳，您如何看待這種演變以及某些資產在這種情況下對淡水河谷來說的可行性？

The second question I think there was a question on this, Gustavo, but I think it wasn't addressed yet. But if I may, just moving back to the dividend situation and the extraordinary dividend potential for the latter part of this year. With all these questions on additional provisions and outflows, I mean, how are you viewing this, right? I mean we're getting some help from iron ore prices lately. So we're back to $120. How are you viewing this extraordinary dividend story with your leverage, which is now at the upper side of your tolerance, let's say? Those are the 2 questions.

第二個問題，古斯塔沃，我認為有人對此提出了問題，但我認為它尚未解決。但如果可以的話，我想回到股息狀況以及今年下半年的非凡股息潛力。對於所有這些關於額外準備金和資金外流的問題，我的意思是，您如何看待這個問題，對吧？我的意思是我們最近從鐵礦石價格中得到了一些幫助。所以我們又回到了 120 美元。您如何看待這個非凡的股息故事，您的槓桿率現在處於您的容忍度上限，比方說？這是兩個問題。

Okay. Go ahead, Mark. Mark, you're on mute.

好的。繼續吧，馬克。馬克，你處於靜音狀態。

Try again, how's that?

再試一次，怎麼樣？

Okay. I copy you.

好的。我複製你。

Okay. The -- Gustavo made the observation on copper around Salobo's improvement, and that was very encouraging, flowing into the first quarter coming off a strong last quarter as well. And that pointed to a few changes that were made over the last 6 or 9 months. And we've had similar albeit lagging performance at Sudbury because we did the asset review in Sudbury about 3 months after Salobo. And Eduardo pointed to the 7% improvement at Clarabelle. On a run rate basis, it's closer to 15%, and that reflects both copper and nickel. So I think we've got good trends at 2 of the most important operations, Indonesia remains fairly solid.

好的。古斯塔沃對薩洛博的銅價改善進行了觀察，這是非常令人鼓舞的，在上季度的強勁表現之後也進入了第一季。這顯示過去六、九個月裡發生了一些變化。我們在薩德伯里也有類似但滯後的表現，因為我們在薩洛博之後大約 3 個月在薩德伯里進行了資產審查。 Eduardo 指出了 Clarabelle 的 7% 進步。從運行率來看，它接近 15%，這同時反映了銅和鎳的情況。因此，我認為我們在兩個最重要的業務上有良好的趨勢，印尼仍然相當穩定。

Onça Puma is coming through the furnace rebuild and is heating up. And what we are flagging is a likely intention to push some of that feed north to try and improve the premiums on products we received. And so it's not simply about operations. It's also -- and that's a long way to go and a lot of improvement to come, but it's also about price realizations. And with the price volatility and what we think will be a premium related to the products that we produce from Canada, we think there's still a lot of potential on both the cost side and on the pricing side that we're looking at.

Onña Puma 正在進行熔爐重建並正在升溫。我們正在標記的是，可能有意將其中一些飼料推向北方，以嘗試提高我們收到的產品的溢價。因此，這不僅僅是營運方面的問題。這也是——還有很長的路要走，還有很多改進要做，但這也與價格實現有關。由於價格波動以及我們認為與我們在加拿大生產的產品相關的溢價，我們認為我們正在考慮的成本方面和定價方面仍然存在很大的潛力。

And with the volatility we're seeing in the nickel market, what we don't want to do is start cutting production, where we're already seeing material reductions in operating costs, and we think there's a real premium. So we want to give it another 2 or 3 months, and that's what we want to reflect and show you in June.

鑑於鎳市場的波動，我們不想做的是開始削減產量，我們已經看到營運成本大幅下降，而且我們認為存在真正的溢價。所以我們想再給它兩三個月的時間，這就是我們想在六月向大家反映和展示的內容。

So we still think there is 2 stories playing out. The operating improvement plus premiums that we can get by using our flow sheets better, (inaudible) Matsuzaka, doing more work at clinic and making sure we've got the molecules heading in the right direction. So it will be a story in 2 parts. And I think we'll be able to show that in June that we're looking at both operating costs and margin improvements as well on the pricing side.

所以我們仍然認為有兩個故事正在上演。透過更好地使用我們的流程圖（聽不清楚）松坂，在診所做更多的工作並確保我們的分子朝著正確的方向發展，我們可以獲得營運改善和保費。所以這將會是一個分成兩個部分的故事。我認為我們將能夠在六月表明我們正在考慮營運成本和利潤率的提高以及定價方面的改善。

Thanks, Mark. And I'll take the second one, apologies also to Rafael that we haven't responded for the first question on the extraordinary dividend potential.

謝謝，馬克。我要談第二個問題，也向拉斐爾道歉，我們沒有回答關於非凡股利潛力的第一個問題。

Look, as you know, it depends on several elements. Certainly, market conditions have improved lately, which give us some good expectations of potential cash generation through year-end but we also compare those vis-a-vis where we are on the leverage ratio, minimum cash, provisions and outflows. So I think it's early, and we think it's early to point out to potential incremental dividends, but we will certainly assess that through year-end. And if there's any opportunity, we will certainly consider with our Board as we always do, right, and we've been doing this consistently over the last several years.

如您所知，這取決於幾個因素。當然，市場狀況最近有所改善，這給了我們對年底潛在現金產生的一些良好預期，但我們也將這些與槓桿率、最低現金、準備金和流出情況進行了比較。所以我認為現在還為時過早，我們認為現在指出潛在的增量股息還為時過早，但我們肯定會在年底之前對此進行評估。如果有任何機會，我們肯定會像往常一樣與董事會一起考慮，對吧，過去幾年我們一直在這樣做。

Next question from Myles Allsop with UBS.

下一個問題來自瑞銀集團的邁爾斯·奧爾索普。

A couple of questions. First of all, on iron ore. Obviously, a very strong first quarter. The guidance for 2024 either looks conservative or you have some concerns about potential operating challenges later this year. I mean, should we look at the guidance as conservative? Or are there other things we should bear in mind for later in the year? And then maybe, secondly, on the nickel side, a question for Mark, I mean, the challenges in the nickel market are driven by Indonesia and obviously, Vale's contributing to those incremental tonnes. And what's the latest with the Indonesian projects? And are there any -- is there any desire to slow those back to try and rebalance the market?

有幾個問題。首先是鐵礦石。顯然，第一季非常強勁。 2024 年的指導要么看起來保守，要么您對今年晚些時候潛在的營運挑戰感到擔憂。我的意思是，我們應該將指導視為保守嗎？或者今年晚些時候我們還應該記住其他事情嗎？其次，在鎳方面，馬克有一個問題，我的意思是，鎳市場的挑戰是由印尼推動的，顯然，淡水河谷為這些增量做出了貢獻。印尼計畫的最新進展如何？是否有任何意願減緩這些趨勢，以嘗試重新平衡市場？

Yes, this is Carlos Medeiros. It's too early days to review our 2024 guidance. We had a quite good Q1. But still, there are challenges as we see ahead. And we had also a very strong second half of the year last year. So this is why we prefer to maintain our guidance and if we decide to revisit it, it will be done later in the year.

是的，這是卡洛斯·梅代羅斯。現在審查我們的 2024 年指導還為時過早。我們有一個相當不錯的第一季。但我們看到未來仍然存在挑戰。去年下半年我們的業績也非常強勁。因此，這就是為什麼我們更願意維持我們的指導，如果我們決定重新審視它，它將在今年晚些時候完成。

Meanwhile, we're still working on the usual levers to increase production. Taking initiatives such as our seasonality plan that has proved to be robust, the reliability initiatives to continue to improve the overall equipment availability or mining plans to review the mine geometries, whatever necessary to free up more ore and also in the hydrogeology initiatives to make sure that the balance in our minds offers additional opportunities to access the bottom of the pit earlier during the year. So all in all, we will keep it for now and we might get back to you later. Thank you.

同時，我們仍在研究常用的手段來增加產量。採取一些舉措，例如我們的季節性計劃（已被證明是穩健的）、可靠性舉措，以繼續提高整體設備可用性或採礦計劃來審查礦山幾何形狀，以釋放更多礦石，並採取水文地質舉措，以確保我們頭腦中的平衡為今年早些時候觸底提供了額外的機會。總而言之，我們將暫時保留它，稍後我們可能會回覆您。謝謝。

Yes, as on the nickel side. On the question on Indonesia. I think the first thing to recognize is the divestment announcements and milestones that were achieved were very positive. And certainly, we move through that fairly quickly with the Indonesian government, a credit to everybody involved.

是的，就像鎳方面一樣。關於印尼問題。我認為首先要認識到的是，撤資公告和所實現的里程碑是非常積極的。當然，我們與印尼政府的合作相當快，這對所有相關人員來說都是功勞。

Second point, funds on Puma have been committed as per the requirements, and we're still working through the early phases of that. In terms of the commitment on new projects, again, we're very mindful of our obligations with our partners. But at the same time, we're also making the point that we need to be prudent and consider the individual investment propositions very carefully.

第二點，Puma 的資金已按照要求承諾，我們仍在努力完成早期階段。在對新專案的承諾方面，我們再次非常注意我們對合作夥伴的義務。但同時，我們也指出，我們需要謹慎行事，並且非常仔細地考慮個人的投資主張。

There is a little bit of uncertainty in the marketplace regarding how different products will be priced in the market. Great news for us in Canada is that it's likely we will do better than most because of the nature of the material and the low carbon footprint.

市場上關於不同產品的市場定價存在一些不確定性。對我們加拿大人來說，好消息是，由於材料的性質和低碳足跡，我們可能會比大多數人做得更好。

Indonesia will probably be in a very different conversation, and we're working with our partners just to make sure we understand that and what that means for each of the investments. And again, we're also mindful of the fact that we need to pace those additions with the market as well. But again, it's an open conversation with our partners. It is still early in that process, I have to say. So we've got a bit more work to do.

印尼可能會處於一個非常不同的對話中，我們正在與我們的合作夥伴合作，只是為了確保我們理解這一點以及這對每項投資意味著什麼。同樣，我們也注意到這樣一個事實，即我們也需要根據市場的情況來調整這些新增內容。但同樣，這是與我們的合作夥伴的公開對話。我不得不說，這個過程還處於早期階段。所以我們還有更多的工作要做。

Vale team, ready for your next question? Next question is from Timna Tanners with Wolfe Research.

淡水河谷團隊，準備好回答你的下一個問題了嗎？下一個問題來自沃爾夫研究公司的 Timna Tanners。

I am going to just dive on a little more input cost, we could see that we reset volatility and are price have been great to hear that you are able to manage the cost side. This quarter saw a (technical difficulty) purchase costs despite the progress (technical difficulty) actual cost. So can you give us an update on the (technical difficulty) purchase side. That's my first question.

我將進一步探討更多的投入成本，我們可以看到我們重置了波動性，並且聽到您能夠管理成本方面，價格很高興。儘管實際成本（技術難度）取得了進展，但本季仍出現了（技術難度）採購成本。那麼您能為我們提供（技術難度）購買方面的最新情況嗎？這是我的第一個問題。

Second is just on outlook on the product premium.

其次是對產品溢價的展望。

Timna, sorry. It's getting crunched, could you ask it again?

蒂姆納，對不起。問題越來越嚴重了，能再問嗎？

Sure, is that any better?

當然可以，這樣更好嗎？

A little bit.

一點點。

Just asking for any outlook on costs, given the -- there's some price volatility and any guidelines for third-party purchase costs, anything thing you can (technical difficulty) costs overall on the iron ore side.

只是詢問對成本的展望，考慮到存在一些價格波動和第三方購買成本的任何指導方針，任何你能做的事情（技術難度）都會影響鐵礦石方面的總體成本。

Okay. We got this one.

好的。我們得到了這個。

(technical difficulty)

（技術難度）

Yes, I can...

我可以...

I'll ask the first one -- answer the first one, then Timna, you ask the second one.

我會問第一個──回答第一個，然後提姆納，你問第二個。

Timna, Gustavo here. On the cost outlook, we came at a C1 at 23.5%, slightly lower than last year. It's -- you have to be mindful that Q1 is usually our toughest quarter in terms given the lower volumes that are produced to the effect of dilution is limited as we saw last year. But when we look at the forecast for the year, we are feeling super confident with the numbers that we laid out, the 21.5 million to 23 million.

提姆納，古斯塔沃在這裡。就成本前景而言，我們的 C1 為 23.5%，略低於去年。你必須記住，第一季通常是我們最艱難的季度，因為正如我們去年看到的那樣，稀釋效應導致的產量下降是有限的。但當我們看到今年的預測時，我們對我們列出的數字（2,150 萬至 2,300 萬）感到非常有信心。

A lot of the cost efficiency initiatives that we've started 18 months ago are bearing fruit and sales are coming strong. Production is coming strong. So we are feeling good about it. The challenges which have been managed on the all-in, I think Leonardo made that reference in terms of the breakeven cost has been mostly associated with the freight rates which Vale is mostly hedged, which is one of our competitive advantage, it's not 100% hedged. So you saw an uptick this quarter. But we -- this is one of the headwinds that we've been able to manage. We are now probably 90% hedged in terms of our demands for the year. Also hedged on the [Brent] costs. And the other element here are the premiums, which came a little tighter and as given market conditions.

我們 18 個月前開始的許多成本效率措施正在取得成果，銷售也強勁。生產正在強勁。所以我們對此感覺良好。我認為萊昂納多在盈虧平衡成本方面所面臨的挑戰主要與淡水河谷主要對沖的運費有關，這是我們的競爭優勢之一，但不是 100%對沖。所以你看到本季有所上升。但我們——這是我們能夠應付的逆風之一。就今年的需求而言，我們現在可能已經對沖了 90%。還對沖了[布倫特]成本。這裡的另一個因素是保費，根據市場條件，保費稍微收緊。

But all in all, we are feeling very good with the numbers that we have laid out in terms of our forecast for the year for both C1 and all-in cost across all businesses, by the way.

但總而言之，順便說一句，我們對今年所有業務的 C1 和總成本預測中列出的數字感到非常滿意。

Next question from Ricardo Monegaglia with Safra.

里卡多·莫內加利亞 (Ricardo Monegaglia) 向薩夫拉 (Safra) 提出了下一個問題。

I have a couple of questions, actually follow-ups from previous questions. First, on the base metals business. Are there any changes to commodity price hedge policies given the recent rally in metals prices?

我有幾個問題，實際上是之前問題的後續問題。首先是基本金屬業務。鑑於近期金屬價格上漲，大宗商品價格對沖政策是否會改變？

And the second question still on base metals is, are there any updates that you could share with us on regards to the conclusion of Vale based Metals transaction. It continues to be expected to occur in the second quarter, but what are the final steps to conclude this acquisition, would be interesting to understand.

關於基本金屬的第二個問題是，關於淡水河谷金屬交易的結論，您是否可以與我們分享任何最新情況。預計這將在第二季度發生，但完成此次收購的最後步驟是什麼，值得了解。

And my second question is on iron ore quality. Based on the target for the year and 1Q '24 levels, it implies that quality will come above the level of 62.5% in the coming quarters? Should we expect this trend already in the second quarter? Or high silica sales could continue high or at the same level as in the first Q? Those are my questions. Thank you guys.

我的第二個問題是關於鐵礦石的品質。根據今年的目標和24年第一季的水平，是否意味著未來幾季的品質將超過62.5%的水平？我們是否應該預期第二季就會出現這種趨勢？或者二氧化矽的高銷量可能會繼續保持高位或與第一季相同的水平？這些都是我的問題。感謝你們。

Hi Gustavo.

嗨古斯塔沃。

Sure. Thanks, Ricardo. So I'll do the first one and then Spinelli will cover the premium. So on the hedging, we usually don't do it. That's the nature of the business, we like to run of the exposure unless there is some very unique conditions where we may want to consider. So that's part of the nature of our business. And we like to run with exposure in those commodities.

當然。謝謝，里卡多。所以我會做第一個，然後斯皮內利將支付保費。所以在對沖方面，我們通常不會這麼做。這就是業務的本質，我們喜歡進行風險敞口，除非我們可能需要考慮一些非常獨特的條件。這就是我們業務本質的一部分。我們喜歡投資這些商品。

On the VBM, we've got, I think Eduardo mentioned in his prep remarks, we've got all the regulatory approvals, and we are now working with partners to move to the closing, which we expected to happen in the next, call it, a couple of weeks to keep the market updated about it. So I'll turn back to Spinelli.

關於 VBM，我想 Eduardo 在他的準備演講中提到，我們已經獲得了所有監管部門的批准，我們現在正在與合作夥伴合作以完成交割，我們預計將在接下來發生，稱為幾週的時間讓市場了解最新情況。所以我會回到斯皮內利。

Okay. Thank you, Ricardo. So -- regarding the quality average, depends on the first -- firstly on the production mix. And you saw that we had a good performance in the Northern System. And as we have a pattern of higher production in the second half that will naturally increase the average grade.

好的。謝謝你，里卡多。因此，關於品質平均值，取決於第一個因素——首先取決於生產組合。你們看到我們在北方系統中表現出色。由於我們下半年的產量較高，自然會提高平均等級。

And regarding sales, you're right, we had -- took an advantage to sell directly the high silicon in the first part of the year, actually in the end of last year. So the discount was there. So we can take this choice every -- actually every day we assess this. So as we move forward during the year, we have the possibility to blend this product or to concentrate this product or sell them directly. But in the second half, we have -- we don't have a lot of high silica as we increase the production in the North System and we prioritize the blend. And after that, we can choose the remaining high silica if you want to sell directly or not. It's difficult to precise in advance, it depends on the market conditions.

關於銷售，你是對的，我們在今年上半年，實際上是在去年年底，利用了直接銷售高矽的優勢。所以折扣就在那裡。所以我們每天都可以做出這個選擇——實際上我們每天都會評估這一點。因此，隨著我們在這一年中前進，我們有可能混合該產品或集中該產品或直接銷售它們。但在下半年，我們沒有大量的高矽，因為我們增加了北方系統的產量，我們優先考慮混合物。之後，如果您想直接出售或不出售，我們可以選擇剩餘的高矽。很難提前精確，這取決於市場狀況。

Next question from Gabriel Simoes with Goldman Sachs.

高盛的加布里埃爾·西蒙斯 (Gabriel Simoes) 提出了下一個問題。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay. I actually have one quick follow-up on one of the questions that were asked before. Actually, I just wanted to understand on the development of your iron ore projects. So if you could comment a bit on how the development is going or the capacity increasing projects, so Vargem Grande, Capanema and S11D that would be great because we just wanted to understand how the projects are doing so far and how confident you are with the time line you provided earlier? I know you mentioned that the sales should remain the same time line? Just wanted to have a better sense on the other ones.

好的。實際上，我對之前提出的問題之一進行了快速跟進。其實我只是想了解你們鐵礦石計畫的進展。因此，如果您能評論一下開發進度或容量增加項目，例如Vargem Grande、Capanema 和S11D，那就太好了，因為我們只是想了解這些項目到目前為止的進展以及您對這些項目的信心有多大您之前提供的時間軸嗎？我知道您提到銷售應該保持同一時間線？只是想對其他人有更好的了解。

So Gabriel, Gustavo here. Yes, we are feeling pretty good about it. We gave you some stats during Eduardo's presentation of where each one of those projects. We have a series of projects, but the 3 main ones we've been pointing out is Vargem Grande, Capanema and plus 20. And they are moving along the time line we had established. So we're feeling pretty good about it.

加布里埃爾，古斯塔沃在這裡。是的，我們對此感覺很好。在 Eduardo 演示期間，我們向您提供了一些關於每個項目的統計數據。我們有一系列項目，但我們指出的 3 個主要項目是 Vargem Grande、Capanema 和 plus 20。所以我們對此感覺很好。

And Vargem Grande, for example, the expectations that we start -- have this start up by the end of the year. So that's one of the key projects that we've promised to deliver through 2026 to have that increase and take value to a potential range of $3.40 to $3.60. So we are moving along the plan, and we are feeling pretty good about those deliverables.

例如，Vargem Grande，我們開始的期望是在今年年底啟動。因此，這是我們承諾在 2026 年交付的關鍵項目之一，以實現成長並將價值提升至 3.40 美元至 3.60 美元的潛在範圍。所以我們正在按照計劃進行，我們對這些可交付成果感覺非常好。

This concludes today's question-and-answer session. We would like to hand the floor back to Mr. Eduardo Bartolomeo for the company's final remarks.

今天的問答環節到此結束。我們希望將發言權交還給 Eduardo Bartolomeo 先生，讓公司發表最後的演講。

Okay. Well, just to conclude, I think we -- as we say here in Brazil, we start with the right foot. We started the year in a very good shape. We always like to say that we win the game in the first quarter. We're not that arrogant. We know we still have 9 months to go. Rainy season isn't over yet on the North. But the thesis of safety versus production is being proved; it is being proved that we can be safer and reliable and that, I think, is a very important message.

好的。好吧，總而言之，我認為我們——正如我們在巴西所說的那樣，我們從右腳開始。我們以非常好的狀態開始了這一年。我們總是喜歡說我們在第一節就贏了比賽。我們沒那麼傲慢。我們知道還有 9 個月的時間。北方的雨季還沒結束。但安全與生產的論點正在被證明；事實證明，我們可以變得更安全、更可靠，我認為這是一個非常重要的訊息。

We are seeing a positive market in iron ore and on copper as well, nickel has it's challenges. As lastly, answered by Gustavo, our projects are on time, on budget. So we will deliver on it. On June, we're going to have more color on the asset review. And in the end, every -- about the noises that are around us. We see some overhangs starting to getting off of the radar as Mariana is expected to be over by the -- will try our best to do it by the first half. The renewal is going to be over, it's not going to be material. So with that said, if we see through the noise, we remain extremely disciplined, extremely focused on what we have to do. And we still see an extremely huge opportunity to invest in Vale.

我們看到鐵礦石和銅市場的積極發展，鎳也面臨挑戰。最後，古斯塔沃回答說，我們的專案按時、按預算進行。因此，我們將兌現這項承諾。六月，我們將對資產審查進行更多的闡述。最後，關於我們周圍的噪音。我們看到一些懸而未決的問題開始消失，因為瑪麗安娜預計將在上半年結束——我們將盡力在上半場之前做到這一點。更新即將結束，這不會是實質的。話雖如此，如果我們看透噪音，我們就會保持非常自律，非常專注於我們必須做的事情。我們仍然看到投資淡水河谷的巨大機會。

So again, thanks a lot for your attention, and hope to see you in the next call. Okay. Thank you, and have a safe day.

再次非常感謝您的關注，並希望在下次通話中見到您。好的。謝謝您，祝您有個愉快的一天。

Vale's conference is now concluded. We thank you for your participation.

淡水河谷的會議現已結束。我們感謝您的參與。