Vale S.A. (NYSE:VALE) Q2 2024 Results Conference Call July 26, 2024 10:00 AM ET

Company Participants

Eduardo Bartolomeo - Chief Executive Officer
Gustavo Pimenta - Executive Vice President of Finance and Investor Relations
Marcello Spinelli - Executive Vice President, Iron Ore Solutions
Carlos Medeiros - Executive Vice President of Operations
Mark Cutifani - Chairman of Vale Base Metals

Conference Call Participants

Daniel Sasson - Itau BBA
Rodolfo Angele - JPMorgan
Myles Allsop - UBS
Carlos De Alba - Morgan Stanley
Leonardo Correa - BTG
Caio Ribeiro - Bank of America
Marcio Farid - Goldman Sachs
Yuri Pereira - Santander
Ricardo Monegaglia - Safra
Amos Fletcher - Barclays

Operator

We would like to inform that all participants are currently in a listen-only mode for the presentations. Further instructions will be provided before we begin the question-and-answer section of our call.

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 and 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 Comissão de Valores Mobiliários, and in particular, the factors discussed under forward-looking statements and Risk Factors in Vale's annual report on Form 20-F.

With us today are Mr. Eduardo Bartolomeo, CEO; 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.

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

Eduardo Bartolomeo

Okay. Thank you, and good morning, everyone. Here we are at the halfway mark of 2024. So, let's take a look at the progress we've made on our key levers to unlock value at Vale. Starting with our Safety journey, we are very pleased to inform that we have eliminated the B3/B4 dam, and we were able to achieve this one year ahead of the original schedule. We are working on two additional structures to be eliminated in 2024. By the end of this year, we will have completed more than 50% of our decharacterization program, a significant milestone.