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Vale Publishes Third-Quarter 2026 Earnings Call Transcript

By Public Technologies
  • Vale reported third-quarter 2026 pro forma EBITDA of US$ 3.5 billion, down 20% year over year, during its October 30 earnings call.
  • Participants included CEO Gustavo Pimenta, finance chief Marcelo Bacci and Vale Base Metals CEO Shaun Usmar, alongside commercial and operations executives.
  • Management expects annual iron ore production at guidance’s low end; copper and nickel output should reach the upper half of their ranges.
  • Capital expenditure is expected near the lower end of annual guidance of US$ 5.4 billion to US$ 5.7 billion.
  • Salobo’s expansion should add 30,000 tonnes of annual copper production, with startup expected in the first half of 2028.


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