Vale S.A. Files 6-K Report

TL;DR

Vale S.A. filed a routine 6-K, no new financials but keeping disclosures current.

AI Summary

Vale S.A. filed a Form 6-K on October 25, 2024, for the period ending September 30, 2024. This report is incorporated by reference into their existing registration statements on Form F-3/A filed on April 25, 2023. The filing does not contain new financial results but serves as an update for ongoing reporting requirements.

Why It Matters

This filing indicates Vale S.A. is meeting its ongoing disclosure obligations as a foreign private issuer, providing transparency to investors regarding its corporate activities.

Risk Assessment

Risk Level: low — This is a standard periodic filing by a foreign private issuer and does not contain new material financial information or significant corporate events.

Key Players & Entities

• Vale S.A. (company) — Filer of the report
• Vale Overseas Limited (company) — Co-registrant in registration statements
• April 25, 2023 (date) — Date of previously filed registration statements
• October 25, 2024 (date) — Filing date of the current report
• September 30, 2024 (date) — Period of report

FAQ

Key Financial Figures

• $112 — Vale Indonesia Tbk in the amounts of US$112 and US$1,063, respectively (notes 15a a
• $1,063 — esia Tbk in the amounts of US$112 and US$1,063, respectively (notes 15a and 15c). Ite
• $1,628 — T Vale Indonesia Tbk in the amount of US$1,628 (note 15c) and the recognition of nonco
• $1,514 — Base Metals Limited in the amount of US$1,514 (note 15d). The accompanying notes are
• $956 — recognized an additional provision of US$956, recorded in the income statement as &l
• $1 billion — ble debentures in the total amount of US$1 billion (R$6 billion) with maturities of 10, 12
• $6 billion — s in the total amount of US$1 billion (R$6 billion) with maturities of 10, 12, and 15 year
• $600 — in VODC to AP Oryx Holdings LLC, for US$600. As a result, VODC became a joint ventu
• $1,222 — enture, and Vale recognized a gain of US$1,222 in the income statement as “other
• $493 — o S.A. in Aliança Energia, for US$493 (R$2,737 million). As a result, Vale ho
• $2,737 million — in Aliança Energia, for US$493 (R$2,737 million). As a result, Vale holds 100% of the s
• $305 — ccedil;a Energia, recording a gain of US$305 in the income statement as “Equit
• $1,608 — eholder remuneration in the amount of US$1,608, which was fully paid in September 2024
• $970 — ing in 2026, 2036, and 2039, totaling US$970 and paid a premium of US$50, recorded i
• $50 — totaling US$970 and paid a premium of US$50, recorded in the income statement as &l

Filing Documents

• valedfifrs3q24_6k.htm (6-K) — 1653KB
• image_001.jpg (GRAPHIC) — 136KB
• image_002.jpg (GRAPHIC) — 2KB
• image_003.jpg (GRAPHIC) — 8KB
• 0001292814-24-003843.txt ( ) — 1856KB

financial statements

financial statements We have reviewed the accompanying consolidated interim statement of financial position of Vale S.A. and its subsidiaries (the "Company") as of September 30, 2024, and the related consolidated interim income statement and statements of comprehensive income for the three-month and nine-month periods ended September 30, 2024 and September 30, 2023 and the consolidated interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2024 and September 30, 2023, including the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB). We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of the Company as of December 31, 2023, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the year then ended (not presented herein), and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived. Basis for review results These interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance

financial statements

financial statements. 4 Consolidated Interim Statement of Comprehensive Income In millions of United States dollars Three-month period ended September 30, Nine-month period ended September 30, Notes 2024 2023 2024 2023 Net income 2,391 2,857 6,847 5,663 Other comprehensive income: Items that will not be reclassified to income statement Translation adjustments of the Parent Company 764 (1,439) (4,475) 1,574 Retirement benefit obligations (20) 54 24 42 Fair value adjustment to investment in equity securities - - - 13 744 (1,385) (4,451) 1,629 Items that may be reclassified to income statement Translation adjustments of foreign operations (88) 86 1,293 (317) Net investment hedge 18(h) 35 (68) (223) 77 Cash flow hedge 18(h) - (16) - (2) Reclassification of cumulative translation adjustments to income statement (i) 15(a) and 15(c) (136) - (1,133) - (189) 2 (63) (242) Comprehensive income 2,946 1,474 2,333 7,050 Comprehensive income attributable to noncontrolling interests 4 18 11 102 Comprehensive income attributable to Vale's shareholders 2,942 1,456 2,322 6,948 (i) Mainly related to the effect of the reclassification of cumulative translation adjustments of Vale Oman Distribution Center and PT Vale Indonesia Tbk in the amounts of US$112 and US$1,063, respectively (notes 15a and 15c). Items above are stated net of tax, when applicable, and the related taxes effects are disclosed in note 7. The accompanying notes are an integral part of these interim

financial statements

financial statements. 5 Consolidated Interim Statement of Cash Flows In millions of United States dollars Nine-month period ended September 30, Notes 2024 2023 Cash flow from operations 9(a) 9,589 11,667 Interest on loans and borrowings paid 9(c) (644) (543) Cash received on settlement of derivatives, net 18(d) 94 242 Payments related to the Brumadinho event 23 (588) (913) Payments related to de-characterization of dams 25 (405) (319) Interest on participative shareholders' debentures paid 20 (149) (127) Income taxes (including settlement program) paid (1,443) (1,631) Net cash generated by operating activities 6,454 8,376 Cash flow from investing activities: Capital expenditures 4(c) (4,121) (3,802) Payments related to the Samarco dam failure 24 (304) (425) Cash received (paid) from disposal and acquisition of investments, net 9(b) 2,717 (67) Dividends received from associates and joint ventures 54 105 Short-term investment 51 80 Other investing activities, net (4) 17 Net cash used in investing activities (1,607) (4,092) Cash flow from financing activities: Loans and borrowings from third parties 9(c) 2,922 1,950 Payments of loans and borrowings to third parties 9(c) (2,176) (633) Payments of leasing 22 (133) (139) Dividends and interest on capital paid to Vale’s shareholders 28(d) (3,914) (3,473) Dividends and interest on capital paid to noncontrolling interest - (8) Shares buyback program 28(c) (409) (2,670) Acquisition of additional stake in VOPC 15(g) - (130) Net cash used in financing activities (3,710) (5,103) Net increase (decrease) in cash and cash equivalents 1,137 (819) Cash and cash equivalents in the beginning of the period 3,609 4,736 Effect of exchange rate changes on cash and cash equivalents (225) 50 Cash and cash equivalents from subsidiaries acquired and sold, net 75 - Cash and cash equivalent

financial statements

financial statements. 6 Consolidated Interim Statement of Financial Position In millions of United States dollars Notes September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents 21 4,596 3,609 Short-term investments 21 53 51 Accounts receivable 10 3,001 4,197 Other financial assets 13 223 271 Inventories 11 4,946 4,684 Recoverable taxes 7(e) 714 900 Judicial deposits 26(c) - 611 Other 267 444 13,800 14,767 Non-current assets held for sale 15(c) - 3,933 13,800 18,700 Non-current assets Judicial deposits 26(c) 606 798 Other financial assets 13 155 593 Recoverable taxes 7(e) 1,385 1,374 Deferred income taxes 7(b) 9,875 9,565 Other 1,357 1,257 13,378 13,587 Investments in associates and joint ventures 14 4,097 1,872 Intangibles 16 11,541 11,631 Property, plant, and equipment 17 46,070 48,396 75,086 75,486 Total assets 88,886 94,186 Liabilities Current liabilities Suppliers and contractors 12 5,353 5,272 Loans and borrowings 21 842 824 Leases 22 157 197 Other financial liabilities 13 1,550 1,676 Taxes payable 7(e) 1,257 1,314 Settlement program ("REFIS") 7(c) 396 428 Liabilities related to Brumadinho 23 978 1,057 Liabilities related to associates and joint ventures 24 2,322 837 De-characterization of dams and asset retirement obligations 25 937 1,035 Provisions for litigation 26(a) 117 114 Employee benefits 27 887 964 Other 378 376 15,174 14,094 Liabilities associated with non-current assets held for sale 15(c) - 561 15,174 14,655 Non-current liabilities Loans and borrowings 21 12,578 11,647 Leases 22 608 1,255 Participative shareholders' debentures 20 2,406 2,874 Other financial liabilities 13 2,654 3,373 Settlement program ("REFIS") 7(c) 1,229 1,723 Deferred income taxes 7(b) 966 870 Liabilities relat

financial statements

financial statements. 7 Consolidated Interim Statement of Changes in Equity In millions of United States dollars Notes Share capital Capital reserve Profit reserves Treasury shares Other reserves Cumulative translation adjustments Retained earnings Equity attributable to Vale’s shareholders Equity attributable to noncontrolling interests Total equity Balance as of December 31, 2023 61,614 1,139 21,877 (3,504) (1,774) (39,891) - 39,461 1,520 40,981 Net income - - - - - - 6,860 6,860 (13) 6,847 Other comprehensive income - - (2,174) - 55 (2,419) - (4,538) 24 (4,514) Dividends and interest on capital of Vale's shareholders 28(d) - - (2,364) - - - (1,608) (3,972) - (3,972) Transactions with noncontrolling interests (i) 15(c) and 15(d) - - - - 895 - - 895 (114) 781 Shares buyback program 28(c) - - - (409) - - - (409) - (409) Share-based payment program 27(a) - - - 2 (4) - - (2) - (2) Balance as of September 30, 2024 61,614 1,139 17,339 (3,911) (828) (42,310) 5,252 38,295 1,417 39,712 Balance as of December 31, 2022 61,614 1,139 20,744 (4,980) (1,675) (40,975) - 35,867 1,491 37,358 Net income - - - - - - 5,565 5,565 98 5,663 Other comprehensive income - - 743 - 42 598 - 1,383 4 1,387 Dividends and interest on capital of Vale's shareholders 28(d) - - (437) - - - (1,744) (2,181) - (2,181) Dividends of noncontrolling interests - - - - - - - - (37) (37) Transactions with noncontrolling interests 15(g) - - - - 3 - - 3 (59) (56) Shares buyback program 28(c) - - - (2,670) - - - (2,670) - (2,670) Treasury shares canceled 28(b) - - (4,164) 4,164 - - - - - - Share-based payment program 27(a) - - - 26 (3) - - 23 - 23 Balance as of September 30, 2023 61,614 1,139 16,886 (3,460) (1,633) (40,377) 3,821 37,990 1,497 39,487 (i) The e

financial statements

financial statements. 8 Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated 1. Corporate information Vale S.A. (the “Parent Company”) is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale’s share capital consists of common shares, traded on the stock exchange. In Brazil, Vale's common shares are listed on B3 under the code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common share, traded on the New York Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code XVALO, which is an unregulated electronic market established by the Madrid Stock Exchange for the trading of Latin American securities. The Company's shareholding structure is disclosed in note 28. Vale, together with its subsidiaries (“Vale” or the “Company”), is one of the world's largest producers of iron ore and nickel. The Company also produces iron ore pellets and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold, silver, and cobalt. Most of the Company’s products are sold to international markets, through the Company's main trading Company, Vale International S.A. (“VISA”), a wholly owned subsidiary located in Switzerland. The Company is engaged in greenfield mineral exploration in six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive logistics systems in Brazil and other regions worldwide, including railways, maritime terminals, and ports integrated with mining operations. Additionally, the Company has distribution centers to support its iron ore shipments globally. As part of its strategy, Vale also holds investments in energy businesses to meet part of its energy consumption needs through renewable sources. The Company's operations are orga

financial statements

financial statements. Shareholder Remuneration – In July 2024, the Board of Directors approved shareholder remuneration in the amount of US$1,608, which was fully paid in September 2024. Further details are presented in note 28(d) of these interim

financial statements

financial statements. Bond Buyback – In July 2024, Vale redeemed bonds maturing in 2026, 2036, and 2039, totaling US$970 and paid a premium of US$50, recorded in the income statement as “financial expenses”. Further details are presented in note 9(c) of these interim financial statements. 4. Information by business segment and geographic area In 2024, consistently with the reports analyzed by the executive committee and Board of Directors, the Company changed its adjusted EBITDA definition to include the “EBITDA from associates and joint ventures”, which is a measure of their “equity results” (note 14) excluding (i) net finance costs; (ii) depreciation, depletion, and amortization; (iii) taxation and (iv) impairments. Therefore, the Company’s adjusted EBITDA is defined as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation, depletion, and amortization; and (ii) impairment and gains (losses) on disposal of non-current assets, net and other. The comparative information in these interim financial statements was revised to reflect this change in the adjusted EBITDA definition. Additionally, as a result of the reorganization of assets and the governance established for the Energy Transition Metals segment, the “Other” segment was reorganized for a better allocation of direct effects on the Iron Ore Solutions and Energy Transition Metals businesses. These effects were allocated to each segment starting from the nine-month period ended September 30, 2024. 11 Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated Segment Main activities Iron Ore Solutions Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services. Energy Transition Metals Includes the extraction and production of nic

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View this 6-K filing on SEC EDGAR