menu-img-alt vale-wave
Photographer: Ricardo Teles
Photographer: Ricardo Teles


Discover our service channels and get in touch with our Investor Relations team.

Sign up to receive our newsletters.

More information and guidance can be obtained through the following channels:

Telephone: +55 21 3485-3900
Address: Praia de Botafogo, 186. Salas 501 a 1901, Botafogo - Rio de Janeiro/RJ – Brasil.
CEP: 22250-145
Photographer: Marcelo Coelho

Market Analysts

Contact the main analysts and institutions that cover Vale's performance(*).

Banco do Brasil

Mary Cleia da Silva

Bank of America Merrill Lynch

Caio Ribeiro


Amos Fletcher

Barclays (Fixed Income)

Petr Grishchenko

BMO Capital Markets

Alexander Pearce



BTG Pactual

Leonardo Correa

Citigroup Equity Research

Alex Hacking

Credit Suisse (Fixed Income)

Jamie Nicholson

Deutsche Bank

Liam Fitzpatrick

Exane BNP Paribas

Sylvain Brunet

GBM Research

Rodrigo Garcilazo C

Goldman Sachs

Marcio Farid


Jonathan L Brandt


Daniel Sasson


Christopher LaFemina

John Tumazos Very Independent Research

John C. Tumazos

JP Morgan (Fixed Income)

Alejandra Andrade

JP Morgan (Equity)

Rodolfo Angele

Morgan Stanley

Carlos de Alba

Octo Finances (Fixed Income)

Christine Kam

RBC Capital Markets

Tyler Broda


Conrado Vegner


Rafael Barcellos 


Alfonso Salazar

Societe Generale

Georges Christian


Myles Allsop

XP Investimentos

 Lucas Laghi
(*) The disclosure of references was authorized by the professionals themselves and Vale does not guarantee that the data presented will remain up to date. The opinions, estimates and forecasts regarding the company, made by these analysts, are under the exclusive responsibility of their authors.

Investor Relations Teams

Meet Vale's IR team:
Ivan Fadel
Investor Relations Officer

Ivan was appointed as head of the Investor Relations area in 2020. Prior to that, he served for 2 years as head of Vale's Joint-Ventures area, as a designated representative on the Boards of Directors of the companies VLI (currently, inclusive), Samarco, Ultrafértil and CSI. Still at Vale, he led the Business Development area and was a finance executive at Vale Fertilizantes between 2014 and 2017. Before joining Vale, he was part of Credit Suisse's staff in Brazil for 11 years, as an investment banker and equity research analyst. He holds a degree in Business Administration and Finance from Fundação Getúlio Vargas (FGV/SP), with executive training from Columbia University, in New York.

Mariana Rocha

Joined Vale in 2019 in the Investor Relations area. Previously, she worked for thirteen years in the electricity sector, working for the last three years at Energisa, where she structured the Investor Relations Department after the re-IPO and took part in asset acquisition operations, voluntary offerings and hostile takeovers and capital market funding. Prior to that, she worked for ten years at Light, in various positions in the areas of budgeting, regulation, business development and, lastly, investor relations. Graduated in Economics from Universidade Federal Fluminense (UFF), she also holds a master's degree in Economics and Finance from IBMEC-RJ.

Luciana Oliveti

Joined the Investor Relations area in 2019. Prior to that, she worked for 7 years at Vale, in the areas of Corporate Communication, General Consulting and Risk Management, in planning and management roles. Before joining Vale, she worked at Kroll Associates in Brazil for 8 years, as the senior Business Intelligence officer. Luciana holds a law degree from the Federal University of Rio de Janeiro (UFRJ), registered with the Brazilian Bar Association, Rio de Janeiro Chapter (OAB/RJ), specializing in corporate financial management.

Pedro Terra

Joined the Investor Relations area in 2019. Prior to that, he worked for 2 years in the Ferrous and Coal Marketing area, developing shared value initiatives with steel companies in different regions of the world. Still at Vale, he worked for 4 years in the Global Strategy Board, being co-responsible for delivering the company's multi-year plans and providing strategic guidelines for the business areas. Pedro holds a degree in Economics from the Federal University of Rio de Janeiro (UFRJ).

Patricia Tinoco

Patricia joined the IR team in 2021. Prior to that, she worked in the Base Metals New Business Development for 2 years, being responsible for the ideation and execution of partnerships in Brazil and globally. Still at Vale, she worked in Corporate Strategy for 8 years, where she worked in competitive intelligence and in supporting the strategic planning for Ferrous business and, later, Base Metals. Patrícia holds a bachelor’s degree in Economics from Universidade Federal Fluminense (UFF).

Board of Directors or Audit Board

Pursuant to the Law, if you need to contact us, send an e-mail to vale.ri@vale.com

Frequently Asked Questions

Find answers to Vale's investors' main questions here:

Banco Bradesco S.A., the custodian bank for Vale's shares, sends the shareholder's statement of shareholding position to the shareholder's address, when there is a change in the share position, when dividends / interest on equity are paid and for income tax purposes. Therefore, it is essential that the shareholder keep their address updated in the custodian's records. Also, at any time, shareholders can go to a Bradesco bank branch and request a certificate of their shareholding position in Vale.

Shareholders whose custody is carried out by the CBLC - Companhia Brasileira de Liquidação e Custódia - should consult their position in this institution with the brokerage firm through which the investments were made.

The change of registration data can be carried out at any branch of Banco Bradesco. In order to do so, the shareholder must present certified copies of their ID Card (RG), Individual Taxpayer ID (CPF) and proof of residence. Shareholders whose custody is carried out by the CBLC - Companhia Brasileira de Liquidação e Custódia - should contact the brokerage firm through which the investments were made.

The person must look for any branch of Banco Bradesco (cost given Vale's shares) and inform their full name and CPF so that a consultation can be made in the records of Vale's shareholding position.

No, Vale is not a financial institution and, therefore, it does not trade shares and debentures with its investors. To trade any asset or debt security issued by Vale, investors must directly contact a brokerage firm.

If the General Manager is not familiar with the procedure, please ask them to contact Bradesco's Department of Actions and Custody (DAC), by calling (11) 3684-9441 or e-mailing dac.escrituracao@bradesco.com.br.

The holder share certificates must be delivered to any branch of Banco Bradesco so that the shares can be updated and converted into registered and book-entry form. At Banco Bradesco, the shareholder must fill out form 1055-3 (provided by the bank itself), attach the originals of the certificates and keep a copy of this form as the protocol. After updating, the shareholder will receive, at the provided address, a "statement" informing their new shareholding position and the amount of dividends/JCP to which they are entitled. This amount will be deposited in the checking account of any bank in the country, as directed by the shareholder.

No. The shares issued by Vale were not linked to Fund 157 or compulsory loans. Thus, amounts related to the fund cannot be converted or paid into shares issued by Vale. No contact, whether by telephone, e-mail or mail, about the aforementioned fund, shall originate from Vale.
Equity debentures represent credit securities issued by the Company in favor of debenture holders, who are entitled to receive a premium paid semiannually, under the terms of their deed, not to be confused with shares, as the latter represent units of the capital stock of a company.

In the context of Vale's privatization process, attempting to guarantee pre-privatization shareholders the right to a stake in any future benefits from the mining deposits of Vale and its subsidiaries, the 6th Issue of Debentures (“Equity Debentures”) was carried out.

On the date of the Extraordinary General Meeting, held on April 18, 1997, Vale's shareholders were entitled to receive the non-convertible equity debentures, in the proportion of one debenture for each share.

Investors should look for a branch of Banco Bradesco S.A., the bookkeeping agent for Vale's equity debentures, with personal identification documents (RG, CPF and Proof of Residence), as well as proof of bank domicile. Further guidance can be obtained by calling 0800-701-1616 (Investor Guidance Channel).

The debenture holder's registration data are used, for instance, for the premium payment on Vale's equity debentures. Inconsistent or outdated data prevent the custodian bank from paying.

In accordance with the law, the amounts that have been made available to the debenture holder for more than three (03) years shall revert in favor of the Company. Thus, as of the date of the registration update, the debenture holder will only be entitled to receive premiums referring to the three previous years.

No. The hiring of financial advisory services for this purpose is not mandatory, and the registration update must be requested directly by the debenture holder to Banco Bradesco, the Company's bookkeeping agent, which will inform the procedure to be followed for the update. In general, to request the regularization of registration data, the debenture holder must look for a branch of Banco Bradesco S.A., the bookkeeping agent for Vale's equity debentures, with personal identification documents (RG, CPF and Proof of Residence), as well as a proof of bank domicile. Further guidance can be obtained by calling 0800-701-1616 (Investor Guidance Channel). Alternatively, investors can also contact Vale's Investor Relations department via email at vale.ri@vale.com. There is no charge by Bradesco or Vale for providing information on equity debentures or for updating the registration.

Investors should look for a branch of Banco Bradesco, the custodian bank for Vale's shares. Shareholders whose custody is carried out by the CBLC - Companhia Brasileira de Liquidação e Custódia - should contact the brokerage firm through which the investments were made.

No. Only the shareholders who held Vale shares on the record date established for the second installment of the payment are entitled to receive the remuneration.

The record date is the day on which all shareholders holding Vale shares (common or preferred) at the close of trading will be entitled to receive interest on equity or dividends.

Ex date is the date on which the shares (common and preferred) are traded without the right to remuneration approved at the meeting of Vale's Board of Directors.

In March 2002, the third and final stage of Vale's privatization program was carried out, through the global sale of common shares held by the Federal Government and BNDES - National Bank for Economic and Social Development.

On this occasion, the Federal Government allowed retail investors to take part in this stage of Vale's privatization using their deposits from the Severance Pay Indemnity Fund (FGTS) to purchase shares offered through the Mutual Privatization Funds – FMPs. The investors who made investments through FMPs acquired shares in an investment fund and not shares in Vale. The portfolios of Vale's FGTS FMPs, managed by several banks, are composed of various assets, mainly Vale's shares.

People who used their FGTS deposits acquired shares in FGTS FMPs. The holders of Vale's shares are the FGTS FMPs. Dividends / interest on equity are paid by the company to its shareholders, in this case the FGTS FMPs. The credit of dividends / interest on equity will be reflected in the value of the shares of the FGTS FMPs.
The Investor Relations Department can be contacted via e-mail vale.ri@vale.com or telephone +55 21 3485-3900.

EBIT (Earnings Before Interest and Taxes) is Vale's main operating profit measure. This represents operating profit, that is, it is calculated as profit after operating costs and expenses. Through EBIT, Vale can assess purely operational performance, that is, without the impacts of its financial structure, non-operating items and other tax-related items.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is Vale's main measure of cash generation. This is calculated by adding adjusted EBIT to depreciation, amortization and depletion, non-recurring items (such as asset write-offs) and dividends received from unconsolidated subsidiaries. Asset write-off is not part of the calculation as it represents non-cash expenses. Dividends received from non-consolidated subsidiaries are also included in the EBITDA calculation as they represent cash owned by Vale.