Vale Iron Ore Portfolio

Vale's Iron Ore Solutions segment — the dominant cash-flow contributor in 2025 (USD 13.8 B adjusted EBITDA). Three mining systems in Brazil: Northern (Serra Norte, Serra Sul, Serra Leste — all in the Carajás complex, Pará), Southeastern (Mariana, Itabira, Minas Centrais complexes, Minas Gerais), and Southern (Vargem Grande, Paraopeba complexes, Minas Gerais). Operates the Carajás Railroad and maritime terminals. Capacity-expansion projects in delivery: New Carajás Program (Serra Sul +20 Mtpa, Serra Leste +10 Mtpa), Capanema (+15 Mtpa, first shipment 2025, ramp-up H1 2026), Vargem Grande project (+15 Mtpa, ramp-up H2 2026). 2030 production aim ≈ 360 Mt. Two briquette plants in Brazil; Carajás Medium Grade product launched in 2025.