Brazil's largest miner and one of the world's top iron ore and nickel producers, listed on B3 as VALE3. Jointly responsible, with BHP, for Samarco and for the reparation commitments from the Fundão dam collapse in Mariana.
Last 90 days
Vale's tax thesis got a reprieve: after the STF's virtual plenary formed a majority (6-4 per InfoMoney) to allow taxing foreign subsidiaries' profits, Justice André Mendonça requested a destaque and halted the trial — the case restarts from scratch in the physical plenary, undated, with the Revenue projecting a R$ 22 billion impact.
Updated November 01, 2026 · 13 verified articles
Market transmission
The stock tracks iron ore prices and Chinese demand, the currency and reparation liabilities — the pace of Fundão agreement adhesions and disbursements changes the legal discount on the shares.
Explanatory mechanism, not a forecast or recommendation.Bradespar proposed distributing R$ 321 million, R$ 76 million in dividends and R$ 245 million in interest on equity, with a record date of November 11, according to Money Times and InfoMoney.
Vale finance chief Marcelo Bacci said at the third-quarter results presentation on October 30 that the company should not pay extraordinary dividends in 2026, according to InfoMoney, Money Times and Investidor10.
Vale posted net income of US$ 1.25 billion in the third quarter of 2026, down about 53% in a year and below expectations, according to Bloomberg Línea, Exame and Investidor10.
Vale said on October 20 it applied to China's NAFMII to register a panda bond program of up to 10 billion yuan, about US$ 1.5 billion, for 2026 to 2028, according to UOL and Investidor10. The filing is not an issuance, which will depend on market conditions.
Petrobras reached R$ 800 billion in market value for the first time on October 14, according to O Globo and Investidor10. In the same ranking, BTG Pactual overtook Vale to become B3's third most valuable company, according to Exame, InfoMoney and Investidor10.
Vale told the market on September 22 that it will pay US$ 190 million for 30% of Ligga, a miner controlled by the Santa Elina group that operates the Ferro Sul mine between Parauapebas and Curionópolis, in Pará. The company signed an exclusive long-term contract to buy 100% of the sinter feed produced, currently about 2 million tonnes a year, with a target of 8 million tonnes by June 2028. The low capital intensity deal, integrated into the Carajás railway, depends on corporate and regulatory approvals, including Cade.
Replying to a CVM inquiry on September 8, Vale said it was unaware of any new fact or corporate decision on the Vale Base Metals IPO, after Valor reported, citing The Globe and Mail, that the plan had been shelved indefinitely; VALE3 rose as much as 2% and closed at R$ 79.02 (+0.51%) on higher iron ore.
The three-month copper contract on the London Metal Exchange rose 0.8% on September 7 to US$ 14,533 a tonne, topping January's record, on expectations that Trump will widen tariffs on refined metal and with inventories concentrated in the US.
China's Ministry of Finance led a coordinated injection of 360 billion yuan, about US$ 54 billion, into state-owned banks and insurers, per CNN Brasil and CNBC. Per CNN Brasil, China Life receives 35 billion yuan, China Taiping 7 billion and PICC plans to raise up to 15 billion in a private placement to the Treasury; ICBC and Agricultural Bank of China also benefit. CNBC links the measure to pressure on net interest margins and insurers' solvency.
The federal court in Teófilo Otoni suspended on September 4 the environmental licenses and halted Sigma Lithium's mining at the Grota do Cirilo complex, between Itinga and Araçuaí (MG), until Incra approves an impact study and prior consultation with the Baú quilombo, per Estado de Minas and Bloomberg Línea. The ruling accepted a quilombola federation's challenge over the mine's distance to the territory, 2.7 to 3 kilometers per the expert report, against 8 kilometers claimed by the company, per Estado de Minas.
September 4 update: the text creates a council with power to approve or reject changes of control at critical-mineral miners, per Bloomberg Línea and Poder360. The Senate approved on September 2 bill PL 2,780/2024, creating the National Policy for Critical and Strategic Minerals, with a R$ 2 billion Mineral Activity Guarantee Fund from the Union and R$ 5 billion in tax credits over five years for domestic processing, per Agência Senado, Poder360 and Money Times. The text, reported by Eduardo Braga, goes to presidential signature without returning to the Chamber.
Justice André Mendonça requested a 'destaque' and halted the Supreme Court trial on taxing profits of Vale's foreign subsidiaries, moving the case from the virtual to the physical plenary — where it restarts from scratch. The majority already formed (6-4 per InfoMoney) is voided. The Federal Revenue projects a R$ 22 billion impact, per InfoMoney.
Vale announced that 19 more municipalities — 15 in Minas Gerais and 4 in Espírito Santo — joined the reparation agreement for the Fundão dam collapse in Mariana. With the new adhesions, 45 of the 49 eligible municipalities have joined the agreement, whose total value is R$170 billion per registered coverage.