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ANNOUNCEDDemergerDemerger / IPO

Vale Base Metals Separation

VALEVale S.A.NYSE

Parent Company

Vale S.A.

VALE

Mining / Base Metals

SpinCo / Target

Base Metals Business

ANNOUNCED

2022-10-21

EXPECTED

2026

MARKET CAP

—

DEAL VALUE

—

Summary

Vale has been pursuing the separation of its base metals business (nickel, copper, cobalt) from its iron ore operations since 2022. The base metals unit is positioned to benefit from the energy transition and EV battery demand.