Vale is one of the world's largest mining companies, primarily producing iron ore, iron ore pellets, nickel, and copper. Iron ore and pellets dominate the business at roughly 79% of revenue, with base metals making up the remaining 21%. Vale mines iron ore from three systems in Brazil — the Northern System (Carajás), which produces high-grade ore at the lowest cost, and the Southeastern and Southern Systems in Minas Gerais, which process lower-grade itabirite ore. Vale sells iron ore and pellets to steel mills globally, primarily Asian and Chinese steelmakers, under a mix of long-term contracts and spot transactions linked to market indexes. Vale's base metals business, operated through Vale Base Metals (VBM), mines and refines nickel and copper across Canada, Brazil, and Indonesia. Copper is centered on the Salobo and Sossego mines in Carajás, and VBM also produces gold, cobalt, and platinum group metals as byproducts that meaningfully reduce net production costs. Vale's earnings are heavily driven by iron ore prices — a $1/dmt move in price shifts operating income by roughly $290M. Most costs are in Brazilian reais, while revenues are USD-denominated, giving Vale a structural FX tailwind when the real weakens. Vale's growth strategy focuses on expanding Northern System iron ore production toward 340–360M tons/year and growing copper output from roughly 380,000 tons today to 700,000 tons by 2035, primarily through brownfield expansions in the Carajás district at low capital intensity.