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Vale is the South American diversified-mining major and the largest single publicly-listed iron-ore producer in the world (~315 Mtpa from the Carajás Pará and Sistema Sul/Sudeste systems, including the flagship S11D mine).
Vale has had no controlling shareholder since the 2020 dissolution of the Valepar shareholder-agreement structure; it trades under B3's Novo Mercado standard (single class of common shares, board-elected management). Previ is the largest single reference shareholder but holds well short of a control stake. A July 2026 EGM — called by Previ to vote on removing then-chairman Daniel Stieler — tested this structure: Stieler resigned 6 Jul 2026 before the vote, and shareholders (82.4% of capital participating) elected an independent director rather than installing a Previ-aligned board majority, reinforcing rather than undermining the no-controlling-shareholder read.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 2 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Recorded as customer because the Huali/Pomalaa HPAL joint ventures process PT Vale Indonesia's Sorowako/Pomalaa nickel ore into MHP that Huayou further refines into nickel/cobalt sulphate and PCAM for EV batteries (Huayou is simultaneously JV equity partner and HPAL-technology provider, not a pure offtaker). Per Vale's 25-Aug-2023 press release: Definitive Cooperation Agreement targeting 60,000t nickel + ~5,000t cobalt/year in MHP from the Sorowako block (Huali project); parallel Pomalaa HPAL facility (with Ford Motor Co. as third equity partner) targets ~120,000t/yr contained nickel. No per-tonne offtake price or volume split disclosed in this release.
Wheaton's 2025 AIF (Exhibit 99.1 to its 40-F, dated 2026-02-19; direct exhibit URL returns 403 to automated fetches, replaced here with the live EDGAR filing index): a 2018-06-11 precious metal purchase agreement to acquire from Vale Switzerland S.A. (a Vale subsidiary) 42.4% of cobalt production from the Voisey's Bay mine (Newfoundland and Labrador, Canada) until delivery of 31 million pounds, then 21.2% thereafter. Wheaton buys a fixed share of Vale's Voisey's Bay cobalt at a discount, delivered in refined metal — the streaming-company equivalent of a customer. Stream commodity is cobalt (one of this dossier's scored materials); does not apply to Vale's iron-ore/nickel/copper/manganese/rare-earths lines.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
3 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 995 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
KGHM MB report 2023, significant agreements: '28 February 2023 KGHM Polska Miedz S.A. concluded the contract with Vale International SA for the purchase of Cu Salobo concentrates in the years 2023-2027. The value of the contract is estimated at PLN 8.4 billion to PLN 9.5 billion ... annual deliveries of almost 80 thousand tonnes to 100 thousand tonnes of dry weight.' Salobo mine is in Para, Brazil (Vale); KGHM smelts purchased concentrate at Glogow/Legnica, Poland. Consistent with KGHM 2024 sustainability statement: 123,924 t imported concentrates used in 2024 (https://minedocs.com/28/KGHM-MDA-2024.pdf).
Poongsan Corporation FY2025 사업보고서 (DART rcpNo 20260312001327, filed 2026-03-12), section II.3 원재료 및 생산설비, supplier table for subsidiary 'PMX Industries, Inc.' (Poongsan's wholly owned US copper-alloy rolling mill and coin-blank plant, Cedar Rapids, Iowa): '니켈 | 소전 | 14,929 | Vale, Anglo American'. Vale Base Metals refines nickel in Canada, the UK, Japan and elsewhere; the filing does not say which plant supplied PMX, so the origin is left open.
Cobalt streaming agreement: US$390M upfront plus ongoing payments of 18% of cobalt spot price per lb delivered.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 5 of its 5 materials — a restriction on those is a tailwind, not a headwind.
Dossier discloses a neodymium exposure with no Dy/Tb/Sm tag and a sector where doping is not the rule — whether this company's magnets are Dy/Tb-doped is not on record. Resolved by a disclosed magnet grade, or a named magnet supplier in named_counterparties.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a producer, policy pressure across its produced materials is coverage-limited.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇧🇷 BR accounts for 29% of severity-weighted pressure.