SerpApi.Org
Vale (VALE) closed up 4.2% on Wednesday after shareholders elected Manuel Lino Oliveira as Chairman, ending a weeks-long turmoil in the company's boardroom.
Oliveira's election comes after former Chairman Daniel Stieler resigned earlier this month, about a month after pension fund Previ requested a shareholder meeting to vote on his removal.
Previ, which holds a ~7% stake in Vale (VALE), expressed concerns over the miner’s governance under Stieler and argued that Oliveira, who had already served on Vale's board as lead independent director, would help improve the situation.
The election of a new chairman comes after Vale (VALE) reported its highest Q2 iron ore production in eight years, beating analyst expectations following a record performance at its S11D complex, the company's largest iron ore operation, together with additional volumes from the Capanema and VGR1 projects.
Vale (VALE) said it produced 84.3M metric tons of iron ore during the quarter, up 0.8% Y/Y and exceeding the 82.2M-ton forecast by analysts surveyed by Visible Alpha.
Q2 iron ore sales rose 3.1% Y/Y to 79.7M tons, above the 78.2M Visible Alpha consensus estimate, while the miner's average realized price for iron ore fines jumped 11.6% to US$95/ton.
The company maintained its FY 2026 iron ore production guidance of 335M-345M metric tons.
"These results represent a continued strong start to the year, especially for copper and nickel," Citi analyst Alexander Hacking said in a note, expecting market estimates for Vale's (VALE) Q2 EBITDA to move up 1%-2% after the report.
