As the second-largest nickel producer in the world, Vale also mines copper and cobalt minerals that are essential in the production of electric cars. The mining giant is headquartered in Brazil, but also mines in Canada, Indonesia, and New Caledonia.
According to Reuters, Vale estimated its nickel production at 175,000 to 190,000 tonnes in 2022 Vale also produces and sells iron ore to companies that make steel internationally. This contributes to the market capitalisation of $75 billion reported at the time of writing.
In Q3 2021, Vale fell below analyst expectations , reporting net revenue of $12.7 billion compared to the $14.1 billion forecasted . The company attributed the drop to a weak iron ore demand in China causing the price to lose steam. The nickel and copper prices were higher compared to the previous year quarter.