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  "documentTitle": "Vale | Investor Conference Presentation Deck | 22 slides",
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  "authorName": "Vale",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "The slide uses a causal link between three qualitative drivers and two quantitative charts showing supply depletion and capital expenditure trends.",
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      "kind": "chart",
      "text": "Mining industry Capex – US$ bn",
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      "kind": "chart",
      "text": "Iron ore volumes depletion (2021-2030) – Mt",
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      "kind": "list",
      "text": "Mines depletion: Volume replacement needs + grades lowering; Complex licensing process: Stringent ESG standards; Industry capital discipline: Lessons learned from last super-cycle and incentives misaligned",
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      "kind": "source-note",
      "text": "Source: Vale analysis and PWC Mine 2021 Report. 1 Considers Top 40 Metals & Mining companies. Capex adjusted by US PPI ($2021 real).",
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      "text": "Underestimated supply restrictions lead to a stronger-for-longer commodities cycle",
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      "name": "Cost Of Inaction",
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      "objective": "To highlight the cost of inaction and the potential value creation through Vale's growth and strategy.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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