Vale (NYSE: VALE) contests preliminary Brazilian CFEM and transfer pricing ruling
Rhea-AI Filing Summary
Vale S.A. reports that a recent court decision in Brazil, referenced in a statement by the Office of the Federal Union’s Attorney General and echoed in the media, was issued at the trial court level and is still subject to appeal. The company states that it will pursue the appropriate appeals against this decision.
Vale explains that the ruling involves matters related to Financial Compensation for Mineral Exploration (CFEM) and transfer pricing rules. The company believes the decision is inconsistent with current legislation and with the export price criteria established by Brazil’s Federal Revenue Service. Vale highlights these points to clarify the situation for investors and to emphasize that the legal process is ongoing rather than final.
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Insights
Vale flags that an adverse Brazil court ruling is preliminary and will be appealed.
Vale is responding to public attention around a court decision in Brazil involving mineral royalties (CFEM) and transfer pricing. The company stresses that the ruling was issued only at the trial court level and that it plans to file the “appropriate appeals,” indicating the legal process is still at an early stage.
The company states that it considers the decision inconsistent with existing CFEM and transfer pricing legislation and with export prices recognized by the Brazilian Federal Revenue Service. That language signals a firm legal stance but does not quantify potential financial exposure in this excerpt. The main takeaway for investors is that the matter remains contested and unresolved within Brazil’s court system.
Because no specific impact, timing, or final outcome is detailed here, this update mainly serves to clarify media reports and frame the decision as non-final. Future company filings or announcements would be required to understand any concrete financial consequences once the appeals have progressed.
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of
December 2025
Vale S.A.
Praia de Botafogo nº 186, 18º andar,
Botafogo
22250-145 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
(Check One) Form 20-F x Form 40-F ¨
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Press Release |
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Vale clarifies press release
Rio de Janeiro, December 4, 2025 – Regarding the statement issued by the Office of the Federal Union’s Attorney General[1], subsequently reported by media outlets, Vale S.A. (“Vale” or the “Company”) clarifies that the referenced decision was issued at the trial court level and will therefore be subject to the appropriate appeals. The Company believes that the decision is inconsistent with current legislation governing the Financial Compensation for Mineral Exploration (CFEM) and Transfer Pricing, as it disregards the export price established by the Federal Revenue Service.
Marcelo Feriozzi Bacci
Executive Vice President, Finance and Investor Relations
For further information, please contact:
Vale.RI@vale.com
Thiago Lofiego: thiago.lofiego@vale.com
Mariana Rocha: mariana.rocha@vale.com
Luciana Oliveti: luciana.oliveti@vale.com
Pedro Terra: pedro.terra@vale.com
Patricia Tinoco: patricia.tinoco@vale.com
This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F.
[1] Statement titled “AGU secures in court the collection of R$730 million from Vale”, available in Portuguese only at: https://www.gov.br/agu/pt-br/comunicacao/noticias/agu-garante-na-justica-cobranca-de-r-730-milhoes-da-vale.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Vale S.A. (Registrant) | ||
| By: | /s/ Thiago Lofiego | |
| Date: December 4, 2025 | Director of Investor Relations | |
FAQ
What issue is Vale S.A. (VALE) addressing in this 6-K filing?
What does Vale say about the status of the Brazilian court decision?
How does Vale view the court decision related to CFEM and transfer pricing?
Does this Vale (VALE) update quantify any financial impact from the court decision?
Why did Vale issue this clarification about the Brazilian legal matter?
Who signed the Vale S.A. (VALE) 6-K related to this clarification?
