Analysts Offer Insights on Materials Companies: Sociedad Quimica Y Minera SA (NYSE: SQM) and Vale SA (NYSE: VALE)We attended a sell side roundtable with Vale’s CEO, Mr. Gustavo Pimenta. With key iron ore projects to be delivered by year-end, growth focus turns to copper so the company can deliver on guidance (double production to 700ktpa by 2035 with $5B capex, technical reports and FID to be delivered by 2026-1H27). Management noted elevated con fi dence in operational excellence both on iron ore and base metals, as well in the current portfolio mix (focus on what the company can operate well and has the right endowments). Management sees the Middle East crises as impacting freight rates (Vale is 75-80% hedged) with a net potential positive impact of 7-10mt on the seaborne market.