Q4 2020 Vale SA Earnings Call (Portuguese)

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Mark the question would be about hedging hedging nickel and copper.

If we do two at those high prices to do the head or not. Okay. Thanks Daniel. So as you know, we did the the nickel hedge last year off and we're strong Believers in the strength of nickel going forward and when we seen the the reaction of the market and and the firming of the price the end of last month into this quarter, we did decide to de-risk a little bit in terms of our capex program and do some do some hedging but that that really is limited to trying to risk some capex in the nickel businesses. As you know, we have high capex related to some replacement mines in Canada the voice of a project in the Copper Cliff my so we did do some hedging similar issue last year zero-cost collars, so we are exposed to higher prices still and but again, it's limited on copper. We see no need to to hedge weird over. We're very sick.

Finally cash flow positive and copper and want to be exposed to the copper price. And as you saw for example and slobo and sustain go very low unit cost of cash costs.

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With a slow negative for the entire year, so the answer would be no one copper.

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