HIGH RISK INVESTMENT WARNING: Trading CFDs is highly speculative, involves significant risk of loss and is not suitable for all investors. Before trading, you are strongly advised to read and ensure that you understand the relevant risk disclosures and warnings. There is a substantial risk that you may lose all of your initial investment. We advise you to consider whether trading leveraged products is appropriate for you in light of your own personal circumstances. We recommend that you ensure you fully understand all risks involved before trading. Trading through an online platform carries additional risks. Please refer to our Legal documents section here.

Restricted Jurisdictions: We do not establish accounts to residents of certain jurisdictions including Japan, Canada, Spain and the USA. For further details please see Terms & Conditions.

Capex.com/en is a website operated by KW Investments Ltd, which is authorised and regulated by the Seychelles Financial Services Authority, licence number SD020.

Partner company Key Way Solutions Ltd provides content and operates the business, office address: Archiepiskopou Makariou III, 82, 1st Floor, Mesa Geitonia, 4003, Limassol, Cyprus, with company reg. number HE 388418.

Key Way Group Ltd is the holding company of Key Way Investments Ltd, JME Financial Services (Pty) Ltd and Key Way Markets Ltd.

Key Way Investments Ltd operates capex.com/eu and is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) (license no. 292/16) and registered with the Romanian Financial Supervisory Authority (ASF) (registration no. PJM01SFIM/400013), and with the Spanish National Securities Market Commission (CNMV) (registration no. 129).

JME Financial Services (Pty) Ltd operates capex.com/za and is authorized and regulated by the South African Financial Sector Conduct Authority (FSCA) (license no.37166).

Key Way Markets Ltd operates capex.com/ae and is authorized and regulated by the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (license no. 190005).

KW Investments Ltd operates capex.com/en and is authorized and regulated by the Seychelles Financial Services Authority (FSA) (license no. SD020).

VALE S.A. American Depositary Shares Each Representing one common share