Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
December 01 2021 - 6:21AM
Edgar (US Regulatory)
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
November 2021
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 ¨
(Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1))
(Check One) Yes ¨ No
x
(Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7))
(Check
One) Yes ¨ No x
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.)
(Check One) Yes ¨ No x
(If “Yes” is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b). 82- .)
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Disclaimer
“This presentation 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; (e) global
competition in the markets in which Vale operates; and (f) the estimation of mineral resources and
reserves, the exploration of mineral reserves and resources and the development of mining facilities,
our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves
and resources. 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.”
“Cautionary Note to U.S. Investors – Vale currently complies with SEC Industry Guide 7 in its reporting
of mineral reserves in SEC filings. SEC Industry Guide 7 permits mining companies, in their filings with
the SEC, to disclose only those mineral deposits that a company can economically and legally extract
or produce. We present certain information in this presentation that are not proven or probable
reserves, as defined by SEC Industry Guide 7, and we cannot assure you that these materials will be
converted into proven or probable reserves, as defined by SEC Industry Guide 7. Starting in its next
annual report on Form 20-F, Vale will comply with Subpart 1300 of Regulation S-K, which will replace
SEC Industry Guide 7. Subpart 1300 of Regulation S-K permits mining companies, in their filings with
the SEC, to disclose “mineral reserves”, “mineral resources” and “exploration targets” that are based
upon and accurately reflects information and supporting documentation of a qualified person. We
present certain information in this presentation that are not based upon information or documentation
of a qualified person, and that will not be permitted in an SEC filing under Subpart 1300 of Regulation
S-K. These materials are not mineral reserves, mineral resources or exploration targets, as defined by
the SEC, and we cannot assure you that these materials will be converted into mineral reserves,
mineral resources or exploration targets, as defined by the SEC. U.S. Investors should consider
closely the disclosure in our Annual Report on Form 20-K, which may be obtained from us, from our
website or at http://http://us.sec.gov/edgar.shtml.”
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Our Strategic Pillars
remain solid
Vale Day 2021
New pact with society
Safety and operational excellence
Base Metals transformation
Discipline in capital allocation
Maximize flight-to-quality in Iron Ore
Vale engineer Maria Aparecida Pinho Martins,
Gelado Program, Parauapebas (PA), Brazil
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Reparation, People & Safety
Eduardo Bartolomeo, CEO
Carlos Medeiros, Executive Vice President
Safety and Operational Excellence
1
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We will never forget
Brumadinho
“Sowing Hope” Project for emotional
support to affected people
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6 Click here to watch a video
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1
Brumadinho, a fair and quick reparation
Individuals with indemnification agreements²
In thousands
4.6
12.0 4.7
2.7
2019 2019-
2021E
2020 2021E³
Income Transfer Program for local communities
Water security for the affected region
~55% of total payments¹
as per the Integral Reparation Agreement
Reparation, People & Safety
Projects demanded by the affected communities
98% of the victims
with at least one family member with
indemnification settlement
¹ Considers the agreement’s economic value of R$ 37.7 billion in February 2021, adjusted by the inflation until November 2021. Payments include previous disbursements and judicial deposits, as per the agreement. ² Individuals
covered by indemnification agreements entered into with Vale. ³ Average of individuals covered by agreements from January to October 2021, annualized.
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Boosting changes for a talent-driven,
inclusive organization
Our targets
66% 33%
reduction in women
voluntary turnover
of black trainees hired
in the 2021 program
80%
additional women in the
workforce²
+4,500
increase in senior
female leaders
80%
managers active in
culture transformation1
99%
critical roles with
successors mapped
40% leadership roles
in Brazil occupied by
black employees by 2026
26% of women’s workforce representation
anticipated to 2025 (from 2030)
Currently at 18.7% (vs 13.5% in 2019)
1 Reparation, People & Safety
¹ Expected to achieve 95% by December 2021. ² December 2019 to November 19, 2021.
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Cultural transformation monthly assessed
to ensure progress
Echoes Pulse – Employees' perception of key behaviors
+16,000
employees take part
of Echoes Pulse
82% 85%
+3
Obsession with safety
and risk management
Active listening and
engagement with society
Ownership
for the whole
Empowerment
with accountability
Open and
transparent dialogue
64%
71%
+7
65%
70%
+5
61%
67%
+6
68%
62%
+6
Pulse 1 (Dec 2020)
Pulse 2 (Sep 2021)
1 Reparation, People & Safety
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Cultural
transformation
is supported by
Vale’s
management
model
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2021
1.08
2019
2.43
-56%
20.9
90.4
2019 2021
+333%
EFVM railway
Total recordable
injury frequency rate
- TRIFR
Maintenance Plan
Adherence - MPA (%)
1.67 1.37
2019 2021
-18%
52.8 72.4
2021 2019
+37%
Itabira Complex
4.23
2019
1.51
2021
-64%
2021
44.6
2019
83.6
+87%
Tubarão Port
Becoming a best-in-class reliable operator with VPS
VPS¹ Excellence
Index² 1.67
2019
2.62
2021
+57%
0.80
2.01
2021 2019
+151%
2.17 1.33
2019 2021
+63%
1 Reparation, People & Safety
Note: 2021 figures are cumulative (Jan until Oct 2021). ¹ VPS is Vale’s management model. ² The Excellence index measures the VPS deployment progress.
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Building a sustainable performance in OH&S¹
66 57 44
25
63
35
25
15 10 5 0
2022 2020 2018 2019 2021 2023 2025 2024
Reduction of high-potential recordable injuries
N2 - absolute values² Target
N2
N2 (10M21)
Total recordable injury frequency rate
(TRIFR)
1.98 1.84 2.14 2.65 3.21
Vale Peer 1 Peer 3 Peer 2 Peer 4
TRIFR - 2020 comparison in mining
2.25 3.48
1.98 1.46
2019 2020 2021 2018
-35%
Peer compared to Vale
1
2
3
+62% +34% +8% -7%
1 Reparation, People & Safety
¹ OH&S stands for Occupational Health & Safety. ² Includes own employees and third parties.
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. Replacement of liquid
chlorine by bleach
. Replacement of liquid
propane storage in
large volumes by on-
demand natural gas
. Replacement of liquid
chlorine by bleach
. Replacement of liquid
propane storage in
large volumes by on-
demand natural gas
. Reduction of ammonium
nitrate inventory
. Reduction of ammonium
nitrate inventory
Canada
Mozambique 1,298
6,757
7 72
874
597 253
1,993
2020 2021
Scope
Risk identification
Risk treatment
Risk monitoring
100% of Vale’s
sites assessed
850 potential material
unwanted events
2,172 immediate
actions
8,750 critical
controls
¹ Hazard Identification and Risk Assessment
1 Reparation, People & Safety
Strengthening risk management through HIRA¹
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Eliminating upstream dams
5
8
14 16 16 19
29
5 7
12 13
17 20
27 30
2025 2022 2024 2035 2019-
2020
2023 2021 2029
Vale Day 2020
2021 Update
Number of structures (cumulative view)
7 eliminated since 2019
23 remaining
Upstream¹ Dam²
De-characterization Program
Completion by 2035
2 completed in 2021
Forquilhas I, II
and III dams
require longer
timeframes
1 Reparation, People & Safety
¹ The same heightening method deployed at B1 dam, collapsed in Brumadinho. ² Comprises dams, dikes and waste stacks.
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Making progress with dam safety
1 Reparation, People & Safety
¹ Includes dams, dikes and drained stacks. As per the Brazilian regulation and as provided for in each Mining Dams Emergency Action Plan, considering level 3 as the critical emergency level. ² Considering the maximum number of
structures at emergency level in 2020. ³ The 31 structures encompass different heightening methods and include 11 upstream structures.
Structures at risk¹
(unit)
24 22 22
5
7 8 6
4
4 3 3
2020²
35
Jan-21 Dec-25E
33
Nov-21³
31
9 Level 3
Level 2
Level 1
Emergency level²
Level 3
Higher liquefaction risk and
back-up dams built downstream
Level 2
Anomalies identified which
require actions
Level 1
Anomalies which demand more
information, monitoring or attention
No dam at critical safety condition by 2025
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Vale will comply
with the Global Industry Standard for Tailings Management
Vale
Industry
. The GISTM is
launched, based
on 15 principles
(Aug 2020)
. The 77 auditable
requirements for
adherence are made
public (May 2021)
. All tailings facilities
with “Extreme” or
“Very high” potential
consequences must
be compliant by Aug
2023
. All tailings facilities
not in a state of
safe closure must
be compliant by
Aug 2025
. 1st self-
assessment
based on the
principles
(Sep 2020)
~60% adherence¹
. Gap-assessment
based on the
conformance
protocol
(Nov 2021)
~90% adherence
(target)² ³
. External audit
. Gap treatment
2020 2021 2022 2023 2025
. In line with the
industry commitment
1 Reparation, People & Safety
¹ Based on the results of the self-assessment conducted in 2021, which had the 77 auditable requirements as main source. ² Based on the external audit results. Structures held by joint-ventures are not included. ³ Considering tailings
facilities with “Extreme” or “Very high” potential consequences.
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New Pact with Society
Eduardo Bartolomeo, CEO
Luciano Siani Pires, Executive Vice President
Strategy and Business Transformation
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. 2030 agenda revised
. Industry leader
renewable energy
. Scope 1, 2 and 3
targets
. Non-GHG targets
Environmental . Climate Change report
. ISO 14001 certification
(ongoing)
2
Leveling up ESG practices
. +300 community
relationship plans
under execution
. Formal Human
Rights Due
Diligence Process
. Increasing female
workforce
. Social ambition
Social
. Independent Board
majority, including
Chairman
. Nomination Committee
. CCO and Audit
Committee
. ESG Gaps Action Plan
. Compensation based
on ESG targets
Governance
2019 2022
New Pact with Society
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We have defined our social ambition...
. Education
. Health
. Income Generation
Resilient
communities
. Human Rights (including
Indigenous Peoples)
. Amazon
Global
causes
“To be a partner company in the development of resilient communities, engaged
in relevant issues to humanity and committed to sustainable mining”
For details of our social goals,
please visit www.vale.com/esg
. Be a good neighbor
. Create Social Value
Sustainable
mining
2 New Pact with Society
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… and our 2030 Social Goals
Resilient communities
Lift 500,000 people out of extreme
poverty¹
Indigenous Peoples
Indigenous communities neighboring Vale
operations with UNDRIP2 rights plans
Sustainable Mining
Rank Top 3 in the social requirements
of the main external assessments
2 New Pact with Society
¹ People living with less than US$1.95 per day, as per the World Bank. ² United Nations Declaration on the Rights of Indigenous Peoples.
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We are in line to transform the future
Reduce scope 1
and 2 emissions
by 33% by 2030¹
100% renewable
electricity
Brazil (2025),
globally (2030)
Forests
recover and
protect +500,000
ha (2030)
Net zero
scope 1 and 2
emissions by 2050
Reduce Scope 3
net emissions by
15% by 2035²
Fresh water
reduce uptake
by 10% (2030)
. Briquettes plants under construction
. ~90% renewable electricity globally
and ~240 MW3 from solar/wind
projects
. +120,000 ha of forests protected by
the end of in 20214, totaling 1.1 million
ha, ~80% in the Amazon
. 80% of water reuse in our processes
2 New Pact with Society
¹ Baseline 2017: 14.1 Mt CO2 eq. Target 2030: 9.5 Mt CO2 eq. ² Baseline 2018. ³ Sol do Cerrado Solar Power and Folha Larga Sul wind project, share of production destined to Vale or its
subsidiaries once operaitng. 4 Up to October 2021.
Our progress:
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On our path to reach net zero by 2050
2
Main technological routes
Energy efficiency
and renewables
Bioenergy
Electrification
New processes
Prioritization of operational
emission reductions
Nature-based solutions
with socioenvironmental
co-benefits
High-integrity carbon markets
1
2
3
Our drivers
57%
32%
11%
Pelletizing & Metallurgy
Mining, Railway & Others
Scope 2
Scope 1 and 2 emissions
by process – BAU¹
%
New Pact with Society
¹ BAU stands for business as usual.
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Our low carbon
agenda advances
Vale Zoo and Botanical Park
Parauapebas (PA), Brazil
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We have taken important steps on our Scope 3 targets
Vale’s own initiatives
(15-25% of the challenge)
. Improving our high-quality portfolio
. Developing new technologies and asset light
solutions
94%
2%
3%
1%
Shipping
Steelmaking Use of coal
Suppliers
Scope 3 emissions¹ - BAU²
%
Partnerships with clients and suppliers
(75-85% of the challenge)
. Engaged with customers accounting for ~40% of
Vale’s scope 3 emissions
. Leveraging steel industry decarbonization initiatives
. Supporting a reduction in shipping emissions³
Offsetting based on high-integrity carbon markets to
comply with the reduction targets if necessary
2 New Pact with Society
*Baseline 2018: 586 Mt CO2 eq. Target 2035: 496 Mt CO2 eq. ² BAU stands for business as usual. ³ Target to reduce intensity in 40% by 2030 and 50% absolute emissions vs. emissions
in 2008 (reference year).
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We are naturally well-positioned for a low-carbon mining
Iron Ore premium portfolio
63.6
60.8 60.4 57.8
Vale Peer 2 Peer 1 Peer 3
Future
2020
Average Fe content
%Fe
Seaborne supply by Fe grade
%, 2020
28% 25% 22%
59% 83%
66% 70%
19% 17%
<60%
7%
64-60% 66-64% >66%
5%
Others
Vale
Peer 1, 2 and 3
Nickel Low-Carbon Products
Vale Class 1 Nickel among the
lowest carbon intensive products
. 1/3 less emissions for Long Harbour rounds¹
. High purity Long Harbour nickel melt rounds
. Long-term off-take agreement with EV Producers
1,000 2,000
0
220
180
1,500
20
40
140
80
200
60
0
120
160
100
500 CO2e intensity (tCO2e/t Ni eq.)
Scope 1
Scope 2
Freight & Port
Downstream Processing
Upstream Mine Emissions: E0
Cumulative Ni Production² (in kt)
Vale Class I
2 New Pact with Society
¹ Carbon footprint of Vale Long Harbour rounds compared to Nickel Institute average Class 1 nickel. Intertek Group Plc has lent independent third-party limited assurance to the carbon footprint
of nickel rounds produced at the Long Harbour refinery in Newfoundland, Canada. ² Source: Skarn Associates Limited.
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Maximize flight-to-quality
in Iron Ore
Marcello Spinelli, Executive Vice President
Iron Ore
3
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New way to
operate
Tailings filtration plant
Vargem Grande Complex
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New projects to reduce the reliance on
tailings dams
Iron ore production by method
Mt
Dry
processing
additions
Implement
tailings
filtration plants
Dry
processing
additions
Develop dry
concentration
solutions
300 ~15%
~70%
40%
400
2015
~1%
73% 58%
2018 2020 400 Mtpy
production
level1
346
385
Dry concentration
Wet processing with tailings filtration
Wet processing
Dry processing
Dry
processing
additions
Dry tailings used
as co-products
Dry
processing
additions
Increase dry
processing
production
Northern System 240 Mtpy2
Serra Norte Usina 1 conversion3
Capanema project4
Blending strategy
Maximize flight-to-quality in Iron Ore 3
Lower tailings
dam exposure
1 Considers a time horizon after the implementation of the highlighted initiatives. The production method share over the years will depend on assets availability and production plan. 2 Northern System includes Serra Norte, Serra Leste
and S11D operations. 3 Usina 1 partially operates today by wet processing, which is expected to be converted to dry processing in 2025. 4 18 Mtpy capacity project by natural moisture with start-up expected in 2H23. Net addition
capacity of 14 Mtpy in the first years.
85%
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Delivering tailings filtration plants:
more quality, fewer dams
US$ 1.2 billion
invested in 2019-21
US$ 1.3 billion
to be invested in 2022-25
Maximize flight-to-quality in Iron Ore 3
Note: Includes investments in tailings stockpiles. Physical progress as of October 30th, 2021. 2nd phase of each project is expected to start-up in the following quarter.
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Dry concentration: more quality,
no water, no dams
Dry concentration capacity
Mtpy
1.5
9.5 8.5 6.0
2.0
Vargem
Grande
Fazendão Fábrica Dry
concentration
capacity
Oman
(PF cleaner)2
Expected
approval
2023
Expected
approval
2023
Expected
approval
2022
Start-up
2023
Under construction Under evaluation
Magnetic separation: proprietary technology
Final products with up to 68% Fe1
Potentially integrated with other process routes
Modular design
Maximize flight-to-quality in Iron Ore 3
1 Final products depend on ROM quality. 2 Project to improve pellet feed (“PF”) quality to supply direct reduction pellets production.
Dry magnetic concentration pilot plant
Vale’s Ferrous Technological Center
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1 Tailings from current production. 2 Operations in Itabira and Vargem Grande are under analysis
for the future. 3 Sales and donations. 4 As an example, the creation of local industries and jobs
creation.
Co-products operations in place at
Brucutu and plans for Viga in 20222
Sand as a raw material for industry
(around 1.0 Mt sales3 committed to 2022)
Multiple uses under development
(e.g. bricks, green tires, quartz)
Circular economy: shared value
with communities4
Less area required to dispose
dry tailings1
Sand stockpile
Brucutu site
Maximize flight-to-quality in Iron Ore 3
Co-products: recycling dry tailings to
sustainably increase production capacity
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Extended supply chain services
delivering value for clients
. >75% of sales under
CFR model with most
volumes being
transported in large
vessels
. Reduced exposure to
spot market with long-
term affreightment
contracts
. 17 ports in China and 2
distribution centers in
Malaysia and Oman
. Solutions for just in time
products and logistics
efficiency
. Pre-blending
. Partnership to develop 20
Mtpy of strategic port
capacity in Shulanghu
port (West III project)1
. Valemax vessels
unloading in more 3 ports
in China in 2021 and 2
more expected for 2H22,
totaling 9 ports
. Developing grinding
capacity to produce
GF882 in the mid term
. Capturing the growing
demand of pellet feed in
China
. Development of
beneficiation capacity in
China to concentrate
products
. Supply the Chinese
construction industry with
sand (co-product)
Freight service Blending strategy Ports’ partnerships Grinding facilities Concentration facilities
Maximize flight-to-quality in Iron Ore 3
1 The West III project consists in expanding the Shulanghu Port facilities, developing a stockyard and loading berths with additional 20 Mtpy capacity. By participating in the project, Vale will secure a total port capacity of 40Mtpy in
Shulanghu, which will help Vale to optimize its overall supply chain costs. 2 Pellet feed production using ground IOCJ.
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Vale will reach 400 Mtpy capacity in the
medium term with its new way to operate…
Capacity (Mtpy)
Long
term
Vale Day
2021
Medium
term
Northern
System 240-260 203 215 205
End of
2022
Southeastern
System 110-120 70 113 93
Southern
System 70-85 65 69 69
Midwestern
System 3 3 3 3
400-450 341 400 370
Vale Day
2020
206
61
51
2
320
Main deliveries in 2022
Quality Capacity
1H22 S11D: jaspilite crushers
installation
2H22 S11D: Project +10 Mtpy
2H22 Serra Norte: Gelado project
1Q22 Brucutu/Itabira: tailings
filtration plants start-up
4Q22 Itabira: Itabiruçu dam raising
and new tailing stockpile
4Q22 Brucutu: Torto dam start-up
Maximize flight-to-quality in Iron Ore 3
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… and value over volume approach will
continue defining production and sales strategy
300
2020 2021E
315-320
320-335
2022E
Iron ore production
Mt
63.6%
62.9%
63.5%
Iron ore sales Fe content (%)1
Maximize flight-to-quality in Iron Ore 3
Higher Fe content
Value over volume strategy
1 Considers sales in the seaborne market and in Brazil, including iron ore pellets
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Best in class portfolio supporting
industry decarbonization
S11D mine second stockyard
S11D, Carajás (PA), Brazil
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Beyond enhancing quality, we are
delivering solutions to improve Vale’s portfolio
Dry
concentration
Enabling the production of up to 68% Fe
content from low Fe ROM
Direct charge
products
Leading world’s pellets and green
briquettes production
Increasing Northern System high-quality
production to deliver IOCJ, BRBF and
GF88
High-quality
ores
Asset light
solutions
Working with partners on an asset light
platform to supply low-CO2 solutions CO2
90%
2021 Future
83%
Premium products2
>64%
2021 Future
62.9%
Fe content1
>100 Mt
2021 Future
~40 Mt
Direct charge
products3
Maximize flight-to-quality in Iron Ore 3
1 Considers sales in the seaborne market and in Brazil, including iron ore pellets. 2 Includes IOCJ, BRBF, pellets, briquettes and pellet feed. 3 Includes briquettes, pellets and lumps.
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Green briquette is a breakthrough
environmentally friendly solution
Exclusive technology
18 years of in-house R&D
Technology patented1 in 47 countries
Blast furnaces: reduction of over 10% in BF-BOF route2
Direct reduction furnaces: capacity to supply the increasing demand
Less CO2 emissions
Briquettes capacity
Mtpy
6.0
Vargem Grande
>50
Other plants
0.75
Tubarão 1&2 Briquettes
capacity3
Start-up
2023 Start-up
2023
Under construction Under evaluation
Maximize flight-to-quality in Iron Ore 3
US$ 0.5-1.0 billion of potential
incremental EBITDA over sinter feed3
1 Patented or in submission process. 2 Considering the substitution of sintering process in steelmaking plants. 3 Estimates figures subject to
feasibility studies, internal approvals and market conditions. Potential EBITDA estimates updated in response to customer feedback.
Green briquettes
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There are multiple ways to decarbonize
and we are engaging with clients on this journey
Green
briquette plants
Dry
concentration
plants
Tecnored
technology Metallics
Burden mix
optimization
High-grade
products usage Biocarbon usage
Direct
reduction
technologies
Potential client solutions
North America
MoUs¹ under discussion
Brazil
MoU with Ternium Brasil
Others under discussion
Middle East
MoUs under discussion
Europe
MoUs under discussion
China
MoU with 4 clients (Baowu and
Others under discussion
Japan and Korea
MoU with 3 clients (Hyundai
Others under discussion
In 2021, Vale engaged with 20 clients representing 40% of company’s scope 3 emissions
Maximize flight-to-quality in Iron Ore 3
and POSCO among them)
Shagang, among them)
¹ MoU stands for Memorandum of Understanding.
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Rebuilding Vale’s
competitiveness
Bulk vessel with rotor
sails technology
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Capacity resumption is key to remove
inefficiencies and promote cost savings…
Maximize flight-to-quality in Iron Ore 3
Production costs (US$/t)
Timbopeba site
. 2022: 12% production increase in 2022 and
normalized railway operations
. Medium-term: Start-up of Capanema project in 2H23
with dry processing
27
21
15
2021 2022 Medium term
-20%
-29%
Production costs (US$/t)
Vargem Grande complex
. 2022: Resumption
conveyor belt in 4Q21,
reducing use of trucks
. Medium-term: Capacity
reaching over 50 Mtpy,
with fixed cost dilution 2022 2021 Medium
term
-5% -11%
Production costs (US$/t)
Brucutu site . 2022: Ramp-up of tailings
filtration plants (new way
to operate) and reduction
of the share of dry/high-
silica products, increasing
costs
. Medium-term: Capacity
reaching over 28 Mtpy,
with fixed cost dilution 2022 2021 Medium
term
+31% -34%
Note: Production costs includes C1 cash costs and stoppage expenses.
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45
Dilution of
fixed costs
New way
to operate2
~17
Dilution of
fixed costs
2021E
-0.7
-1.0
Cost
efficiency1
2-3
0.5
15.5-16
2023
-1.0
-1.0
Cost
efficiency1
14-15
400 Mtpy
production
10.5-12
14-15
…reducing C1 cash cost level
Vale’s iron ore fines C1 cash cost (ex. 3rd party purchase)
US$/t
Maximize flight-to-quality in Iron Ore 3
• Inflation
• Drilling/
geotechnical
analysis
• Depletion/others
Main changes
from previous
guidance
1 Includes the removal of inefficiencies in operations and productivity gains. 2 Tailings filtration plants, dry concentration, geotechnical analysis, drilling and others.
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46
Vale has a winning shipping strategy
Vale’s average
freight cost
2021E3
~27
~16
Spot freight
2021E2
Valemax 2G/
Guaibamax
2021E
~13
~19
Vale’s
medium term
freight cost3 4
Freight costs
US$/t
Efficient vessels
65+ Valemaxes 1G+2G / 45+ Guaibamaxes
Scrubbers installed on dedicated fleet
Lower bunker costs
Ecoshipping program
R&D portfolio including rotor sails and air lubrication
Long-term affreightment contracts
Majority of fleet under LTC1 with increase potential
Maximize flight-to-quality in Iron Ore 3
1 Long term contract. 2 C3 Route (Tubarão-Qingdao). 3 Iron ore fines freight. 4 Includes ~US$ 2.4/t reduction related to market assumptions for spot freight and bunker fuel costs.
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47
Decarbonization and portfolio
improvements lead to higher premiums for Vale
All-in
premiums1
Market
environment
Vale’s portfolio
US$
~10/t
2018
. Chinese supply side reform
. High steel margins
. High availability of pellet
feed and pellets
. Flexibility to produce close
to 400 Mtpy
US$
~6/t
2021
. Volatile iron ore price
. High-availability of low
alumina products
. High coke prices
. Production of high-silica
products
. Low pellet feed availability
to produce pellets
US$
8-12/t
2023-26
. Healthy steel margins
. Lower availability of low
alumina products
. Higher volumes from
Northern System
. Resumption of pelletizing
capacity
. Ramp-up of briquette plants
US$
12-18/t
2029+
. Carbon pricing
. Transition to more direct
reduction demand
. Green briquettes over 50
Mtpy
. Dry concentration
improving quality
Maximize flight-to-quality in Iron Ore 3
Note: Considering different scenarios of steel production with steel margins ranging between US$25-100/t and carbon price ranging between US$0-60/t of CO2eq. 1 Vale’s iron ore weighted average premiums for the current and future
portfolio, including IOCJ, BRBF, pellets, briquettes and others, on top of 62%Fe benchmark index.
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48
Altogether, Vale is rebuilding its
competitiveness: capacity, value and green
~3
Iron ore
price effect
2-6
~45
Freight
efficiency
2021E C1 ex-3rd
party purchase
~3
~2.5
Premium Others1 Future
premiums
(potential)
~35
400 Mtpy
production level
30-35
400 Mtpy
production level
(price adjusted)
0-6
<30
Potential
breakeven in a
decarbonized
world
Vale’s iron ore fines and pellets EBITDA break-even
US$/t
. Normalization
of spot freight
rates and
bunker prices
. Fleet
optimization
(Valemax/
Guaibamax)
. Pellet capacity
resumption
. Northern
System
production
increase
. No stoppage
expenses
. Dilution of
expenses
. Potential
lower effect
of prices on
royalties
and third-
party
purchase
Roadmap
Maximize flight-to-quality in Iron Ore 3
. Dilution of
fixed costs
. Removal of
inefficiencies
and cost
savings
. New way to
operate
. Vale’s future
portfolio
. Carbon
pricing
. Transition to
more direct
reduction
demand
1 Includes expenses, stoppage expenses related to Brumadinho, distribution costs and moisture adjustment.
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|
49
Base Metals transformation
Mark Travers, Executive Vice President
Base Metals
4
Questions?
valeday2021@vale.com
|
|
50
2021 was a challenging year
. Broad safety reviews and strategy to drawdown maintenance backlog to
improve safety standards
. Delays in maintenance at Sossego due to COVID restrictions –
contractors’ mobilization
. Critical maintenance activities at Sossego mill and Onça Puma furnace
. 2-month labor disruption at Sudbury operations
. Delays in planned maintenance related to Sudbury stoppage
Base Metals Transformation 4
Remainder critical
maintenance to be
concluded in 2022
Continue to improve risk
management and safety through
Operational
Excellence initiatives
Sequeirinho Pit, Sossego mine
Canaã dos Carajás (PA), Brazil
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51
For 2022, we have key milestones in the path to
performance recovery
Base Metals Transformation 4
2021 2022
295-300
330-355
2022 2021
165-170 175-190
Copper production Nickel production
. Stable production at North Atlantic mines
. Improvement in Salobo mine movement
. Planned maintenance at Sossego
. Stable production at North Atlantic Mines
. New projects ramp up (VBME and CCM1)
. Onça Puma stabilization
. PTVI furnace rebuild
In kt In kt
|
|
52
Strengthening our
copper portfolio
in Carajás
Former Igarapé Bahia Gold Mine, location of future Alemão
project, Parauapebas (PA), Brazil
|
|
53
A Tier 1 mining complex leveraged by synergies
Base Metals Transformation 4
Copper dedicated railway terminal
and railcar fleet
Copper concentrates terminal
at Itaqui port
Copper mines
Copper projects
Copper options
|
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54
We are advancing Salobo 3
¹ New processing plant with a nominal processing capacity of 12 Mtpy of ore. ² Life-of-mine average. Yearly
production may vary as a result of mine plan. ³ Subject to feasibility studies, internal approvals and market
conditions
Commissioning of facilities to start in
1H22. Start up planned for 2H22
New processing plant¹ that allows to
increase copper production by 30-40 ktpy²
Further optionality with Salobo IV to
potentially add 30 ktpy of copper³
Concluded assembly of flotation cells
and energization of power substation
Goldstream tail payment > US$ 500
million
Plant construction, November 2021
Salobo 3 project, Carajás (PA), Brazil
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|
55
… and taking Carajás towards growth
Alemão: approaching the next big step
towards Carajás growth
Adding on optionality to South Hub
extension Developing future growth options
Progressing on Cristalino feasibility study
Advancing on satellite deposits studies to
provide optionality e.g., Bacaba
Ongoing evaluation of South Hub
expansion – new processing plant
New underground mine in the former
Igarapé Bahia gold mine
Access to regional infrastructure
Well-advanced feasibility study.
Conclusion expected by the end of 2022.
Adding ~60 ktpy with significant gold Extending life at ~80 ktpy¹ 70-100ktpy estimated potential
Development of the North Hub to process
feed from northern deposits
Close to Salobo – synergies with some of
the existing infrastructure
60km of drilling completed YTD² ³
GROWTH
REPLACEMENT
WITH OPTIONALITY GROWTH Satellite view of North Hub area Sossego Mill Igarapé Bahia Mine – location of future Alemão project
Base Metals Transformation 4
1 Life-of-mine average. 2 Year-to-date: January-November 2021. 3 Comprising Paulo Afonso, Pojuca, Grota Funda and Gameleira.
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56
Developing a world-class
copper discovery: Hu’u Project
Base Metals Transformation 4
Completion of the assessment of alternatives for the
pre-feasibility study¹
Onto deposit estimated to contain 17.4 Mt of copper and
32 Moz of gold in resources². Equates to an increase of
~15% in contained copper since February 2020³
Copper production estimated at 300-350 ktpy during peak
production with a predicted mine life of >45 years
Expect to conclude the pre-feasibility study in 2024
Note: Hu’u is 100% owned by PT Sumbawa Timur Mining (STM), an Indonesian private joint-venture
company owned by Eastern Star Resources Pty Ltd (80%) and PT Aneka Tambang (20%). Eastern Star
Resources Pty Ltd is 100% owned by Vale. 1 Delivered an Assessment of Alternatives for the planned
Final Pre-feasibility Study. At this time, a block cave mine with conventional mill & flotation circuit and
associated infrastructure will be further studied in the final phase of the pre-feasibility study. 2 1.1Bt
Indicated Resources @ 0.96% Cu and 0.58g/t Au containing 10 Mt Cu and 20 Moz Au and 1.0Bt
Inferred Resources @ 0.74% Cu and 0.37g/t Au containing 7.4 Mt Cu nd 12 MoztAu . 3 Mineral
Resource Estimate Statement (19 February 2020)
Core Shed
Hu’u project, Indonesia
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|
57
Progressing on project development…
Pre-feasibility
FEL 2
Feasibility
FEL 3
South Hub Ext.: Cristalino
80 ktpy
South Hub Extension:
Cristalino
Alemão
+60 ktpy
2019-20 2021
North Hub
+70-100 ktpy
Alemão
Investment
Decision
2022-23
2023
South Hub Extension¹
Other satellites
Scoping
FEL 1
2024+
2026+
Hu’u
300-350 ktpy 2028+ Hu’u
REPLACEMENT GROWTH
Base Metals Transformation 4
Victor JV
20 ktpy² 2023
South Hub Expansion
+30-40 ktpy 2025+
Salobo IV
+30 ktpy 2025+
South Hub Expansion
Salobo IV
South Hub Extension¹
Other satellites
1 Satellite deposits projects vary in maturity. ² Volume presented as Vale share
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58
… to deliver on growth with long-term potential
2023-26 2022 2027+ Hu’u North Hub Salobo IV South Hub
expansion
LT with
optionalities
330-355
390-420
450+
30-40
70-100 30
300-350* 900+
Scoping Pre-feasibility
Investing in mid-term growth Building on optionality to 900 kt and beyond
+ Upside from global exploration initiatives
in the Andean America and Eastern Europe
Base Metals Transformation 4
R Replacement project
+ Growth project
+ Salobo 3
In ktpy
* At peak production.
R South Hub (Cristalino)
+ Alemão
+ Victor (start-up: 2028+)
|
|
59
Transforming our
Base Metals
Business
|
|
60
Progressing on our Nickel agenda
Approval of Manitoba
Extension Phase 1
First ore achieved at VBME² Conclusion of VNC¹ sale
Update (pixel)
Base Metals Transformation 4
First ore achieved at
CCM 1³ South mine
¹ VNC stands for Vale New Caledonia. ² VBME stands for Voisey’s Bay mine extension. ³ CCM 1 stands for Copper Cliff Mine 1.
|
|
61
Well-positioned
to pivot towards North Atlantic EV
57
628
2020 2025 2030
295
Current
Future
US Megafactory capacity expected growth
GWh
1 GWh =
~0.7kt of nickel²
Signed a long-term agreement with OEM to
sell 5% of our Class I nickel to North America
Target to achieve 30-40% of Ni to North America
EV market in the mid-term (up to 5 years)
Developing black mass recycling: positive tests on
nickel and cobalt recoveries
Base Metals Transformation 4
Evaluating options to build a nickel sulphate plant
in Canada
US Megafactories
Current¹
Future
Vale Canada
Mines
Refineries
¹ Major Megafactories in 2020. Source: Benchmark Mineral Intelligence (October 2021). ² Considering current US capacity profile which is nickel-based.
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|
62
Delivering on stability in Nickel
Ramping up VBME Advancing on replacement projects in
North Atlantic
Onça Puma: optimizing growth
opportunities in South Atlantic
Replacing capacity at Voisey’s Bay Replacing capacity in North Atlantic Adding capacity in South Atlantic
2nd furnace
Optionality
Additional production of 12-15ktpy in the
first 10 years
Currently performing value engineering
Onça Puma expansion
Advancing maturity assessment of pre-
feasibility study
Development of two U/G¹ mines – Reid
Brook and Eastern Deeps
Physical progress 72% in October 2021
First ore achieved in Reid Brook. Eastern
Deeps start-up expected for 2H22
Phase 1 approved
Phase 2 advanced to pre-feasibility study
Base Metals Transformation 4
Manitoba extension
CCM 3&4
Thompson operations Voisey’s bay mine Onça Puma plant
¹ U/G stands for underground.
|
|
63
Exploring
Canadian high-quality resources
Drilling exploration campaign planned for
the next 5 years targeting near-mine to
advanced projects (> 300Km per year)
Base Metals Transformation 4
Thompson Sudbury
Voisey’s Bay
. Advancing exploration studies on large
ultramafic-hosted Ni deposits
. Extensive regional program targeting
high-grade sediment-hosted Ni
mineralization
. Exploring near mine targets to extend
mine life at Thompson Mine
. Balanced portfolio of early-
stage targets, advanced
projects and near mine
opportunities
. Strong land position in world-
class Ni camp with synergies
to existing operations
. Extensive near mine and
regional program
. Potential to add resources and
extend mine life at Reid Brook
and Eastern Deeps
High-grade polymetallic orebodies,
especially in Sudbury basin
Canada has the largest Ni sulfide
resources in the world
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|
64
Unique access to higher
quality nickel in Indonesia
One of the largest Ni resource in Indonesia¹
Currently produces 70-80 kt of Ni in matte
PTVI matte feeds into Matsusaka-Clydach flowsheet
Beyond-compliant environmental management²
Bahodopi - RKEF
70kt Ni
100% mine; 49% plant
Pomalaa - HPAL
40kt Ni
100% mine; ~20% plant
JV projects
1Q 2022 2022-23
Central Sulawesi
South Sulawesi
Southeast Sulawesi
Base Metals Transformation 4
As of Dec 2020 Reserves
Mt %Ni Mt Ni
Resources³
Mt %Ni Mt Ni
Saprolite 104 1.73 ~1.8 222 1.85 ~4
Limonite - - - 131 1.33 ~1.7 ¹ According to data available at S&P. ² Awarded a Green PROPER, an award from the Government to business entities that
comply and even beyond compliance in terms of environmental management. ³ Saprolite resources including inferred
resources of 116 Mt @1.9% Ni.
Final Investment Decision:
|
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65
Building a stable business
Pre-feasibility
FEL 2
Feasibility
FEL 3
OP 2nd furnace
+12-15kt
Investment
Decision
2022
CCM 3&4
Scoping
FEL 1
2023+
Manitoba
Extension Ph 2
2024+
CCM 3&4
2019-20 2021
REPLACEMENT GROWTH
Base Metals Transformation 4
2024+ 2022-23
175-190
200+ *Peak at ~220kt
as Onça Puma
2nd furnace starts
Nickel production
In ktpy
Manitoba
Extension Ph 2
|
|
66
Transforming our Base Metals business
Base Metals Transformation 4
Unique access
to higher
quality nickel
in Indonesia
Well-positioned to
pivot towards
North Atlantic EV
A Tier 1 mining
complex with growth
optionality
|
|
67
Discipline in capital
allocation
Gustavo Pimenta, Executive Vice President & CFO
5
|
|
68
. Benchmark in safety
. Best-in-class reliable operator
. Talent-driven organization
. Leader in low-carbon mining
. Reference in creating and
sharing value
Re-rating
De-risking
Reshaping
Sound cash flow generation
Discipline in capital allocation
Reshaping
Discipline in capital allocation 5
We are focused on delivering
superior value to our shareholders
. Focus on core business
. Elimination of cash drains
. Accretive growth opportunities
. Cost efficiency
. Brumadinho
. Dam safety
. Robust ESG practices
. Production resumption
|
|
69
Reparation Agreement1
US$ billion
The Reparation Agreement brought certainty on Vale’s
disbursements
1 Amounts stated include inflation and do not include discount to present value, considering average BRL/USD exchange rates in 2019 of 3.95, in 2020 of 5.2 and of 5.4 for 2021 onwards. It does not include
individual indemnification nor incurred expenses. ² It considers the release of judicial deposits.
Discipline in capital allocation | De-risking 5
1.7
2.3
0.4 0.4
1.4 0.3 0.4
0.3 0.5
1.9
0.5
Previously
disbursed
0.2
2021 2022E 2023E
0.6
0.4
0.2
2024E
0.2
2025E
0.2
2026-
2029E
Total
2022-
2029E
2.4
0.7 0.8 0.7
3.4
Performance obligations
Payment obligations²
55% of total
agreement to be
concluded by 2021
2/3 of payment
obligations
|
|
70
2022, a year of important deliveries
for the Renova Foundation
Discipline in capital allocation | De-risking 5
Acceleration of individual
indemnifications following Federal
Court decisions
Final revision of 42 programs under
the existing agreement framework
Peak spending and delivery
on resettlements
Resettlement under construction
Bento Rodrigues (MG), Brazil
|
|
71
CSA
Fertilizer
assets in
Brazil
Potash
projects in
Canada
Coal assets
in Australia
Zhuhai
YPM
Mosaic
Moatize
CSI
Manganese
ferro-alloy
in Minas
Gerais,
Brazil
CSP
Henan
Longyu
Energy
Resources
VNC
Biopalma
Fertilizer
assets in
Peru
Potássio
Rio
Colorado
2015 2021 2018 2020
MRN
What is next?
Simplifying the portfolio to deliver on the reshaping…
Discipline in capital allocation | Reshaping 5
Deals since Vale Day 2020
Advanced stage of negotiations
Other non-core assets
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|
72
… leading to a significant decrease of our cash drains
Discipline in capital allocation | Reshaping 5
1 VNC result in 2021 does not consider the US$ 555 million paid for the divestment. ³ Including Samarco’s working capital needs. ³ Including Biopalma and CSP needs
US$ million
Moatize
VNC1
1,480
1,140 320
300 70
2020 2021E
-
-
2022 onwards
Total
Main measures
. VNC was sold to Trafigura consortium in 1Q21
. Achieved break-even in 3Q21
. Sale process is advanced
Others3 300 40 - . Biopalma was sold in Nov/20
. CSP being positively impacted by market environment
2019
790
370
220
1,900 450 -
Samarco2 160 20 - . Operations resumption in Dec/20 100
|
|
73
Focusing on cost efficiency with an
US$ 1 billion reduction program…
Discipline in capital allocation | Reshaping 5
Note: Compared to 2021 figures. Considering current operations and excluding effects of exchange rates variation.
. A leaner and more efficient
organization
. Removal of inefficiencies, better
planning process (VPS) and
incorporation of digital solutions
Organizational
redesign
Productivity
gains
Levers
. Specification and scope review,
demand management
Sourcing and
third-party
services
~US$ 750 million of fixed cost savings
~US$ 250 million of sustaining investments
efficiency
From 12 to 24 months:
~US$ 500 million of inflation costs avoidance
Next 12 months:
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|
74
… freeing up resources for growth opportunities
Discipline in capital allocation | Reshaping 5
Gelado12
+10 Mtpy
Serra Leste
expansion6
Serra Sul
+20 Mtpy
Northern
System8
260 Mtpy
Salobo III
+30-40 ktpy
CCM PH
3&41
Onça Puma
2nd furnace
+12-15 ktpy
North Hub6
+70-100 ktpy
Hu’u10
+300-350 ktpy Cristalino1
Bahodopi7
+70 ktpy
Pomalaa7
+40 ktpy
S11C6
2022 > 2026 2023 - 2026
South Hub
expansion6
30-40 ktpy
S11D
+10 Mtpy
Briquettes4
+7 Mtpy
Manitoba
Phase 2¹
Salobo IV6
+30 ktpy
Briquettes9
40+ Mtpy
Dry concentr.
plant5
+9.5 Mtpy
Northern
System N31
Capanema3
+18 Mtpy
Alemão
+60 ktpy
Victor111
+20 ktpy
Northern
System
N1/N21
1 Replacement project. 2 Project starts with 5 Mtpy capacity as requires Usina 1 conversion to achieve full capacity of 10 Mtpy. 3 Net addition capacity of 14 Mtpy in the first years. 4 Includes Vargem Grande (0.75
Mtpy) and Tubarão 1&2 (6 Mtpy) briquette plant projects. 5 Dry concentration plant. Includes Vargem Grande (1.5 Mtpy approved), Fazendão (6 Mtpy) and Fábrica (2 Mtpy). In addition, a project in Oman to improve
pellet feed quality (8.5 Mtpy) to supply direct reduction pellets production is under evaluation. 6 Project’s capacity under evaluation. Estimated figures subject to feasibility studies, internal approvals and market
conditions. 7 Participation through joint ventures. Volumes shown as 100% basis. 8 Logistics project to increase Northern System capacity to 260 Mtpy (+20 Mtpy). 9 Different projects to produce iron ore briquettes.
Estimates figures subject to feasibility studies, internal approvals and market conditions. 10 Volumes shown as 100% basis. Hu’u Project is 100% owned by PT Sumbawa Timur Mining (STM), an Indonesian private
joint venture company owned by Eastern Star Resources Pty Ltd (80%) and PT Aneka Tambang (20%). Eastern Star Resources Pty Ltd is 100% owned by Vale. 11 JV partnership under discussion. Volume
presented as Vale share.
Iron Ore
Copper
Nickel
Approved
Apolo1
+14 Mtpy
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|
75
A disciplined capital allocation focused on shareholder
return…
Discipline in capital allocation | Re-rating 5
36%
Through the cycle
Return surplus cash
Attractive investment
1 Including liability management, financial guarantees, acquisitions and sale of assets. Including dividends and interest on capital.
Minimum
dividend policy
Extraordinary
dividends
Share buyback
program
1.9 2.4
7.6
1.4
5.9
4.8
1.0
2020
0.9
2018 2019 Up until 3Q21
8.9 8.1
9.2
20.1
Others1
Share buyback
Ordinary dividends
Extraordinary dividends
90%
36%
- 50%
Free cash flow returned to shareholder (%)
Free cash flow returned to shareholder
US$ billion
|
|
76
… which should remain our focus as we resume capacity
and manage cash use
EBITDA 2023 - Sensitive analysis
(US$ billion)
5
Cash Flow Drivers
Iron ore price (US$/t)
mid-point based on analysts’ forecast
~17.0 ~17.5
350 360
~20.0 ~20.5
~23.5 ~24.0 100
90
80
Iron ore sales volumes (Mt)
340
~16.5
~19.5
~23.0
Discipline in capital allocation | Re-rating
Note: Volumes and price ranges for sensitivity purpose only and do not constitute any guidance by Vale. Average BRL/USD exchange rate in 2023 of 5.00, average copper price (LME) of US$ 10,000/t and average
nickel price (LME) of US$ 17,500/t.
Transitory expenditures
Controlled sustaining capex
Accretive growth opportunities
CAPEX
US$ 5.8 bn (2022)
US$ 5.0-6.0bn (avg. next years)
Capacity resumption to drive
volume growth EBITDA
Increased knowledge with
diluted annual payments
Dam
de-characterization
Substantial progress on
reparation process Brumadinho
Indemnifications accelerating
and skewed towards short term Renova
|
|
77
Important catalysts to unlock value
in the next 12-18 months
Discipline in capital allocation 5
Note: Capacity additions and cost savings compared to 2021E figures. Considering current operations and excluding effects of exchange rates variation.
. Iron Ore: 30+ Mt
Volume mainly from
Itabira and Brucutu
. Copper: +30-40 kt
Salobo III
Capacity increase Cost reduction
. Next 12 months:
~US$ 500 million of
inflation avoidance
. 12 – 24 months:
~US$ 1 billion of costs/
investments efficiencies
. Progress on reparation
liabilities
. 6 dams to be
de-characterized
. 11 ESG gaps to be
concluded
De-risking
|
|
78
Questions &
Answers
|
|
79
|
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/ Ivan Fadel
|
Date: November 29, 2021
|
|
Head of Investor Relations
|
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