Vale S A : Transcript Vale Day London 2019.pdf

December 06, 2019 at 10:11 am EST

Vale

Vale Day 2019

4 December 2019

Welcome and Opening Remarks

Eduardo Bartolomeo

Chief Executive Officer

Preamble

Good morning, everyone, and thanks for being here this morning with us. 2019 has been a tough year for Vale and one of the most challenging years for us. The Brumadinho tragedy cost the lives of our colleagues, our friends and community members, so I would like to begin this Vale Day by asking for a moment of silence in memory of and respect for the victims.

[A minute's silence was held]

We will never forget Brumadinho and, for that, we are committed to building a safer and more reliable company.

Roadmap for De-Risking Vale

Since I took over leadership of Vale in March, we have been vocal in saying three words: people, safety and reparation. Those three words have inspired us to create the roadmap that we believe is fundamental to de-risk Vale. First of all is the reparation of Brumadinho. For that, we have 400 people already engaged. This department reports directly to me. The second is to ensure that our dams are safe, ensuring our assets' integrity, and that we are moving towards being a safer company. Third, we need to bring back volumes in a sustainable way, which we will discuss later. Finally, we need to have discipline on the capital that we are going to be generating. For that, I would like to tell you that our strategy here this morning is to run you through these elements, because we believe that that is what the investor community is asking from us.

I would like to ask you to pay attention to two words that should come up frequently during the presentation: listening and execution. Vale is well-known for its execution capacity and we can show during the presentation that we are doing that. We are not doing very much in terms of listening, so we need to improve our listening, and that is what we are doing. With that said, I would like to ask Marcelo Klein, who we designated to do the reparation at Brumadinho, to drive us through what he has been doing so far. Thank you.

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Brumadinho Reparation

Marcelo Klein

Recovery and Development Director

Preamble

Thank you, Eduardo. Good morning, everyone. Our mission at Vale is the full reparation of Brumadinho: the reparation of the damage caused to the people and to the land. We have structured our reparation efforts inspired by the United Nations Guiding Principles on Business and Human Rights, in which Principle 31 says that business enterprises should guarantee that they have, at an operational level, mechanisms that guarantee that grievances are addressed and resolved based on engagement and dialogue.

Listening to Those Affected

I will take you through a typical week for us. My week starts on Monday by attending a meeting with our CEO, Eduardo, and other executive directors, where we report on how reparations are evolving, what the critical issues for the week are, and what the medium- and long-term risks are. I also take the chance to talk to each executive to ask for their help in terms of legal, IT and social responsibility. All corporate functions at Vale are available to help in terms of reparations, and that dynamic works very well.

We also like to say that, besides this strong dialogue, we also have a strong presence on the ground. Out of 400 people, around 200 stay in Brumadinho every day, talking to people and to the community, paying attention and capturing demands where they really happen. Throughout the week, I also talk to public prosecutors and other authorities. I have meetings with fire officers. I would just remind you that, out of the 270 victims, we are still looking for 13. This is a big rescue operation that has lasted for more than 10 months. I also have meetings with representatives of family victims. They bring their weekly demands and we are building up a nice agenda together. It is important to say that allowing us to be with them, listening to their demands and to their fears, is a big opportunity and a great chance for us to really construct an effective reparation.

Committed to the Full and Effective Reparation of Brumadinho

1. Restoring the Livelihood and Dignity of Those Affected

We have structured our reparation around four main pillars. The first one is restoring the livelihood and dignity of those affected. The second encompasses economic and non-economic compensation. The third deals with restoring the productive capacity of affected areas. The fourth one is around restoring the environment. I will give you some details on each of those pillars and the main actions that we are developing in order to guarantee that, together, we compose effective reparation.

In terms of restoring the livelihood and dignity of affected people, it is important to say that the most important thing is to welcome affected people, providing them with information, care, attention and

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various kinds of services and resources, so that they can go through probably the worst moment of their lives with dignity.

When we talk about restoring livelihoods, there are physical items that need to be provided, and there are emotional issues too. Physical items are easier to provide; we are talking about water, food, toilets, personal items, housing and transportation, for example. However, at the level of the individual, restoring livelihoods requires a lot of attention on mental health and psychosocial support, because it is hard to measure if the action we are taking in those fields are effective, and it really takes time for us to guarantee the effectiveness of those actions. We are paying a lot of attention to mental health and psychosocial support. We are receiving guidance from UN expert teams. We recognise that there are still opportunities for improvement yet to be captured in those fields.

Since we have a framework of sorrow, fear and uncertainty, it is really important to pay attention to details. As an example, in one of the meetings with families, they have asked us to change the colour of the buses that provide commuter services, picking up and dropping off employees between home and work. They complain that seeing the buses going through the city every day reminds them of the people they lost and hurts their hearts. We have changed the colours as well as the routes, in order to avoid buses going through streets where several victims' families live. This is just an example of how these details become so important. They are not details at all; they become very important for families. We can only capture this level of interaction if we are very close to them. It is an example of how real, effective listening is working.

2. Progressing with Economic and Non-Economic Compensation

The next pillar talks about economic and non-economic compensation. Both are important. We need to have compensation payments, which are an important trigger for restoring people's livelihoods. We also need to take care of non-economic compensation.

In terms of economic compensation, I would like to stress that we have made very important framework agreements in a very short period of time. On 20 February, less than one month after the tragedy, we had a chance to establish an agreement for the payment of monthly economic support for all citizens of Brumadinho and for residents along the Paraopeba riverbank. That is help that has already benefited 108,000 people, and so far we have paid more than 1 billion reais. Last week, we renewed this agreement for a further 10 months, under new eligibility criteria. This guarantees the city being able to run its basic services and avoiding a difficult situation, while we carry on with our reparation efforts.

Another very important settlement agreement was established with the Public Defender of Minas Gerais, where we have made an agreement for moral and material indemnifications for individuals and groups. It is a friendly agreement which covers more than 2,300 people. This is a more definitive solution whereby people can really recover the means for living that they have lost.

A third important agreement is in terms of labour. Of the 270 victims, 250 were workers, so we are talking mainly about a labour tragedy. Together with the Labor Prosecutor in Brazil, we have established a wide agreement whereby we pay fair and competitive indemnification for all workers. We have already benefited more than 1,500 people. Of the 250 families of victims, 244 have already made agreements.

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Beside the economic compensation frameworks, we have also non-economic issues. We have signed 22 other agreements that cover, for example, water-quality monitoring, animal rescue and care, and improvements needed in order to increase the amount of water that can be captured. Since water from the river is not available, we have pumps and water-treatment systems. We are drilling new wells to provide water to critical areas such as hospitals and schools. There are a lot of important actions that are not directly economic but are important for restoring the overall conditions in the area.

3. Working to Restore and Develop Socioeconomic Capacity

Our third pillar talks about how we are going to restore and develop the socioeconomic capacity of Brumadinho and nearby cities. We have actions that cover individuals, communities, and entities and governments. For individuals, we have a programme that gives full support to affected people, whereby we provide financial planning and education, so that they can make best use of the money that they have. We also give technical advice and support to them when choosing a house, and also how they are going to rescue their family agriculture or small business activities. It is a volunteer programme, where technicians explain and plan with them, in weekly meetings, how they can reorganise their lives.

For the community, we are sponsoring several programmes with the purpose of reinforcing and re-strengthening bonds between people. We have community activities such as productive gardens where they plant stuff to eat together. We have handicraft workshops. The main purpose of those activities is that people rediscover their power as a community.

For entities, we provide financial support to several sectors in the municipality of Brumadinho and other nearby cities, so that they can provide better services to the community; for example, issues related to health, education and tourism. We are also trying to encourage activities that go beyond mining activities, so that Brumadinho can think about a new future that is less dependent on mining.

4. Restoring the Environment

The fourth pillar is about environmental recovery. Since the breach of the dam in January, we have been very concerned about how to avoid environmental damage continuing, since the sediment could be carried to the main river. We have installed several engineering structures to prevent the material from being carried during the heavy rains that last from October/November to February. So far, these structures are working very well, so we are managing to limit the major problem to a specific area before reaching the main river.

We also have actions related to re-vegetation and to the protection of river springs. Instead of telling you, I am going to show you a video that gives you much more information about our main efforts on environmental recovery.

[Video shown]

With this video, I would like to finish my talk by saying that the reparation of Brumadinho has become a purpose in life for us, and by reinforcing two main messages. We are really basing our actions on social dialogue and participation, with a small presence on the ground. We are providing fast and fair compensation so that people can restore, as far as possible, normality to their lives. We are working hard so that people who have been affected can feel respected and dignified amidst so much sorrow. I will now hand back to Eduardo.

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5. Going Beyond Restoring Brumadinho to Build a Better Vale

Eduardo Bartolomeo

Thanks, Marcelo. It is pretty clear that we are doing the reparation in an effective way but, more importantly, with quality and doing exactly what people are expecting to be done. We need to go beyond that and to build a better Vale. We now have all the elements together to push us in that direction.

The first time I mentioned the two pillars of safety and operational excellence and a new pact with society - and I will talk about three others later - was in Barcelona. This is something that appeared to us to be obvious, since we needed to ensure, as I mentioned at the beginning, safety in our operations. However, we want to go beyond, and we are ambitious in wanting to build a safer company and one of the safest in the mining industry. We are going to show how.

Second, we need to be a true development enabler in the communities where we operate and beyond. These two go across our business. We will not change our strategy. The value and volume of steel is kept. We are going to talk about how we are going to bring back flexibility to do that. Base Metals are still key for us. We need to transform and we are undergoing that. As I mentioned before, we need to have discipline. We have discipline and we will show you actions in that direction as well.

To begin with, nothing will be done in this company if we do not really prove to ourselves, to communities and to investors that we are safer and safe. When I arrived, we started with a nucleus. When I took over in April, we approved a new C-level position with our board. Structure is important but is not enough. Culture is much more important than that. However, we needed to reinforce the second line of defence. For that, we invited Carlos Medeiros, a well-round executive from manufacturing, who believes in the same things as me. I believe that operational excellence is what is going to drive safety. It is the stabilisation of our routines and discipline in executing what we have to execute. We have around $60 billion of assets in Vale and they should be well run. For that, we have an ambition and dream, as I mentioned, to be one of the safest mines in the world. Carlos, please guide us through what we are doing in that direction.

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Safety and Operational Excellence

Carlos Medeiros

Executive Director of Safety and Operational Excellence

Marcello Spinelli

Executive Director of Ferrous and Coal

Preamble

Carlos Medeiros

Good morning. Following Vale's decision to strengthen its governance around safety and risk management, this office was created. I lead Vale's second line of defence and I report directly to Eduardo. It is important to make two clarifications. First, my compensation is not tied to any operational targets; second, my team and I have the authority to stop any given operation whenever necessary.

Safety and Operational Excellence Executive Office Composed of Four Technical Teams

In order to avoid the occurrence of any major unwanted event, this office has been organised in four different areas. First, in terms of tailings, we have to ensure that our dams are safe and comply with international standards. With regard to asset integrity, we have to maintain our assets and ensure that they can be operated safely. In terms of operational excellence, we use the Vale Production System (VPS) as a vehicle for all the changes that will happen going forward. With regard to health and safety and operational risks, we need to enhance a culture of safety and establish a methodology for mapping all risks.

Our Dogma: Every Accident is Preventable

We also believe that every accident is preventable and, therefore, every action taken will aim to build a safer and more reliable company. There are some milestones that will be accomplished in the next couple of years, which I would like to share with you.

In terms of global risk assessment, we have already adopted a very thorough methodology for hazard identification and risk analysis to map all the risks across Vale. Reviewing our tailings- management system is about building a new system in line with best international practices. VPS has been revised and, so far, more than 60,000 people have been trained and are now ready to use VPS as a supporting tool for the ongoing transformation. Strengthening our global maintenance structure is about implementing one single, global maintenance strategy to guarantee asset integrity.

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IV. Enhanced Risk Governance and Information Flow

Governance, as you know, plays a fundamental role in accident prevention. In terms of our previous and current governance model for risk, our board approved a new risk policy a few months ago. Following this decision, four executive risk committees were created. With the current governance model, we believe that we can monitor and manage our risks in a much more effective way, besides allowing for information to flow freely and openly through all organisational levels.

As far as geotechnical structures are concerned, we have chosen to adopt a different model, which, by design, has several redundancies in order to maximise safety. Our first line of defence is operations. The Geotechnical Operations team run our assets and own our risk. They oversee the Geotechnical Support team. Following that, the second line of defence is the organisation that I lead. An independent board committee reports directly to the board, and its members are well- known geotechnical experts in Brazil. The third line of defence is our internal auditors.

There are then two external layers. The first comprises companies that issue our declaration of stability. They work with Vale on a continuous basis. Then there are companies that report to the Public Prosecutor. They also work with Vale on a continuous basis.

All in all, therefore, we have seven instances overseeing the main decisions on operations and on the general condition of our geotechnical structure. This goes way beyond the traditional three-lines-of- defence model in the industry. In addition, Vale is also using the services of a well-known international company to assess and help us in rebuilding our tailings-management system.

Making Progress with the De-Characterisation of Nine Upstream Dams

We have a timetable for de-characterising nine upstream dams similar to the one at Brumadinho. It indicates the completion date of the containment walls at the most critical structures. De-characterising an upstream dam is quite a complex process that encompasses several steps. As we speak, companies have been hired and people mobilised so that we can meet the proposed timetable. As a matter of fact, the 8B dam has already been fully de-characterised, and the area that it used to occupy has already been returned to society. We will now show you a video that will help you understand how the de-characterisation process works.

[Video shown]

Before I conclude, I would like to leave three key messages with you. First, in order to de-risk its business, Vale is building a strong and independent second line of defence. Second, I would like to assure you that risk and safety are at the very centre of every decision we make at Vale. Third, a very strong and robust tailings-management system is being put together now.

I will now hand over to Marcello Spinelli, who is going to explain how Vale will treat its remaining dams going forward.

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VI. Developing Safe and Sustainable Alternatives to Tailings Dams

Marcello Spinelli

In addition to the risk management that Carlos just mentioned, as well as the de-characterisation of the dams, we are investing in alternatives for tailings dams. I am the operator of iron ore. I am the first line of defence and I am really committed to avoiding the use of dams. That is my first goal. In terms of what we have been doing, in 2014 our capacity in terms of dry processing - i.e. without using dams - was 40%. That reached 60% this year and, in 2023, 70% of our capacity will use the dry-processing method.

The Northern System will reach 100% in two years. In the Northern System, we have the Carajás mine and its high-quality ore. Given the blending strategy in China that uses better ore to blend with the Southern System, we can reduce the wet-processing method in the south. In terms of the remaining 30%, we anticipate $1.8 billion of investment to install filters to separate the tailings from the water. We can reuse the water and have dry stacking after all. This has been under construction at the main sites in the Southern System.

We will still have 15% of capacity using the wet-processing method. This year, we bought the New Steel technology, which is based on a dry magnetic method. We can separate the tailings and the ore without water. By 2022, we will be the first company in the world that uses this methodology on an industrial scale. It is under construction. If we succeed - and I believe that we really will - we will be able to abandon this method that uses dams and water.

As an operator, I am really committed that, in the future of the iron-ore-mining business, we will no longer use dams. Eduardo, I will hand back to you.

New Pact with Society

Eduardo Bartolomeo

Chief Executive Officer

Luciano Siani

Chief Financial Officer

Preamble

Eduardo Bartolomeo

Clearly, we are working effectively. These are not words but actions. Governance is being structured and reinforced. We are eliminating backlogs in upstream dams and are working hard to create safer ways to operate, not only in dams but in all assets that we operate. It may be a dream

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now but it is an ambition that we will pursue day after day, as long as we are together as a team. That is okay but it is not enough. Society demands much more. Brumadinho accelerated several initiatives that were around the company. The mining industry has changed in terms of how it perceives it should interact with society. Society wants to share the value that we create. That is a fundamental thing.

2030 Commitments Reviewed for More Ambitious Goals

Last year, we announced commitments ranging from climate change, water use and energy to specific economic development. We understood, having listened to stakeholders, shareholders and communities - and our board is extremely active on that - that we need to push much further in terms of how we interact locally, how we truly deliver value locally and how we truly help society move forward, so we revised our goals. We aligned our climate-change goals to the Paris Agreement. Luciano will go into more detail, but it represents a huge ambition. We want to be carbon-neutral by 2050. In energy, we have more ambitions to go global. We are focused only in Brazil. In terms of forests, our target is going to be 50% and above.

Why is that? One of the things behind is that we need to go further - and we can. It is not grounded in something that we think is possible. We have a portfolio that allows us to really induce our value chain to change. Our value chain in the steel industry is around 10% of the world's emissions. As a mining company, our emissions are relatively low but, when we look beyond, it is pretty high. We have the right products to do that, even outside iron ore with nickel.

In terms of energy, we have a very clean matrix in the three most important countries in which we operate: Indonesia, Canada and Brazil. With regard to forests, we are a player in the Amazon. That leaves us with a very strong basis to have the ambition to lead this transition.

As I mentioned before, these five points are being revised. One very important point is our gaps around Environmental, Social and Governance (ESG). We are listening and we have made a big revision. We have talked to several institutions such as consultancy companies, shareholders and non-governmental organisations (NGOs), and we are mapping those gaps. 50% were eliminated just by giving a disclosure, but we created a roadmap for that. I will come back to this later but I would now like Luciano to prove to you that we will lead this carbon transition.

Ambition to Become Carbon-Neutral and to Induce the Value Chain

Luciano Siani

There has been a lot of excitement within Vale about this. Today, I would say that perhaps half the time of our board discussions is spent on this legacy that we intend to create. It is true that many in the industry have announced similar objectives, so there is a call for action amongst corporates, especially towards climate change. You might be thinking, 'Why is this different from what others are doing?'

We believe that, in terms of the three areas where we have new targets, we can lead the way because of the endowments that we have in terms of assets and footprints. Starting with climate change, where we are today is that we are aligned with the Paris Agreement. That implies increasing to 30% the target for emissions reductions by 2030. We have a roadmap today that addresses about 70% of that; in terms of the other 30%, we do not know how to get there but we are working on it . We

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have established carbon pricing of $50 per tonne. targeting carbon neutrality in scope 1 and 2 by 2050.

So far, others have done that. We are also Again, others have done that too.

In terms of where we believe we can lead - and this is where the excitement is building within our organisation - we have the high-gradeiron-ore pellets and products that our customers need in order to reach their goals in terms of emissions reductions. We also have Class 1 nickel that will electrify the world. Based on that, we are now working on scope 3 targets that we will introduce shortly, for shipping and steelmaking. We are building a whole plan for Vale to be, 10 years from now, the go-to supplier of products to help customers deal with climate change. In terms of metallics, we had an investor tour focusing just on that, and we will return to this in Marco Spinelli's presentation. We believe that this is a business opportunity. That is why we intend to be leaders in this front.

IV. Self-Generation from Clean Sources

Another front where we intend to be leaders is in energy self-generation. Today, 60% of self- generation comes from renewable sources and we intend to reach 100% in Brazil by 2025, and globally by 2030. Our footprint helps with that. We have a lot of hydropower in Brazil, Canada and Indonesia. To our knowledge, being supplied with 100% renewable energy is something that puts us in a leadership position.

Forest Protection

The other topic that we believe we will lead is in forest protection. Today, about 100 million hectares of forest, mostly in the Amazon, is protected by Vale. 100 million hectares is about 100 times the size of cities like Manchester or Liverpool, about seven times the size of the Greater London area, and about a third of the size of Belgium. We intend to increase the amount protected and reforested by 50%. When we do that, it will be an area greater than that of Northern Ireland.

As a concrete example of that, as you know our largest iron-ore mines are in the Amazon. Because of that protection, the animation that you will now see shows how, unfortunately, all the surrounding area outside the borders of the protected areas of Vale have been deforested over the past 30 years, leaving just the area protected by Vale and its operations as untouched. Between 1973 and 2018, it advanced, leaving just the areas where Vale has its mining areas. We are, however, being very effective in protecting those areas.

VI. Positively Impacting Society through Enabling Development

When it comes to sustainable development, we want to go beyond the collection of taxes around traditional corporate social responsibility (CSR). Being a true development enabler means thinking very hard and investing a lot of money in our legacy. One example is in the city of Itabira, where Vale was born in the 1940s. The mines will exhaust in about 15 years. We just signed agreements, by listening to society's demands, concerns and ambitions, to provide for a legacy that goes beyond our operations. Let me show you a short video.

[Video shown]

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The city is very excited about this project. We talked about where we believe we can lead, but now let us talk about bridging our gaps and shortcomings in terms of what we heard from you, especially on governance, where we can improve.

VII. Making Vale a More Sustainable Company

Eduardo Bartolomeo

As we said at the beginning, we need to listen but we also need to talk. Luciano mentioned a lot of stuff but very few of our stakeholders know how much we are involved in the forestation of the Amazon or the clean energy that we have. Anyhow, our commitments have been made and we are going to go forward.

We mapped around several gaps and closed 50. An example of something that we are undergoing in the direction of closing the roadmap is gender balance. As a mining company, we are unbalanced and have a female workforce of just 13%. We want to double that by 2030. We need to certify our operations, only 22% of which are certified under ISO 14001. We are going to drive that over a longer period but we will achieve it. An important aspect of governance is the Audit Committee, which we are going to establish in 2020. Interestingly, we used to have a human-rights policy. We launched a public consultation and revised it.

Equally importantly, what was also in demand was to tie our compensation. In terms of short-term compensation, every company has safety and environmental goals, and we used to too. We agreed, with the board, to tie our long-term compensation, whereby we put our money where our mouth is. Vale's C-level, myself and our employees are all committed to those goals. They are ambitious but we will try to achieve them.

VIII. Increasing Transparency of Our Sustainability Approach

As I mentioned, we need to talk as well. We created an ESG portal in which all the information that I am giving to you here went online on Monday. I will now invite you see how it looks.

[Video shown]

We are now going to shift gears. We went through the reparation, safety and society. Those go across the business. We now want to talk about Iron Ore. Marcello is going to talk about how we are going to regain our flexibility and about what is next for Iron Ore. Mark will discuss how we are evolving with the transformation of Base Metals and some changes that we are making to the strategy. Lastly, Luciano will wrap everything up with the opportunities that we have and the actions that we are taking with some non-core assets. At the end, I will come back and close.

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De-Risking in Iron Ore

Marcello Spinelli

Executive Director of Ferrous and Coal

Preamble

Let us talk about Iron Ore. The name of the game is de-risking the Iron Ore business, which means returning to 2018 levels of efficiency and restoring capacity. I want to reinforce our mantra today. We are really committed to people safety and asset integrity. Safety first is something that is really going on.

Resumption of Halted Iron-Ore Capacity on Track

In terms of the resumption of operations, we lost 93 million tonnes following the Brumadinho tragedy. We still have remaining capacity to restore, so we are planning to return to 15 million tonnes next year and 25 million tonnes in 2021. I want to explain how we are going to do this. It is a gradual process. I can simplify it in two phases. The first phase is related to mechanical dismantling. Capacity means quantity, volumes and quality. In the first phase, we can regain quantity but not quality. We do not use wet processing, so we do not have the best quality ores. The second phase is related to evolving the dams so that we can increase a better assessment of them and use wet processing, thereby increasing volumes and quality. In the blasting process, we can have more efficiency. This is a gradual process.

An important piece of information is that, every day, we assess and investigate all dams in terms of risk management. We have three examples that just happened. This is a new normal. I want to emphasise this. Gradually, we are going to have some ups and downs and some operational stoppages in order to reaffirm that we are ready to go the operation.

Two months ago, we had a problem with the ferrous operation. It was a permit problem that was solved and, last Friday, we went back. We had a problem with a dam in a very important operation almost one month ago. We decided to go further and deeper into the analysis of the Itabiruçu dam in the Itabira operation. The good news is that we are anticipating part of the operation in January.

Last Monday, at the Vale Day in New York, my team called me to say, 'We have to improve the investigation at the Laranjeiras dam', which is in the Brucutu operation. We decided the stop the operation. We need another month to look more deeply at a crack. We had a lot of information on the dams, from satellites using the best technology, and we decided to stop the operation and reduce 60% it, in order to guarantee that the dam is okay. In one month, we expect to return the operation in a safer way. Safety is the name of the game. The new normal is: if you need to assess an operation or a dam, we will do so, but safety will be the first thing to look at.

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Production Levels Reliant on Market Conditions and Value-over-Volume Approach

1. Volumes

I am going to talk about the future now: volumes and efficiency. In terms of capacity in the coming years, next year we expect a range of 340 to 355 million tonnes. It is very important to emphasise that value over volume is our strategy. This is about capacity. If you can deliver the quality and the volume that the market needs, we are going to do it. If there is no demand, we can adjust capacity to the right production. In two years, we can recover to the former capacity of 2018.

Another important piece of information is that we are gradually returning. The first half of next year will have two impacts on volumes. First, we are recovering Brazilian Blend Fines (BRBF) stocks in China that we used this year. Part of the supply at the beginning of the year will be used for this recovery. Second, quality is a ramp-up that will be better in the second half than in the first half. We need to guide and adjust our volumes by considering quality and also the stocks that we need to regain. Pellet production next year is expected to be 49 million tonnes.

2. Resumption of Halted Operations and Productivity Gains

I will divide efficiency into three parts. First, in terms of C1 costs from the mine to the Brazilian port, the good news here is that, mid-term, we are back to the level of 2018, at $13-13.5 per tonne. In terms of the main levers to reach there, the first is directly related to volumes. We can dilute fixed costs and reduce variable costs by $1.0-1.2. The second lever is efficiency. We are working hard to make this company more and more efficient. We are undergoing a digital transformation, with autonomous tracking and automation, so we expect to have a better operation and reliable reparation. As we use filtering processes to avoid the use of dams, we are increasing part of our costs. We already mentioned the investment that we are anticipating, but the opex related to this kind of operation increases as part of that. We can offset this with our initiatives around efficiency.

3. Offsetting Freight-Cost Increases

The second layer of costs is, after leaving the Brazilian port and going to China or other parts of the world, the freight. There is very good news here. We are undergoing our strategy of big vessels such as Valemaxes. I would just remind you that we can save 40% of emissions with a Valemax compared to capesize, and the results are there. Valemaxes are coming and we are on track. We also have the Guaibamaxes and we are reducing mid- and long-term freight to $16 per tonne.

Next year, under International Maritime Organisation (IMO) regulations, we will have to use low- sulphur bunker fuel. We have a gap between low- and high-sulphur of about $200 today. We are not counting on the market adjusting in terms of supply and demand, so low-sulphur could go down. To avoid this, we are installing scrubbers that allow us to use high-sulphur bunker fuel and offset the increased costs versus low-sulphur bunker fuel. The roadmap is going really well and we expect to reach 76% of our fleet this year, and 100% in two years.

4. Premiums Recover with Market Return to Equilibrium

The part of our competitiveness is premiums. This is something that all of you asked me a lot about this year: what about the premiums? You are not confident about them. Premiums are a function of

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steel margins and the price of the energy used in the steel process. The higher the margins, the more clients are stimulated to use better ore to produce more. That is the trend that we have. If there is a higher cost of energy, energy can be saved by using less coking coal and paying more for it. This is the pattern that happened last year.

If we look at a matrix that shows the spread between 65% Index and 62% Index, we are heading towards the top-right side. The bottom-left side was what happened in the middle of this year, when we had an imbalance in supply and demand caused by Brumadinho as well as Cyclone Veronica in Australia. It was followed by a high index and we invited new competitors to the game. We have concentrates from China. Canada is sending concentrates to China. The price of steel went down. As a consequence of the trade war, China boosted production and relaxed policies related to the environment, so the price went down and margins reduced. That is what happened during the year.

What we see now, however, is stable steel as a good reference for what our business is. We are at around 12 in the spread between the two indices, which is really close to the steel margin today and the price of coking coal. We really believe that, in the long term, the price that we will need is $60-80. The margin will return and premiums will be higher as we have more margins in this field.

5. Vale's Competitiveness Returning to 2018 Levels

To summarise, our business is still a strong one. If you consider the EBITDA breakeven - i.e. the sum of costs - we will see the long-term returning to what happened in 2018. We were the first ones in the world. We are going to achieve $28-30 per tonne. If you consider a lower long-term price of $60 per tonne, we still have a 50% EBITDA in this business, so it is a very strong cash-generator.

IV. High-Quality Iron Ore Supporting Global Developments towards a Greener Future

1. Premium Products Reducing Emissions and Fulfilling Regional Needs

In terms of the future, our clients are in Europe. They know very well about all the efforts and pressures in terms of emissions here. We are ready now to face this problem. We have the best portfolio and the best iron ore in the world. If you simulate the impact of our products on our clients, we can today save 30 million tonnes of CO2, or about 9% of scope 3. More than 85% of our products are premium products and BRBF and Iron Ore Carajás (IOCJ).

I want to emphasise the GF88 product, which was an initiative that we started in order to understand China. The problem with China is that there is a delay from Europe. They are more worried now about dust and they are investing in pelletising to avoid the sintering process. In order to make the pellets, they need pellet feed, so we are grinding Carajás fines to feed this market. It is about 30 million tonnes and we can use what we call free Carajás to apply in a new possibility. This year, we expect about 7 million tonnes of this product.

2. Looking Beyond for a Greener Portfolio in the Long Term

We are also looking beyond that. As Luciano said, we have some initiatives around metallics. We know that there is a trend in some parts of the world to move from blast furnaces to electric arc furnaces. We want to help them not only to use more scrap but to use metallics either to clean these

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scraps or more directly in their part of the process. We are studying solutions with them. Hot-briquetted iron (HBI) might be a possibility. Brazil is exploring the pre-salt, where there is a lot of gas that can be allocated for natural gas. We can also have HBI plants with our clients to feed this need.

Another possibility is what we call 'green' pig iron. Within Vale, for more than 15 years we have had Tecnored, which is a technology for pig iron. It is going really well and we have an ongoing industrial trial. We can use biomass as a source of energy. We already tested 50% of biomass in this kind of technology and we can reduce emissions by 50% within our clients. If we use 100% biomass, we can close the gap in terms of the challenges for 2050.

The main message here, to summarise our strategy, is that we need to go back to volumes. We also need to be careful in terms of safety first. This is a mantra: volumes and quality. Value over volume is a key strategy for us, which you know very well. Second, in terms of costs, we are working hard and, as we go with the volumes, we can go and work with the initiatives to reduce costs. We are in good shape to be the best in the world in a few years. We are ready for the future and for a greener world. Today, we have the best portfolio and are working hard with our clients to give them, in the short to long term, the best portfolio for the new challenges.

Mark will now continue with the Base Metals strategy.

Base Metals

Mark Travers

Interim Chief Executive Officer, Base Metals

Nickel Has a Key Role

Good afternoon, everyone. Marcello spoke to you about the potential that we have in our Iron Ore portfolio for a greener future. I want to speak to you today about the turnaround in the Base Metals business that is underway, as well as the opportunity that we have as nickel plays a key role in an EV and renewable-energy-driven world.

With the adoption of electric vehicles (EVs), nickel is poised for dramatic change. Nickel is a key component in the EV battery that drives increased performance and lowers its cost. With nickel, we will enable the mass adoption of the EV globally.

Future EV Demand Unfolding New Market Dynamics

Of course, this will increase the demand for nickel dramatically, and I want to talk to you about how we see the market dynamics playing out for the nickel industry. Currently, as demand increases to supply EV batteries, in small numbers right now and as it grows, we have excess Class 1 nickel available through inventories, Class 1 being our high-purity nickel, and particularly in the form of briquettes, which is currently feeding the EV-battery industry.

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However, this will not last and will not be sufficient to meet demand in the coming years, and what we are going to need to see is the increased use of laterite ores, primarily through the adoption of high-pressureacid-leach (HPAL) plants. This is a technology that the nickel industry has tried, with some success but clearly some shortfalls, and we will need to dramatically improve to meet demand in the future. Overall, we see a tightening supply/demand dynamic in the nickel industry and we see the emergence of three very distinct markets, each with its own supply/demand dynamic: Class 1 high-purity products, stainless-steel products, and products that feed batteries through nickel sulphate.

New Commercial Strategy

With the emergence of these supply/demand dynamics, I am going to talk to you now about the new commercial strategy that we have developed for Vale Base Metals. We have a very strong high- purity-nickel, Class 1 product base which comes in many different forms and can feed many different applications. As we see the supply/demand dynamic becoming tighter, we see a great opportunity to preserve and restore our market share in Upper Class 1 nickel. We see the opportunity to play the London Metal Exchange (LME) price as we see it responding in the next few years to the demand for EVs, and to get greater value out of the premiums that we get from these high-quality nickel products.

We also have opportunities in the Class 2 ferronickel market that feeds stainless steel, as well as the battery industry, but we will selectively participate in those opportunities, as we see the opportunities in front of us, ensuring that we have robust returns available to us. I will talk to you about the opportunity that we have to increase our ferronickel production in Onça Puma, but we also have opportunities in the battery market, be it a greenfield project in Pomalaa, Indonesia that I will speak about in a few minutes, partnering with Sumitomo. We also have the ability to move our Class 1 products to the battery markets, as it makes sense, particularly with our nickel powders.

IV. Base Metals Generating Robust Cash Flow after 2022

What are we going to do to take advantage of this opportunity? Our challenge is turn around the Base Metals business and it is a challenge that we are undertaking right now. It will take us through the next couple of years, and I will explain why. First and foremost, we need to be a safe and reliable producer. Our assets have failed us in the past couple of years, and this year in particular. We need to invest in our asset integrity and focus on the pillars that Carlos explained to us earlier, adopting the preventive-maintenance strategy that he discussed. We see that reaping benefits for us in the next couple of years.

We also have a programme of very significant investments in replacement mines in Canada. We have announced and are undertaking the development of the Voisey's Bay underground mine, which will replace the open-pit mine, which will deplete in the next couple of years. We are also extending the Copper Cliff mine in Sudbury. Through this period, we will have very significant demands on our capital, but it is very important that we have developed a strategy where we will be cash-flow- positive throughout this tough period of investment.

We have secured this through our nickel-hedging strategy that we announced recently, which carries about 30% of our production through 2020 and has already generated value for us.

Finally, as we move through this period of reinvestment, we have the optionality for growth, particularly in our Indonesian portfolio.

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Completion of Divestment in PT Vale Indonesia (PTVI) in Two Stages

To secure the investments in Indonesia, we need to ensure the pathway to the extension of our contract of work, which expires in 2025. Recently, we announced the signing of a heads of agreement to meet the divestment requirement, which is a key pillar for the extension of the contract of work. It was announced that Inalum, a state-owned entity in Indonesia, will purchase 20% of PTVI, 15% coming from Vale and 5% coming from Sumitomo Metals. We believe this will be a critical pillar in ensuring the successful extension of the contract of work, which will allow for the investments in Indonesia.

VI. Indonesian Projects Self-Funded through Partnerships and Joint Ventures (JVs)

We have the brownfield expansion opportunity in Sorowako, where we have a long and profitable history of operating. We have the opportunity to expand by 10 kilotonnes through ferronickel production in the short term. We are also in discussion through partnerships around the development of two projects, the first being Bahodopi, which would be a 70 kilotonne ferronickel project, primarily with Chinese partners, using Chinese engineering and engineering, procurement and construction management (EPCM) methodology. It is important to say that, with both of these projects, we retain 100% interest the mines. In Pomalaa, we will be partnering with Sumitomo, which has mastered the HPAL technology, and we have a 40 kilotonne project available to us, supplying HPAL to the EV market.

VII. Focus on Nickel-Production Reliability in the Short Term

Where are we now and where does this take us to? I am going to review our production profile through next year and the coming years. These numbers do not include production from Vale New Caledonia, which Luciano will speak to you about in a few minutes. Currently, we are at a production rate of about 210,000 tonnes per annum, as we focus on becoming a safe, reliable producer. In the short term, we have the ability to grow to about 240,000 tonnes, primarily as we see production increasing in our North Atlantic Canadian operations. We also have the opportunity to expand with a second furnace in Onça Puma, a fantastic project with promising, robust returns. Finally, we have the opportunity to grow to 360,000 tonnes with the addition of the Indonesian projects that I announced.

VIII. Copper Core to the Urban Infrastructure of a Developing World

Similar to nickel, we have great opportunities in the copper business as well. Similar to nickel, copper has the ability to respond and grow with the EV and renewable-energy industries. We will start to see the application in these industries to add on to the traditional industrial applications that we currently see. This is just as copper mines and ore grades are depleting.

IX. Potential to Increase Copper Production

I will conclude with an overview of our copper portfolio and the growth opportunities that we have. We will produce at a rate of 400,000 tonnes next year, with a very short-term ability to increase to 430,000 tonnes in 2021, as we see increased production coming from Canada, as well as from

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Sossego in Brazil. In 2022 and 2023, we are going to see significant increases as our Salobo 3 growth project comes online.

Finally, not included in production are three projects that I will mention now. The Victor project - one that we discussed at this event last year - is a copper/nickel project, but primarily copper, that sits alongside the Glencore Nickel Rim project. We are currently studying, with Glencore, the joint development and operation of that mine, which would see 30 kilotonnes attributable to Vale. We hope that we will be announcing a project sanction in the second half of next year.

Alemão is another project that we have in the Carajás region of Brazil, with the potential of 60,000 tonnes, and project sanction scheduled for the second half of next year.

For example, in the longer term, we have a significant copper/gold project in Indonesia with the potential of 250,000 tonnes per annum. This is a very promising project that we will be looking at.

In summary, we are turning around the Base Metals business, becoming a safe, reliable producer and taking full opportunity of the potential we see in the nickel and copper markets going forward. I will now turn it over to Luciano to conclude.

Capital Allocation

Luciano Siani

Chief Financial Officer

Preamble

Where does all of this lead us to? What is the investment opportunity for Vale at this point in time? If there is one word that you should leave with today, it is 'de-risking.' We are very mindful that the equity story of Vale relies on de-risking:de-risking to improve the cash flows of the core business; de-risking to improve the cash flow outside of the core business, which we will talk about; and de- risking to improve the way those cash flows translate into valuations.

Production Set to Grow in Our Core Business

Starting with the business, if you put together what has been said to you today, each of our core businesses will increase production by 10-30% over the next three years. Bear this timeline in mind: three years. 2022 is the year in which we want to deliver a completely different Vale to you. Together with the increased production that we talked about, the resumption of volumes in iron ore and the increase in production in nickel and copper, we will also have competitiveness improvements across all businesses.

This will not come at a high cost. We always present the capital-expenditure numbers, and there are two messages here. We continue to foresee a $4.5 billion level of capital expenditure from 2022 onwards, which is exactly where we were before. However, over the next two years, there will be

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an uptick to $5 billion, the reason being that, for the frontloading of those investments in filtration and dry-stacking that Marcello just mentioned, our commitment to avoid and eliminate the consequences of tailings dams. We are frontloading those investments two years and then back to 4.5, even with the growth opportunities that were just mentioned, for example, in base metals. De- risking in the core business means cash flows will improve.

De-riskingOutside the Core Business

Now I will talk about de-risking outside of the core business and we understand that there are lots of inefficiencies and problems that we need to address within the Vale umbrella, starting by non- performing assets, such as Moatize, VNC and all the JVs. I will focus on Moatize and VNC. For Moatize, a short-term shock will lead to strong gains in cash flows. That is our goal.

What is the shock about? The reason why we are underperforming in Moatize this year is because we have started to mine sections of the mine where the ore body is very poor. Because of a lack of drilling we did not anticipate that and the plant is not capable of treating that ore. We are going to do two things. First, there is a complete new mining plan. We will abandon the poor parts of the ore body. We will shorten the mine life. We will go after the good stuff and we will improve, for example, the yield of coking coal in the mix.

Secondly, we will stop the plant in Mozambique and all production for three months, in order to do a complete overhaul of the plant to adapt it to the ore body that we have and to do some changes in the flow sheet. After doing this, the goal is in the second half of 2020 to have it up and running at a 50 million tonnes production and, therefore, EBITDA positive.

When it comes to Vale New Caledonia, we made the decision to axe VNC. We have communicated this to the French authorities, both in France and in the south province. We are going to exit responsibly. There are a few reasons why we believe we will succeed and why we are doing this. First, we realise that we do not have the competence to raise the production levels with this technology to where we want it to be. We realise that others may have this competence, as HPAL is a technology now that is much talked about in parts of the world, because it is going to be a key technology to supply the eco-battery market. Others are doing their homework and maybe better than us.

Finally, New Caledonia produces not only final products, but also intermediates that are very sought after today. NHC is very important for the battery market and there may be an opportunity to work with those intermediates and to completely also change the flow sheet. Others are looking into this as well. A final decision on the final configuration of VNC will be announced in the first half of 2020.

Not only Moatize and VNC, but there are other cash flow drains within the Vale system. Regardless of what happens outside of Vale, just by shutting the taps we can improve cash flow significantly and here is a list of them. We just mentioned Moatize and VNC. They are consuming over $1 billion in 2019. Our commitment to you is to vanish those outflows by 2022. We have the stoppage expenses. All of the expenses that are going out because of the halted mines are 900 million this year. The commitment to 2022 is there will be zero. Remember, Samarco is still a cash flow drain - Samarco and Renova, the foundation. It will still be there by 2022. Expenses will run over, but it will diminish considerably. However, next year is an important one because of the restart and some more indemnifications at the Renova Foundation. We are repurchasing the NBR[?] preferred shares

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within the iron ore business and the outflows of 200 million per year will cease next year. There are other outflows that we are vigorously tackling.

If you had the 2019 column, that is almost $3 billion outside of Brumadinho expenses that went out for no good economic purpose and we intend to eliminate most of those by 2022, de-risking outside of the core business.

Talking about Brumadinho expenditures, yes, they were heavy in 2019. They will be heavy in 2020. They will be heavy in 2021. They will start to decrease by 2022. The reason why 2020 and 2021 are very strong is because of the de-characterisation expenses, which are mostly concentrated on those two years. They are not going to vanish in 2022, but they will be hopefully substantially smaller.

De-risking outside of the core business will lead to important improvements in cash flows. Therefore, by 2022, if you see the EBITDA and free cash flow, we intend to deliver to you a very healthy company. There are some hypotheses here of prices of iron ore and nickel and you can see by yourselves the cash flow intended and how they convert very healthily into free cash flow because of the low level of capital expenditures.

IV. Valuation

The key question is how those numbers translate into valuation and we are very mindful that you have many doubts about Vale. You doubt about the viabilities of the reparation efforts. You doubt about the safety issues. You doubt about the resumption of volumes. You doubt about how we are going to deal with Moatize and VNC. That is why we have spent 70% of this presentation talking about all of those issues to convey you the message that management is fully committed towards de- risking the company. You have on top of it the EBITDA numbers. There are three different scenarios. There is a more pessimistic scenario at 15.4, a base case scenario at 19.5 and a more optimistic scenario at 23.5.

How do those cash flows translate into valuation? If we de-risk the company and if we eliminate all those uncertainties we believe we may deserve from you an assessment and EV multiple, which may come back to the 5.5 to six range that we traded about 10 years ago from four times today or maybe even less than four times. That is a key component of the story and if we do that and still aiming at $10 billion of net debt, you can see how the market cap can improve substantially and when you add the free cash flow that will be generated over the next three years by 2022 there can be a potential shareholder return, if you take just the middle scenario, of over 25% a year. We are going to do all that we are talking about because it is the right thing to do, but also there will be hopefully rewards from it. That is what we intend to deliver to you by 2022.

Eduardo Bartolomeo

Thank you, Luciano. I think with that, we conclude. As you saw, we are undergoing de-risking. The doubts are getting smaller or lower, but fundamentally I want to remind you of what we say inside Vale. We do not see this as a sprint. It is a marathon. You take time and you take effort. Two words you can expect from us are discipline and persistence. Reparation, as Klein showed, is happening and is happening with quality. Safety is something that is embedded in us. We will be the safest company in the world. We need to stabilise our production. We are getting back our volumes swiftly, but with safely and more importantly we are primed to this valuation because, as I said in the

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beginning, we will be disciplined. I think more importantly we want to build a better Vale that is safer, more human and more sustainable. Thank you and let us go to the Q&A. Thank you again.

Questions and Answers

Doug Upton, Capital Group

Thank you very much, gentlemen. I have a question. It is a continuation of the de-risking question I think. Luciano, thanks for what you ran through. From a shareholder's point of view, in the short- term de risking is also about the final closure of the Brumadinho issues. Could you just talk through the key issues still facing the company from Brumadinho, in terms of the key counterparties and maybe mostly from a legal point of view I think and what the timeframes might look like? Thank you.

Eduardo Bartolomeo

Thanks, Doug. Let us put it this way. I think there is an obvious investigation that has to conclude internally and externally that will assess responsibilities and the timeframe for that. Internally we believe that our technical assessments are going to be delivered this month. We have finally attacked that. That is the internal assessment of the break. From the prosecutors, we believe it will happen either before the recess of the judiciary or later in the beginning of the year. There is a recess and resume now for that and that is a very important point, because it creates a possibility to the other agreements that need to be done. We have three civil actions against us that froze 11 billion reais or around $2 billion. It does not matter.

One is around the environment. We have reparation and compensation. The studies about reparation are very well advanced, but the problem is the compensation. We are discussing with them and, again, I think we could expect something around the first quarter. The second one is the social and economic damage. We advanced a lot on the agreements that Klein mentioned here, but we need to get that collective. That gets more complex, but anyhow, again, I will get to the third one to clear that up.

There is a fundamental compensation for the government. The government took the lead and tried to arrange disagreements around what stakeholders were talking here, the public prosecutors of the state of Minas Gerais, the governments itself, the judiciary system and ourselves of course. The complexity of managing those four elements is being led by the government. We believe that we should expect at least for the first half not this year. We do not have any time. We were hopefully thinking that we could have the agreement, but there are too many people around and too many complexities. We believe that in the first half of next year it is reasonable.

If you remember, Samarco took much more than that. I think a key difference here is the speed that we are dealing and, as we said in other events, it is taking the burden off the ACP. The ACP is the civil action that requires that, so we are not waiting for that action. On water, we are taking actions. Those things I think will allow us to conclude this in the first half, but it is, again, very ambitious.

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Luciano Siani

Importantly, from an accounting perspective when we did, for example, the provision on the second quarter for the social-environmental side we did reparation, because we basically know what needs to be done. Some of the agreements that were mentioned already deal with that, but we also already provisioned for compensation. Why is that? Because we have engaged with the authorities and we pretty much know where they are coming from. For example, Davido[?] talked about sanitation efforts. There is a desire to, for example, increase water supply security for the metropolitan area of Belo Horizonte, so there are long-term plans and things that we are discussing with the water utility company.

The agreements that Eduardo mentioned will fall under the compensation and have not been settled yet, but have been provisioned for, according to our estimates. It is the same thing with the socioeconomic. The provisions were big. If you just think about indemnifications for individuals, you will never get to the values that were provisioned. The difference to the provisions is our own estimates of the grounds and the order of magnitude where those compensations agreements should come from. Once they are settled, then we will have naturally an adjustment upwards or downwards.

Participant

The legal and the public authorities will tell you it is better to take a bit longer on all the arrangements to legitimate the compensation package, rather than going too fast and having problems in the future.

Serafino Capoferri, Macquarie Bank

I just have a question for Marcelo on iron ore. Do you anticipate more difficulties or disruptions in the first quarter during the rainy season from operating the dry processing facilities? Could you comment on the risk around that?

Marcelo Klein

I think this year we faced a unique problem with the Northern System. In March we had a lot of problems emerge and we had many problems, but since then we have been working hard to have a better position in the rainy season. The rainy season started before we were expecting, but we think we are more prepared for that. It is raining more, but we are much more prepared, so there a lot of initiatives to make it happen. I see in terms of disruption that will be in much better shape than this year.

Sergey Donskoy, Societe Generale

I have two questions. One actually is a follow-up to Doug's question. Do I see it correctly that regarding the provisions that you have made so far, to the best of your knowledge there is nothing of a substantial sort that we should bear in mind that is left outside of those provisions on your balance sheet, speaking of these law suits and your interactions with the prosecutors and the government? That is the third question. You provided an outlook for iron ore growth production over the next four years. What do you think about the evolution in quality, for instance grades, and how they are

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going to evolve from where we are now to next year and to 2022 or any other parameters that are of relevance? Thank you.

Eduardo Bartolomeo

Okay. Thank you for the question. Just clarifying, I think Marcelo Klein just mentioned we are interacting with the prosecutors and not only the prosecutors, but there is a person organising the demands. Again, we are pretty sure that we are comfortable in that range, but we have to bear in mind that we have frozen 11 billion reais and we have provisioned 16 billion reais. As Luciano mentioned, it is larger than we thought before.

On the environmental part, you cannot even compare to Fundão because the range is much smaller and the impact is much smaller, so there is no relevance. We have as well the reference for Samarco for that. The collective damage is the one that has the biggest uncertainty, but I think Luciano can comment as well. We are pretty sure from what we know so far and even from the action that we have against us, we are well on the conservative side.

Luciano Siani

When you go to the 108,000 people of the city of Brumadinho and the surroundings, you obviously have way more people. However, these are not the families of the victims. Some of them were much less affected, but that gives you an order of magnitude of the types of compensation that could come. For example, the sanitation over 22 municipalities is expected to cost around 1.2 billion reais. It is about $300 million.

Just to give you an idea, one of the civil actions put forward in the very beginning was the civil action of the labour public prosecutors, because this was basically a labour accident. 250 of the 270 victims were workers, employees of Vale or contractors, so the labour public prosecutors took forward and put this civil action. This was settled and, as Marcelo mentioned, 244 of the 250 families have already settled with Vale, so fair indemnification. They have established already in this civil action the amount of the collective compensation at 400 million reais, so that was already paid. It is about $100 million. Likely that agreement will be a patchwork of many of those. 'Okay. You should do sanitation for 22 municipalities. You should do something for the water utility companies. You should do something here. You should do something there'. When you add all of this up, to our best knowledge, we believe we have enough funds already to cover those estimates.

Eduardo Bartolomeo

One point I think to remind about the uncertainty that in this case we do not have is the limit of the impacted people. If you have seen 108,000 people, we even believe that impacted people are much lesser, because they are in the range of the river, but, anyhow, we do not have this uncertainty now.

Luciano Siani

That is interesting. Last week the emergency payments were renewed, but they were renewed with different criteria. Of the 108,000 people, 9,000 will continue to receive the full emergency payments. The other 99,000, who are deemed to be less affected so to speak, are now going to receive just half the hand-outs, so there is some sort of convergence towards a number of affected

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people at around 10,000 or maybe 15,000. That is what we are talking about in terms of the bigger impact.

Participant

Agreements [inaudible] prosecutors, everybody involved understanding and agreeing that this is a fair adjustment in the compensation.

Marcelo Klein

Regarding the quality, we can divide this in two phases. In the short-term, as I mentioned, we have very good news. S11D is going really well. We expect a full year next year from 90 million tonnes, so with Carajás it is the base of the quality. As I mentioned, during the first half we have the return of the wet processing method, so we can sometimes be sure of high quality products in the beginning.

We are going to adapt the value of the volume to not oversupply high silica products. That is the main thing. After that, as I mentioned, we have the best portfolio. We have the blending in the Carajás. It will grow. We have other products to improve, if you need to improve Carajás. High quality is the key strategy for Vale.

Tyler Broda, RBC

Thanks very much for coming to London for this presentation. There are two questions from my side. Is the 340 to 355 million tonne forecast you have for this year including the potential for more Laranjeiras type situations, i.e. if you are going to be focusing more on safety is that built into the based case? I am just curious in terms of the guidance. Secondly, does the de-characterisation schedule have an impact still on the production profile and if you could explain how, if at all? Finally, I guess, in terms of metallics and the interesting shift there with suggesting with the cheaper gas in Brazil that potentially they will grow out of EAF capacity in Brazil, is there any thought from Vale to move further downstream as that process develops?

Eduardo Bartolomeo

Let me begin with the last one. There is no chance that we go downstream. The idea here is to solve a problem from the client. If he wants to solve the problem, he comes together with us. We have the opportunity to solve a big problem. We are talking to the Europeans mainly now and, of course, what we want to do is we want to captivate our iron ore with the client. That is the main driver behind that. We want to solve a problem and we want to captivate him. It is more or less like [inaudible] pelletising plants 50 years ago. If they want, they come together with us. Otherwise, we do not go. We had a very bad experience on that. That builds up on our capital discipline that I mentioned before. We are learning from the past, so we are extremely optimistic around that, but extremely conservative on the downstream optionality. We do not see it as an optionality. We see it as an opportunity if the client comes together, either on take or pay, or on investing. Of course, we did not design the area, but the philosophy is that.

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Marcelo Klein

In terms of capacity, I can see capacity because, yes, we can have some disruption. Again, we have seven layers of the fence. If someone puts up a red flag and says, 'There is a problem here', we are going to look after that. We are counting on that in that range, so it can happen, but we really believe that it is a good number to pursue.

In terms of de-characterisation, we do not count on the dams for our production. In the nine dams, I think there are two or three that we need to understand they impact other production in that dam. We do not use them. We do not need to finalise the de-characterisation, but we have to check the interaction between the operation there. The mechanical dismantling is the first phase, because we cannot blast because of the impact of that. The interaction is regarding impact and not directly involvement in the process of de-characterisation.

Jason Fairclough, Bank of America Merrill Lynch

Brumadinho notwithstanding, it appears that the real quality core of the business is still the iron ore business and the further we get away from Brazil, the more problems you guys are having operationally and from quality point of view. You have disposal in New Caledonia, you have recapitalising in Mozambique and recapitalising in Canada. How do we think about these businesses longer term? Do they really have a place in Vale? Is there a focus? We see some of the other large mining companies disposing of some of their tail of assets. Could you reasonably call some of these assets a tail?

Eduardo Bartolomeo

Not necessarily. I think as we mentioned before, base metals are the core for us. Of course, as Luciano mentioned, New Caledonia, as we talked about here last year, is something where we are struggling and we believe it is time with the risk profile and much more on the risk profile than the return profile. If you do it very well, it should not be in the core of the base metals businesses, but if you were a standalone company would do the same thing. We are taking this approach to a standalone company with the base metals to sustain its investments. I think that is very key to understand. I think we made a lot of inroads. Last year we promised here that we would tap all the underground mines. We delivered the budget on the underground mines, but, of course, the bottlenecks move, so we now had some problems in the refineries. I think it is much easier to solve it. We are learning how to operate in Canada. I think it is very important that that has to do with our management model. We mentioned the famous VPS last year as well.

I think we have no doubts about our Canadian assets. Everybody is looking for Canadian assets, but we are more than everybody. We feel the optionality in the industry in Indonesia. You might ask, 'Why be in Indonesia?' It is because we have the best resources in the world. What happened in the price this year was exactly the reaction to Indonesia. We are there. We have been there 15 years. We know how to operate there. It is key to us. There is no doubt about that.

Specifically about coal, I think the obvious answer is we need to fix the business. If we talk about exiting, leaving, sharing or partnering, we are destroying value for Vale. First of all, we need to fix it and I think in that case it is much more reliable to fix it than in an HPAL capacity. We have beneficiation plants in Brazil. I think we were unfortunate not to transfer the mining knowledge and the plant knowledge to there.

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We did very well in the railway. We operated the railway and the ports in Mozambique very well, so in the end they are distinct businesses by the way. I think more objectively in our answer, no, they are not tails. They are core for us. Base metals is core for us. We believe we will deliver 30%. I think the numbers are in our strategy plan. Of course, we need the price to come. We saw the movement this year. I think we are very fortunate to lock in. We are making money on the lock in that we did. We know that we are price takers there, but if the market organises itself fundamentally the nickel market is going to be organised in the future because of what Mark mentioned. We are very optimistic about the upper class market, because that is where we know how to plan and that is where we know how to price. I think that is the answer to your question.

Mark Travers

One thing I forgot to mention with respect to the Indonesian investments is that that will be self- funded at the Indonesian subsidiary level. There will be no cash requirements coming at the shareholder level.

Sylvain Brunet, Exane BNP Paribas

My first question was on iron ore. We have seen the impact at Laranjeiras. Could you give us more concrete examples of what the intervention team has done 10 months after the accident? You mentioned you need to rebuild the inventory in Malaysia. Could you help us with the range there? What sort of tonnage should we assume? Will you be happy with a 20 or 30 million tonnes estimate and how do you think about that inventory with your new operating style? Should it be a bit bigger than before? Lastly, on copper, could you give us some colour behind the lower number production number in 2020 versus last year and the origin of that? Thanks.

Marcelo Klein

Laranjeiras is quite the example that we want to deliver to you that we are doing this time. We are using the best technology available to assess the damage. We have satellites that we are checking every day for movements and any signs of problems. We saw that something moved during the period of time. I am talking about 8 centimetres or something like that, and we went to the field and found that crack. It is a small crack. It is eight metres. As you found, we need to investigate with all the teams there, including my team and Carlos' team, and we could not answer the full question of what happened. As we do not know what happened, we need to investigate it, so we decided to stop, investigate and see, but we do not see a problem of safety in this case, but the pattern is that. If you do not have the instrument at the time, you need to investigate, so stop. We are going through this investigation during one month. Our expectation is there no big problem there, but we need to go through that and we have. We are to return to you what happened after one month. That is exactly what happened. That is exactly what happened on the dam before and it can happen with the others, but we are confident that this is the right path this time with all the team involved.

You asked about Malaysia, right? The Malaysia part is very important. It is one of the 17 ports that we operate in Asia, serving China and all the countries there. Part of our pricing model is based there. We can define the price based on that port. We are planning to expand this port. We did not approve yet, but we have a plan to expand in another 13% of capacity, but actually we are really well-served in China with the 17 ports now. We are using four ports for volume access and the Malaysia port. We see that as a very good strategy to keep the brand and all the distribution after

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that and they want to actually improve the distribution in China with other kinds of services in Malaysia. That is the strategy we have there.

Eduardo Bartolomeo

He asked about the guidance for copper.

Mark Travers

We gave guidance of 400,000 tones. It is on the conservative side. There is the potential to be a few more thousand tonnes in there, if we execute very well next year. I think there are a few different factors. One is there is some refinement I think of our guidance, primarily trying to be conservative, given some of the journey we are on in our preventative maintenance scheduling and getting better availability out of our equipment.

There is some substantial work that is delaying the ramp up a little bit of Long Harbour, so some cutting there. There is also the impact of some reduction of third party feed in Sudbury, as one of providers there has shut down a mine, so it reduces the tonnage in Sudbury due to that impact as well.

Roberto Lampl, Alquity Investment Management

Thank you very much for your presentation. It is really encouraging to see how you are incorporating ESG factors, which are very dear to us and to our stakeholders. Why is only 20% of your long-term compensation tied to that factor? That is one question. The other one is regarding the other tailing dams in the portfolio at Vale. How many of them would you classify as high risk potential, either from some kind of rupture or toxin materials seeping into drinking water and so forth? Lastly, how will the audit committee that you are going to be establishing differ in terms of responsibilities compared to the fiscal council that is in place in Brazil?

Eduardo Bartolomeo

First of all, thank you for recognising that. I think we are the first big three miners that will have long-term compensation in ESG related factors. That was a decision discussed with the Board. We think it is a journey. It is a beginning, so we can reassess that when time is due. Specifically about the dams, we have 18 dams that do not have the certificated stability. They are well-know. We are taking care. They are not upstream dams. That is very important to mention. Of course, the upstream dams that we mention here do not have certificated stability, but, as Carlos mentioned, we are building back up dams on them. When I mention about safety, I said governance, removal of backlogs and reducing the use of tailing. We have already one that is completed. It is in the Gongo Soco region. It is a huge structure. It is a backup dam that, in the event that something happens, will hold and this impact that you mention will not happen.

The ones that really are concerning us on the factor of safety will get ready by February, because [inaudible] more time because of the geological issues there, but the B3 and B4, if you remember the presentation, will be ready by December. That is a very effective demonstration that we are not underestimating any risk. Maybe you ask why we are building these structures, because it can happen, but we, of course, are working in reducing the arrival of water. We are draining it. As Spinelli mentioned, we increased the factor of safety, but we are not counting on that. We are

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counting when we are doing effective actions to mitigate that, so that is specifically how we are dealing with the tailing dams. I think Luciano can explore the audit committee. It is a long-term demand to be independent, but I think Luciano has more details.

Luciano Siani

Just adding on the tailings dams, sometimes there is a little bit of confusion. The material that is stored on tailings dams is not toxic at all. It is basically iron ore with a lot of silica. It is 20% iron ore, silica, which is sand basically, and water, but sometimes you get reports following the dam breach. Sometimes the river bid already contains some of these heavier metals and then the bottom of the river bed was shaken because of the flow of the tailings and then some of these, which perhaps come from artisanal mining, have raised up to the surface. One very evident proof of this is some of our tailings dams are used to source water for Vale, for example in Salobo. The water for the operation of Salobo comes from the tailings dam. It catches water from the rain and then we pump it for the consumption of our employees and our activities, so it is not toxic at all.

In terms of the audit committee and fiscal council, the fiscal council is something that Brazilian corporate law prescribes to have. It is a body in which minorities can be represented. It is another level of audit on the company's accounts, but it does not support and provide advice to the board of directors. Usually in Brazil it is the finance committee. Some boards of directors have established the finance committee as a subcommittee in order to provide that kind of advice, which in the US, for example, is mostly done by the audit committee. The audit committee requires independent experts basically and, like in Vale for example, the finance committee does not have those certified experts or advisors.

We will need to go outside of the board of directors in order to bring those guys to the audit committee. The audit committee chair needs to be independent, but he will work together with the board of directors, in order to provide accurate advice on those more complex audit and financial matters, whereas the fiscal council interaction with the board of directors is not that frequent and they answer to different constituencies. Therefore, the fiscal council has not been providing the type of support that the board of directors need, although the SEC, for example, understands that a fiscal council with certain characteristics may make up for the lack of an audit committee and that is why Vale continues to be traded on the New York Stock Exchange in compliance with US securities laws. But we recognise that having a truly independent audit committee as a support to the board is the best practice, and we will implement that.

Douglas Upton

I have three questions. I think they are all technical. The first one is on the filtering and dry stacking in the iron ore wet process. It looks like you plan to do half of the wet processing as filter and dry stack. Some of the rest will be the dry magnetic separation. My question is this. Why not filter and dry stack all of the iron ore, all of the wet processing? Secondly, could you just update us on the idea of doing an extra 50 million tonnes of capacity in Carajás? Thirdly, after the sell-down in Indonesia, will you still consolidate the Indonesian one or will that go out to equity? I have just thought of a fourth one as well. When you do the internal report on Brumadinho, will you publish it?

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Eduardo Bartolomeo

Thank you again. Yes to the fourth question. We will publish it as soon as we have it. Thank you for your question, because this is something that is very key. We are extremely diligent on delivering all of the information to solve the problem. Yes, absolutely. The data that sits in my table will be in the market. That is the fundamental thing that is driving our actions. Obviously, we want to know exactly how to answer that form of question. We are more or less throwing the net over everything. We do not care about what is being inferred or perceived. We are doing the right thing. If we get more technical insights, we are going to use them again for the upstream for prevention, although we are prevented by the back-ups.

Now I am going to circulate the questions. I think Mark can give more colour on consolidation. We will not consolidate, because they are going to be [inaudible].

Mark Travers

Yes, the agreement will close likely early in the New Year. Based on how we are structuring the governance and the shareholders' agreement and through some relationship with Sumitomo, we believe we will be able to consolidate on closing of that transaction. There is a further divestment requirement as we go to a new regime when we switch in 2025 to a licence regime. There is an additional sale of 11%. That is a different story.

Eduardo Bartolomeo

Can we have an answer on the processing?

Marcelo Klein

On the dry processing and wet processing, it is a leg of the solution. You need a space for dry stacking. In parts of the mine we do not have space for dry stacking. We have the dams which are working, so we can use it. There is a limitation on that. What kind of things are we working on? We are trying to use some different products to make the piles stronger. We can do that. We are trying to get out of that. It is like a coal product. We are developing other solutions to expand the use of the dry stacking.

Again, the dry magnetic is much simpler, because you can do this in small packages of 1 million or 2 million. It is more flexible to do that. We are working hard to combine all the technologies to find a solution, but that is a restriction.

Eduardo Bartolomeo

There is a shared value proposition we are looking at, which I think will be disruptive. Tailings is a problem both wet and dry. You cannot underestimate that. It is sometimes even worse in piles. We will try to extract sand out of it. That is something to watch for.

Somebody asked me about that already. We do not have tails in our master plan. There are no more tailings being designed in Vale. We are constructing three tailings, if I am not mistaken: Maravidas[?], Tortu[?] and Grupo, but there are no more. We will find a solution. Necessity is the mother of innovation. We will need to stack and dispose or sell. That is too much, though. We are not going to downstream on that, but we can even make money from it. Anyhow, our proposition is now to reduce something that is obviously not the best or most appropriate way to do it. Our

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knowledge so far is reasonable. New steel is something where we see some opportunities as well, because it has to dry. It consumes energy. We can reduce the consumption of energy. There are lots of things going on there. As I mentioned at the beginning, we are moving a lot of pieces inside Vale to make us much better and much safer.

The 50 million is about flexibility. We are engineering. That is all. Anyhow, you can go into the details.

Marcelo Klein

We are at 90. We are ready for another 10. We are studying and probably improving soon another

20. We are still studying how to engineer for 150. It depends on the market; it depends on the necessity. Quality is a key trend for that. Just to reinforce what Eduardo was saying, my car today is iron ore, but - I do not know - it could soon be iron ore and sand. It depends on the technology and our competence.

Eduardo Bartolomeo

The 50 million is much more on engineering and creating the flexibility and finally, of course, to ensure we have the best resource in the world. That is where the money should flow to invest, if needed. Again, I have been very insistent on those themes because of the de-risking issue. We are not going to create any downstream or excessive capacity. We will try to look to the past and see what we did right, because did a lot of things right, but of course learn from what we did not do right. We need to sign on the system that we have the best ore and we have the best logistics, because we just invested to double the track in Carajás and expand Ponta da Madeira. It is there. If you look at Vitória-Minas what happened in the past, that is what allowed us to be where we are and to be what we are. We are preparing the company for the next 10-20 years.

Paulo Vitor Carvalho, CRU Consulting

You mentioned metallics, and a gentleman asked a question about metallics earlier on. I think Mr Siani referred to the investor presentation focused almost exclusively on evaluating the metallic opportunity. You mentioned that you would be evaluating that opportunity to increase the portfolio of premium products you offer to your clients. My question would be this. What is the timing of that initiative? What is the upside in margin that Vale envisages in that opportunity? Is there appetite outside Europe, for instance in China, for those sorts of products that will help their clients reduce emissions and be more profitable?

Marcelo Klein

We have different markets. Europe is suffering more pressure on emissions. In China, we see this as more long term. In five years, they will be more concerned about emissions. Now they have problems with dust and other kinds of problems. Metallics can be a solution for Europe or even the US. But the way we see metallics is to lock in the way we sell iron ore or pellets.

It is not something where we want to be an investor in this business, which is close to our clients' business. We want to be a solution for them. We suggest our logistics, location, source of energy - because this is the business. In terms of the kind of energy, biomass could be a possibility even big iron ore. If you think about HBI, HBI is natural gas. Brazil can be a [inaudible] of that. We are trying to arrange a solution and be part of that, but we do not want to be the main investor for that.

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If the client needs us, we will be there to have the solution and lock in the capacity to sell iron ore or ore pellets. That is the way we want to evolve this kind of business.

The timeline of that is five years, for Europe and the US. It will take more time for China. The kind of product for China will be different in the next five years. It will be more kind of pellets, to pelletise on low ground, Carajás and all the kinds of products that we are still developing. In a few months, we can show you other solutions for China.

Luciano Siani

There is a key theme here. In five years, the sea-borne market will start to contract. In 10 years, it will be very contested. One component of Vale's strategy for iron ore is to lock in its clients and to be the differentiated company. We will make sure that, when it comes to be contested, it is the others who are going to lose market share. We are beefing up our technical marketing resources and our products to be ready for what is going to happen in 10 years' time.

Eduardo Bartolomeo

We have time for one last question. I think there is a question here.

Tom Borgen-Davis, Optiver

I have two quick questions. They are more on the regulatory side. How concerned are you about the potential for a special participation tax? Secondly, I appreciate that it is not a priority at the moment, but, given Brazilian corporate law, which we were just discussing, the provisions we have seen and also, more recently, the impairments, how likely is that Vale may be required to pay out a minimum dividend perhaps this month or in March?

Eduardo Bartolomeo

Thank you. What was the first question? It was participation. Yes. I am sorry. I was thinking about the dividends. I am sorry. We have a very objective view on that, a legal view. You cannot double-tax anything. There is a chosen royalty that is [inaudible]. You cannot do a special participation. That is in the constitution. That is our view. But, again, we always say the same thing: it is the view of a miner in a mining country. We will of course use our entities to defend our position in congress through IBRAM and through SENID[?]. We are very confident that cannot happen. That is our view. Of course, we are not just saying that. That is one thing.

There is another one about levying import or export tax, VAT. That is mining. That is taxing exporting. It is going to bring - how can I say this - fragility to the Brazilian industry. Again, the way they are trying to do it is just for miners. Again, that does not make sense. It is those kinds of things. It is natural. It is a thing that happens. We have to remember that we have just undergone this in 2017, I think. In our sense, the time has not come. By the way, as we have spoken about, we have reformed the whole system to make our country more competitive. In that discussion, it also does not make sense. In our sense, we are confident that either the legality is not sound - rather, it is the opposite - or on the competitive side, for the country and for the company, it does not make sense.

In terms of dividends, we are obliged to pay the 25%. We do not know the impact of the impact yet, but we will explore that. We do not want to make projections about this, but Luciano can explain the technicalities about the 25%.

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Luciano Siani

If you do the math with the impairments and accumulate the results, I think we can have a pretty good idea of whether we are going to be positive or negative territory. With not too much work you can have the answer to your question.

Eduardo Bartolomeo

I am really being pushed out. I hope we have answered your questions. Of course, I think the main line we are trying to convey to you is that we are doing our utmost with disciplinary persistence to de-risk the business. It is not a sprint; it is a longer run. It is going to be done. We are going to do it with our team. We tried to show you that we are committed to that. By the way, thank you. I have to leave; otherwise I will miss my flight. Thank you very much. I think I have already missed it.

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Market Closed - Sao Paulo Other stock markets 04:07:41 2024-04-23 pm EDT			5-day change	1st Jan Change
62.78 ^BRL	-0.87%		+2.18%	-18.68%

Apr. 17	BHP Maintains Annual Guidance as 3Q Iron-Ore Production Falls 7% -- Update	DJ
Apr. 17	Vale S. A Provides Production Guidance for the Year 2024	CI

BHP Maintains Annual Guidance as 3Q Iron-Ore Production Falls 7% -- Update	Apr. 17	DJ
Vale S. A Provides Production Guidance for the Year 2024	Apr. 17	CI
Vale S.A. Announces Sales Results for the First Quarter 2024	Apr. 17	CI
Vale S.A. Announces Production Results for the First Quarter 2024	Apr. 17	CI
Brazil's Vale reports 6% growth in Q1 iron ore output	Apr. 16	RE
Rio Tinto Maintains Annual Guidance After 1Q Iron-Ore Shipments Fall 10%	Apr. 16	DJ
Barclays Raises Price Target on Vale to $17 From $16, Keeps Overweight Rating	Apr. 16	MT
Vale S.A. Announces Committee Changes	Apr. 16	CI
JPMorgan Trims Price Target on Vale to $20 From $20.50, Maintains Overweight Rating	Apr. 12	MT
UBS Lowers Vale's Price Target to $13 From $15, Maintains Neutral Rating	Apr. 09	MT
Vale Calls Detection of Anomalies in Tailing Dam Structure a 'Normal Procedure'	Apr. 05	MT
Sector Update: Energy Stocks Higher in Late Wednesday Afternoon Trading	Mar. 28	MT
Sector Update: Energy Stocks Gain in Thursday Afternoon Trading	Mar. 28	MT
Vale to Acquire Remaining Stake in Alianca Energia for $541 Million	Mar. 28	MT
Vale S.A. agreed to acquire remaining 45% stake in Aliança Geração de Energia S.A. from Cemig Geração e Transmissão S.A. for BRL 2.7 billion.	Mar. 26	CI
Shanghai nickel, tin fall as Indonesia ramps up mining quota approval process	Mar. 20	RE
CERAWEEK-Vale expects nickel market surplus by 2028, executive says	Mar. 19	RE
Vale, Samarco Face $3.8 Billion Lawsuit in the Netherlands Over Mariana Dam Break	Mar. 19	MT
Vale Reportedly Faces $3.8 Billion Lawsuit in Netherlands Over 2015 Mariana Dam Collapse in Brazil	Mar. 19	MT
Brazil court suspends criminal lawsuits against former Vale CEO over dam collapse	Mar. 13	RE
Sector Update: Energy Stocks Rise Late Afternoon	Mar. 12	MT
Sector Update: Energy	Mar. 12	MT
Vale Board Member Alleges Political Influence in CEO Succession	Mar. 12	MT
Former Vale board member claims political influence in CEO succession	Mar. 12	RE
RBC Trims Price Target on Vale to $18.50 From $19, Keeps Outperform Rating	Mar. 08	MT

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VALE S.A.	-18.68%	52.37B
FORTESCUE LTD	-14.68%	49.04B
NMDC LIMITED	+18.46%	8.25B
KUMBA IRON ORE LIMITED	-27.43%	7.49B
SHOUGANG HIERRO PERU S.A.A.	-2.36%	5.84B
CSN MINERAÇÃO S.A.	-35.50%	5.37B
NMDC STEEL LIMITED	+32.30%	2.3B
HAINAN MINING CO., LTD.	+6.68%	1.93B
DETERRA ROYALTIES LIMITED	-5.69%	1.7B
HBIS RESOURCES CO., LTD.	+5.42%	1.6B

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