Vale Annual Report 2022 | Quarterlytics

FY2022 Annual Report · Vale

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Integrated
Report
2022

Summary
Introduction ___________________________________________________________________________________ 3

Letter from the Chairman of the Board
Letter from the CEO
Highlights of the year
Approach to reporting
Materiality

About Vale ____________________________________________________________________________________________ 11

Purpose and Values
Vale Worldwide
Business model
Innovation oriented
Strategic pillars
Advances in our long-term goals

Sustainable
mining _______________________________________________________________________________________________________ 22

1. Human rights _____________________________________________________________________________________ 22

2. People _________________________________________________________________________________________________________________23
Organizational culture
Compensation
Succession plan
Training and development
Diversity, equity and inclusion (DEI)

3. Reliable operator ________________________________________________________________________ 28
Vale Production System (VPS)
Health and safety
Risk management

4. Dams ______________________________________________________________________________________________________________________ 32
Tailings and dam management
Risk assessment
Emergency action plans for mining dams
Dam decharacterization
Evacuated territories

5. Reparation _________________________________________________________________________________________________36
B1 dam failure – Brumadinho
Fundão dam failure and the Renova Foundation

6. Social performance _______________________________________________________________40
Local communities
Indigenous peoples and traditional communities
Involuntary resettlement
Land use disputes

7. Voluntary investments ___________________________________________________44
Fighting poverty
Vale Foundation
Vale Fund
Vale Cultural Institute
Volunteering
Vale Institute of Technology (ITV)

8. Mine closure
and future use __________________________________________________________________________________________48

9. Nature _________________________________________________________________________________________________________________49
Biodiversity
Amazon
Ecoefficiency

10. Climate __________________________________________________________________________________________________________ 55
Roadmap for reductions in Scope 1 and 2 GHG emissions
Net zero target
Climate-related risks and opportunities

Solutions for
the value chain ___________________________________________________ 60

11. The role of mining ________________________________________________________________61
12. Low-carbon solutions _______________________________________________ 62
Reduction of GHG in the value chain
High-quality product portfolio
Partnerships with customers and suppliers

13. Responsible sourcing ____________________________________________________ 64
14. Circular mining
and new business _____________________________________________________________________________ 67

Discipline in
capital allocation ______________________________________ 68
15. Governance _______________________________________________________________________________________69
Board of Directors
Fiscal Council
Executive Committee
Ethics and compliance
Compliance with laws and regulations
Unfair competition and conflicts of interest
Data privacy

16. Economic performance __________________________________________75
Socio-environmental expenditures
Business context
Production and sales highlights
Indexes and ratings
Participation in entities and associations

Peer Reviewers
Limited Assurance Report
GRI content index
Credits

Cooperation means to listen.
Cooperation means creating a
collective capacity to think, engage,
dream and implement possible
futures for all, together.

Integrated Report Vale 2022 3

AssurancePeer ReviewersGRICreditsAbout ValeDiscipline in capital allocation32Solutions for the value chainSustainable Mining1PresentationLetter from the
Chairman of the Board

GRI 2-22

The world is on the threshold
of a powerful energy transition.
At the same time, companies
and governments are faced with the
task of overcoming the challenges
posed by an increasingly complex
world including geopolitical
concerns, energy crises in Europe
and in global supply chains, high
levels of global inflation, and the
slow recovery from the pandemic
in some regions of the planet,
to name a few.

Vale, as a global company, is
entrenched in this scenario and has
been implementing its strategy not
only to ensure effective operational
performance, but also to create value
for society, investors, employees,
suppliers, communities, among
other stakeholders.

Our business needs to respond
both globally and within the mining
industry. Climate change mitigation
directs the world towards a necessary
energy transition, but the pace of
action may be affected in the long
term by dependence on gas and other
fossil fuels. Within our sector, the
safety of people and our operations
is an immediate imperative for risk
management strategies.

Vale’s Board of Directors has the role
of overseeing and supporting our
journey towards a more sustainable
and safer mining model, allowing
for the development of low-carbon
solutions, combined with the creation
of value for society and a focus on
business discipline. To exercise its role
more efficiently and assertively, the
Board underwent a reformulation
process including the adoption of
market best practices and electing
independent officers, including the
Chairman of the Board.

Vale’s by-laws, regulations and
corporate governance today follow
international standards, similar to
those of our European peers. We
consider ourselves a true corporation.
However, Board composition can still
be improved. We need to increase the
diversity of Board members in terms
of gender and race, in addition to
having international participation.

Another noteworthy advance
has been in executive, variable
compensation, which includes
environmental, social and governance
(ESG) metrics. In the short term,
30% to 40% of collective targets are
linked to non-financial indicators
and ESG, while 35% are linked to

financial targets. In the long term,
the contribution of ESG metrics rose
from 20% in 2020 to 25% in 2022.
This demonstrates the company’s
commitment to the future impact
of our decisions today.

With regard to the governance of
our dams and tailing facilities, the
lesson learned from the Brumadinho
tailings dam failure resulted in a
complete transformation of our risk
management processes, and the
safety of Vale’s assets. Today, in order
to ensure greater effectiveness and
reliability of the overall
risk-management process and
company decision-making, the
company operates according to a
management model based on several
layers of defense, that is subject
to ongoing self-assessments and
reviews carried out by third parties.

Reports providing updates on
the integrity of our geotechnical
structures undertaken by
independent experts are periodically
reviewed by the Board of Directors
and disclosed publicly. We have
sought to implement the Global
Industry Standard for Tailings
Management (GISTM), as well as
the leading tailings management

standards and legislative
amendments that have been
introduced in Brazil and are in
place in Canada.

Our tailings dam management
system is in line with the GISTM. Our
goal is to reach 100% conformance
of critical structures1 by August
2023 and, by August 2025, we
expect to bring the standard to all
geotechnical structures we operate.

Vale is committed to improving
our performance and contributing
to enhancing the lives of people
in the areas where we operate.
The company has invested in
technological solutions to reduce
its carbon emissions by carrying out
tests with locomotives, trucks, and
electrical equipment in Brazil as well
as in its underground mine operations
in Canada. Through the Vale Fund,
it has sponsored forest recovery and
protection, in addition to investing in
research on biodiversity through the
Vale Institute of Technology (ITV).

In the social field, in 2021 our
Executive Committee announced
the bold target to support the
upliftment of half a million people
out of extreme poverty by 2030. In

1 Critical structures are those categorized in ‘extreme’ or ‘high’ potential consequences according to the GISTM methodology.

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Vale’s Board of
Directors has the
role of overseeing
and supporting our
journey towards a
more sustainable
and safer mining
model.

2022, we developed a roadmap with
targeted actions. A comprehensive
international study was carried out,
experts were consulted, and they
corroborated our understanding that
extreme poverty is multidimensional,
and influenced by several factors,
beyond those purely financial.

We want to contribute to
the empowerment of local
communities that may not have
access to fundamental rights,
enabling them to become resilient
and leaders of their own future.
This will also help in Vale’s own
cultural transformation.

In order to reach this target, we will
need to work with great managerial
and mobilization capacity, aiming to
build partnerships with the public and
private sectors, in addition to working
with competent organizations already
working within this field, but that may
lack the resources to scale actions to
greater social transformation.

We thank all our stakeholders
and invite you to join us in our
path towards sustainable mining
aligning our progress to society’s
needs and their expectations
of our business.

José Luciano Penido
Chairman of the Board
of Directors at Vale

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Letter from the CEO

GRI 2-22

Since the failure of the Mina do Córrego
do Feijão dam, in Brumadinho, our
primary commitment has been on
compensation and reparation, always
undertaken through dialogue and with
respect. We have made significant
progress, but we know that there is
still much to be done, especially in
continuing the search for the three
people who have not yet been located.
We will never forget Brumadinho and
the lessons learned from the tragedy
will stay with us forever.

In these last four years, we have
publicly stated before a wide variety
of stakeholders our commitment
to act strategically to eliminate any
risks associated with our operation,
to remodel our business and, as a
consequence of the lessons learned
and of our operational discipline,
to reposition the company before
the market and other audiences.

In 2022, we made important progress
with respect to the decharacterization1
of our tailings dams. To date, we
have decharacterized 40% of our
upstream structures and the B3/B4
dam in Nova Lima, Minas Gerais, has
been downgraded from the highest
risk level2. This was made possible
through the advancement of the
decharacterization process, with the

removal of more than 50% of the
tailings originally held within that
facility. We have spared no effort in
this challenge, and we expect to have
no dams at critical level by 2025.

Our main value is life first, and safety
has become an obsession in our
company. Part of this commitment is to
the health and well-being not only of
those who make up our company, but
also to the communities with whom we
interact. We achieved major advances
last year and we are relentlessly
pursuing progressively better results.
The foundations of our management
system, the Vale Production System
(VPS), are already in place, but we need
to ensure its adoption by all direct
employees and contractors.

Vale remains truly committed to
promoting inclusion and valuing
diversity, and we have achieved
positive results. We ended 2022 with
22.1% women in our workforce and
22.6% in top leadership positions. Our
goal is to double the representation of
women in the company, from 13% to
26%, by 2025. Today, we have about
five thousand more women than in
2019, when the target was announced.
Vale has also set the goal that 40% of
leadership positions (coordinators and
above) in Brazil be occupied by black

employees by 2026. We ended 2022
with 32.1% of these positions occupied
by self-declared black people.

2022 was special for the company:
we celebrated our 80th anniversary
and are now looking ahead to the
next 20 years. What type of company
do we want Vale to be on its 100th
anniversary? We are well positioned as
a major player in the ongoing energy
revolution. We have the capacity to
meet the demand for metals essential
for the electric vehicle industry, such
as nickel, copper and cobalt.

Our core business, iron ore, is also
transforming and offers solutions
for the decarbonization of the steel
industry. We have signed agreements
with customers in the Middle East
to create mega hubs, focused on
low-carbon products such as green
briquettes. Developed by Vale,
this innovative product can reduce
emissions in steel production by up to
10%. We are building a briquette plant
in Vitória, Espirito Santo, to meet
market demand. We have entered into
decarbonization partnerships with
more than 30 customers, representing
about 50% of our Scope 3 emissions.
In the pelletizing area of our business,
we are testing biocarbon to replace
anthracite coal.

The re-use of tailings generated in
the iron ore production process as
an alternative to riverbed or coastal
sand mining is another line of action
in the circular economy. The product
has several commercial applications,
such as concrete, mortar, artifacts,
cement, and road pavement. Each
ton of sand produced represents one
less ton of tailings being disposed
of in piles or tailings dams.

There has been a lot of talk about
nature-based solutions, and we at
Vale understand this concept of
being a “nature-based business”
because we see it as an opportunity.
We have a range of initiatives,
from science and research, through
the Vale Institute of Technology,
to actions that encourage the
bioeconomy and forestry agenda,
under the responsibility of the Vale
Fund. During the UN Climate Change
Conference (COP-27), we launched
important initiatives to support this,
such as “Biomas” (meaning Biomes),
a joint venture with other companies
that will contribute to the recovery
and protection of forests in Brazil.

In 2022, we also celebrated 40
years of relations with the Xikrin
do Cateté Indigenous People.
We concluded an agreement, and to

In these last four
years, we have publicly
stated before a wide
variety of stakeholders
our commitment to
act strategically to
eliminate any risks
associated with
our operation.

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celebrate, I had the opportunity to
visit the mother village of the Xikrin.
A new chapter of this relationship
is being built, based on trust and
dialogue. This action is part of
the goal of contributing to the
indigenous communities neighboring
our business in the pursuit of their
rights, and is linked to our Social
Ambition, launched at the end of
2021 and formalized in 2022.

This Social Ambition includes the
goal of contributing to lifting
500,000 people out of extreme
poverty by 2030. We understand
that the fight against social
inequality is crucial and must be
tackled with the engagement of all
sectors of society: public authorities,
companies, and third-party entities.

The milestones presented here
– some of which have already
produced concrete results – help
build the future of the Vale we want:
a company focused on promoting
sustainable mining and developing
low-carbon solutions, without losing
sight of discipline in capital allocation.

In conclusion, I thank everyone who
has dedicated their efforts and
resources in helping us to honor
our commitments. I invite you, the
reader, to consider this report from
the perspective that we are on a
journey, guided by a single purpose:
to improve life and transform the
future together.

Eduardo Bartolomeo
CEO of Vale

1 Decharacterization is the process of reshaping the terrain of our upstream tailings dams and partially or totally removing tailings from the reservoir and reintegrating the structure into the environment, so that the structure no longer serves its primary purpose of tailings disposal.
2 Risk level (or emergency level as defined on Brazilian regulation ANM 95/2022) classifies potential risks that could compromise dam safety.

Integrated Report Vale 2022 5

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Highlights of the year 2022

22.1% 22.6%

women in our
workforce.

women in top
leadership positions.

32.1%

Self-declared black people
in leadership positions.

Innovation
We were ranked first and second, respectively, in the rankings of most innovative companies
by the Dom Cabral Foundation and Valor Econômico newspaper. We also received the award
for company of the year in innovation and technology from Brasil Mineral magazine.

139

businesses
supported by
the Vale Fund,
benefiting
approximately
9 thousand
families.

USD

2.4 billion
$

in social,
environmental
and institutional
expenditures, 83%
more than in 2021.

100%

of Vale’s active operations in Brazil with
human rights due diligence conducted.

-44%

in the total accident
rate compared to 2021.

Organizational culture
favorability
index
five points more than in 2021.

75%

Indigenous peoples
Engagement with the Kayapó People
to prepare the Indigenous Land
Consultation Protocol, which will help
them exercise their right to Free,
Prior, and Informed Consent (FPIC).

Self-generated
electricity
Our portfolio is

98.6%

renewable.

Environmental
recovery

11 km²

of areas restored.

Over
USD 42 billion
of economic
value shared
with stakeholders.

Integrated Report Vale 2022 6

AssurancePeer ReviewersGRICreditsAbout ValeDiscipline in capital allocation32Solutions for the value chainSustainable Mining1PresentationApproach to reporting

This is Vale’s Integrated Report for the period
from January 1 to December 31, 20221. The
report includes information related to the
companies over which Vale has operational
control and their activities identified in Form
20-F, with the exception of operational units
which have been sold2. GRI 2-2 | 2-3

In this report, we share lessons we have
learned, challenges we have faced, and
advances we have made. This content has
been shaped by our own reflection and by
active listening with our stakeholders. The
material issues we have identified (see more
in Materiality) guide the indicators we report
on, our management approach, and our
accountability on environmental, social, and
governance (ESG) matters.

The Brumadinho Reparation has been a
driving force for change. Our commitment

For questions, feedback and
comments about this publication,
please reach out through the
Contact Us channel. GRI 2-3

to ensuring that an event of this nature
will never be repeated means we remain
steadfast in our ambition to be a safer and
more reliable company. The common thread
throughout this year’s report is our purpose:
“We exist to improve life and transform
the future. Together.” It reinforces our
transformation journey through dialogue,
transparency and rapprochement between
Vale and its stakeholders.

Vale has reported in compliance with the
GRI Standards for the period from December
1 to December 31, 2022. In addition, the
document is aligned with the guidelines
of the International Integrated Reporting
Framework, now consolidated under the
International Sustainability Standards Board
(ISSB). The Integrated Report is presented
following the integrated reporting
framework and addresses material matters
to offer a balanced view of strategy and
how it relates to the company’s ability
to create and preserve value in the short,
medium, and long term.

We also report on our adoption of the Mining
Principles of the International Council on

Mining and Metals (ICMM) including meeting
the ICMM Performance Expectations, as an
active and committed ICMM member. This
report and the ESG Databook (a separate
downloadable Excel document) also include
indicators from the Sustainability Accounting
Standards Board (SASB), now part of the
International Financial Reporting Standards
Foundation, the Task Force on Climate-
related Financial Disclosures (TCFD), the
World Economic Forum (WEF) key metrics,
and the United Nations (UN) Sustainable
Development Goals (SDGs). GRI 2-14

In addition to the limited assurance
performed by PwC, detailed in the
Assurance Report, our Integrated Report
was also considered and reviewed by our
Executive Committee, with oversight by
the Sustainability Committee. The Board
of Directors recognizes its responsibility to
ensure the integrity of the annual report
and acted in the definition of guidelines for
the preparation and presentation of the
report. The content was also subjected to
independent reader review (see more in
Peer Reviewers). GRI 2-5 | 2-12 | 2-14

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Vale Executive
Committee (left to
right): Rafael Bittar,
Marcelo Spinelli,
Carlos Medeiros,
Maria Luiza Paiva,
Alexandre Pereira,
Eduardo Bartolomeo
Bartolomeo, Deshnee
Naidoo, Gustavo
Pimenta, Marina
Quental, Alexandre
D’Ambrosio.

More information about our
results is available at:

• 20-F, Management Report,

Fiscal Transparency,
Reference Form and
Financial Statements3

• Governance Report

• ESG Portal

• Reparation Balance

• Other editions of Vale’s
sustainability reports

As a member of the ICMM, Vale is expected
to implement the ICMM’s Mining Principles
and Performance Expectations as a
condition of membership. We support and
endorse these, and the ICMM’s efforts
at the international level to enhance
the transparency of mineral revenues,
including through the Extractive Industries
Transparency Initiative (EITI), and engaging
constructively in appropriate forums
to improve the transparency of mineral
revenues. We support and are committed
to the implementation of the GISTM, an
effort to improve safety in all phases of the
tailings storage facilities’ lifecycle. For more
information, please access our ESG Portal.

The dollar amounts published in this report
have been converted from Brazilian reais
to US dollars based on the average annual
currency rate of BRL 5.16 to USD 1.00, except
for financial disclosure amounts, and
socioenvironmental expenditures which
were used the monthly exchange rates.

ESG Databook

Refer to the ESG Databook,
attached to this report, which
includes content from GRI; the
SASB Mining & Metals standard;
TCFD; WEF Key Metrics and the
SDGs, as well as adherence to
the Mining Principles of ICMM.
The basis for preparation cited
in the PwC Assurance Report is
in the Databook.

1 Exceptions in the reporting limits are presented in the RI

Basis of Preparation in the ESG Databook.

2 Estrela Ferroligas de Manganês (Barbacena Ferroalloy Plant
and Ouro Preto Ferroalloy Plant), Mineração Corumbaense
Reunida,Transbarge Navegacion, Vale Nickel (Dalian) Co.
and Vale Moçambique.

3 The Company renamed its main operating segments starting
from these financial statements. The operating segment
previously named “Ferrous Minerals” is now disclosed as
“Iron Solutions” while the “Base Metals” operating segment
is now disclosed as “Energy Transition Materials”.

Note 1: This document may include statements that reflect
Vale’s current expectations regarding future events or results.
All forward-looking statements involve various risks and
uncertainties. Vale cannot guarantee that such statements
will prove to be accurate. These risks and uncertainties include,
among others, factors related to: (a) countries where Vale operates,
especially Brazil and Canada; (b) the global economy; (c) capital
markets; (d) mining and metals prices and their dependence on
global industrial production, which is cyclical in nature; (e) the high
degree of global competition in the markets where Vale operates;
(f) mining and tailings storage operations; and (g) the estimation
of mineral resources and reserves, their exploration and the
development of mining facilities, our ability to obtain or renew new
licenses, and the depletion and exhaustion of mines and mineral
reserves and resources. For additional information on factors that
may give rise to results different from those estimated by Vale,
please consult the reports filed by Vale with the U.S. Securities
and Exchange Commission (SEC), the Brazilian Securities and
Exchange Commission (CVM) and, in particular, the factors discussed
in the sections “Forward-looking Statements” and
“Risk Factors” in Vale’s Annual Report Form 20-F.

Note 2: In March 28th, 2023, Vale entered into an agreement
with the US Securities and Exchange Commission (SEC) that will
terminate a lawsuit filed by the SEC in April 2022. Under the
agreement, without admitting or denying the settled claims, Vale
will make payments totaling USD 55.9 million to the SEC. In addition,
the SEC will not oppose Vale’s motion to dismiss all claims that the
company acted with fraudulent or reckless intent regarding its
disclosures. The settlement was approved by the Court in April 2023.

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Materiality GRI 2-12 | 2-25 | 3-1 | 3-3

In 2022, we reviewed our
materiality matrix. This annual
cycle included alignment with
the approach to materiality
embedded in the GRI Universal
Standards 2021, and an initial
evaluation of the concept of
double materiality.

We evaluated diverse impacts,
risks and opportunities
through two complementary
perspectives:

Impact
The relevance of our
impacts on the economy,
on the environment and
on people, including
human rights; and

Financial
The potential impacts on
the company’s financial
performance and ability
to create value.

Throughout the year, we systematically
promoted listening and dialogue through
existing engagement channels; feedback
about the Integrated Report encouraged
continuous improvement; our vision
of the future and perspectives on the
material topics were strengthened;
and evaluation of the alignment of the
company’s actions with our purpose was
undertaken.

The materiality process was conducted
between September and November 2022
and divided into five phases:

Phase 1

Evaluation of frameworks and external global trend reports related to the material
topics. During this stage, we confirmed that the 10 material topics should be maintained
and that they consider, in their scope, the relevant impacts, risks, and opportunities on
the corporate and mining sector agenda.

Phase 2

Incorporation of inputs from continuous stakeholder engagement and listening
channels, and consultation of Vale’s publically available information.

Phase 3

Phase 4

Phase 5

A pilot process to understand the financial materiality of the topics addressed by
assessing public disclosures and the corporate risk management process, in particular
assessing the severity of the financial impact of business risks, including those related
to the material topics.

A round of 26 individual interviews, with 15 of Vale’s top executives and the
Sustainability Committee and 11 external specialists, on issues related to the material
topics in order to calibrate the results.

Final consolidation of results and validation.

The result was the
maintenance of the
current material topics,
without significant
changes in their scope.
Our ESG Databook
contains fact sheets
with a detailed overview
of each topic and how
we engage with our
stakeholders. Vale’s 10
material issues consolidate
the most relevant impacts,
risks and opportunities
for sustainable value
generation.

Cutting across all of them
is innovation, which is
the value creation lever
that drives our ability to
maximize positive impacts,
capture opportunities,
avoid risks and mitigate
negative impacts.

Material Issues
GRI 3-2

Dams

Governance
and Compliance

Biodiversity

Climate Change

Local
Communities

Inovation*

Heath and Safety

Human Rights

People

Mine closure
and future use

Ecoefficiency

You will find
more details on
the materiality
process on the
ESG portal.

See on next pages the relationship between
the material topics, standards, frameworks,
pillars, values, ambitions, risks,
opportunities, advances and challenges.

* Crosscutting to all the material themes

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communities

GRI content
and SASB indicators

GRI 3-3, 203, 411, 413, MM5, MM6,
MM7, MM9

SASB Community Relations
(EM-MM 210a.1, EM-MM-210a.2,
EM-MM-210b.1, EM-MM-210b.2)

Capitals of Integrated Reporting

Human
rights

GRI content
and SASB indicators

Mine closure
and future use

GRI content
and SASB indicators

GRI 3-3, 406, 408-1, 409-1, 410-1

GRI 3-3, MM10

SASB Safety, Human Rights and
Rights of Indigenous Peoples
(EM-MM 210a.3)

Capitals of Integrated
Reporting

Social & Relationship

Natural, Social & Relationship

Social & Relationship

SDGs 6, 12, 14 e 15

SDGs 1, 2, 3, 5, 7, 8, 9, 10, 11 e 17

SDGs 3, 8 e 16

Dams1

Biodiversity

GRI content and SASB indicators

GRI 3-3, MM3

SASB Tailings storage facility
management (EM-MM-540a.1, EM-
MM-540a.2 e EM-MM-540a.3,
540a.3, EM-MM-150a.5, EM-MM-
150a.6, EM-MM-150a.9 and EM-
MM-150a.10)

Capitals of Integrated Reporting

Natural, Social & Relationship

SDGs 3, 6, 9 e 12

Strategic pillars /
Connection with our purpose

Sustainable mining

Value:

• Life matters most;

GRI content and SASB
indicators

GRI 3-3, 203-1, 304, MM1, MM2

SASB Impacts on biodiversity
(EM-MM-160a.1, EM-MM-
160a.2 and EM-MM-160a.3)

Capitals of Integrated
Reporting

Strategic pillars /
Connection with our purpose

Sustainable mining

Value: Respect our planet and
communities.

Ambition:

• Value the people who build our

• Leader in sustainable mining;

company;

• Make it happen.

Ambition:

• A benchmark in safety;

• Talent-driven organization;

• Leader in sustainable mining.

Risks

• Dam failure.

• Social and environmental impacts.

• Evacuation of areas.

Opportunities

• Technologies for reducing

dependence on dams.

• Tailings byproducts.

1 Dam also covers EARs (tailings storage

structures), considering sediment, water
and tailings dams, drained piles and
saddle and internal dikes (tailings dams
can also be grouped into dam systems).

• Benchmark in creating and

sharing value

Risks

• Impacts on areas of high

biodiversity value.

Opportunities

• Intensify our contribution to

the Amazon biome.

• Investment in biodiversity
research and conservation.

• Development of impact
businesses for biome
restoration.

• Development of new

technologies that support
prevention of fires and
other risks.

Strategic pillars /
Connection with our purpose

Sustainable mining

Value: Respect our planet and
communities.

Ambition:

Strategic pillars /
Connection with our purpose

Sustainable mining

Value: Respect our planet and
communities.

Ambition:

• Leader in sustainable mining;

• Benchmark in creating and

• Leader in sustainable mining;

sharing value.

• Benchmark in creating and

sharing value.

Risks

• Social and environmental
impacts arising from
the operation.

• Health and safety in the

communities where we operate.

• Risk of involuntary resettlement

and land use conflicts.

• Risk of conflicts with indigenous

peoples and traditional
communities.

Opportunities

• Maximizing value generation

for communities.

Risks

• Risks of human rights

violations at our operations,
and along the value chain.

Opportunities

• Advance the inclusion of

human rights in all company
processes and decision
making.

• Contribute to promoting
the human rights agenda
in companies in the mining
sector and in other sectors,
in Joint Ventures and with
customers.

Capitals of Integrated
Reporting

Social & Relationship; Natural

SDGs 1, 2, 6, 8 e 11

Strategic pillars /
Connection with our purpose

Sustainable mining

Value: Respect our planet and
communities.

Ambition:

• Leader in sustainable mining;

• Reference in creating and

sharing value.

Risks

• Failure to achieve regulatory
and legislative compliance.

• Non-recovery of biodiversity.

• Invasion and misuse of land.

• Limited economic

diversification, maintaining
local dependence on mining
activities.

Oportunidades

• Minimize risks in areas where
we operate and generate skills
for future uses.

• Generation of value for the
areas where we operate,
economic diversification and
deployment of new business.

Governance
and Compliance

GRI content and SASB indicators

GRI 2-9 a 2-21 (General Disclosures –
Governance), 2-27, 3-3, 201, 205 and 206

SASB Business Ethics & Transparency
(EM-MM-510ª.1, EM-MM-510a.2),
Workforce Health & Safety
(EM-MM-320a.1)

Capitals of Integrated Reporting

Social & Relationship; Financial;
Manufactured

SDGs 16

Strategic pillars /
Connection with our purpose

Sustainable mining

Value: Act with integrity.

Ambition:

• Best-in-class reliable operator;
• Benchmark in creating and

sharing value.

Behavior: Sense of ownership.

Risks

• Market risks.

• Operational risks.

• Legal and tax risks.

• Mergers, acquisitions and

divestments.

• Abusive and discriminatory practices.

• Strategic, financial and cyber risks.

• Changing laws and regulations.

Opportunities

• Cultural Transformation.

• Innovation and new technologies.

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AssurancePeer ReviewersGRICreditsAbout ValeDiscipline in capital allocation32Solutions for the value chainSustainable Mining1PresentationEco-efficiency

Climate change

People

Health and safety

GRI content and SASB indicators

GRI 3-3, 303, 305

GRI 3-3, 201, 302, 305

GRI 2-7, 2-8, 3-3, 201, 401, 404, 405, 406, 407

GRI 403

SASB Greenhouse Gas Emissions (EM-MM-110a.1,
EM-MM-110a.2), Energy Management (EM-MM-130.a.1)

Capitals of Integrated Reporting

Natural, Social & Relationship

SDGs 7 e 13

SASB Labor Relations (EM-MM-310a.1,
EM-MM-310a.2)

Capitals of Integrated Reporting

Human, Intellectual, Social & Relationship

SDGs 4, 5 e 8

SASB Workforce health & safety (EM-MM-320a.1)

Capitals of Integrated Reporting

Human; Social & Relationship

SDGs 3

Value: Respect our planet and communities.

Ambition:

SASB Quality of Air (EM-MM-120a.1),
Water Management SASB EM-MM-140a.1
and SASB EM-MM-140a.2

Capitals of Integrated Reporting

Natural, Social & Relationship

SDGs 3, 6, 12, 14 e 15

Strategic pillars /
Connection with our purpose

Sustainable mining

Ambition:

• Leader in sustainable mining;

• Benchmark in creating and sharing value.

Risks

• Water crisis and unavailability of water.

• Compliance with ICMM quality standards for

effluent discharge.

• Atmospheric emissions from operations.

Opportunities

• Expansion of the water monitoring network

and identifying new technologies.

• Efficient use of water resources through dry

processing.

• Global strategy for reducing atmospheric emissions.

• Indicators and requirements for engaging with customers

and suppliers.

Strategic pillars /
Connection with our purpose

Sustainable mining; Low-carbon solutions

Valor: Respect our planet and communities.

• Leader in sustainable mining;

• Benchmark in creating and sharing value.

Risks

• Transition risks: changes in demand pattern, changes in

public policies to restrict emissions, (including carbon taxation)
and reputational risk, among others.

• Physical risks: increase in average temperature, extreme

weather and sea conditions.

Opportunities

• Development of decarbonization solutions.

Strategic pillars /
Connection with our purpose

Sustainable mining

Value:

• Life matters most;
• Value the people who build our company;
• Make it happen.
Ambition:

• A benchmark in safety;
• Talent-driven organization;
• Leader in sustainable mining.

Risks

• Local labor laws.

• Hiring of outsourced labor.

• Leadership Succession Plan.

• Use of proprietary technology to offer more premium products.

Opportunities

• Increasing renewable energy representation in our

energy matrix.

Strategic pillars /
Connection with our purpose

Sustainable mining

Value:

• Life matters most;
• Value the people who build our company;
• Make it happen.
Ambition:

• A benchmark in safety;
• Talent-driven organization;
• Leader in sustainable mining.

Risks

• Risks related to workplace accidents and fatalities.

• Risks related to employee health.

• Risk of process accidents or catastrophic events

(Process Safety and Operational Risk management)
in activities including open pit mining, underground
mining, and metal refining and processing.

• Implement and accelerate a Technical Training

Program for our employees.

• Training and engagement of operational leaders

Opportunities

• Structuring critical control checks.

in Cultural transformation.

• Accelerate the use of technology to remove people

from risk.

Integrated Report Vale 2022 10

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In this chapter:

Purpose and Values

Vale Worldwide

Business model

Innovation oriented

Strategic pillars

Advances in our long-term
commitments

About Vale

AssurancePeer ReviewersGRICreditsPresentationDiscipline in capital allocation32Solutions for the value chainSustainable Mining1About Vale

GRI 2-1 | 2-6

Founded on June 1, 1942,
Vale S.A. is one of the
world’s leading producers
of iron ore and nickel. We
produce and sell iron ore,
iron ore pellets, nickel,
copper, platinum group
metals (PGMs), gold, silver,
and cobalt as byproducts
of nickel and copper.

In addition to mining, we
operate logistics systems,
including railroads, marine
terminals, and ports that are
integrated with our mines.
We run distribution centers
to support iron ore delivery
throughout the world. We also
have investments in electric
energy and steel businesses
through affiliates and joint
ventures.

Vale’s headquarters are in Rio
de Janeiro, Brazil - but the
company is present in many
parts of the world. A publicly
held company since 1970, Vale’s
shares are traded on the Novo
Mercado of the São Paulo
Stock Exchange (B3) and on the
New York (NYSE) and Madrid
(Latibex) stock exchanges.

Purpose
and Values

Ours is a story of transformation: of the
ore, of the country, of the people and of
the company, which currently present in 18
countries. We aim to transform our mistakes
into lessons learned and believe that the only
way to serve a constantly changing society
is through continuous transformation, on a

journey in which we walk hand-in-hand
with our stakeholders, with responsibility,
transparency, and consistency.

We believe that doing it together means
actively listening, but this will only be
valuable if it is comprehensive: society,

partners, customers, and the people who
make Vale what it is, everywhere it operates.
We believe that doing it together means
creating a collective capacity to think,
engage, design, and accomplish possible
futures for all.

Our Purpose

Values

Key Behaviors

We exist to improve
life and transform
the future.
Together.

• Life matters most.

• Obsession with safety and

• Act with integrity.

• Value the people who
build our company.

• Make it happen.

• Respect our planet
and communities.

risk management.

• Open and transparent dialogue.

• Empowerment with

accountability.

• Sense of ownership.

• Active listening and

engagement with society.

Levers

• Safety

• VPS (Vale’s
integrated
Production
System)

• People

• Innovation

• Sustainability

Our Ambitions

A great company recognized
by society for:

• Benchmark in safety.

• Best in class reliable operator.

• Talent driven organization.

• Leader in sustainable mining.

• Benchmark in creating

and sharing value.

Why do
we exist?

What
we believe?

How
we act?

What
we look for?

AssurancePeer ReviewersGRICreditsPresentationDiscipline in capital allocation32Solutions for the value chainSustainable Mining1About ValeVale serves industries,
such as steel industry,
on all continents

GRI 2-6

Americas South, Central and North America
Europe including Türkiye

Asia and Africa, considering:
Middle East North Africa and India (Menai)
– Middle East, North Africa and India

The Chinese Mainland and Taiwan, Japan, Korea,
Southeast Asia –Vietnam, Indonesia, Malaysia and Philippines

Exploration

Joint Venture

Offices

Headquarter

Operation

Port

Railroad

Underground Mine

Vale Worldwide

Activities map GRI 2-1

Brazil

North
Corridor

Port of Madeira

USA

Carajás

Netherlands

U.K.

Switzerland

6 underground
mines

Canada

U.A.E.

China

Japan

Oman

India

Malaysia

Indonesia

Oceania Australia

Iron
Quadrilateral

Southwest
Corridor

Port of Tubarão

Ports of Itaguaí
and Guaíba

South
Corridor

Peru

Chile

Argentina

Brazil

Singapore

Australia

140
39

TSFs

37 in the Ferrous and 2
in South Atlantic Base
Metals Operations

Total dams1 and
Tailings Storage Facilities

101

tailing
dams
82 at Ferrous and 19
at South Atlantic Base
Metals Operations

Energy Consumption Matrix By Source: GRI 302-1

Electricity

30.2%

Diesel oil

28.2%

Coal and coke

Natural gas

Other
oils

Renewable
fuels

14.1%

16.0%

8.2%

3.0%

Vale completed
the year with around

308 Mtpa

of iron ore production capacity
and expects to reach up to 320 Mt
by the end of 2023

30 upstream geotechnical structures
will be decharacterized in Minas Gerais
and Pará by 2035, of which 12 have
already been concluded since 2019.

1 Dam also covers EARs (tailings storage structures), considering

sediment, water and tailings dams, drained piles and saddle and internal
dikes (tailings dams can also be grouped into dam systems).

Integrated Report Vale 2022 13

Other fuels:

•Other gases: 0,1%

•Navigation oils: 0,1%

•Other liquid fuels: 0,1%

AssurancePeer ReviewersGRICreditsPresentationDiscipline in capital allocation32Solutions for the value chainSustainable Mining1About Vale
Business model

Financial Capital

• USD 86.9 MM in total assets

• Divestment of 9 non-core assets since 2019,

eliminating expenditures of up to USD 2 Bn per year

Human Capital

• +215 thousand employees (own and outsourced)

• 22.1% women in the workforce

• 32.1% black people in leadership positions

Intellectual Capital

• USD 149.3 MM invested in ITV-DS and ITV Mining since 2011

• USD 12.3 MM invested in R&D by ITVs in 2022 alone

• 8 internal innovation hubs and participation in the Mining Hub

• 48 patents granted to Vale since 2011, 10 in 2022

Manufactured Capital

• Operating units* in 18 countries

• ~2,000 km of own railroads

Natural Capital

• 397 M of m3 of water withdrawal

• 137 thousand TJ of energy consumed (29% renewable)

• 88 thousand ha occupied by our operations

• 965 thousand ha of protected areas

Social and Relationship Capital

• +18,000 suppliers

• USD 11.1 Bn in local procurement (56% of total)

• 1,532 local communities, 26 indigenous peoples and

47 traditional communities mapped

*Open and underground mines, power plants, ports, railroads,
small hydroelectric plants, wind farms, etc.

Business
activities

Exploration and
mineral research

Marketing and
Commercialization

Project development
and implementation

Mining
operations

Power
generation

Inputs

Transportation

Outputs

Ore processing

Distribution

Industries

Mine closure and
future use

Strategic
Pillars

Promote
sustainable
mining

Foster low
carbon
solutions

Stay
disciplined

Financial Capital

• 19.8 Bn of adjusted EBITDA from continuing operations

• USD 16.8 Bn net income from continued operations

• USD 7.9 Bn of taxes paid to governments

• USD 2.4 Bn in social and environmental expenditures,

USD 140.5 M in voluntary investments

Human Capital

• 44% reduction in total accident rate since 2021

• 95 events with injuries to community members

• 76h of training on average for employees

Intellectual Capital

• 1st most innovative company in Brazil (FDC) and 2nd place (Valor)

• 77 scientific publications and R&D projects supported by ITV

Manufactured Capital

• 308 Mt of iron ore; 32 Mt of pellets; 253 kt of copper;

179 Kt of nickel; 530 kt of sand (reuse of tailings) produced

• 860 thousand passengers transported by passenger trains

• 12 decharacterized upstream dams in Brazil

Natural Capital

• 8.9 million tCO2e emissions (Scopes 1 & 2), a 27% reduction

compared to 2017

• 8.02 TWh of electricity generation (98.6% of which is renewable)

• 11km² of restored areas in 2022

• 600.4 thousand t of non-mineral waste generated

• 373 Mt of mineral waste (waste rock and tailings) generated

Social and Relationship Capital

• Vale Foundation: 1.48 million people impacted

• Vale Fund: 139 impact businesses supported (about 9,000 families

benefited)

• 30 thousand complaints received from communities**

• 1,465 families involved in involuntary resettlement processes

Integrated Report Vale 2022 14

**Considering Brumadinho’s assistanceAssurancePeer ReviewersGRICreditsPresentationDiscipline in capital allocation32Solutions for the value chainSustainable Mining1About Vale

Innovation oriented

GRI 3-3

Innovation is a material topic for us,
which cuts across and connects with
all the others. To reflect this vision,
we have reported several innovation
initiatives among the chapters.

For 12 years, Vale has sponsored the
Vale Technological Institutes, one
focused on mining and the other on
promoting sustainability. The latter is a
pioneering initiative that contributes to
the generation of scientific knowledge
on the fauna and flora of the Amazon,
among other lines of research.

With the goals of making innovation
more sustainable and fostering a
culture of innovation to leverage
cultural transformation, Vale’s
Innovation Hubs operate as a
development and experimentation
network to accelerate the adoption
of culture and enhance its integration
into our operations. We ended 2022

with a total of 8 active internal
innovation hubs.

We expanded our connection with
external partners, such as Mining
Hub, Fiemglab and Findeslab, of
which Vale is a sponsor. Twenty-
one challenges were prioritized
with external partners in 2022, five
of which are the internal operation
hubs. We undertake partnerships
in a co-construction format,
such as the Mining Hub, which is
an example of collaboration for
innovative solutions in the mining
industry as a whole. Participants
include 24 mining companies, 700
startups and 15 large suppliers,
with a reach of 22 countries. Ninety
proofs of concept have been
produced in recent years, with the
signing of 20 contracts between
mining companies and startups.

In another partnership, we worked
with the Vale Fund and ITV to
develop Colab Nature-based
Solutions (NBS), a collaborative
environment for generating
innovative solutions linked to a
science-based bioeconomy, with
a focus on the Amazon region.
Its purpose is to foster emerging
opportunities for Vale’s future
growth. The project seeks to produce
a tested model and identify partners
acting together, providing a basis for
the development of new and future
actions. Read more on Vale Fund
and Vale Institute of Technology.

In 2022, we developed
Vale’s first corporate
innovation strategy,
addressing the pillars of
growth and transformation.

We invest
in and value
solutions
focused on
four pillars:

Connection with
the Ecosystem

Investment

Research &
Development

Acceleration
of Solutions

Our work in this area resulted
in Vale being recognized as the
second most innovative company
in Brazil in 2022, by the Valor
Econômico newspaper – the award
covered not only innovation in
mining, but also efforts preventing
deforestation in the Amazon.
We also received the award for
Company of the Year 2022 in
innovation and technology from
Brasil Mineral magazine and
was recognized as Fundação
Dom Cabral (FDC) most
innovative company of 2022.

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Strategic pillars

Vale is a leader in the supply of
products that are essential to the
development of the world’s production
chains. With a focus on maximizing the
delivery of value to society, we have
made real progress over the past four

years in reducing risks and reviewing
the company’s assets, fulfilling our
2019-2022 strategic plan. With these
commitments fulfilled or underway,
we reformulated our strategic
planning, guided by the understanding

that new ways of doing business
will be required to build the Vale of
the future: a company that aims to
promote more sustainable mining,
seeks low-carbon solutions and a focus
on discipline in capital allocation.

Strategy map 2019-2022: value delivery

Commitment

Topic

Progress

Brumadinho1

• Agreement with legal standing

• ~58% of Integral reparation performed

Mariana

Tailings
dam safety

Capacity
resumption

• 441 housing solutions delivered by December 2022

• BRL 28.9 Bn in reparations initiatives disbursed since 2015

• 40% of upstream tailings dams2 in Brazil decharacterized by 2022

• Expected no upstream tailing dam at critical level in Brazil (emergency level 3) by 2025

• Delivering new assets (e.g. four filtration plants, Maravilhas III dam)

• Creating resilience to improve flexibility

Strategic pillars for Vale do Futuro

Promote sustainable mining

• People-driven
• Reliable operator
• Benchmark in safety and
dam management
• Shared value
• Contributing to nature positive

Foster low-carbon solutions

• Focus on high quality products

and resources
• Iron solutions
• Energy transition metals
• Circular mining

Portfolio
simplification

• 9 business sold in 5 different countries since 2019

• Up to USD 2 Bn per year of cash drains eliminated

Cost efficiency

• Flat fixed costs in 2022 and 2023 (vs. 2021)

• Gradual C13 reduction as volumes increase

Stay disciplined

• Efficient capital allocation
• Attractive cash return to shareholders
• Strong balance sheet
• Cost and Capex efficiency

De-risking

Reshaping

Reassessment

ESG

• Scope 1, 2 and 3 emissions reduction targets defined

• Low carbon products (e.g. iron ore briquettes, certified nickel)

• 2022 ESG rating upgrade (MSCI and Moody’s)

Capital allocation

Return to
shareholders

• Solid dividend and interest on equity policy (USD6.6 billion paid 2022 YTD)

• Bold buyback programs (approximately 20% of total outstanding shares)

1 This considers the signing and execution of the global agreement, with the actions being carried out as planned.
2 An upstream structure is a structure raised using the upstream raising method, in which the body of the structure is built using the thick tailings deposited in the reservoir,

by successively layering them up and in the direction opposite to the water flow (upstream). This is the same construction method as the Brumadinho dam.

3 Unit cash cost.

Strategy for the
next 20 years

During the process of reformulating our
strategy in 2022, we sought to define a
plan of action in line with our current
businesses. This plan of action will be
fundamental for our success over the
next two decades – coinciding with
Vale’s 100-year anniversary which will
be celebrated in 2042:

• sustainable solutions for the

steel industry;

• energy transition metals;

• development of circular mining;

• nature-based solutions.

To accomplish this strategy, groups of
five-year goals were defined, allowing
for revision and adjustment over time,
according to the context in which we
operate and society’s demands.

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Advances in our
long-term goals

GRI 2-22 | 2-23 | 2-24
We seek to align our long-term goals to the UN’s 2030 Agende for Sustainable Development (SDGs).

Vale Goals

SDGs

Baseline

Target

Status in 2022 (cumulative result)

Climate
change

Energy

Forests

Evolution of
ESG practices

Social
Ambition

Atmospheric
emissions

Baseline 2017:
12.2 MtCO2e1

Baseline 2018:
553.1 MtCO2e2

Baseline 2017:
Global: 79% renewable
energy consumption.

Brazil: 83% renewable
energy consumption.

Baseline 2017:
Global: The energy efficiency
was 0.335GJ/tFeEq7 and 8

Baseline 2020:

Baseline 2019:

Baseline 2021:

Reduce Scopes 1 and 2 absolute greenhouse gas (GHG)
emissions by 33% by 2030.
Achieve net zero Scopes 1 and 2 emissions by 2050.

27% reduction.3

Reduce Scope 3 net emissions by 15% by 2035.

14% reduction.4

Global: 100% renewable electricity consumption by 2030.

86.67% of consumption.6

Brazil: 100% renewable electricity consumption by 2025.5

99.95% of consumption, with 99.80% assured by renewable certification.

Improve the global energy efficiency indicator by 5% by 2030.

0.335 GJ/tFeEq.7 and 8

Recover and protect over 500,000 ha of forest areas
beyond company fencelines.

172,484 hectares (including 165,092 ha in protection and 7,392 ha
in restoration).

Eliminate key ESG gaps in relation to best practices
– 63 gaps mapped.

Closure of three more gaps, bringing the total to 57 completed.

Rank in the TOP 3 in the social requirements of the major
external indices and ratings.

We have evolved in the ratings of the main external indices and ratings
(MSCI, Sustainalytics, and DJSI), see more in Indexes and Ratings.

Baseline 2021:

Support the lifting of 500,000 people out of extreme poverty.9

In 2022, we have defined the methodology for action and planning of actions
for the coming years. In 2023, we aim start concept tests to benefit 30
thousand people. For more information, access Fighting Poverty.

Baseline 2021:

Baseline 2018:

Particulate Matter: 7.4 kt

Sulfur Oxides: 147.4 kt

Nitrogen Oxides: 74.1 kt

Support all indigenous communities neighboring Vale’s
operations in the development and execution of their plans
and their pursuit of rights under the United Nations Declaration
on the Rights of Indigenous Peoples.

We formalized the commitment with the Kayapó people for the advancement
of the Consultation Protocol of the Kayapó Indigenous Lands, which will
contribute to their right to Free, Prior and Informed Consultation. The
formulation of the protocol began in December 2022.

Reduce Particulate Matter emissions by 16%.

Reduce Sulfur Oxide emissions by 16%.

Reduce Nitrogen Oxide emissions by 10%.

4.2 kt.

75.7 kt.

44.7 kt.

1 Base year 2017 Scopes 1 and 2
emissions reduced from 13.5
million tonnes of CO2e to 12.2
million CO2e due to divestments
in coal and ferroalloys assets,
amanganese operations (except
Simões Filho plant), in addition
to the Centro-Oeste system
and Vale Nickel (Dalian) Co.,
carried out in 2022. GRI 2-4

2 Scope 3 emissions for the base
year of 2018 reduced from 585
million tons of CO2e to 553
million CO2e, due to the same
divestments described in the
previous note. GRI 2-4

3 Absolute greenhouse gas (GHG)
emissions reductions from
scopes 1 and 2 (market based).

4 An increase in Vale’s Scope 3
emissions is expected from
sales volume growth due to the
likelihood of increased demand
for our products.

5 In 2021, the method for

monitoring the renewable
electricity target in Brazil was
changed from % renewable
self-production to % renewable
consumption.

6 The percentage of renewable

electricity varies from
year to year depending on
consumption, the volume of
certificates obtained, and the
electricity generation matrix
of each country in which
we operate.

7 In this indicator, the production

volumes of Vale’s main
products, such as pellets, coal,
nickel and copper, are converted
into ton of iron ore equivalent.

8 Until 2021, the Energy Intensity
indicator considered the main
energy sources in Vale’s matrix
(coal/coke, fuel oil, natural gas
and diesel). After 2022, this
indicator will consider the sum
of all energy consumption
within the organization divided
by the published production
for the year, transformed
into MFe-eq. In addition,
divestments concluded in 2022
were also reflected in the 2017
target baseline. GRI 2-4

9 People living on less than USD
2.15 a day, according to the
World Bank.

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AssurancePeer ReviewersGRICreditsPresentationDiscipline in capital allocation32Solutions for the value chainSustainable Mining1About ValeVale Goals

ODS

Baseline