Vale Annual Report 2023 | Quarterlytics

FY2023 Annual Report · Vale

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Integrated
Report
2023

Contents

Introduction
Letter from the CEO
Letter from the Chairman of the Board
About the Report

About Vale: Who we are
Purpose and values
Our Purpose
Strategic pillars
Key drivers to unlock and boost value through 2026
Business model
Our global operations
Product Portfolio
Business context
Performance metrics and targets

Stakeholder engagement
Materiality

Innovation

1
Sustainable mining
People
Organizational culture
Employee engagement
Workforce
Diversity, Equity and Inclusion
Attracting and developing talent
Remuneration

Health & Safety
Safety Culture and the Vale Production System (VPS)
Injuries and fatalities

3
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4
5

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12

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16

21
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26
27

27
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29

Human Rights
Training and education programs
Assessment of human rights risks and impacts
Resolution of human rights complaints and reports

Territories and communities
Local Communities

Indigenous People and Traditional Communities

Risk and Impact Management
Support for Territorial Development

Responsible sourcing
Transparency and monitoring
Supplier audits and assessments

Tailings, dam
management, and safety
Risk assessment and monitoring
Dam maintenance, repairs, and improvements
Mining and metallurgical waste management
Community perceptions of our risks
Evacuated areas

Reparations
Brumadinho
Mariana

Nature
Biodiversity

Impact Business

Eco-efficiency
Environmental management

30
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67

Low-carbon solutions

2
The role of mining
in decarbonization

Climate Strategy
Progress on carbon reduction technologies
2030 Target
2050 Target
Initiatives in iron ore
Carbon footprint
Climate-related risks and opportunities
Just Transition

A focus on discipline

3
Corporate governance
Board of Directors
Executive management

Risk management
Risk framework and management

Ethics and Compliance
Compliance with laws and regulations

Economic Performance
Production and sales at a glance
Capital allocation
Taxes
Membership of trade associations
Indexes and ratings
About This Report: Methodology and Frameworks

Circular mining and mineral waste

67
Mine decommissioning and reclamation 69
69
Mine closure and reclamation plans
70
Monitoring and long-term care

Appendices
External readers
Assurance report
GRI Content Index
Credits

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GRI 2-22

Letter from the CEO

We are a mining company evolving
for the better. We recognize that
a ever-changing society demands
even greater commitment from the
private sector to the future of people
and the planet. The energy sector
is undergoing a revolution, and
Vale is poised to make meaningful
contributions to Brazil and the
world in the form of minerals for the
energy transition. We play a pivotal
role in global decarbonization,
adopting new approaches to progress
in creating value for society.

Our strategy revolves around three
pillars: fostering sustainable mining,
pushing low-carbon solutions, and
maintaining disciplined capital
allocation. We’ve transformed our
operations through innovation,
aligning our mining practices with the
demands of today.

In disciplined capital allocation, we
exceeded production guidance and
carried out strategic divestments such
as the sale of 13% of our base metals
business, establishing a strategic
partnership with Manara Minerals
(responsible for the acquisition of
10%) to unlock energy transition
opportunities.

Looking ahead, we are focused on

enhancing our portfolio and customer-
centric strategy. By 2026, we will deliver
projects that will increase our production
capacity in the Northern System (S11D)
and the Southern System (Capanema and
Vargem Grande), thereby expanding our
range of high-quality products while also
improving our operational stability.

However, none of this would have been
possible without the lessons learned
from the dam breach on January 25,
2019, in Brumadinho. This incident has
spurred ongoing reflection and action
to undertake a commitment to prevent
recurrence and inspiring daily efforts
to ensure such disasters never happen
again in the mining sector. As part of
our response, we’ve not only improved
our dam management but also shared
our learnings with the industry, working
towards reparations for the affected
victims and geographies and fulfilling
our commitments to Brumadinho and
Mariana. Human losses are irreparable,
and finding the three victims still
unaccounted for in Brumadinho remains
our top priority. We extend our heartfelt
sympathy to affected families.

We are now a different company—safer
and more open to feedback. In 2023,
we recorded the lowest accident rate in
the past 15 years. Despite being proud
of this achievement, our operations

still suffer serious accidents, which
is unacceptable. Our priority is
therefore continuous learning
to keep safe everyone involved
in and affected by our activities,
underscoring our obsession with
safety.

Our tailings dams are now safer than
they were five years ago, with 100%
of our high-risk structures complying
with the Global Industry Standard on
Tailings Management (GISTM). We’ve
invested significantly in technology
and accelerated the transition to dry
stacking and processing to minimize
the need for tailings dams, investing
over USD 1.6 billion in our dam
decommissioning program, with a
43% completion rate so far (13 out of
30 dams).

The climate crisis calls for greater
collaboration within our company
and throughout the supply chain.
Vale’s high-quality iron ore can
lower emissions of our steel-making
clients. Our nickel and copper are
vital for batteries and renewable
energy chains, with independently
verified carbon footprints.

We seek partnerships for the
best technological solutions for
decarbonization and are blazing
a trail in developing MegaHubs

We are now a different
company — safer and
more open to feedback.

Eduardo Bartolomeo CEO of Vale

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for producing green steel from low-
emission iron ore concentrates. On this
front, we launched the world’s first
iron ore briquette plant at our Tubarão
site in Vitória, Espírito Santo state, a
groundbreaking Vale initiative after 20
years of research, positioning Brazil at
the forefront of global steel industry
decarbonization.

We have managed to achieve our target
of using 100% renewable energy in
Brazil two years ahead of schedule,
and are actively investing in new fuels
and technologies to further reduce our
direct emissions.

At Vale, sustainability in mining
means unwavering commitment to
diversity, equity and inclusion, leading
to the hiring of 7,500 women since
2019 and increasing female and black
representation in leadership.

Our efforts are aimed at fostering
regional development and building
bridges with public and private sectors,
social organizations, and local partners,
aspiring to lift half a million people out
of extreme poverty — a commitment
that, in 2023, saw the launch of pilot
projects onboarding 30,000 citizens.

I extend my gratitude to our thousands
of direct employees, contractors,
partners, communities, clients, investors,
and others who have supported
our journey towards our mission of
“improving lives and transforming the
future. Together.” The more voices and
ideas we are able to harness, the greater
our likelihood of success on this journey
and of creating shared value for society.

Vale Integrated Report 2023 3

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable MiningCreditsGRIAssuranceExternal readers123A focus on disciplineLow-carbon solutionsSustainable Mining

GRI 2-22

Letter from the Chairman
of the Board

Vale is a forward-looking company,
committed to responsible, low-carbon
mining, while not forgetting past
lessons. Our aim is to be safer, more
efficient, and thrive in a dynamic
global market. We strive to improve
lives, transform the future, and
positively impact economies and
people, prioritizing environmental,
risk and impact management, and
contributing to nature conservation
beyond our walls.

Operational and dam safety are
top priorities for Vale, always
cherishing life, preserving nature
and guaranteeing non-repetition
of incidents like Brumadinho and
Mariana. In this regard, the Board
monitored progress and compliance
with the Global Industry Standard on
Tailings Management (GISTM), and the
progress of decommissioning upstream
dams, which is currently at 43% of its
objectives, aiming for 100% by 2035.
Due to their complexity and the need
to keep employees and communities
safe from harm, the process requires
caution and has to meet the estimated
deadlines for completion.

Vale operates in a particularly
challenging sector. Although it

does create socio-environmental
impacts, the transition to a green
economy can’t happen without
it. A low-carbon future needs
renewable energy sources, low-
carbon technology in transportation,
green steel and much more. Electric
vehicles, wind turbines and solar
farms are an inseparable part of this
transformational journey.

Nearly 97% of steel is made from iron.
Vale is central to this transformation,
with our future shaped to ensure
sweeping greenhouse gases emissions
reductions. We strive to spearhead
the low-carbon journey, making the
interventions needed to produce
materials with a smaller carbon
footprint, harnessing cleaner energy
sources, testing alternative fuels, and
introducing more efficient processes
in our operations and the entire
value chain.

Our mission is to develop a
low-impact mining model, that
drives the energy transition and
fosters societal development and
transformation, mainly in the
territories where Vale operates. We
believe in creating shared value, as
our future is intertwined with the
lives and communities impacted by

our operations. Vale has committed to
lifting people out of extreme poverty
and firmly upholding human rights
within the company and its value chain.

Our commitment to diversity, equity
and inclusion, both inside and outside
the company, is therefore a relentless
mantra. Our progress is evident, as
shown by our 2023 goals performance:
24.38% of our leadership positions
are now held by women and 34.92%
by black people. We work tirelessly
to eradicate discriminatory practices,
prejudice and harassment of any kind.

The Board faces challenges, especially
essential topics for our future. The
12-member Board, with diverse and
complementary skills and experiences,
is fully engaged in Vale’s challenges.

In April 2023, our shareholders elected
a Board with 46% renewal percentage.
For the first time, Vale’s Board elected
a Lead Independent Director, thus
enhancing governance and shareholder
relations.

Success depends on excellence in
identifying, managing and addressing
business risks and opportunities. We
are always learning and working in
collaboration with key stakeholders
to incorporate these lessons. Today,

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Together, we are building the Vale of the
future and look forward to continuing to
improve life on the planet.

Daniel Stieler Chairman of the Board
of Directors at Vale

this year has undoubtedly allowed Vale
to navigate in the right direction. I also
pay tribute to Vale’s management and all
our employees and contractors, thanking
them for their engagement and hard work,
enabling us to fulfill our commitments in a
challenging year.

I reiterate our loyalty, diligence and
fiduciary duty to all Vale’s stakeholders,
especially our investors, whose trust and
support are invaluable as we continue
advancing towards our sustainable and
responsible mining goals.

Together, we are building the Vale of the
future and look forward to continuing to
improve life on the planet.

we are striving to be a disciplined operator
and grow sustainably, becoming a global
player supplying minerals to facilitate the
transition to a low-carbon economy.

In 2023, we practiced disciplined capital
allocation and achieved production stability.
We created a new holding company to
consolidate our Energy Transition Metals
assets, allowing for long-term partnerships
and investments to jointly drive business
growth, unlocking this segment’s potential
value. The Board played an active and
decisive role in this transaction, while
also monitoring advancements towards
the non-core asset divestment program,
following the divestments of Companhia
Siderúrgica do Pecém (CSP) and Mineração
Rio do Norte (MRN).

I extend my gratitude to each member of
the Board of Directors and of the Corporate
Governance team for their unwavering
emphatic commitment to Vale’s continuous
and sustainable success. Detailed in the
“Corporate Governance” section, our work

Vale Integrated Report 2023 4

GRI 2-22

About the Report

Vale’s 2023 Integrated
Report explores lessons
learned in recent years
and how they have led
to a profound cultural
transformation and
tangible changes in
our management that
are already delivering
results, which impacts
business performance,
and contributing to more
responsible mining.

These commitments are at the heart
of Vale’s strategic positioning, defined
in 2022 and based on three strategic
pillars: championing sustainable mining
practices, developing low-carbon
solutions, and maintaining disciplined
capital allocation, while achieving
production volume and competitive
costs consistently, efficiently and
safely. We have decided to mirror this
structure in the organization of our
report, with the content divided into
three major sections representing each
of the three pillars.

In the first section, comprising nine
chapters, we present aspects that Vale
believes are integral to sustainable
mining and how our strategy and
performance aims to support each of
these ambitions. In the second section,
we present the low-carbon solutions
that are driving our decarbonization
efforts and renewable energy solutions.
Finally, in the third section, we show
how governance, risk management, and
financial management have helped us
in our mission to maintain discipline and
enhance business results.

The lessons, challenges, and progress
we share in this report were largely
compiled through a stakeholder
engagement exercise. Listening to
these publics resulted in the selection
of material topics (see more in
Materiality) that we report on through
indicators, management approaches
and accountability on environmental,
social and governance topics.

Canaã dos Carajás, Pará, Brasil.

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The lessons, challenges,
and progress we
share in this report
were largely compiled
through a stakeholder
engagement exercise.

If you have any questions,
suggestions, or feedback about this
report, please reach out to us via our
Contact Us channel or the toll-free
number 0800 285 7000.

Learn more about our Reporting,
Grievance, and Feedback Mechanisms.

GRI 2-3

For further information about our
reporting methodology, see the
section About This Report.

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.

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Serra Sul Complex, in Canaã dos Carajás, Pará, Brazil.

Vale Integrated Report 2023 5

GRI 2-1

About Vale: Who we are

We are a company of almost 235,000 people—including employees and
contractors—producing iron ore and energy transition metals solutions
globally. Vale is one of the world’s largest producers of iron ore, pellets, copper
and nickel, with a portfolio that also includes, platinum group metals (PGMs),
gold, silver, cobalt, and more recently, iron ore briquettes.

Alongside our mining operations, we manage an extensive network
of logistics systems—including railroads, maritime terminals, ports,
and distribution centers—that enable us to deliver our iron ore to
customers across the globe. Directly, and through associates and joint
ventures, we also have investments in the energy business segment.

Vale is headquartered in Rio de Janeiro, Brazil, and is present in 18 countries.
We have been a publicly traded corporation since 1970 and are currently
listed in the Novo Mercado segment of the São Paulo stock exchange (B3)
and on the New York (NYSE) and Madrid (Latibex) exchanges.

Purpose and values

Building the Vale of the Future is an ongoing journey of continuous evolution. We built
our trajectory based on collective thinking with different actors in society, reflecting
on our learnings and seeking to act in a transparent, responsible, and coherent way.

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

Values
• Life matters most

• Act with integrity

Levers
• Safety

Key behaviors
• Obsession with safety and risk management

Our Ambitions
• Benchmark in safety

• VPS (Vale Production System)

• Open and transparent dialogue

• Best-in-class reliable operator

• Value the people who build our company

• People

• Active listening and engagement with communities

• Talent-driven organization

• Make it happen

• Innovation

• Empowerment with accountability

• Leader in low-carbon mining and ESG practices

• Respect our planet and communities

• Sustainability

• Sense of ownership

• Reference in creating and sharing value

Why do we
exist?

What do we
believe?

How do we act?

What do we
look for?

Strategic pillars
The three pillars that underpin
our strategy to create the Vale
of the Future are:

Promote
sustainable mining
• Benchmark in safety and dam management;

Foster low-carbon
solutions
• Iron ore solutions;

Stay
disciplined
• Reliable operations and consistent delivery;

• Regional social and economic development;

• Energy transition metals;

• Attractive cash returns for investors;

• Shared value and trust;

• People-driven culture;

• Nature-positive.

• Customer-centric;

• Technological innovation;

• Circular mining.

• Strong balance sheet;

• Cost, CAPEX, and capital allocation efficiency.

Vale Integrated Report 2023 6

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Safety
journey

Iron ore
production
stability

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ESG
leadership

Operations free of Tier
3 tailings dams by 2025
and access to a broader base of
investors and indices.

Transformation
of Energy
Transition
Metals

Ensuring a stable production
baseline with greater
predictability, lower variability,
and greater adherence to
production plans.

Iron ore
growth and
quality

An integrated
strategy that includes
commitments to embed
sustainability into our ongoing
business operations, aimed at
achieving the goals by 2030

Solid progress on decommissioning
and reparation in Brumadinho and
Mariana. See more in Performance
and Targets

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Asset review and production growth
exceeding 70,000 metric tons for
copper and 55,000 metric tons for
nickel. It is estimated that, in 2026,
Vale’s nickel production should be
between 210 and 230 kt and copper
production between 375 and 410 kt.

Execution of strategic projects
in key assets with low investment
intensity and focus on improving
the portfolio’s quality, to achieve an
estimated iron ore production from

340 Mt to 360 Mt

in 2026,

including

50-55 Mt

in agglomerated products.

Vale Integrated Report 2023 7

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining

Business Model

From mine operations to global
distribution, there is a lot of
organizational planning, financial,
operational and logistical planning.

Pre-operation

Value capture

FINANCIAL CAPITAL:
• USD 94.2 M in total assets
• Conclusion of Vale’s divestment program,
with the sale of more than 10 non-core
assets in countries since 2019. We eliminated
expenses of up to USD 2 billion a year, as well
as simplifying and reducing business risks. In
2023, Vale sold its 50% stake in Companhia
Siderúrgica do Pecém (CSP) and its 40% stake
in Mineração Rio do Norte S.A. (MRN), including
all the associated obligations and rights.

1. Mineral exploration
and research

NATURAL CAPITAL:
• 108.9 M m³ of water used for operational purposes
• 147 thousand TJ of energy consumed (30.5% renewable)
• 89 thousand hectares occupied by our operations
• 965 thousand hectares of protected areas

Before reaching the
mine operation, our
process goes through
intense geological
research, the discovery
of mineral deposits and
new reserves.

HUMAN CAPITAL:
• 234 thousand employees (own and third parties)
• 24.4% women in the workforce
• 34.9% black people in leadership positions

MANUFACTURED CAPITAL:
• Operating units in eight countries:

Brazil, Canada, China, Indonesia, United Kingdom,
Oman, Malaysia and Japan
• ~2,000 km of own railroads

SOCIAL AND RELATIONSHIPS CAPITAL:
• More than 19,000 suppliers
• USD 12.8 billion in local purchases (55% of the total)
• 1574 local communities, 30 Indigenous Peoples and

53 traditional communities mapped

INTELLECTUAL CAPITAL:
• USD 177.7 M invested in ITV-DS and ITV Mining

since 2011

• USD 103.8 M invested in R&D in 2023 by ITVs
• 11 internal innovation hubs and participation

in the Mining Hub

• 76 patents granted to Vale throughout 2023,

28 in Brazil and 48 abroad

railroad

Our
railroad network
has dual function:
it transports the ore and
our employees around the
facilities and total around
2000 km of double and
single rail lines

navigation

port

2. Projects and
construction

The projects are carefully
thought out, with
safety and technology,
understanding the impact
and the possibilities of
exploitation, considering
the environment and
communities

6. Logistics

road
transport

mine

At this stage, the
raw ore goes through
milling, thickening and
filtering, and is then
classified by type, size
and function

4. Ore processing

3. M ining

iron ore
wagon

The operation works
with the aim of
industrially using a
deposit, from which
the amount of ore and
tailings are separated

5. Pelletizing

At this stage,
the products are
distributed by road,
rail and ship

321
million
metric tons of iron ore
produced in 2023

and future use
9. Closing

Chemical products are
added to the mixture,
generating the pellet
feed, which is then
rolled, generating the
“raw pellets” that pass
through the furnaces
and harden, and are
then classified according
to their size.

The distribution
of products and
inputs, and the
disposal of liquid
waste, are defined

Post-operation

m arketing and sales
8. Planning,

7. Distribution and
blending centers

steel industry

It consists of a plan
for the total closure
of a mine’s structures,
involving operational,
economic, social,
environmental
and governmental
activities.

This is where
market analysis,
investments,
demand, sales
and distribution
strategies take
place, which
optimizes the entire
ore logistics chain

Shared value

FINANCIAL CAPITAL:
• USD 17.96 Bi adjusted EBITDA from continuing

operations

• USD 8.1 Bi of net income from continuing operations
• USD 7.9 Bi in taxes paid to governments
• Approximately 1.6 billion in social and environmental

expenditures

• Approximately USD 371.5 million in voluntary

investments

NATURAL CAPITAL:
• 9.7 M tCO₂ and emissions (Scopes 1 and 2),
a reduction of 20.4% compared to 2017

• 8.94 TWh of electricity generation (98.7% of which

is renewable)

• 11 km² of restored areas by 2023
• 767.4 thousand metric tons of non-mineral waste generated
• 483.9 Mt of mineral waste (waste rock, tailings

and slag) generated

HUMAN CAPITAL:
• Reduction of approximately 70% in the total

accident rate since 2019

• 105 events with injuries to community members
• An average of 79 h of training for all employees

MANUFACTURED CAPITAL:
• 321 Mt of iron ore; 36.5 Mt of pellets; 326.6 kt
of copper; 164.9 Kt of nickel; around 800 kt of
sustainable sand produced from the beneficiation
of iron mining tailings

• 1.14 M passengers transported by

passenger trains

• 13 upstream dams de-characterized in Brazil

SOCIAL AND RELATIONSHIP CAPITAL:
• Vale Foundation: 1.87 M people impacted, through
32 projects in the areas of education, health and
income generation

• Fundo Vale: around 170 impact businesses

supported (impacting around 3,000 people directly
and indirectly through the initiatives)

• More than 20,000 complaints received from

communities*

• 1,018 families involved in involuntary eviction

processes

INTELLECTUAL CAPITAL:
• First place in the mining category of the Valor
Econômico newspaper award and seventh in
the overall 2023 ranking. Additionally, we were
among the top five in the Estadão innovation
award and were recognized as one of the top 10
innovative companies in the mining industry by
100 Open Startups

• 111 scientific publications and R&D projects

supported by ITV

Vale Integrated Report 2023 8

GRI 2-1
Activities map:

Brazil

North
Corridor

Port of Madeira

USA

Carajás

Exploration

Joint Venture

Offices

Headquarter

Operation

Port

Railroad

Underground Mine

Netherlands

Switzerland

6 underground
mines

Canada

U.A.E.

China

Japan

Oman

India

Indonesia

Brazil

Malaysia

Singapore

Vale serves industries,
such as the steel industry,
on all continents.

GRI 2-6

Americas
South, Central and North America

Europe
including Turkey

Asia and Africa, considering:
Middle East, North of Africa and India
(Menai),the Chinese Mainland and
Taiwan, Japan, Korea and Southeast Asia
(Vietnam, Indonesia, Malaysia and the
Philippines)

Australia

Oceania
Australia

In 2023, iron ore

production totalled reached 321 million

tonnes (Mt)

above our
guidance of 315 Mt

Iron
Quadrilateral

Port of Tubarão
Southeast Corridor

Ports of Itaguaí
and Guaíba

South
Corridor

Peru

Chile

Argentina

321.2 million tonnes of iron
ore produced in 2023 - growth
of 4.3% compared to 2022.

Pellet feed production
grew by 14%

Copper production increased by 29%
A total of 326,600 tonnes.

In nickel, a total of 164,900 tonnes
were produced, 5% less than in 2022.

Vale Integrated Report 2023 9

Iron ore

Found in nature as rocks mixed with other
elements. From industrial processes, it is
processed and sold to industry for steel
production. The iron ore from Carajás, in Pará,
is considered the world’s best in quality.

321 Mt

[produced]

Iron ore
solutions

6 Mt1

[produced]

37 Mt

[produced]

Briquettes

Result of more than
20 years of R&D, it is
produced from the
agglomeration of iron
ore at low temperatures
using a technological
agglomerant solution.
It emits less pollutants
and GHG compared to
pelletizing.

1 Production capacity per year of the first industrial

plant opened, in Tubarão (ES).

LEGEND

Countries of
production

Examples of
final products

Nickel
It is one of the world’s most versatile
metals, malleable and resistant to
corrosion and high temperatures.
Vale produces iron-nickel for
industrial stainless-steel applications,
as well as nickel sulfide and pellets.

165 kt

[produced]

PGM, gold and silver
Platinum group metals (PGM)
are byproducts of Canada’s
operations, as are small
amounts of gold and silver.
In Brazil’s copper operations,
there is also a portion of
gold in copper concentrates.
These products are sold to
third parties.

684 t oz

[produced]

Energy
transition
metals

327 kt

[produced]

Copper

The world’s third most
used metal: malleable,
recyclable, and resistant
to corrosion and high
temperatures. In its
operations, Vale produces
copper concentrate and
copper mate, which are
intermediate products in
the production chain, in
addition to refined copper
cathodes.

Pellets

Iron ore agglomerates from
the fines remaining from ore
production. This material goes
through homogenization,
pressing and heating
processes, generating the
spherical pieces. To reduce
GHG emissions in pelletizing,
Vale uses natural gas and
biocarbon as fuels.

2 kt

[produced]

Cobalt
A byproduct recovered from
nickel operations, being
refined and sold as cobalt
rounds. Vale’s product has
very high purity levels (99.8%).

Vale Integrated Report 2023 10

Business context
The global mining industry continues to face the twofold challenge
of meeting growing demand from global value chains while also
transforming production models and developing innovative solutions
that deliver positive social, environmental, and climate impacts.

As a global company with
production operations and
customers spanning multiple
countries, Vale is alert to
changes in the economic scenario
and the resulting impacts
on our operations, projects,
and customers. The business
environment in 2023 was highly
volatile, with demand for metal
commodities in China, the U.S.,
and Europe contracting by 12.09%
according to the Brazilian Central
Bank’s Brazil Commodities Index.

Vale Base Metals

Our response to the economic
scenario was to diversify into
and explore new markets within
a strategy focused on cost
management and new revenue
streams. This strategy is responsive
to the growing demand for
energy transition metals such
as nickel and copper to produce

batteries within the context of the
new economy and the development of
products that embed sustainability.

We work to position our energy
transition metals business as an
important player in this sector,
resulting in the creation of Vale Base
Metals (VBM). Our goal is to boost
operational efficiency and leverage
a forward-looking commodities
platform, supported by a new
governance structure as well as a
dedicated Board of Directors with in-
depth knowledge of the sector.

VBM is uniquely positioned as the
largest integrated nickel producer
in North America, and among the
largest copper companies in the
world, with the scale, resources,
and capital to supply critical
minerals essential to the global
megatrends of decarbonization
and electrification. The company

has secured agreements to
supply low-carbon, high-purity
nickel to major automakers
and is strategically focused
on expanding mine life and
developing growth projects
across the portfolio.

This strategy resulted in the
signing, in July 2023, of binding
agreements between Vale Base
Metals, Manara Minerals (a
joint venture between Ma’aden
and the Saudi Arabian Public
Investment Fund) and Engine
No. 1 (an investment company
focused on decarbonization and
relocation of supply chains in
North America). The partnership
aims to meet growing global
demand and the expansion of
the asset. The total amount paid
for the agreements was USD3.4
billion, which corresponds
to a 13% shareholding.

In nickel, highlights include the
opening of second Onça Puma
furnace in Brazil, the Pomalaa and
Morowali projects in Indonesia, and
the expansion of the Voisey’s Bay
mine in Canada. VBM is one of the
10 largest copper producers in the
Americas, with an operating base
concentrated in Brazil that includes
the country’s largest copper deposit
at the Salobo mine, with more than
40 years of useful life remaining.

Another significant development
in the year was the start of the
implementation of the European

Union’s Carbon Border
Adjustment Mechanism
(CBAM). Under this mechanism,
companies exporting to EU
countries (including those in
the mining and steel industries)
now face increased pressure to
deliver low-carbon products.
While this will result in added
carbon pricing costs for the
entire industry, it also represents
an opportunity for Vale given
the superior quality of our iron
ore and our position in the
transition metal segment.

Our response to the
economic scenario was to
diversify into and explore
new markets within a
strategy focused on cost
management and new
revenue streams. This
strategy is responsive to
the growing demand for
energy transition metals
such as nickel and copper.

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Totten Mine, in Sudbury (Ontario), Canada. In the photo: central office.

Vale Integrated Report 2023 11

Performance metrics and targets

GRI 2-22 | 2-23 | 2-24

We seek to align our long-term goals with the United Nations’ 2030 Agenda for Sustainable Development (SDGs).

Vale Targets

SDG

Climate change

Baseline

2017 baseline:
12.2 MtCO2e

2018 baseline:
529.5 MtCO2e1

Energy

Forests

Improvement in
ESG practices

Social ambition

Air emissions

2017 baseline:
Global: 79% share of renewables.
Brazil: 83% share of renewables.

2017 baseline:
Global: energy efficiency stood at 0.335 GJ/
tFeEq 7 and 8

2020 baseline

2019 baseline

2021 baseline

2018 baseline:
Particulate matter: 7.4 kt;
Sulfur oxides: 147.4 kt;
Nitrogen oxides: 74.1 kt

Target

Status in 2023 (progress to date)

Achieve a 33% reduction in Scope 1 and 2 Greenhouse
Gas (GHG) emissions by 2030.
Achieve Net Zero Scope 1 and 2 emissions by 2050.

The progress towards the Scope 1 and 2 target of 33% is 20.4 percentage points.

Achieve a 15% reduction in net Scope 3 emissions by 2035.

The progress towards the Scope 3 target of 15% is 14.8 percentage points².

Global: 100% renewable energy supply by 2030.

88.5% of consumption³.

Brazil: 100% renewable energy supply by 2025.5

100% renewable consumption, attested by renewable declarations.

Improve global energy efficiency indicator by 5% by 2030.

0.351 GJ/tFeEq (4.5% above the 2017 baseline).

Restore and protect an additional 500,000 ha of forests outside
company properties by 2030.

In 2023, 177,705 hectares were recovered, of which 165,093 were protected and 12,612
recovered.

Eliminate key ESG gaps to best practice – 63 gaps identified.

A total of 57 gaps eliminated.

Attain a top-3 position for social performance in major external
assessments.

We moved up in the ratings of the main external indices and ratings (MSCI,
Sustainalytics, and DJSI). See more in Indexes and Ratings.

Lift 500,000 people out of extreme poverty.4

We started the first concept tests, onboarding 30,000 people into the program.

Support all Indigenous communities neighboring our operations
in developing plans to secure the rights outlined in the United
Nations Declaration on the Rights of Indigenous Peoples.

Support provided to the Kayapó People in developing their Consultation Protocol
(ongoing); training on Indigenous rights in Brazil provided to the Guajajara People
from the Caru reservation and the Ka’apor People from the Alto Turiaçu reservation.

Reduce particulate matter emissions by 16%.

Reduce sulfur oxide emissions by 16%.

Compared to the base year of 2018, there was a reduction of approximately 10% in
the amount of particulate matter emitted in 2023.

Compared to the 2018 figures, there was a significant reduction² of around 45 per
cent in sulphur oxide emissions in 2023.

Reduce nitrogen oxide emissions by 10%.

Considering the base year of 2018, there was a reduction¹ of approximately 33 per
cent in the emission of nitrogen oxides in 2023.

1 Due to the divestments of non-controlled companies: CSP

(Companhia Siderúrgica de Pecém and MRN (Mineração Rio do Norte),
Scope 3 emissions for the base year 2018 were revised and reduced
from 553 million tonnes of CO2e to 529.5 million tonnes of CO2e.

2 These reductions are mainly related to lower production compared to
2018 and also to improved operational discipline. The emissions curve
tends to increase with the increase in production in the coming years,
being offset by technological initiatives to be implemented by 2030.

3 The percentage of renewable electricity varies year to year depending
on consumption, the volume of certificates obtained and the electrical
generation matrix of each country in which we operate.

4 People living on less than USD 2.15 a day,

according to the World Bank.

Vale Integrated Report 2023 12

ODS

Baseline

Target

Diversity, Equity,
and Inclusion

2019 baseline: Women in the workforce: 13%

Increase the share of women in the workforce to 26% by 2025.

2019 baseline: Women in senior leadership
positions: 12%

Increase the share of women in senior leadership positions (executive manager and
above) to 26% by 2025.

Status in 2023

24.38%

24.44%

2021 baseline: Black leadership

Increase the share of Black individuals in leadership1 roles in Brazil to 40% by 2026.

34.92%

Health & Safety

2019 baseline: 57 N2 injuries recorded

Achieve zero recordable high-potential (N2) injuries by 2025.

A total of 19 high-potential injuries (N2) were reported in 2023.

2019 baseline: 23 thousand exposures recorded

Achieve 50% reduction in exposure to health-hazardous agents in the workplace
by 2025.

A total of 10.7 thousand exposure incidents were reported in 2023.

Dams

No tailings dams in critical safety condition (emergency level 3)2 by 2025.

Implement GISTM⁵ in operations:

• 90% compliance by 2022;

• 100% compliance for tailings storage facilities by 2023; and 100% for other
facilities by 2025.

A total of two remaining tailings storage facilities with hazard level
3 facilities (Upper South and Forquilha III; compared to a total of
four in 2019).

In addition to the public commitment, GISTM was implemented for
48 EARs in 2023, considering classifications other than ‘Extreme’
and ‘Very High’. GISTM will be implemented for a further 2 EARs by
2025, completing 100 per cent of tailings facilities in compliance with
the Standard.

Decharacterize4 all upstream-raised dams in Brazil by 2035.

43%

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ESG Portal

Vale’s ESG Portal offers a repository of
up-to-date information about Vale’s
performance across the environmental,
social, and governance pillars. It also
provides additional details on the
initiatives described in this Report and
is a transparent source of data for our
stakeholders.

Learn more here.

1 Considers positions of

coordinators and above, including
Technical Specialists.

2 The emergency level it is a category established by Brazilian
legislation (ANM 95/2022) to classify potential risks that
could compromise dam safety.

3 EARs (tailings storage structures) consider sediment, water

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

4 Decharacterization is the process of reshaping our upstream dams areas removing
the tailings storage partially or completely, and functionally reintegrating the
structure into the environment so that the structure no longer serves its primary
purpose of acting as a tailings containment.

5 The Global Industry Standard on Tailings

Management (GISTM).

Vale Integrated Report 2023 13

GRI 2-12 | 2-25 | 2-29

Stakeholder
engagement

“By linking efforts and working together alongside Brazilian Mining Institute (IBRAM), mining companies can share
knowledget, experiences, and best practices, especially in ESG. Collaboration between mining companies and IBRAM
strengthens the overall industry, supports more effective action on strategic issues, regulation, innovation and
technological development, and helps to foster a sustainable business environment.”

Raul Jungmann – CEO of the Brazilian Mining Institute.

Stakeholder

Communities

Employees

Customers

Suppliers

Why we engage

To share information about our operations and their risks
and impacts in addition to eliciting and acting on stakeholder
perceptions about impacts and community expectations,
aggregating opportunities for local development.

To address topics such as our commitment to operational
safety, protection of the environment and people—including
employees, contractors, suppliers, and communities.

How we engage • Community engagement plans.

• Management group discussions and participatory meetings.
• Community visits and forums to monitor activities with communities.
• Reporting, grievance, and feedback mechanisms—collecting,

documenting, addressing, and responding to community feedback.
• Human rights due diligence throughout the mine lifecycle, from design
and licensing through mine closure, decommissioning, and reclamation.

• Internal communication (360°, webinars, Vale@, Management

Newsletter, Intranet, Teams Card, among others).

• Training and academies.
• Focus groups, interactive dialogue, collective and
volunteering initiatives, and collective bargaining
with unions or other labor organizations.

• Human rights due diligence.
• Low-carbon forum.

To better understand their needs
and address market expectations
around product quality and our
strategy to reduce carbon emissions
throughout the value chain.

To emphasize our requirement for efficient sourcing of
materials and services; properly specified items; effective
management of materials inventories and of health, safety,
environment, and community aspects in our supply chain.

Technical meetings/missions,
commercial meetings, technical visits,
email and telephone interaction,
customer satisfaction survey, forums,
seminars, and conferences.

• “Supplier Talks” events.
• Business rounds to connect large suppliers to local businesses.
• Human rights training, and events about critical human rights issues.
• “Open Doors - Pará” event to engage with local suppliers.
• Events to recognize suppliers that have demonstrated

Key concerns
and needs

• Local development agenda (support for social

programs and job opportunities).

• Management of risks and impacts from our
operations on surrounding communities.

Reporting
and grievance
channels*

• Management of impacts, and reparations in Brumadinho

and Mariana (transportation, access to water,
support, animal rescue, and indemnities).

• Community safety, related to fatal and non-fatal
injuries involving members of the community.

• Post-mine-closure rehabilitation and reforestation methods.
• Dam risks and management.

• Contact Us: https://vale.com/contact-us
• Alô Vale for railroad-related matters: 0800 285

700 or 0800 021 9934 (for hearing-impaired)

• Alô Vale for communities: 0800 285 7000 or 0800 021
9934 (for hearing-impaired). Community members can
also contact Vale at vale.com/rconline or by speaking
directly with a Community Relations representative.

• Reparation Support Line: 0800 031 0831
• Whistleblower hotline: 0800 821 5000 or 21 3485-3000.

For Canada: +1 844 450 5001

Other countries: +55 21 3485-3000

• People management practices.
• Decent workplace conditions.
• A diverse, equitable, inclusive, and psychologically

safe workplace environment.

• Freedom of association and collective bargaining;
• Management of risks, impacts, and

opportunities relating to tailings dams.

• Management of health and safety risks and opportunities;
• Innovation (investments in R&D, automation,

robotics, and artificial intelligence).

• Dam management (policies,

commitments, risks, impacts,
and opportunities).

• Eco-efficient production and

distribution technology.

• Post-mine-closure rehabilitation

and reforestation methods.

• Products (portfolio) and solutions

to reduce Scope 3 emissions.
• Carbon capture and storage
systems and technologies.

outstanding safety performance.

• Human rights due diligence.
• InoveCapital — a web environment offering suppliers

streamlined access to working capital loans.

• Compliance with Vale’s procurement requirements and payment terms.
• Investment in innovation, R&D, and eco-efficient

production and distribution technology.
• Collaboration with suppliers to implement
occupational health & safety strategies.

• Regular supplier communications to continuously
improve CARs and risk management processes.

• Decent workplace conditions.

• Whistleblower hotline: 0800 821 5000 or 21 3485-3000.

For Canada: +1 844 450 5001
Other countries: +55 21 3485-3000

• Telephone and e-mail contacts.
• Meetings, seminars, and technical visits.
• Satisfaction surveys.
• Contact Us: https://vale.com/contact-us

• Minabot1 via Microsoft Teams tool.
• Telephone and WhatsApp: 31 39164024.
• Intranet self-service form.

* Vale’s Whistleblower Channel can be
used by anyone, inside or outside the
company, who wants to report a case
of suspicion or violation of our Code
of Conduct.

1 Vale’s corporate chatbot for internal audiences.

Vale Integrated Report 2023 14

Investors

Partners, academia, experts, nongovernmental
organizations (NGOs)

Government agencies

Media

Why we engage

To reiterate our commitment to delivering solid business
performance and creating shareholder value.

To establish partnerships and collaborate with experts in
various areas of expertise.

To maintain regular engagement within the bounds of
good public administration principles. Public agencies
make policy decisions on which our highly regulated
business depends. They influence the regulatory risks to
which we are exposed and are directly involved in granting
the licenses and permits required for our business.

To demonstrate accountability and
transparency toward our stakeholders and to
manage our image and reputation.

• Meetings and events.

• Strategic, political-institutional, and technical meetings

• Questionnaires answers, clarification letters, and position

• Focus Groups and events and advocacy through trade

statements.

associations.

• Expert panels at the Vale Foundation and the Vale Cultural

Institute.

• Sounding Panel—a group of executives specialized in ESG
who advise and influence the Company on its long-term
strategy and performance.

Media outreach, responses to media queries
and requests for interviews with Vale
executives and information about our business
and operations.

• Cultural transformation and greater transparency around

• Compliance with social, environmental, and production

• Media relations are managed both reactively

challenges affecting civil society.

requirements.

• Community matters, from community investment and

human rights through impacts from dams and mine closure.

• Innovation (ore and metal lifecycles and post-mine-

closure rehabilitation and reforestation methods) and R&D
investment.

• Reparations in Brumadinho and Mariana.
• Dam management (risks, impacts, and opportunities);
• Innovation (ore and metal lifecycles and post-mine-

closure rehabilitation and reforestation methods) and
R&D investment.

• Reparations in Brumadinho and Mariana.
• Exploration in areas with high biodiversity value.

• Topics currently on the agenda: mine waste, water,
particulate matter emissions, conflicts with local
communities, and mine closure.

— in response to journalist inquiries on
different topics related to the Company —
and proactively, through media outreach.

• Common reactive media topics include

business matters, reparations, and dams.
• Common proactive media topics include
our sustainability agenda (Net Zero and
biodiversity), culture, innovation, and
Diversity, equity, and inclusion.

How we engage

Meetings, letters, events, site visits, webinars,
conferences, non-deal roadshows, ESG Portal, IR
website and email, and engagement meetings with the
IR team, executives, and the Board of Directors.

Key concerns
and needs

• Business performance.
• Capital allocation.
• Long-term strategy.
• Iron ore, nickel, and copper markets.
• Good corporate governance (independence and

transparency), environmental (water and biodiversity
impacts), and social (labor and community safety,
human rights, and local community relations) practices.

• Climate change and its impacts on our business

model; application innovation and GHG emissions
management.

• Dam management.
• Reparations in Brumadinho and Mariana.
• Innovation (products, ore, and metal lifecycles, and
post-mine-closure rehabilitation and reforestation
methods) and eco-efficient production and distribution
technology.

Reporting and
grievance channels*

• E-mail: vale.ri@vale.com
• Vale IR Portal.

* Learn more about our grievance channels at Contact Us

Vale Integrated Report 2023 15

Materiality

Over the past few years, we have refined our
approach to topics that are material to our business.
Our most recent review was at year-end 2022 and as
no changes were identified in 2023, our focus was on
deepening this understanding of the concept of the
double materiality approach.

The double materiality
method assesses both the
external (economic, social,
and environmental) and
internal (financial) impacts
of an organization’s
material topics. Assessing
materiality from these
two perspectives enables
us to identify the risks
and opportunities
inherent in our business
more accurately using
internationally recognized
criteria.

During the initial learning
phase, we confirmed the
relevant inputs to build
our materiality, guidelines,
assessment models, and
other elements used to
guide and measure business
performance. We likewise
confirmed the stakeholders
and engagement channels

through which we will
elicit external and internal
perspectives on impacts
and their significance.

Our current materiality
matrix was revised at the
end of 2022 and there were
no changes compared to
the previous cycle. The
current materiality matrix
consists of 10 material
topics that we will focus on.
In addition to these, there
are several other topics that
we address systematically.
Cutting across all material
topics, innovation is a
driver of value creation
and enhances our ability to
amplify positive impacts,
seize opportunities,
mitigate risks, and
address negative impacts
effectively.

The exercise of identifying
material topics consisted of
the following steps:

Step 1: Review of external
reporting frameworks, reports,
and trends in materiality
assessments. In this step, the
previous 10 material topics
were maintained, accurately
reflecting the relevant impacts,
risks, and opportunities
affecting our business and the
broader industry.

Step 2: Inputs incorporated
from permanent stakeholder
engagement and listening
channels and publicly available
information about Vale.

Step 3: A pilot to assess topics
on financial materiality based
on a review of publicly available
disclosure and of the corporate
risk management process,
especially assessments on the
magnitude of financial impacts
from business risks.

Step 4: A round of 18 individual
interviews with 13 senior
executives and five subject-
matter experts leaders on the
relevant material topics in order
to calibrate the results.

Step 5: Final consolidation and
validation of results.

GRI 3-2

Material topics

Governance
and Compliance

Dams

Biodiversity

Local
Communities

Climate
Change

Innovation*

Human
Rights

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

Heath
and Safety

People

Ecoefficiency

Mine closure
and future use

* Crosscutting to all the material themes

As part of our commitment to understanding and
capturing the perspectives of our stakeholders, we
regularly conduct perception surveys regarding Vale’s
Sustainability performance. In 2023, we conducted
50 in-depth interviews and a quantitative survey
involving over 190 representatives from diverse
groups, including academics, clients, suppliers,
multilaterals, and regulatory entities.

When compared to our industry peers, the general
public perceives us to be on par with the sector’s
average. Conversely, among those subject to in-depth
interviews, there is a more favorable perception of Vale’s
sustainability performance, with 50% considering it
above average. However, this positive perception is not
uniformly reflected in terms of trust in the company.
When analysing the results of the general public’s
confidence, compared to 2021, there was a 9% increase

in perception in Brazil. Within this audience, 33% express
a high level of trust, while 41% maintain a moderate level
of trust. When asked, the primary drivers for a moderate
level of trust mentioned were the company’s response to
the impacts of Brumadinho and Mariana, as well as the
perception that the company does not consistently act in
the best interest of society.

It is essential to highlight that stakeholders also recognize
Vale’s engagement efforts and demand for an increasingly
closer relationship to strengthen communication and
active listening. Among the identified opportunities is
the necessity for more focused communication and a
narrative directed towards the outcomes of our initiatives,
along with the potential to demonstrate our role in forest
restoration and protection, sustainable mining practices,
and dam management.

Vale Integrated Report 2023 16

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

Natural, Social & Relationship

SDGs 6, 12, 14 and 15

Strategic pillars / Connection
with our purpose

Sustainable mining

Value: Respect our planet and
communities.

Ambition:

• Leader in sustainable mining;
• Benchmark in creating and
sharing value.

Risks

• Impacts on areas of high

biodiversity value.

Opportunities

Dams

GRI content and
SASB indicators

GRI 3-3, MM3

SASB Tailings storage facility management
(EMMM-540a.1, EM-MM-540a.2 e EMMM-
540a.3, 540a.3, EM-MM-150a.5, EM-MM-
150a.6, EM-MM-150a.9 e EMMM-150a.10)
(EM-MM 210a.1, EM-MM-210a.2, EM-MM-
210b.1, EM-MM-210b.2)

Capitals of Integrated Reporting

Natural, Social & Relationship

SDGs 3, 6, 9 and 12

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

• Dam failure.
• Social and environmental impacts.
• Evacuation of areas.

Opportunities

• Technologies for reducing dependence

on dams.

• Tailings byproducts.

Strategic pillars / Connection
with our purpose

Sustainable mining

Value: Respect our planet and
communities.

Ambition:
• Leader in sustainable mining;
• Benchmark in creating and
sharing value

Risks

• Social and environmental impacts

• Intensify our contribution to the

arising from the operation.

Amazon biome.

• Health and safety in the communities

• Investment in biodiversity research

where we operate.

and conservation.

• Risk of involuntary resettlement and

• Development of impact businesses

land use conflicts.

for biome restoration.

• Development of new technologies
that support the prevention of
fires and other risks.

• Risk of conflicts with Indigenous

Peoples and traditional communities.

Opportunities

• Maximizing value generation for

communities.

Local
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)

Human
rights

GRI content and
SASB indicators

GRI 3-3, 406, 408-1, 409-1, 410-1
SASB Safety, Human Rights and
Rights of Indigenous Peoples
(EM-MM 210a.3)

Mine closure
and future use

GRI content and
SASB indicators

GRI 3-3, MM10

Capitals of Integrated Reporting

Social & Relationship; Natural

Capitals of Integrated Reporting

SDGs 1, 2, 6, 8 and 11

Capitals of Integrated Reporting

Social & Relationship

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)

Capitals of Integrated Reporting

Social & Relationship; Financial;
Manufactured

Social & Relationship

SDGs 3, 8 and 16

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

Strategic pillars / Connection with
our purpose

SDG 16

Strategic pillars / Connection
with our purpose

Sustainable mining

Value: Respect our planet and
communities.

Ambition:
• Leader in sustainable mining;
• Benchmark in creating and
sharing value.

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.

Sustainable mining

Value: Respect our planet and
communities.

Ambition:

• Leader in sustainable mining;
• Benchmark 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.

Opportunities

• 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.

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.

Vale Integrated Report 2023 17

Eco-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, MM4

GRI 3-3,403

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 and 15

Strategic pillars /
Connection with our purpose

Sustainable mining

Value: Respect our planet and communities.

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.

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 and 13

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

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

Capitals of Integrated Reporting

Human, Intellectual, Social & Relationship

Human, Social & Relationship

SDGs 4, 5 and 8

SDG 3

Strategic pillars /
Connection with our purpose

Sustainable mining; Low-carbon solutions

Value: Respect our planet and communities.

Ambition:

• 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.
• Use of proprietary technology to offer more premium products.
• Increasing renewable energy representation in our
energy matrix.
• Indicators and requirements for engaging with customers
and suppliers.

Strategic pillars /
Connection with our purpose

Sustainable mining

Value:

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.

Opportunities

• Implement and accelerate a Technical Training

Program for our employees.

• Training and engagement of operational leaders in

Cultural transformation.

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.

Opportunities

• Structuring critical control checks.

• Accelerate the use of technology to remove people from risk.

Vale Integrated Report 2023 18

Innovation

GRI 2-22

A culture of innovation

GRI 3-3 [Innovation]

Our internal innovation
capabilities are supported
by a set of key enablers.

Culture and
Entrepreneurship, an
enabler that enhances
our culture of innovation,
stood out by our Fluent
Leaders program, which
provided both theoretical
and practical training to 79
leaders in the year.

Innovation Hubs, our “core”
enablers, provide a physical
and/or virtual environment
to develop talents, capture
critical and long-standing
operational issues, test
prototypes, and scale up
solutions. In 2023, the
network was expanded to
include three new hubs, for
a current total of 11 units.
Sixteen solutions were
developed in the year, many
of them in collaboration
with our external
innovation ecosystem.

Innovation is a key lever in building our future,
supported by the company’s ongoing cultural
transformation.

We leverage four different innovation drivers
in support of these efforts:

Research & Development (R&D): Developing
advanced solutions to enhance operational
efficiency and strengthen Vale’s industry
leadership in innovative technology.

Open Innovation: Building global partnerships
to expand our vision and develop innovative
solutions.

Studio: Using agile cycles to develop high-
impact projects, collaborating closely with
strategic leaders.

Vale Ventures: Catalyzing global innovation by
investing in early-stage startups and venture
capital aligned with our long-term ambitions
to develop a portfolio of disruptive solutions
addressing global industry challenges. In
2023, Vale Ventures invested USD 19 million in
minority stakes in startups, including follow-
on investments in the Boston Metal Series C
Funding Round and investments in Allonnia’s
Series A Extension capital raise, and USD 3
million in venture capital funds, represented by
Evok Fund II Limited Partnership and Cathay
Innovation Global Fund III.

GRI MM4

Below are two examples:

Mobile temporary facilities – Constructing
traditional temporary construction site
facilities comprised of concrete foundations
and containers is a time-consuming process
that can delay construction projects and
significantly escalate costs. A solution
developed by the Brucutu innovation hub
combines rental containers with self-contained
truck trailers. This approach reduces site
construction time by 75%, minimizes expenses
on concrete bases, enhances sustainability by
incorporating solar power and environmentally
compliant water and sewage handling
solutions, and minimizes the risks involved in
container handling.

Shipping Platform – This digital
transformation program was launched
by our Shipping Hub to develop strategic
solutions that can streamline Shipping
processes. The program enables all
parties—from Chartering to Back Office
Operations—to manage end-to-end work
streams more effectively. Approximately
1,000 voyages, 300 new contracts, and
10,000 transactions in the SAP operational
management system per year worth
USD 5 billion have now been digitized
and automated to some degree on the
Shipping Platform.

“We often think about innovation as something far removed from us.
And indeed, it can be something entirely different, like a new technology
or a new product. But sometimes, innovation lies in how we approach
a problem, systematically bringing together different perspectives and
insights to develop a process that adds value to our business. The Mundo
PM magazine award illustrates how we are helping to shape the future of
mining on various fronts within our company.”

João Carlos Araujo, General Project Manager,
Southeast System

Artificial Intelligence (AI) is
reshaping how Vale manages its
processes and resources.

For example, our use of AI-powered process
control models in ore beneficiation plants has
generated a 2% uplift in recovery. As another
example, our product availability strategy
has been leveraged based on Advanced
Analytics solutions supporting our Global
CMA strategy, leading to a consolidated
gain of USD 214 million from a 2019 baseline.
Integration of our Global CMA capacity
models with demurrage models has enabled
Vale to significantly cut costs, with savings
of USD 11.6 million in 2023 through reduced
chartering of spot ships.

We have also expanded our engagement
with the external innovation ecosystem,
particularly in the North through our Belém
Digital initiative. Strategic sponsorships,
such as Exposibram, Empreende Belém, and
Amazônia Summit, are further examples of
our commitment to nurturing talent and
driving regional development.

In 2023, for the fourth consecutive year,
we secured the top position in the mining
category of business newspaper Valor
Econômico’s innovation awards, and
seventh place overall. We also ranked
among the top five in newspaper Estadão’s
innovation awards and were recognized
as one of the top ten most innovative
companies in the mining industry by 100
Open Startups.

1 Global CMA (Asset Monitoring Centre for the acronym in Portuguese) is an area that aims to guide decision-
making in asset management and in the planning of the ferrous value chain through information on the
health and performance of assets as well as the level of operational performance risk.

2 A contractual charge ($/ton) calculated when a

ship stays longer than the allotted time at a port
awaiting loading.

Vale Integrated Report 2023 19

World’s first iron ore
briquetting plant

In 2023, the world’s first of two iron ore
briquetting plants started operation
at our Tubarão facility in Espírito
Santo. As a result of R&D efforts, our
innovative briquette product can
reduce greenhouse gas emissions
by up to 10% in our customer’s
steelmaking operations, supporting our
decarbonization ambitions.

Learn more in Iron ore initiatives.

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Tailings to Resource

In October 2022, we founded Co-
log Logística de Coprodutos S.A.
(Agera), a startup controlled by Vale
responsible for scaling up our sand
sales. Agera is dedicated to developing
innovative solutions, and marketing
and distributing, expanding our
sustainable sand business. Since
operations began in 2021, a total of 1.7
million metric tons of aggregates have
been sold, with expectations to reach
2.2 million metric tons by 2024.

Learn more in Circular Mining and
Mineral Waste.

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Colabs

Launched in 2023, this initiative incubates and accelerates
research, high-potential projects, and go-to-market tests at
Vale Institute of Technology (ITV). Three Proofs of Concept
(PoC) were developed in the year, including one for soil
testing and carbon measurement, aiming to develop a data
management platform to track soil quality over time.

Sustainable Dust Suppressor

Developed in a project accelerated by Studio, our new dust
suppressor product is the result of 10 years of research and
collaboration with the Federal University of Espírito Santo (UFES).
PET bottles are used to create the product, which involves a
chemical recycling process that turns the bottles into resin for
application on iron ore and coal stockpiles. The initiative also
promotes social impact, as it is connected to the Reciclo project,
which benefits almost 600 recyclable material collectors and carries
out actions to improve the physical structure, management, and
commercialization of 12 associations.

Learn more in eco-efficiency.

Sprinkling in the storage yard at the port of Tubarão.

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Jose Bitencourt, ITV-DS researcher, using the Micro CT
Scan microscope to analyse microorganisms responsible
for photosynthesis and fertilisation of aquatic
environments, for the project “Socio-environmental
Diagnosis of São Marcos Bay”, in Maranhão, Brazil.

Vale Institute of Technology

The Vale Institute of Technology (ITV) is a
non-profit organization, founded in 2010, to
advance science, technology, and research.
The operation has separate chapters including
ITV Sustainable Development (ITV DS) in Belém
(PA) and ITV Mining (ITV MI), with units in Ouro
Preto and Santa Luzia (MG) and Pará. Through
ITV, Vale develops technological and scientific
solutions that address challenges facing the
mining industry and society, and that support
social and environmental transformation,
helping to build a more sustainable society. In
2023, 64 students graduated from ITV equipped
to harness their newly acquired skills and
knowledge in science, technology, and research
focused on sustainable development.

Vale Integrated Report 2023 20

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Canaã dos Carajás, Pará, (PA), Brazil - Aerial view of Veredas dos Carajás Park.

Sustainable
mining

In this chapter

People

Health & Safety

Human Rights

Tailings, dam management, and safety

Reparations

Nature

Territories and communities

Circular mining and mineral waste

Responsible sourcing

Mine closure and future use

Vale Integrated Report 2023 21
Vale Integrated Report 2023 21

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining

Vale aspires to set the standard for sustainable mining by
supplying resources to meet society’s needs while striving
to learn from the past to build a more sustainable present
and future.

People

GRI 3-3 [People]

To achieve this, we are continuously evolving in our efforts
to foster a people-driven culture and become a benchmark in
safety; support social and economic development; create shared
value; build trust-based relationships; and make a positive impact
on the environment.

“Environmental sustainability, developing
solutions to preserve biodiversity,
and respecting and protecting local
communities are values that are noticeably
ingrained in Vale’s culture. Whether in
office settings or in the field, all Vale
employees I have encountered have
demonstrated a commitment to these
values with a sense of pride. Vale has
also become a centerpiece in Amazon
ecosystem monitoring. The company is
keenly aware that the future of mining,
the future of nature, and the well-being
of people in the remote areas where
it operates are intertwined. This is a
significant step forward in the long journey
ahead for the mining industry in Brazil.”

Marcos Caramuru de Paiva, a member of the
International Advisory Board of the Brazilian
Center for International Relations (CEBRI),
and a member of Vale’s Sounding Panel.

One of the lessons
learned from the
tragedy in Brumadinho
was the need for a
culture change at Vale.
Our organization will
only evolve when our
people think and act
differently. And this
requires changing our
team’s entire mindset —
that is why we invest so
much in our journey of
cultural transformation.

To achieve our purpose and
ambitions, and to create real
change at Vale, we need everyone
to act according to our key values
and behaviors, as part of a journey
of continuous improvement, but
one that has already delivered
significant tangible results.

a Cultural Narrative as a guide
for our transformation journey.
We have since run a series
of training and development
initiatives and campaigns to
help build the Vale we want
to be and put our cultural
transformation into practice.

Organizational
culture

In 2019, we launched an enterprise-
wide transformation journey. We
conducted our first global culture
assessment and, based on the
results, we initiated an activation
exercise to increase awareness
and compliance across all levels of
leadership. We reformulated our
Purpose Statement and created

Measuring our progress on
the cultural transformation
journey is done in three ways:
deliverables, impacts and
results. As an example of
impact, we can mention the
measurement carried out
through the Engagement
Survey and, as a result, the
advances in our Health and
Safety indicators and our VPS
management system.

Employee engagement

At Vale, we define engagement as the extent
to which employees feel connected to the
company and the level of energy they put
into pursuing organizational goals. We believe
that measuring and nurturing engagement
is important in fostering behaviors that align
with our culture, creating a healthy and safe
work environment, upholding organizational
practices that create a sense of belonging, and
managing people in a human-centric manner
that encourages continuous learning. We
gauge engagement by assessing employees’
perceptions across five key pillars: culture,
leadership, career development, well-being,
and sense of belonging.

In 2023, we conducted our first-ever company-
wide engagement survey since embarking
on our cultural transformation journey. The
response rate was exceptional, with 76%
participation from across our workforce and
an overall favorability rating of 82%, with
significant improvement in the leadership and
career development dimensions.

The survey results show important
improvement. This inspires us to continue our
transformation journey with a focused and
purposeful approach, implementing actions
that foster key behaviors such as open and
transparent dialogue and empowerment with
accountability.

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“I’ve been working in Maintenance for three
years and, in this short time, the workplace
environment for women at the Port has
significantly improved. It is increasingly
inclusive and more open to diversity,
including women, especially in terms
of work shifts, change rooms, etc. One
improvement has been having more women
in maintenance positions on the night shift.
A year ago, there were very few women
working the night shift. But conditions are
now becoming more equal, and we’ve seen
this improvement.”

Yonara Felix Emídio, a tire
repair technician at the Port of
Tubarão, Espírito Santo, Brazil.

Vale Integrated Report 2023 22

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining

Vale has implemented a range of initiatives in
response to the engagement survey findings,
including leadership development programs,
a review of our VPS framework (specifically
the culture and engagement dimensions),
targeted communication campaigns
for operational staff, and real-world
transformation stories shared by employees
as a source of learning and inspiration.

“We strive to learn together through
respectful interaction, active listening,
keen observation, and awareness of our
role, both in the process of repairing
damages and in the development of the
people and communities around us. We
are changing from the inside out, working
today to build the company we want to
be tomorrow. And in line with our purpose
and values, we are shifting our company
towards the Vale of the Future—a more
sustainable, efficient, and innovative
enterprise.”

Paula Salles, Culture and
Engagement Manager.

2023’s Engagement Survey

82%

Favorability rating

76%

Response rate
(38,355 respondents)

Evolution by pillar %

Operations technicians (OT)

77 86

86 91

culture

leadership

career

well-being

belonging

Digitally connected (DC)

77 86

86 91

culture

leadership

career

well-being

belonging

Workforce
GRI 2-7 | GRI 2-8

At yearend 2023 we had a workforce of

234,566

employees

66,807

employees

167,759

contractors

Year

Employees

Contractors

Total

2022

64,516

2023

66,807

150,831

167,759

215,347

234,566

Employees and contractors by country
in 2023

Country

Employees

Contractors Total

Brazil

55,247

152,977

208,224

Evolution of key behaviour %

85 87

87 86

73 70

71 71

Canada

6,810

Indonesia

3,166

Obsession with safety and
risk management

Active listening and
engagement with society

Sense of ownership

Empowerment with
accountability

Open and transparent
dialogue

OT 2022

OT 2023

DC 2022

DC 2023

Malaysia

Oman

Other

Total

377

594

613

1,946

10,639

964

1,016

217

8,756

13,805

1,341

1,610

830

66,807

167,759

234,566

Vale Integrated Report 2023 23

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningNumber and percentage of employees by work contract and by gender

2023

Men

Women

Total

Employees

50,509 (75.6%)

16,298 (24.4%)

66,807

Indefinite term

50,304 (75.8%)

16,090 (24.2%)

66,394

Temporary

205 (49.6%)

208 (50.4%)

413

We have undertaken a commitment to ensure that

In 2023, we achieved a representation of

40%

of our leadership positions (managers
and above) in Brazil are filled by black
employees by 2026.

34.9%

an increase of 2.8% from 2022,
and 6% above our 2021 baseline.

Contractors

Administrative and operational contractors

Temporary

Indefinite term

Project-based contractors

Temporary

Indefinite term

Total

113,617

9,190

104,427

54,142

3,949

50,193

68%

62%

32%

30%

167,759

100%

Diversity, Equity, and Inclusion

Our global, proactive approach to Diversity, Equity,
and Inclusion builds on lessons learned throughout
Vale’s transformation process. We recognize
the importance of striving for a more diverse,
equitable and inclusive workplace that mirrors
the full spectrum of diversity in society. This not
only creates competitive advantages but also
enhances our role as a more socially responsible
and sustainable mining company.

We are committed to creating a workplace
environment where all individuals feel respected and
where their voices and ideas are valued. Our
Diversity and Inclusion Policy outlines six key
commitments that guide Vale’s actions in this area
(learn more on our website).

We have implemented a set of inclusive practices,
policies, and processes, including professional training
programs; career development initiatives; training on
combating harassment, discrimination, and prejudice;

and inclusive recruitment practices. Furthermore,
we have established significant partnerships with
movements such as the Pact for Racial Equity,
Mover and the LGBTI+ Business Forum. Partnerships
that not only reflect our core values but also
play a crucial role in supporting ongoing learning.
These efforts, combined with ongoing progress
assessments, are helping us move closer to building
a more diverse, equitable and inclusive company.

Number of employees self-identifying as black

Functional category

Executive

General Managers

Managers

Coordinators

Supervisors

Technical Specialists

Administrative Staff

Operational Staff

Professional Technicians

Total

273

426

932

751

28,927

5,021

36,422

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“Looking a few years back, representation of black
women was virtually non-existent. It simply wasn’t
there. Since then, opportunities have been created for
me to reach this position, and it’s now my turn to pave
the way for others. That’s what I’m here to do. Today,
as I walk through the corridors at Vale, I’m surrounded
by others like myself. I see fellow black individuals,
other women. I can relate to these people.”

Gesiany Santos, Occupational
Safety Engineer, Serra Sul,
Carajás/PA

Vale Integrated Report 2023 24

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining

Women by employee category

Anti-harassment
initiatives

All employees – Global

Staff 15,023
Supervisor 484
Managers and Coordination 736
Executive leadership 55

Total
16,298

Action to combat
violence against
women

All employees – Brazil

In 2023, in compliance with Law no. 14,457, we launched an online training program titled “Speak Up –
Combating Sexual Harassment in the Workplace.” This training is mandatory for all Vale Brazil employees.
We achieved 98.5% participation in 2023. We also ran communication campaigns across all regions where
we operate, reiterating our zero-tolerance stance on any form of harassment. Our website’s dedicated anti-
harassment page is open to the public, with over 6.7 thousand views in 2023.

We work to raise awareness about women’s rights, violence against women beyond physical assault (such
as psychological, sexual, financial, and emotional abuse), and available Whistleblower and help channels.
In 2023, 720 individuals underwent training across 24 sessions. We also organized a Stop Violence Against
Women Parade, an event that was streamed live to 6,277 viewers and was subsequently shared through our
communication channels.

Gender equity

We continue to work toward our goal of doubling the share of women
in the workforce by 2025; we closed 2023 with over 7,000 more women
in our workforce compared to the 2019 baseline. The number of women
in senior leadership positions increased by 120% compared to 2019.

People with disabilities

Vale works to advance the inclusion of people with disabilities (PwD) in
the workplace and concluded 2023 with 2,935 employees with disabilities
filling various roles within our organization. One of our focus areas is
accessibility; we actively identify and address the barriers to an equitable
work environment. We also support career development and seek to
cultivate a workplace environment that is free from ableism.

Our Autonomous Program, which is gradually replacing manned
equipment in Vale’s operations, has created new opportunities
for individuals with disabilities to fill roles that may have seemed
unattainable in the past. To date, twenty employees with disabilities
have been successfully integrated into this program and trained either
to assume new roles or on new approaches to their existing roles.
Leveraging technology, this initiative is not only enhancing efficiency but
also improving safety and sustainability across our operations.

In 2023, we continued to advance our Potencializando Talentos PcD
(“Supporting PwD Talent”) program, which prepares employees with
disabilities in senior positions to take on more complex roles. Also, we
launched a second program, Empoderando Talentos PcD (“Empowering
PwD Talent”), designed to accelerate the careers of employees in
assistant, or early analyst career stages.

The role of men
in championing
gender equity

All employees – Brazil

We also work to address the impact of gender issues on men’s lives. We encourage male employees to
challenge traditional expectations of masculinity, consider their role in fostering harassment behaviors, and
engage in conversations with other men about gender issues. Eighteen sessions were conducted, with a total
of 540 participants.

Professional
Training Program

Audience: Women from
communities where Vale
operates – Brazil

In partnership with the SENAI Trade School (Brazil), our Professional Training Program (PFP) offers technical-
operational training in careers such as equipment operation, industrial mechanics, and electrical and
electronic maintenance. In 2023, over 760 women were hired through the program.

Career Acceleration
Program for Black
Women

Women Talent
Acceleration
Program

PwD Talent
Acceleration
Program

Audience: 50 black women
from the job market – Brazil

In collaboration with career and racial equity experts, this initiative prepares black female employees to take
on more strategic or leadership roles.

Audience: 25 spots for female
employees – Brazil

This program accelerates the development of skills and competencies among participants, increasing their
readiness to assume more complex roles in the future.

Audience: 25 spots for non-
leadership PwD employees, in
a minimum position of Senior
Staff

This program accelerates the development of skills and competencies among participants, increasing their
readiness to assume more complex roles in the future.

PwD Talent
Empowerment
Program

Audience: 50 spots for
Vale PwD employees up to
university-level staff – Brazil

This program offers a journey of self-discovery, with a focus on skills building, personal development, and
cultivating a new mindset and approach to career challenges.

Vale Pride
Celebration

Audience: Vale Employees -
Brazil

Since 2021, Vale has organized Vale Pride Celebrations, which bring together thousands of employees from
across Brazil to reflect on respect and inclusion and to celebrate LGBTI+ pride.

Vale Integrated Report 2023 25

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningAttracting and developing talent
GRI 2-24 | 3-3 [People] | 404-1

We strive to attract and retain the best professionals who align
with our purpose and culture, and to achieve our ambition of
becoming a talent-driven organization.

In Brazil, we use a strategic
recruitment approach aligned
with the Vale Production System
(VPS). We focus on the candidate
experience, with diversity
being a foundational pillar of
our strategy for attracting and
selecting talent. We seek to
increase the representation
of different minority groups,
using affirmative action as a
tool for inclusive recruiting. In
2023, we hired 3,252 women, a
10.68% increase from 2022, and
additionally hired 3,946 black
people in Brazil, representing
67.8% of our hires in the country.
We also increased our efforts to
recruit local talent in the North of
Brazil, resulting in 1,324 new hires
from the region by year-end.

We know that professional
development is especially critical
to early career professionals.
With this in mind, our entry-
level programs offer training
and education. These programs
are also held in the communities
where we operate to support
local employment.

Vale’s “Six-hour Internship”
program, one of our flagship
gateway initiatives, attracted over
48,000 applications and recruited
more than 700 people, with 59.4%
identified as black and 52% as
women. In Pará, our “Eight-hour
Internship” program recruited
58 interns from throughout the
state. These programs work
with educational institutions in
the region to cultivate young
professionals.

Another initiative providing entry-
level career opportunities is our
trainee program, which, in 2023,
recruited 37 recent graduates
in engineering or geology for
roles in Vale’s operations in Pará
and Maranhão. Meanwhile,
our professional training
program welcomed over 1,000
operational trainees into our
workforce, including 700 women.
These figures underscore our
commitment to the future of our
organization, and our progress in
2023 toward our target to increase
female representation.

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Valer Learning Ecosystem

We believe that continuous learning is a competitive
differentiator for any Organization. Always
learning together means believing in the continuous
improvement of people and also in being open to new
things. It is based on this premise that our learning
ecosystem - Valer - is based.

Valer is an interconnected system of internal and
external partners, educational organizations, and
technology platforms that supports employee
development and the creation of shared value within
communities. Vale’s learning solutions are designed in
alignment with our strategic objectives and the unique
needs of each audience, including both hard and soft
skills.

Valer’s training programs are segmented into five
primary audiences: all employees and communities,
prospective hires, operations technicians, specialists,
and leaders. For each audience, training solutions

“I always encourage my daughter to view the mining industry in
a positive light, emphasizing its essential role in our lives beyond
mere resource extraction and disturbed land. Having spent 18
years building my career here, I take great pride in being part
of Vale. Perhaps my daughter will follow in my footsteps; she’s
currently taking a course in railroad maintenance, which will
also equip her for a potential career in mining, although her
generation is more critical of the industry.”

Derilda Rocha, Affiliate Analyst at the Tubarão
Pelletizing Plant and proud mother of Sofia, a
railroad maintenance student at IFES.

extend beyond conventional training formats to include day-
to-day skills, peer-to-peer learning, and hands-on activities.
Valer not only addresses immediate development needs but
also helps to build a future-ready workforce.

Succession
planning
GRI 404-2

GRI 404-1
Training Hours

Functional
Category

Director

Manager

General Manager

Coordinator

Supervisor

Technical Expert

Administrative Staff

Operational Staff

Professional Technician

Average
training hours

Looking after the health
of our talent pipeline is
one of the main pillars that
underpins our ambition to be
a talent-driven company and
makes our organizational
longevity possible.

Vale’s Global Talent Review
process tracks career
progression, development,
and readiness among
potential successors for
critical roles, 119 of which
were identified in 2023.

Vale Integrated Report 2023 26

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining

Remuneration
GRI 202-1

Vale pays no less than the legal
minimum wage, and there is
no significant¹ difference in
remuneration between men
and women in the same roles,
as established in our Human
Resources Policy. Any differences in
compensation relate to employees’
varying seniority levels and maturity
in their positions. GRI 405-2

We pay 100% of our employees
a living wage², according to an
external assessment carried out in
2022. Deductions or restrictions on
remuneration that could result in
the employee being indebted to the
company are prohibited.

Union relations

AVale works to maintain positive
relationships with labor unions in
all the countries where we operate,
seeking to resolve disputes through
regular meetings and consultations
with union representatives.

We uphold the principles of freedom
of association, aligning our practices
with the Vale Code of Conduct, local
labor laws, the eight Fundamental
Conventions of the International
Labour Organization (ILO), and
the guidelines of the Organization
for Economic Co-operation and
Development (OECD). Where local

legislation in a given country
imposes restrictions on
freedom of association,
we work with equivalent
labor organizations.

Collective bargaining

Collective bargaining is an
ongoing practice in most
of the countries where
we operate, with 94%
of employees covered
by collective bargaining
agreements.
GRI 2-30 | 407-1

Notably, there have been no
employee strikes within our
workforce in Brazil since 1989.
During this period, we have
pursued amicable negotiation
and dispute resolution.
This has been supported by
dialogue with unions and
training provided to leaders
on labor relations matters.
Labor disputes and litigation
involving the company and
unions have also decreased.
GRI MM4

The number of employees
voluntarily affiliating with
unions has increased. In Brazil,
all employees are covered
by collective bargaining,
involving 12 unions, and more
than 15,000 are voluntarily
affiliated with the union
entities that represent them.
GRI 2-30

Health & Safety

GRI 3-3 [Health and safety]

Our Health and Safety strategy is supported by
the Vale Production System (VPS) and is guided
by our core value of “Putting Life First,” which
permeates all our efforts and commitments to
improve safety performance, in line with our
Sustainability Policy, Human Rights Policy
and Code of Conduct. This strategy is based
on three pillars: preventing injuries and chronic
illnesses, preventing fatalities, and preventing
catastrophic events.

Integrating risk management into our planning
has supported improved safety performance
at Vale. Ensuring our leaders are committed
to employee safety is equally essential to
improving performance. That is why we
introduced “Leading with Safety” (LWS) over a
year ago, a behavioral development initiative
for leaders that aims to embed safety and
accident prevention into daily decisions.
Throughout 2022 and 2023, approximately
900 people in leadership roles³, representing
around 22.9% of Vale’s leadership personnel,
underwent training as part of the LWS
program. The expected results of this initiative
include heightened engagement and enhanced
integration between production processes and
safety protocols.

Risk assessments seek to identify and map
out risks as well as appropriate controls,
communication, and reporting flows for all
levels of the organization. We conduct regular
assessments against criteria established in the

Vale Production System. These assessments
seek to prevent and mitigate risks, support
continuous improvement in occupational safety,
and ensure the well-being of our employees.

Our key safety-related practices include:

• Process Safety Management (PSM);

• Asset Integrity Standards (PNR);

• Job Risk Assessments (ART);

• Permit to Work (PTW);

• Critical Task Requirements (CTRs);

• Health, Safety, and Environmental

Management for Contractors;

• Corporate guidelines on implementing the

Golden Rules;

• Encouragement for all employees and

employees of contracted companies to report
and deal with potential incidents that could
cause fatalities;

• Health Risk Assessment (HRA);

• Health Risk Exposures (global corporate

guidelines for managing occupational health
programs);

Safety Culture and the Vale
Production System (VPS)

The Vale Production System (VPS) is the basis
of our management model. It is designed
for results, comprising a set of policies and
practices to ensure safe, environmentally
compliant operations while safeguarding asset
integrity. The VPS has three core dimensions:
leadership, technical, and management.

nical
Tech

Technical

Leadership

Policies, guidelines, and common technical
process requirements for managing assets
and addressing inherent business risks.

Leadership

Practices expected to reinforce key
behaviors and shape organizational culture
and discipline.

• Disability Prevention (guidelines featuring

Management

tools for integrated management of
individual and collective quality of life).

Management routines, methodologies,
and tools expected to sustain and improve
results.

1 The current difference
is a maximum of 4
percentage points plus
or minus.

2 Pay a living wage means providing the means for an individual/family to purchase

the goods and services necessary to attain a basic standard of living (food, housing,
education, transportation, leisure, culture, etc.) aligned with the social and cultural
expectations of the community and/or country in which the individual is located.

3 Leaders include the CEO, VPs,
Directors, General Managers,
Executive Managers, Managers
and Coordinators.

4 More information about Health
and Safety initiatives at the ESG
Databook, tab “Social Data”.

Vale Integrated Report 2023 27

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining
The VPS has three core dimensions—
leadership, technical, and management.
Each dimension has a set of related
minimum requirements that are
supported by a suite of policies,
standards, and procedures to guide
implementation and improvement in each
process. Performance improvement is
measured in annual cycles.

Implementation of the VPS is mandatory,
and its principles are embedded in our
employees’ day-to-day tasks, irrespective
of their level or department, whether
operational or administrative.

Using the PDCA (Plan, Do, Check, Act)
improvement cycle, the VPS supports
performance management through
structured problem-solving, delivering
sustainable outcomes end-to-end. The
system covers requirements laid out by
international standards such as ISO 9001
(Quality Management Systems), ISO 14001
(Environmental Management Systems),
and ISO 45001 (Occupational Health and
Safety Management Systems).

An important instrument for performance
improvement and cultural transformation,
the VPS promotes operational discipline,
data-driven decision-making, best
practices, and people development. It
provides guidance on how processes are
understood, structured, and improved to
achieve sustainable outcomes and cultural
transformation. Since implementing
the VPS, we have seen consistent
improvement in the safety and reliability
of our operations.

Safety Transformation
Program

Our Safety Transformation Program
was created to accelerate health
and safety outcomes by leveraging
technology. It provides technological
support to meet minimum safety
requirements, with a focus on anti-
collision and rollover protection
for heavy mining vehicles and
mobile equipment (CTRs 2 and 3),
lockout-tagout and electrical safety
(CTRs 4 and 10), and machine risk
assessments (CTR 7). It also features
remote operation and sensing
solutions to reduce exposure to
collective risks in tailings storage
facilities and Self-Rescue Zones
(SRZ).

Program outcomes in 2023 included:

• Implementation of a corporate
solution for access control in all
24 SRZ areas with a high degree
of risk (level-2 and level-3 dams)
and structures subject to legal
requirements;

• Implementation of 13 solutions

aimed at removing and/or
reducing the exposure of people
to High-Consequence Risks, with
the remotion of exposure of 129
employees from severe risks.

• Conduction of more than 800 risk
assessments through the Proteger
system (CTR 7);

• Around 250 personal voltage detectors

- which warn of the existence of
energised equipment -were deployed in
response to CTR 10;

and Drowsiness Detection)
and around 600 substations
(CTRs 4 and 10 – Hazardous
Energy and Electrical Safety).

• Around 70 robots for inserting and
extracting switchgear currently
operational in electrical rooms in various
operating regions.

Despite this significant progress,
we know there is much work to
be done. In 2024, we will continue
to scrutinize our employee safety

practices, aiming to accelerate
our CTR compliance, relocate
100% of fixed workstations
outside SRZs, enhance solution
efficiency and maturity, ensure
100% visibility of individuals in
high-risk areas, and improve
the efficiency of entry and
exit controls at various sites.

In addition to these outcomes, in 2023,
considerable effort was directed toward
enhancing the maturity and controlling
the efficiency of existing solutions
through optimization and synergies,
seeking to provide the best possible
experience for employees. This included a
reorganization of efforts and continuous
improvement work focused on monitoring
and sustaining safety technology solutions
for safety, involving analysis of monitoring
centers, standardization of working
hours, actions to deal with deviations
for detecting drowsiness and proximity
alerts, and above all management of
adoption and efficiency indicators, which
were shared in routine meetings and
behavioral dialogues. The investigation of
safety events at Vale was also supported
by the Safety Transformation Program.

The initiatives we have undertaken
have already had a significant impact,
including reductions in high-consequence
events involving motor vehicles (CTR 2),
mobile equipment (CTR 3), and energy
lockout incidents (CTR 4) when compared
to 2019; and mitigation of actual risks
through adjustments to approximately
13,000 assets (CTRs 2, 3 – Proximity

Safety Transformation Program

Accelerating CTR compliance

Proximity alert

Zero energy

CTR 10

Drowsiness detection

CTR 7

2019

93%

61%

25%

~100%

100%

42%

48%

20%

13%

10%

2020

2021

2022

2023

Total N2 per CTR at Vale Global since 2019

Impact: N2

2019

2020

CTR 02

CTR 03

CTR 04

CTR 07

CTR 10

2021

2022

2023

1 N2 events, according to Vale terminology.

2 The data are for our Iron Ore operations only.

Vale Integrated Report 2023 28

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningHealth and Safety Targets

As part of our commitment to advancing
sustainable mining, we work to continuously
improve the health and safety of our employees
and contractors. Our long-term goals are:

I. Eliminate fatalities.

II. Reduce events that generated injuries -

absences, restrictions or medical treatment
- of high potential (N2), having a reduction of
67% in 2023 when compared to 2019.

III. Achieve a 50% reduction in exposure to key
health-hazardous agents in the workplace
from 2019 to 2025. In 2019, we recorded 23,000
incidents, and, in 2023, we reduced that figure
to 10,700, a 53% reduction.

IV. Eliminate all “very high” risks to health, safety,

the environment, and communities.

Historical N1+N2
62

-18%

General total

Reduction N1+N2

-33%

-44%

+11%

Injuries and fatalities
GRI 403-9 | GRI 403-10

In 2023, the number of fatal incidents
(N1) and high-consequence recordable
injuries (N2) decreased by approximately
66% (from 62 to 21) from a 2019 baseline,
and the total recordable injury frequency
rate (TRIFR) decreased by approximately
70% (from 3.48 to 1.06), making it the
lowest among the world’s major mining
companies. These results are directly
linked to our leadership’s improved
performance and reflect Vale’s learning
journey following the Brumadinho
tragedy. Despite this progress, we
recognize there is still much to be done
to fully eliminate fatalities.

Historically, activities related to working
at height, motor vehicles, mobile
equipment, blocking energy sources and
lifting loads have proved to be the main
causes of high potential events (N1 and
N2) associated with Critical Activity
Requirements (CTRs). In the last three
years, these CTRs accounted for 67%
of N1 and N2 events. Hence, our Safety
Transformation Program is focused on
the basics, prioritizing the requirements
for CTR 2 (light motor vehicles), CTR 3
(mobile equipment operation), and CTR 4
(lockout-tagout) in our operations.

In 2023, approximately 81% of N1 + N2
events were linked to CTRs; in other
words, they were related to known
risks. Consequently, our strategy
to prevent fatalities is focused on
enhancing compliance with related
CTRs. In addition, critical risk scenarios

or Material Unwanted Events
(MUEs) are assessed using Hazard
Identification and Risk Assessment
(HIRA), a methodology to evaluate
high-severity or high-magnitude
operational safety risks across Vale’s
operations.

In 2019, we committed to achieving
a 50% reduction in exposure to key
health-hazardous agents in the
workplace by 2025. From 2019 to year-
end 2023, we achieved a 53% reduction
in exposure through engineering
projects, management initiatives, and
position sanitation assessments, as
well as department restructuring.

Additionally, there was an increase
in reporting high-consequence near
misses (N3). Employees’ engagement
in reporting N3 cases enabled us to
identify the root causes of potentially
fatal incidents and address them
proactively.

We are working to align our
occupational health and safety
targets with international standards
so we are able to monitor progress
on our strategy and continually
improve practices and outcomes. Our
overarching goal is to keep people
at the center of our decisions by
safeguarding the physical and mental
well-being of employees and the
communities where we operate while
maintaining a healthy environment
that is conducive to the development
of the business.

17,013

15,209

12,793

8,678

7,933

N3 registered in 2023

82,186 N3

registered

with loss

without loss

2,612

2,278

1,993

1,875

4,370

3,196

2,985

125

143

148

155

279

jan

feb mar

apr may

jun

jul

aug

sep

oct

nov

dec

Target for reducing exposures over the years (in thousands)

23.0

17.9

15.0

15.6

13.0

10.7

12.4

11.5

10.4

Result

Current

Target

Projection

Vale Integrated Report 2023 29

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

2024

2025

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningHuman Rights

GRI 3-3 [Human Rights]

We are consistently improving our
approach to managing human rights
across our operations and throughout
our value chain by incorporating
lessons learned and staying up to date
with best practices.

We engage with communities on an
ongoing basis to address grievances
and center the voices of those most
impacted by our operations in our
human rights strategy. Respect for
human rights is non-negotiable and
forms the foundation of Vale’s approach.

Our commitment to human rights is
reflected in our Ethics & Compliance
Program and our cultural transformation
journey. Our approach draws on
international standards such as the
UN Guiding Principles on Business and
Human Rights, the UN Global Compact,
the Universal Declaration of Human
Rights, and the principles and guidelines
issued by the International Council on
Mining and Metals (ICMM).

A set of policies and training programs
guide our approach to managing salient
human rights issues. These include
diversity; ensuring political freedom
and freedom of association; raising
awareness about workplace and sexual
harassment; combating the sexual
exploitation of children and adolescents;
fighting discrimination; combating child
and forced labor; corporate security

practices; community engagement
(including Indigenous and traditional
communities); involuntary resettlement;
mechanisms for raising concerns and
complaints; and our Whistleblower
Channel.

Our approach to human rights is
incorporated into the policies and
decision-making processes of critical
business functions, such as risks,
procurement, corporate security, human
resources, facilities, and health and
safety.

Training and education
programs

Vale provides regular human rights
training, educational content,
and awareness campaigns for our
workforce. Training is mandatory for
both employees and contractors and
is delivered in the local language. At
year-end 2023, 96% of our employees
had received human rights training. For
contractors, a human rights training
video is available in all local languages.

Enhanced training is provided to critical
functions. For the corporate security
function, for instance, we provide
training in line with the Voluntary
Principles on Security and Human
Rights, of which Vale is a signatory. At
year-end 2023, 99.1% of our Corporate
Security employees and 99.8% of
contractors had been trained in human
rights.

GRI 410-1

Our initiatives to raise awareness about critical
human rights issues extend to employees,
suppliers, joint ventures, and customers, all of
whom receive content via email, guides, notice
boards, and Vale TV, covering the following topics:

• Indigenous culture and way of life;

• Gender relations;

• Forced and child labor;

• Sexual exploitation of children and adolescents;

• Collective bargaining and freedom of

association;

• Diversity and inclusion.

“In 2023, Vale made an exceptional effort to engage
its supply chain as part of the Na Mão Certa program,
helping to prevent and combat sexual exploitation
of children and adolescents both in trucking and
construction. Raising awareness among suppliers
by providing information and guidance on suppliers’
role and best practices in preventing and mitigating
sexual exploitation of children in operations, and
adopting this commitment as a core value in supplier
management is a crucial step for a company that is
deeply committed to human rights and sustainability.”

Eva Dengler, Programs and Corporate Relations
Manager, Childhood Brazil.

Decent Work Tour

We engaged over 1,000 people —
including suppliers and employees
in contract manager and inspector
roles — in the Brazilian municipalities
in the states of Pará, Maranhão,
Minas Gerais, and Espírito Santo.
Twelve sessions were held, covering
topics such as ensuring a dignified
work environment and combating
slave or forced labor practices and
the sexual exploitation of children
and adolescents. This training
underscored the importance of
observing ethics policies and the role
of each individual in reducing and

preventing human rights violations,
labor and union disputes, and in
fostering closer relationships with
unions, trade associations, and
public authorities.

Na Mão Certa Program
GRI 203-1

Na Mão Certa is a program from
the Childhood Brazil organization
and works to prevent and address
roadside sexual exploitation of
children and adolescents in Brazil
by raising awareness among truck
drivers and encouraging them to act
as protectors.

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Decent Work Caravan held in São Luís, Maranhão.

Vale Integrated Report 2023 30

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining

Assessment of human rights risks and impacts
GRI 408-1 | 409-1

Human rights risk assessments are conducted across all of our operations
and critical projects. For each identified risk, controls are defined and
implemented within our processes. We also conduct in-house human
rights assessments or external due diligence, which includes our suppliers.

Human rights due diligence (HRDD)
is an in-depth assessment of actual
and potential impacts conducted by
independent external experts across all
operations and critical projects in cycles
of three to five years. HRDD findings
are acted upon through corrective
actions within operations, along with
monitoring and reporting on actions
taken to address identified risks and
impacts.

In 2023, HRDD was completed across
100% of our operations in Brazil
(including active, curtailed, and
decommissioned assets), and in our
iron ore operation in Malaysia. Our
HRDD conducted in Brazil identified

challenges related to contractor
working conditions, infrastructure
and facility management, property
security, workplace and sexual
harassment, discrimination, and
diversity and inclusion. HRDD has
action and mitigation plans that
are continuously monitored by the
company.

Throughout the year, we also
conducted HRDD in 48 extreme
or very high-consequence
tailings storage facilities globally,
as classified based on the
criteria outlined in the Global
Industry Standard on Tailings
Management (GISTM). The key

findings for tailings storage
facilities in our iron ore
operations indicate potential
and actual impacts relating to
the right to information, the
right to livelihoods, the right to
housing, the right to life, and
the effectiveness of grievance
mechanisms.

Mergers and acquisitions,
joint ventures and
accommodations also undergo
due diligence, using case-
specific methodologies and
procedures. In addition, since
2019, we have enhanced
human rights risk assessments
of suppliers within our
Responsible Procurement
processes through self-
assessment questionnaires,
structured engagement and
communication, desktop
assessments and field
inspections, and joint follow-
up on action plans.

Resolution of human rights complaints and reports

Addressing grievances is a key aspect of
our relationship with communities and is
supported by reporting and grievance and
feedback mechanisms. We are committed
to responding to 100% of human rights
complaints received by the Business &

Human Rights Resource Center (BHRRC). In
2023, three allegations were received and
clarified on the BHRRC platform, regarding
socio-environmental impacts and working
conditions in Indonesia, and compensation
from the Renova Foundation.

Territories and
communities GRI 2-23

Learning from our mistakes and finding ways to a healthy
relationship by building and maintaining respect and trust
is an essential part of our business model. Our learning
journey is connected to our ability to listen to and engage
with local communities in our geographies.

Our relationships aim to comply with major international
standards, such as the UN Declaration on the Rights of
Indigenous Peoples, as well as the Human Rights principles
previously mentioned. We also take into account the
International Council on Mining and Metals’ stance on Mining
and Indigenous Peoples, the International Labour Organization’s
Convention No. 169, among others, and regulations in the
countries where we operate.

We understand that we are part of and can contribute to
our geographies. We built our social ambition with this in
mind, highlighting Vale’s goal to support the development of
autonomous communities. In this, we are engaged with issues of
relevance to humanity and are committed to sustainable mining.

In 2023, we began implementing a new integrated model
to improve local performance with communities, municipal
governments, regulators, and other stakeholders in Brazil.
This process entails pinpointing and reducing the risks
and impacts of our operations, evaluating the needs of
communities in our geographies, and determining how we can
aid the development of these regions. We are challenged with
integrating the agendas of these territories and stakeholders
while implementing our operating strategy. This includes
territorial development programs designed to enhance local
capabilities and foster the growth of these communities in
collaboration with the government and partners.

Learn more about our Social Performance.

In 2023, we:
GRI 203-1

Engaged with 1,574 local communities in the
countries where we operate and 88% of priority
communities were covered by Relationship Plans.

Implemented a methodology pilot involving
30,000 people connected to the long-term
goal to tackle extreme poverty, mainly
in the states of Pará and Maranhão.

Received 4,311 community complaints (access,
dust, noise/vibration, pruning and weeding,
mobility, among others), 83.3% were responded.

Facilitated the signing of agreements for the
development of the Consultation Protocols or
Territorial and Environmental Management
Plans or Life Plans in three Indigenous
Peoples’ communities neighboring Vale’s
operations in Brazil: the Kayapó People, in
Pará, and the Ka’apor and Guajajara people
from the Caru Indigenous Land in Maranhão.

Signed a new Technical Cooperation
Agreement with the Krenak People
in Minas Gerais to support initiatives
focusing on ethnodevelopment and
ethnoeducation, in addition to agreements
with 10 Peoples in force in Brazil.

Engaged with residents of 22 municipalities
in Minas Gerais, living in Self-Rescue
Zones. They took part in the emergency
drills of the Emergency Action Plans for
Mining Dams (PAEBM), conducted by the
Civil Defence, in partnership with Vale and
other institutions, see more at PAEBM.

1 EARs (tailings storage structures) consider sediment, water and tailings dams, drained piles, and saddle and internal dikes (tailings dams can also

be grouped into dam systems).

Vale Integrated Report 2023 31

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningLocal Communities
GRI 3-3 (Local Communities) | 413-1 | 413-2

Due to the fixed location of mineral
resources, mining operations have limited
geographic flexibility, requiring studies
and community engagement to ensure
projects have minimal impacts on and
risks to people and the environment.
We recognize that our operations
significantly impact the territories where
they are located, and coexisting with a
diverse range of affected neighbors is
always a challenge. For us, engaging with
communities is a priority.

Key topics in community relations include Vale’s current and
potential activities and ventures, the potential risks and
impacts of these ventures, and measures taken to prevent,
reduce, or compensate for our impacts. Understanding and
addressing community concerns and including them in the
company’s decision-making is an ongoing challenge, and we
recognize that there is always room for improvement.

The community engagement process includes identifying
and characterizing communities and stakeholders; managing
grievances; implementing engagement plans and channels
for dialogue with communities; and managing potential
conflicts and critical issues. Currently, 97% of our operations
have established local community engagement processes.

Engagement is conducted by specialized teams. In
2023, we engaged with 1,574 local communities in the
countries where we have operations. Throughout the
period, a total of 452 Local Community Engagement
Plans were implemented, 385 of which were in
Brazil. Additionally, in Brazil, 88% of the 177 priority
communities were covered by Engagement Plans.
Vale is committed to covering 100% of priority
communities with such plans by 2026.

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Find out more about the methodology
for prioritizing communities

In the picture, a cook from the school kitchen serving lunch at the Ipê Amarelo Central Market,
a community market for producers from Córrego do Feijão, in Brumadinho, Minas Gerais. In the
photo, Renata Marley do Nascimento and Neide Florencio de Souza.

Vale complies with all engagement standards during the environmental licensing
phase for projects, ensuring required information related to each venture is
disclosed. Whenever possible, we facilitate forums to understand and incorporate
the views of the community and other stakeholders.

Our transformation journey includes active listening as a key conduct. We have learned
that it is not enough to dialog and address grievances; we must also intentionally
implement quantitative research to measure the perception of the effectiveness of our
engagement efforts.

With this in mind, we conducted our first Community Perception Survey across
Brazil. A total of 5,105 people were interviewed across five states (Espírito Santo, Rio
de Janeiro, Minas Gerais, Maranhão, and Pará), spanning 44 municipalities and 165
communities. The results were used to gain a deeper understanding of the level of

trust and expectations of neighboring communities. The survey shows progress but
also highlights areas for improvement and learning. In 2023, we began to implement
action plans for improvements in engagement with these communities, and social
strategies related to themes of greatest impact and relevance are being built. Some
of the survey results include:

· The communities closest to the company’s operations are the most vulnerable,

and the most favorably disposed towards Vale. Residents see mining as a “necessary
evil” and recognize the activity as one of the main drivers of the local economy. The
company’s legacy is seen as positive, especially in the states of Pará and Maranhão;

• The main problems faced by the communities are safety, health and

unemployment. Communities are aware of the role of the company versus
that of the state, and Vale is seen as particularly responsible for resolving local
environmental and infrastructure issues;

Relationship with communities

Indicator/Country Total

Brazil

(Peru and Chile)

Oman

Indicator/Country

Indonesia

Canada

Malaysia

Wales

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

Local Communities

1,532

1,574 1,156

1,106

Local Communities

206

292

Indigenous Peoples 28

Traditional
Communities

Local Community
Engagement Plans

455

452

431

385

Indigenous Peoples

Traditional
Communities

Local Community
Engagement Plans

• Communities consider the following to be priority activities for local
social development: generating employment and income, health and
education. Only 18% recognize the existence of social performance carried
out by Vale in their community and/or region;

• Regarding engagement with Vale, the communities resent the lack of

dialogue, although they recognize that there is a trend towards greater
closeness. Interaction with Vale is seen as “on track” by 57% of those
interviewed;

• Vale has good reputational capital in the community, which indicates
a positive attitude towards the company. 81% of those interviewed
agreed with the phrase “Vale is a trustworthy company”, while 5% did
not agree. Neutrals and those who didn’t know/didn’t answer totaled
14%. The re-establishment of trust is associated with the conclusion of
reparations for the impacts of the Brumadinho and Mariana tragedies,
increased transparency (especially in relation to the dams) and the
strengthening of dialogue;

• Regarding the company’s communication, although 85% of people

consider the messages the company puts out to be clear and effective,
they have never heard of the channels available. The best known and most
accessed channel by those interviewed is “Alô Ferrovias”, and the best rated
channels among those accessed are “Contact Us” and “Alô Ferrovias”.

Note: GRI 2-4: Due to a data adjustment, the number of Indigenous Peoples in Canada with whom Vale has a
relationship in 2022 has changed from 7 to 9.

Vale Integrated Report 2023 32

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Serrinha Mine,
Serra da Moeda
GRI 203-1

Starting the removal of the existing
waste rock piles at the Serrinha Mine,
in Minas Gerais, was a major challenge
because it is an area of interest for
environmental conservation in the
Serra da Moeda and because it is a
region of interest for the surrounding
communities. It was only possible to
start removing the piles in August 2023
by adopting an approach with sensitive
interfaces and views of the region,
stakeholders and local communities.

The operation requires the daily traffic
of 34 carts transporting the ore,
sharing the use of the same access
with the communities of Piedade do
Paraopeba, Suzana, Palhano, Marques,
Campinho and Córrego Ferreira, as
well as being a tourist attraction in
the region. Vale maintains an interface
with all these communities through
dialogue channels and is attentive
to the complaints and demands of
its neighbours. Among the existing
demands, most are related to the
maintenance of access roads, including:

• advance notice and signposting of

roads in the event of works;

• paving stretches of road in

order to mitigate the impact
of particulate emissions;

• raising awareness of lorry
drivers to safety issues;

• answering any questions about the
material being transported; and

• an open channel for dialogue

on an ongoing basis.

Expansion of 4G on the Carajás Railroad (EFC)
Expansion of 4G on the Carajás Railroad (EFC)
GRI 203-1

In partnership with the telephone operator Vivo, we have made progress
in implementing an unprecedented infrastructure to expand coverage and
extend the reach of the mobile internet signal along the Carajás Railroad
(EFC), which connects the states of Maranhão and Pará, travelling through 28
municipalities. The Vale Conecta project includes the installation of 49 new
telephone towers and signal activation on another 27 towers already installed,
as well as the acquisition and installation of new, modern equipment.

The investment is worth around USD 48 million and the initiative is expected
to be completed by 2026. Vale Conecta will benefit around 230 locations
adjacent to the railroad and enhance railroad operations, improving
connectivity and the quality of the service offered to passenger train users.

In addition, by the end of 2024, all 15 passenger stations along the EFC will
have a free internet signal for users. In the initial phase, the priority stations
include São Luís, Vitória do Mearim, Santa Inês and Açailândia (MA); and
Marabá and Parauapebas (PA).

The new network infrastructure will also bring greater security and efficiency
to the EFC’s operation, as all the railroads communication will become digital,
speeding up access to data generated by the trains and making it possible to
implement even more innovative systems in the future. The new technology will
give drivers greater visibility of what is happening on all sections of the railroad.
Information generated by telemetry on the train’s performance will also be
available in real time along the entire length of the railroad. In addition, mobile
phone communication between employees will be more stable.

Supporting small and medium-
sized businesses in Malaysia
GRI 203-1

To boost the socio-economic development of the Manjung
district in Malaysia, Vale launched the “Cetusan Ekonomi
Digital Vale”, or PACE Vale, programme in 2023, with a
total investment of USD 110,000 until 2025. Small and
medium-sized businesses in areas such as cottage industry,
tourism, food and beverages contributes significantly to
Manjung’s socioeconomic development. These sectors
were significantly impacted during the pandemic, but
have shown a degree of resilience. Overall, the SME sector
has been identified as a strong catalyst for Malaysia’s
post-pandemic economic recovery, accounting for 38.2%
of the country’s GDP and generating 7.3 million jobs.

In the pilot phase of the project, 40 entrepreneurs
received a training on the digital economy in a two-
day course, exploring topics such as e-commerce and
social media marketing and how the growing influence
of these platforms provides an opportunity for these
businesses to expand their customer base beyond
Manjung. The program is a part of Vale’s Community
Development Plan 2.0 in Malaysia, which establishes
partnerships with local entities and civil society to create
sustainable value for various communities in Manjung.

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Partnerships for training in mining topics

“Our partnership with Vale goes back a long time. The
Cariacica campus was founded in partnership with Vale, and
we have always conducted technical visits to the complex.
For us teachers, it is very interesting because we have the
opportunity to make students see in practice what they learn
at the Institute, in addition to talking to professionals in the
field. Given the dimensions of a railroad we cannot have a
railway laboratory, so these technical visits always build on
what we discuss in the classroom.”

Michel Bruno Taffner, one of the founders of the Campus and the
railway course at Instituto Federal do Espírito Santo (IFES).

2023 Vale Run Circuit -
Together for Change:
With the goal of “improving life and transforming the
future, together”, Vale Run Circuits help raise awareness
about physical and mental health and provide an
opportunity for relationship building with the communities
where we operate. The 2023 Vale Run Circuit was open to
the general public and was designed to connect different
people around these goals through activities promoting
well-being, good neighborship, and healthy habits. In 2023,
run events were organized in four cities: Belo Horizonte
(MG), Parauapebas (PA), São Luís (MA), and Vitória (ES).
In addition to walking (3 km) and running (5 km and 10
km) events, the program also featured recreational and
awareness-building activities.

GRI 203-1

Free Movement Programme

“I arrived with many joint
problems, arthritis, and
arthrosis, and the activities
provided here at [Vitória
Botanical] Park were a turning
point. I was a completely
different person before
I started participating in
the program’s activities. It
improved my hypertension,
and increased my exposure
to the outdoors. I bring my
grandchildren on the weekend,
and the Botanical Park is
wonderful”.

Wilma Rodrigues de Freitas,
resident of Jardim Camburi,
Espírito Santo state, Brazil.

Vale Integrated Report 2023 33

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Indigenous Peoples and Traditional Communities
GRI G4 MM5

“A relationship of trust is also a relationship of reciprocity.
That is, trust presupposes the existence of listening,
dialogue, communication, and shared thinking and
action. This relationship should be guided by respect
for the rights and dignity of different peoples and their
communities so that, in this way, it is possible to build
truly sustainable actions, concerned with the conditions
of existence, survival, and well-being not only of these
peoples but of the entire planet”.

Prof. Rita Gomes do Nascimento (Rita Potyguara),
director of the Latin American Faculty of Social
Sciences (FLACSO) in Brazil.

In Brazil, the engagement strategy with Indigenous Peoples and Traditional
Communities is underpinned by both the management of risks and impacts of
our operations and by respect for the rights of these populations, recognizing
their cultural diversity and their unique relationship with the territory. Our
engagement focuses on building and maintaining trust, supporting autonomy and
resilience, contributing to mutual benefits, and promoting ethnodevelopment.

Our approach is carried out by dedicated
professionals with multidisciplinary
experience and training in the field.
These professionals are responsible for
interfacing with Peoples and communities
and for guiding business practices to
ensure compliance with Vale’s formalized
commitments to these Peoples and
communities.

Learn more at the ESG Portal

Today, we are engaging with 30
Indigenous Peoples in Brazil, Canada,
Peru and Chile and some self-declared
indigenous communities in Indonesia
besides 53 Traditional Communities. In
the Brazilian territory, where most of our
activities are located, we are engaging
with 13 Indigenous Peoples, 31 quilombola
communities, and 22 other traditional
communities, such as coconut breakers
and artisanal fishermen. This relationship

prioritizes the management of risks and impacts
of our activities, a better neighborly relationship
between the company’s operations and these
communities, in addition to shared social
value. We are committed, through our Social
Ambition, to support all Indigenous communities
neighboring the company’s operations in the
development and execution of their plans, based
on standards of the United Nations Declaration
on the Rights of Indigenous Peoples.

In recent years, we established agreements with
Indigenous Peoples and resolved significant
legal issues and controversies – in addition
to continuing initiatives outlined in Basic
Environmental Plans and voluntary initiatives
with these communities.

In Pará, the initiatives outlined in agreements,
environmental conditions, and projects with the
Xikrin do Cateté, Kayapó, and Gavião (Parkatêjê,
Kyikatêjê, and Akrãtikatêjê) People are ongoing.

In Minas Gerais, in 2023, we entered into a
Technical Cooperation Agreement with the
Krenak People to establish new support lines
aimed at encouraging the diversification
of their productive activities and access to
and permanence in the university. Also, we
conducted studies to identify and manage the
risks and impacts of our activities on quilombola
communities neighboring our operations in the
state and continued to provide reparations for
the Brumadinho dam breach to the Pataxó and
Pataxó Hã-Hã-Hãe peoples and the quilombola
communities affected by the tragedy.

In Maranhão, we maintained our relationship
with the Awá, Guajajara, and Ka’apor peoples,
continuing the commitments made with these

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communities, either through agreements
or programs outlined in environmental
licensing. Throughout the year, initiatives
included promoting housing improvement
and access in villages, funding university
scholarships for Indigenous people, and
holding workshops on productive activities
and entrepreneurship. We also implemented
risk and impact management programs for
our operations with quilombola and coconut
crusher communities in the region, focusing
on the development of productive activities
and cultural strengthening.

In Espírito Santo, we continued implementing
management, mitigation, and compensation
programs for impacts with the Tupiniquim
and Guarani Peoples. These programs include
initiatives for institutional and cultural

strengthening; ethnodevelopment and
management, such as project management
courses; entrepreneurship, biofertilizers,
coffee cultivation, and tourism management
workshops, among others.

In Canada, partnerships in Vale Base Metals
operations involve the inclusion of suppliers
from Indigenous communities. We also
support Canada’s “Truth and Reconciliation”
journey with a strategic action plan to
develop agreements with Indigenous
communities and raise awareness among
employees and other stakeholders.

Vale Integrated Report 2023 34

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Employees of the Sagamok Anishnawbek First Nation’s Z’gamok
Construction Company at the Totten mine in Canada. From left
to right: Jamie Steinke, Clinton Tooley, Andrew Bouchard, Zac
Pregent, Kevin Sanderson, and Dejay Southwind.

“Mining companies can play a significant role in
the economic development of the Indigenous
communities where they operate. In Canada,
over ten years ago, the Sagamok Anishnawbek
First Nation signed an agreement for a new
mine in Sudbury, Ontario. Since then, we
have developed a partnership and a positive
relationship with Vale, which has created new
economic opportunities for our community.
Ten years later, we are meeting 20% of the
mine’s commercial needs and employing more
than 150 people through our own businesses
and direct jobs at the mine. We continue to
grow and expand our economic interests and
look forward to doing more business with Vale
Base Metals in the future.”

Chief Angus Toulouse, Sagamok
Anishnawbek First Nation

Course on Indigenous rights
GRI 203-1

In 2023, we launched the Course on Indigenous
Rights in Brazil, with teaching materials prepared by
internationally recognized Indigenous people and
Indigenous activists, such as professors Gersem Baniwa
and Paulo Pankararu, the first anthropologist and the
first Indigenous lawyer in Brazil, respectively. The course
was presented to the Guajajara People of the Caru
Indigenous Land and the Ka’apor People of the Alto
Turiaçú Indigenous Land in the state of Maranhão.

After training, the initiatives outlined in the
commitment between Vale and Indigenous peoples
will be developed, which may include the drafting of
Consultation Protocols, Environmental and Territorial
Management Plans, or Life Plans. This process will
have the support of anthropological consultancy and
specialized technical advice from the Latin American
Faculty of Social Sciences (FLACSO). This initiative began
by assisting the Kayapó People in developing their
Consultation Protocol (which started in 2023 and is
ongoing). These actions are part of our Social Ambition.

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Support for university education
GRI 203-1
The Indigenous Program for University Persistence and Opportunities (PIPOU) is an
initiative that we promote in partnership with Instituto Sociedade, População e Natureza
(ISPN), specialists in higher Indigenous education, and representatives of the Indigenous
social movement. In 2023, PIPOU supported 100 Indigenous students from 40 Indigenous
Lands and 32 Peoples. The group is present in 21 higher education institutions across
Brazil, with the largest number of grant recipients being at the University of Maranhão
(UEMA), the Federal University of Southern and Southeastern Pará (Unifesspa), and the
University of Brasília (UnB). The main courses chosen include medicine, nursing, and social
sciences. Since the beginning of PIPOU, in 2021, 11 students have graduated.

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Valuing Indigenous Culture

Through the Vale Cultural Institute, we contributed to projects that value Indigenous
culture, such as Vidas Indígenas, in partnership with Museu da Pessoa, which documents
the memories of the Guajajara, Ka’apor, and Awá peoples. The collection was also part
of an exhibition at Centro Cultural Vale Maranhão, which involved 17 Indigenous peoples
from the state. The Cultura na Praça project brought audiovisual training to quilombolas
and Indigenous communities from 11 municipalities in the states of Pará and Maranhão.
Also, in São Paulo, the exhibition of Indigenous languages, “Nhe’e Porã - Memory and
Transformation,” welcomed about 180,000 visitors. The exhibition continues in 2024 with
events in Pará, Maranhão, and the UNESCO headquarters in Paris.

GRI 203-1

Vale Integrated Report 2023 35

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Memory of the
Xikrin do Cateté
GRI 203-1

The Xikrin do Cateté Memory
Project is a partnership between
Vale and Instituto Indígena
Botiê Xikrin (IBX). Since 2019,
the project has contributed
to recording the history of
the Xikrin via publications,
videos, old audio recordings,
and an “Online Xikrin do Catete
Archive” platform exclusively
accessible by the Xikrin.

The “Illustrated Xikrin-Portuguese Dictionary” will
consist of four books with an average of 400 bilingual
entries to meet the need for teaching materials
about, and encourage research into the written Xikrin
language in Indigenous schools. In 2023, two volumes
were developed: Mẽ i kaben kam ’ã mỳja karõ te
amĩjakre Xikrin kôt nẽ Português kôt; the first focused
on birds, fish, and other animals and, the second,
on plants. The dictionary’s compilation involved the
General Chief Karangre Xikrin, Instituto Indígena Botiê
Xikrin, the transmission of knowledge from elders
to young Xikrin researchers, and professionals in the
social, linguistic, and graphic design areas.

The Xikrin do Cateté Memory Project supports the
rights outlined in the United Nations Declaration on

the Rights of Indigenous Peoples. It highlights the
right to develop, revitalize and pass on their histories,
languages, oral traditions, philosophies, writing
systems, and literature; define educational systems,
offering education in their native languages, in line
with their cultural teaching and learning methods;
ensure equality and recognize the participation of
women, men, youth, and elders in preserving culture,
education, and social mobilization.

Furthermore, considering the right to self-
determination and autonomy, it was agreed among
the project’s involved parties that any produced
material could only be disclosed with the prior
consultation and consent of the Xikrin People,
represented by the IBX.

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Workshops to produce the Illustrated Dictionary Xikrin-Portuguese
was one of the project’s actions.

Preservation and promotion of quilombola identity

Along the Carajás Railroad (EFC) in Maranhão state, we implemented the Basic
Environmental Plan Quilombola Component (PBACQ), developed through
participatory dialogue with 15 neighboring quilombola communities.

After diagnosing local potential, needs, and vocations, one of the defined actions
was to develop the “My Quilombo, my History” museum. Located in the Canta Galo
community, in Itapecuru-Mirim, it is a space for collective memory. The museum has
contributed to the social and historical education of residents, preserving objects
and local references that tell the history of these communities and is part of the
quilombola community-based tourism route. The Quilombola Orchestra of Berimbaus
engages approximately 100 children and teenagers, embodying a powerful initiative
against racism and the promotion and strengthening of black culture. We also
support the Rota dos Quilombos initiative, a community-based tourism project that
aims to promote tourism in quilombola community areas, while valuing local culture.
The route includes visits to cassava mills, backyards with famous “baths” - rivers
and resorts where visitors can dive – as well as hammock areas, vernacular houses,
restaurants, community cafes, and other attractions.

GRI 203-1

“Everyone here inside preserves our quilombo. We feel valued.
Before, we didn’t even know what a company was. Today,
we know and understand the role of the company in the
development of the community. Through projects that we
access, aimed at rural workers from traditional and black
communities, we sell and set the price we want. Another
example was honoring the occupation of coconut crushers,
an integral part of the quilombola culture of babassu. Today,
women are proud to say they are coconut crushers because
babaçu is a source of income and traditional food, which is also
medicinal and has raised many families. This is autonomy —a
conquest of ours.”

Dona Terezinha, female leader of the quilombola community
Canta Galo, in Itapecuru-Mirim (MA).

Vale Integrated Report 2023 36

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Risk and Impact Management
GRI 203-1 | MM5

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Community safety

“I’ve known this train line side since it
was just a track. Initially, we didn’t want
the wall. Now, after deep dialogue, we
see that it’s important and that we
could have negotiated this sooner. Vale
surprised me with this improvement for
us residents and there’s still room for
improvement. In terms of safety, it will
get better after paving the road, as there
are still unsafe crossings, which should
improve with urban mobility works.”

D. Isaura Lousada da Silva, a resident of Barra
do Manhuaçu, Aimorés/MG, where a fence
wall was built along the railroad to increase
the safety of neighboring communities.

In its cultural transformation, Vale
is continuously reviewing how its
operations can affect society. One
of its drivers is Community Safety,
understood as the risk to the physical
integrity of people amplified by the
presence of our operations.

Community accidents are those events
resulting in injury to non-employees
and take place within areas under Vale’s
purview or external locations (provided
they occur during operational activities or
processes supporting production). With
a highly diverse profile, they range from
collisions between Vale service vehicles and
community motorcyclists, to railroad
runovers.

To improve our safety approach,
we extend the management of
occupational, environmental,
and process risks and impacts to
communities with the same seriousness
as if they were our own employees. This
means recording and reporting accidents
and involving communities and other
external agents in the discussion on
implementing initiatives to mitigate the
risk of recurrence.

In 2022, Vale committed to reducing
community member accidents by 40%
by 2027. In 2022 and 2023, the annual
reduction of accidents was also a variable
compensation goal for the company’s
leadership. By year-end 2023, a total of 21
Integrated Community Safety Plans had

Community safety event records1

Year

2021

2022

2023

Fatal injuries

Non-fatal injuries

Total events with
community member
injuries

104

115

105

% Change
(2022/2023)

-31

Involuntary Resettlement
GRI G4 MM9

Although we strive to prevent
it, involuntary resettlement is
meticulously planned and executed
when the potential for involuntary
displacement arises, either due to the
need to access third-party areas or
to mitigate health and safety risks to
families and communities. In the case of
emergency evacuation from risk areas,
involuntary resettlement is carried out.

been completed. These plans, defined
by territorial criteria, take a preventive
approach to risk management for
accidents involving communities and
cover Vale’s operational territory in
Brazil. Of the existing 21 plans, eight
were completed in 2022, and 13 in 2023.

In 2023, there were 105 accidents
involving community members,
resulting in 11 fatalities, 31% less
compared to 2022, and 115 non-fatal
injuries. It is crucial to emphasize that
this record does not determine the
fault or assign liability for the cause of
the accident, and these accidents are
not considered occupational accidents.
However, from 2022 to 2023 there was
an 18% increase in the overall number,
counting the total number of events
with injuries. Reasons for this increase
may include greater rrecord-making,
the company’s maturity in recording
and investigating events, and the
increase in the number of projects and
activities conducted by the company.

The care measures are
established and executed based
on an assessment of the actual
situation and the involvement of
stakeholders. These measures aim
to restore livelihoods to conditions
equivalent to or better than those
before the individuals’ displacement.

In 2023, 1,018 families were involved
in involuntary resettlement
processes in Brazil. Of this total,
171 received definitive care and
another 274 are in provisional
care, with their rights to adequate
housing and a source of income
protected by Vale. A total of 573
families were mapped through
preliminary socioeconomic surveys
to support alternatives that seek
to minimize and avoid involuntary
resettlement.

“In 1979, we arrived in the Bela Vista neighborhood, where
we bought a small house and then the lot next door to
make my plantations. I worked at Vale for 27 years and did
not expect to go through this process. I don’t think much
about the future, just about well-being and quality of life.
With the process being so slow, I felt a certain anxiety.
Even so, I always tried to understand and manage this new
phase of my family’s life in the best way possible.”

1 GRI 2-4 Due to adjustments in the calculation methodology used in the 2022 Integrated Report, events that occurred
during activities not controlled by Vale were excluded. These include activities where Vale does not have formal
rights and responsibility to ensure that its health and safety requirements are implemented and complied with.

Dilson Alexandre Vieira – Person affected by the
Involuntary Resettlement Process – Itabira/MG.

Vale Integrated Report 2023 37

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In Indonesia, 55 families encroached on a protected forest under
the responsibility of PT Vale Indonesia (PTVI) and received financial
compensation to vacate it. However, these families raise issues
regarding the restoration of their livelihoods. PTVI is committed to
finding a peaceful solution.

Total number of families involved in involuntary resettlement processes:

GRI G4 MM9

Region

Triggered by

Total

Under
assessment

Provisional
Care

Permanent
Care

Description

Brazil/
Minas
Gerais

Brumadinho Dam
Breach

Families involved in the forced relocation process due to the
B1 Dam breach in Córrego de Feijão.

In São Luís, Brazil, in Maranhão state, the
findings of a socioeconomic assessment
involving 52 families from the Praia do
Boqueirão community were disclosed. In
Ourilândia do Norte, Pará state, an agreement
was reached with 35 families from the
Madalena community to avoid resettlement.
Also in Pará, in the municipality of Marabá,
we provided care for 56 families living in
the area necessary for the Tocantins Bridge
Duplication Project. On the Vitória-to-Minas
Railroad, the number of families impacted by
the duplication project between Sabará and
Capitão Eduardo was reduced from 70 to 39. On
the same railroad, within the municipalities of
Antônio Dias and Nova Era, the progression of
negotiations for family support has been put
on hold until government agencies approve the
new right-of-way.

With initiatives like these, Vale seeks to
mitigate the risks of major conflicts with
communities and the aggravation
of tensions, which could result in new
controversies.

Dam Decommissioning

326

198

Project Impacts

140

Land Regularization

Structural Instability

Brazil/
Espírito Santo

Project Impacts

451

Indonesia

Project Impacts

Total

1,018

573

274

171

Dam decommissioning projects require vacating areas
downstream of these structures to ensure the safety of
families and communities. Out of a total of 326 families, 296
are receiving care due to emergency evacuations. In Itabira/
MG, nine out of 39 registered families for the Pontal System
decommissioning have been definitively attended to.

Families requiring forced relocation to facilitate the
installation and expansion of ventures. Out of the total of
140 families, 46 are receiving care due to the installation of
repair projects in the Paraopeba basin.

Families involved in the demobilization of consolidated
irregular occupations on properties or areas under Vale's
domain in Nova Era/MG.

Care provided to families occupying a risk area due to slope
instability at the Olhos D'Água Terminal in Belo Horizonte/MG.

Preliminary total of 451 families mapped for the future
installation of the Ramal Anchieta railroad project. Vale is
seeking alternatives to minimize the number of impacted
families.

A total of 55 families helped to clear the area needed to set
up the Lembo South Project.

Vale Integrated Report 2023 38

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningLand disputes
GRI 203-1 | G4 MM6 | G4 MM7

The primary instances of land disputes involve
third parties, Indigenous Peoples, and local
communities. These groups are dependent on
the land for shelter and livelihood. Vale strives to
resolve conflicts amicably, prioritizing dialogue as
a fundamental approach.

In Brazil, in the state of Pará, in Canaã dos Carajás,
negotiations are ongoing with 544 families occupying
company land dedicated to the Cristalino Project, in
accordance with agreements approved by judges and
the Public Ministry of Pará. In 2023, 124 extrajudicial
settlements were formalized, 114 were ratified, and 85
lots were vacated.

In Minas Gerais, in 2022, the Xukuru-Kariri Indigenous
People occupied a company property, Bruma Farm,
in Brumadinho. Currently, sixteen families live
there, and the farm was acquired for environmental
compensation purposes and to fulfill the obligation of
using the main pond, which requires daily maintenance
and monitoring by the State Forestry Institute (IEF)
and Aecom (an independent external audit in the
socio-environmental recovery process). Another Vale
property in Brumadinho, Fazenda Córrego de Areia,
also earmarked for environmental compensation,
was occupied in 2021 by Kamakã Mongoió Indigenous
People from the south of Bahia. Both properties were
acquired free and clear of any occupation or claims
by indigenous or traditional communities. Legal
proceedings for repossession are underway. Vale has
been acting in compliance with the law and respecting
the rights involved in both cases.

“The new concept of the
Apolo Project is extremely
relevant to environmental and
community issues. One of the
main points is the reduction
of water consumption, which
was and still is a concern for
the community, and another
point is the non-use of dams.
Moreover, the new project has
been significantly reduced in
size, so it does not encroach
on the boundaries of the Serra
do Gandarela National Park.
These are extremely relevant
solutions, but I hope that such
solutions and innovations are
applied throughout the entire
process, from implementation
to after mining. I also hope that
the community of the Morro
Vermelho district can reap
the benefits of this project in
terms of health, housing, basic
sanitation, education, sports,
leisure and employment, among
other benefits.”

Misael Ferreira Torres França Moraes
– President of the Community
Association of Morro Vermelho
Residents

Listening and response
GRI 2-16 | 2-25

In order to help communities hear
about our actions in the territories,
Vale has a global management model
for community grievances - the
Listening and Response Mechanism
- consisting of channels that can
be accessed by any stakeholder.
The mechanism is based on the
UN Guiding Principles on Business
and Human Rights, which state
that grievance channels must be
legitimate, accessible, predictable,
equitable, and transparent.

In this way, we are able to work to
reduce the disruption generated and
minimize the risks associated with
our activities. Through this listening,
we improve operational and project
routines to avoid the recurrence of
complaints and enhance positive
impacts.

In 2023, 9,911 community grievances
were registered. Of these, 4,311 were
complaints, 20.6% of which were
related to issues of improving access,
roads and streets, 9.1% to dust control
and 7.6% to requests for weeding
and pruning. Of the total number
of complaints, 83.3% were resolved,
6.3% are pending resolution and the
reminder are under analysis or were
assessed as not eligible for assistance.

For issues related to the
Brumadinho dam breach, Vale
has a specific listening channel:
Reparation Service Center.
Learn more.

Capturing all stakeholder
complaints has been a journey,
and we still need to move forward
so that our channels are widely
known and accessed in order
for Vale to evolve our listening
process.

As part of the Community
Relations process, Vale also
monitors interdictions of the
company’s activities for social
reasons (such as railroads
and access to its operations).
Thus, in 2023 there were 12
interdictions, of which six (50%)
were motivated by claims related
to the Fundão Dam collapse in
Mariana-MG; four interdictions
related to the presentation of
demands to public authorities;
and two were directly linked to
Vale’s activities, one requesting a
review of compensation for the
Córrego do Feijão Dam collapse
and the other requesting the
creation of a level crossing on
the Carajás Railroad (EFC) in
Buriticupu-MA.

83.3%

of total number of
complaints were resolved.

6.3% are pending
resolution and the
reminder are under
analysis or were
assessed as not eligible
for assistance.

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Grievance mechanisms

Indicator/Country

Total

2022

Community Demands

11,085

Brazil

2022

9,779

2023

8,550

2023

9,911

Brumadinho
Humanitarian Aid
Demands

19,786

12,132

Andean America

Oman

2022

2023

2022

2023

Indicator/Country

Indonesia

Canada

Malaysia

Wales

Community Demands

2022

975

2023

1,057

2022

172

2023

110

2022

2023

2022

2023

Support for Territorial Development

GRI 203-1

Driven by our mission to “improve life
and change the future, together”, we
strive to create a legacy in which the
company transcends merely mitigating
the impacts of its operations. Our goal
is to pursue comprehensive territorial
development that encompasses
economic, environmental, and social
dimensions, working hand in hand with
the communities around us.
In this context, private social investment
has emerged as a potent mechanism
for achieving these targets. This is
why Vale actively engages in territorial
development, both directly through teams
dedicated to relationships and territorial
development, and indirectly through
non-profit organizations, to leverage
agendas, particularly within the regions
where we operate. These investments are

designed to foster territorial development
and significantly broaden the scope of the
company’s positive influence.

In recent years, Vale has sought to deepen
a systemic approach that sees social
and environmental fields as structurally
inseparable. People’s health, quality
education, productive inclusion, and
nature preservation, for example, can
no longer be treated as isolated topics.
The consolidation of the company’s
social ambition also requires a deeper
understanding of extreme poverty and
the vulnerabilities of territories.

The magnitude of the social challenges
faced by territories where we operate has
required Vale to extend the boundaries of
our social engagement and heighten the
importance of forming partnerships with

the public sector, private entities, and civil
society organizations.

For over 50 years, Vale has run a
Foundation dedicated to partnering
with municipalities to strengthen
public policies in education, health, and
income generation. The Vale Foundation
supports the company’s social ambition
by focusing on fundamental rights
while supporting the development of
autonomous communities, especially in
education, health, and income generation.
The Foundation’s strategy includes
promoting cross-cutting coordination
and supporting public management in
partnership with municipal departments,
social institutions, and partner investors.
In 2023, the Vale Foundation was present
in 50 municipalities where Vale operates
in Brazil, reaching 1.81 million people.

Health, Education, and Income Generation

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Health

Vale’s health actions are guided by the United
Nations Sustainable Development Goal (SDG) 3:
Ensure healthy lives and promote well-being for
all at all ages.

The main goal is strengthening primary health
care and social welfare, known as the “doorway”
for SUS (Unified Health System) and SUAS (Unified
Social Assistance System) users. Through the
Vale Foundation, we work on health promotion
in partnership with health and social welfare
departments, and with social organizations through
technical cooperation, and equipping units used by
the population.

The Ciclo Saúde Proteção Social Program seeks to
improve the physical conditions of UBSs (Primary
Care Units) and CRASs (Social Assistance Reference
Centers), support the continuous education of

professionals working in these locations, and
strengthen the use of technology to improve
health and social assistance data management,
thus enhancing the quality of services offered to
the population.

Currently, the program is present in 38
municipalities where Vale operates and has
trained over 4,400 health professionals in 2023.
About 6,500 items were donated to primary care
units and social assistance reference centers. The
project also seeks to improve the indicators of
the Previne Brasil Program. All 13 municipalities
monitored in 2023 showed improvements in the
average of Previne Brasil’s four-monthly indicators
in 2023, when compared to 2022. Another 25
municipalities have joined the project over the last
year and are being monitored.

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Education

Vale’s actions in education focus
mainly on community engagement
and medium- and long-term
structural and strategic initiatives.
These actions are guided by United
Nations SDG 4: Ensure inclusive
and equitable quality education
and promote lifelong learning
opportunities for all.

Education investments in 2023
aimed mainly at improving
children’s literacy levels; combating
school exclusion; offering
comprehensive education that
expands the availability of
cultural, sports, and educational
activities outside school hours;
and advocacy in public policies
through organizations specialized
and recognized in the topic, such
as Todos pela Educação, FGV, and
UNICEF, among others.

Lacking full literacy during early
schooling years causes long-
term educational challenges for
children, in different areas of
knowledge. This may lead to an
increase in grade retention, loss
of interest in school, and dropping
out, reinforcing educational and
socioeconomic inequalities.

To address this issue, Vale introduced
the Literacy Tracks project to 36
municipalities. The project brings
together city halls, governments,
and leading institutions to develop
initiatives contributing to the
improvement of literacy and education
in an enduring and sustainable way.
The project includes educator training,
support for public management, and
the production and distribution of
teaching materials.

Throughout 2023, more than 4,300
education professionals were trained.
In total, over 197,000 students from
2,300 schools benefited, mainly in the
states of Pará and Maranhão.

Regarding our fight against school
exclusion, the Território em Rede
project identified approximately 6,400
children and adolescents either not
attending school or at risk of dropping
out across 14 municipalities where Vale
was active in 2023. Remarkably, 6,264
of these individuals were successfully
reintegrated into schools.

Income Generation

Vale carries out various income
generation and socio-productive
inclusion initiatives with
communities.

Learn more by clicking here

Women of
Maranhão Network

The Women of Maranhão Network
includes more than 220 people,
mostly women from Maranhão.
Founded to serve the so-called
“bandequeiras”, women who sold
meals through the windows of
passenger trains on the Carajás
Railroad (EFC), the network is now
a cooperative made up of 15 social
businesses and four groups of
babaçu coconut crushers who found
in collective work their source of
income in eight municipalities along
the railroad.

In February 2023, in Manaus, this
network was one of the six winners
of United Earth Amazônia for its
contribution to social inclusion and
forest preservation.

The Women of Maranhão
Network was recognized for
promoting social and economic
inclusion through empowering
women to become entrepreneurs
in sustainable extractives.
The Network also acts as an
important link of identities and
re-significations, seeking to
articulate and strengthen cultural
manifestations in the region.

Joanildes Ferreira, Community Relations analyst, and Adão Francisco de Carvalho, president of COASP
(Serra Pelada Cooperative), in the hydroponics project supported by the Community Relations Plan in
Serra Pelada. The cooperative is a local supplier for Vale in Salobo.

Community Engagement Plans

In 2023, Vale had 385 relationship plans with local communities in Brazil, with 374 projects
and/or initiatives underway in the last two years. Around 48% of these projects and
initiatives were aimed at job and income generation programs. Below are some examples
of plans implemented in Pará state, Brazil.

“It’s been four years since we started the hydroponics project with Vale’s
support; I used to work as a foreman. We started with a thousand lettuce
plants, and now we have a monthly average production of 8,000 lettuce
plants and 15,000 bunches of parsley, along with kale, chayote, and peppers,
totaling about 50 vegetable rows. It generates much more income for
me than being a foreman. I learned about the project through the local
community association, which Vale engages with through local engagement
plans. The association selects the people and families to benefit.”

Werbert Souza Silva, Nova Esperança 2
Community, Parauapebas, Pará state, Brazil.

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“Since 2017, we have had the partnership of family
farming between the Association and Vale. After
the partnership with Vale, we have a complete
patrol for corn production. Today we have 120
bags per hectare, before it was 40 per hectare. Our
production has more than tripled. We are 53 rural
producers, and about 250 to 300 people depend on
the income from this production.”

Givaldo Barbosa Silva, participant in the field
mechanization program, one of the community
engagement plans carried out by Vale in Vila Ouro
Verde, Canaã dos Carajás, Pará state.

“I’ve been working in beekeeping for 10 years. We
started with eight families, and today we are 23
families working together. I started with two hives,
and now there are almost 50. We work with native
stingless bees, accessible for any family to raise. We
rescued a swarm in the nearby forest of Cedere and
multiplied the bees. Vale has supported the project
since 2017, with equipment, hives, and PPE. In 2023,
we closed production at 480 kilograms of honey.
Beekeeping is not only a source of income for us; it’s
therapy.”

Ana Alice de Queiroz, beneficiary of the
Community Engagement Plan implemented in
Cedere 1, Parauapebas, alongside association
Filhas do Mel da Amazônia.

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“We started in 2015 with 18 machines, and we
trained these women and men from the association
with sewing and entrepreneurship classes, all
in partnership with Vale. And I had a big dream,
which was the construction of the association
headquarters, and now, in 2023, we received this
building built by Vale. After much struggle, after
many places we went through (there were 25 in
total), we settled in this headquarters now. Sixty
families benefit from the project, in activities such
as crochet, handicrafts, food, family farming, and
cassava mills, among others. The most sought after
activities are sewing and food.”

Maria Juciara de Souza Neto, coordinator
of the Associação de Artesãs e Artesãos
Solidários de Canaã.

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“I started producing milk here in 2012, and today I
have about sixty cows. We received seven heifers
in the last stage of the Sustainable Dairy Cattle
project, supported by Vale, which involves providing
dairy cows to 15 families in the region. The goal is to
increase milk production on these properties. The
expectation is to generate a gross monthly income of
USD 1,200 per family. I currently sell 100 liters of milk
per month at USD 0.40 per liter. Some producers, like
me, sell the milk they produce to local dairies.”

Getúlio Balbino Neves of the Palmares II
community, Parauapebas, Pará state.

“Vale’s Social Ambition strategy demonstrates a strong
commitment to understanding and addressing the complex
issue of poverty the communities it is committed to.
By focusing on multidimensional poverty measurement,
data-driven decision-making, and stakeholder engagement,
Vale has the potential to become the leader in responsible
mining and development. However, addressing the
challenges in data management, analysis, and action,
will be crucial for success.”

Jamie Coats, CEO of Wise Responder, provider of the Business
Multidimensional Poverty Index by Oxford University.

Fighting extreme poverty -
Leaving no one behind
GRI 203-1

In 2021, Vale committed to helping lift half a million people out
of extreme poverty by 2030 – an initiative connected with SDG 1,
Eradicating Poverty.

Since then, an adaptive methodology has been established, based
on an extensive process of listening and research. This proposal has
been constantly improved through dialogue with governments,
corporations, and civil society.

Understanding poverty as a multidimensional phenomenon, Vale
has adopted an approach centered on Multidimensional Family
Monitoring (MFM1), focusing on five dimensions: education, income,

health, nutrition, and infrastructure. The attention
is placed on referring families to existing social services
in each area.

In 2023, the implementation of the methodology involving
30,000 people was initiated, mainly in Pará and Maranhão
states. The goal of the concept tests2 is to accelerate
learning at scale and expand partnerships to achieve the
target by 2030. The use of the Multidimensional Poverty
Index, created at the University of Oxford, aims to
obtain common bases with global reference institutions.
The methodology also seeks and values local solutions
considering urban, rural, and forested areas.

Learn more at the ESG Site.

1 Methodologically, we have adopted a concept of poverty as a multidimensional

2 The implementation of concept tests in the field indicated the need for

phenomenon and an approach based on Multidimensional Family Support (MFM).
Consequently, the emphasis is on families, overseeing and referring them towards the
public policies and social programs available in each area, while assessing their effects
on everyday life and addressing the vulnerabilities identified. Currently, concept tests
are taking place in the following locations: Pará (Canaã dos Carajás, Marabá, Serra
Pelada/Curionópolis, Belém, Ilha de Marajó and Parauapebas); Maranhão (Itaqui-
Bacanga/São Luis, Arari, Vitória do Mearim, Igarapé do Meio and the Vale do Pindaré
region); Rio de Janeiro (capital and Itaguaí); and Espírito Santo (Serra).

methodological improvements, such as in the composition of the dimensions
and indicators of multidimensional poverty that were originally designed.
Considering the high incidence of people in situations of moderate or
severe food insecurity, we promote nutrition as a dimension, adopting
five dimensions of multidimensional poverty (education, income, health,
nutrition, and infrastructure).

“In 2022, we completed a Census in Serra Pelada, which
identified a total of 37% of families in extreme poverty.

Based on the lessons learnt from the Census, a project was
developed to create memories with the aim of thinking about
possible futures.

Through creative and entrepreneurial production with groups of
women, young people and children, memories of the region have
been created through embroidery, oral history and tile-making
processes. This initiative will be part of Vale’s program to fight
extreme poverty.

Participants will also receive Multidimensional Family Support
- an adaptive methodology adopted by the company to
support the lifting of 500,000 families out of poverty by 2030.
Networking, mobilizing partners and its own resources and those
encouraged by the Federal Culture Incentive Law, contributes to
articulating the potential of the Serra Pelada territory.”

Delza da Silva, embroiderer at “Embroidering
Peace” project in Serra Pelada

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Volunteering
GRI 203-1

Tax-deducted funds
GRI 203-1

Culture
GRI 203-1

Employee volunteering activities are organized
by the Vale Volunteer Network, which had
7,780 member volunteers at year-end 2023.
Throughout the year, around 250 volunteering
initiatives were organized, benefiting over
113,000 people in the areas where we operate.
Vale employees, their families, suppliers, and
other volunteers helped to collect various items
for donation, such as school supplies, toys,
grocery kits, cleaning products, and hygiene
kits. They also engaged in recreational activities
with children, health and entertainment
activities for the elderly, and blood drives.

One of the noteworthy initiatives in 2023
was the Solidarity Olympics organized in
Brumadinho, which collected 27 metric tons
of food and benefited five schools, two
shelters, and two NGOs in four municipalities
surrounding Vale’s operations: Brumadinho,
Crucilândia, Bonfim, and Piedade Gerais.
In the Vale Learn English Project, 40 young
people took language classes at the Usina
da Paz project in Parauapebas, all of them
taught and monitored by volunteers from
the Network, with teaching materials
purchased and provided by the volunteer
network. In December, the Vale Volunteer
Network participated in another edition of
the Christmas Without Hunger campaign,
collecting total donations of USD 20,000,
with Vale matching USD 2 for every USD
0,20 donated, resulting in a total of USD
220,000 in donations. The funds were used to
purchase and distribute over 19,300 complete
grocery packages.

Learn more about our volunteering initiatives
on the Vale Volunteer Network page

In 2023, Vale allocated USD 83.8 million in tax-deducted
funds through contributions to rights funds and support for
projects by civil society organizations. In total, 439 initiatives
and funds benefited from five tax incentive laws: the Fund
for Children and Adolescents, the Elderly Fund, Pronon and
Pronas/PCD, the Federal Law for Sports Incentive, and the
Federal Law for Cultural Incentive.

Funds allocated to Funds are managed by rights councils to
strengthen municipal public policies for children, adolescents,
and the elderly. Transfers to municipal funds previously
resulted in over 800 initiatives and campaigns, benefiting
around 450,000 people in 2023, according to information from
municipal committees. The sports projects sponsored by Vale
served approximately 70,000 people throughout 2023, mostly
children and youth.

In 2023, the Vale Cultural Institute collaborated with
governments, public and private institutions, educators
and students, artists and culture makers, communities,
and different audiences who co-created cultural initiatives
throughout Brazil. A total of 346 projects were carried out in
25 states and the Federal District, in addition to managing four
cultural spaces with free access in the states of Pará, Maranhão,
Minas Gerais, and Espírito Santo, which received over 444,000
visitors and held over 700 programs. Highlights included the
Vale Música program, which served children and youth in four
states, supported and promoted exchanges with five major
orchestras, and large exhibitions. In 2023, the Institute, through
its own sponsorship or via the Federal Culture Incentive Law,
contributed USD 50 million for articulating and carrying out
cultural initiatives throughout Brazil.

With a focus on local development supporting
local culture, the Vale Cultural Institute
launched eight calls for proposals, one
of which was national (Chamada Vale),
allocating USD 6 million to 45 projects in
25 states. In an unprecedented effort to
ensure the decentralization of incentive
funds for cultural projects, the Institute also
launched the Rouanet Program in the favelas
in partnership with the Ministry of Culture
(MinC) and Central Única das Favelas (CUFA).
The initiative will invest USD 1 million in 2024,
through the Rouanet Law, in the states of
Pará, Maranhão, Ceará, Bahia, and Goiás.

“My journey with music began at a very young age, being
always encouraged by my mother, and I joke that the clarinet
found me. I joined Vale Música in 2012 and spent a year as
a music intern. I was hired as a clarinet teacher and in May
2023, I had the opportunity to take over the Intermediate
Symphonic Band of the project. At the beginning of my
career in conducting, I was invited by the Nova Orquestra, at
The Town festival, alongside singer Pitty and an audience of
100,000 people. On New Year’s Eve in Copacabana, there were
over 2 million. It was through Vale Música that I met the Nova
Orquestra and with its visionary directors, these incredible
opportunities have been happening.”

Ludhymila Bruzzi, 31 years old, teacher at Vale Música
in Vitória (ES), chosen as conductor for the Copacabana
New Year’s Eve 2023-2024.

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Students from Vale’s Learning English project, in Parauapebas, Pará, visiting BioParque Vale, located in the Carajás
National Forest in the Amazon.

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Education and Socioeconomic
Development

The Vale Cultural Institute also offers dance, theater, and
music classes, and arts workshops after school. We offer
these activities at the Vale Maranhão Cultural Center
(MA), the Casa da Cultura in Canaã dos Carajás (PA), the
Memorial Minas Gerais Vale (MG), in extramural actions
of the Vale Museum (ES), in the five Knowledge Stations
managed by the Vale Foundation, and in partnership in
centers in our geographies.

We invest in the artistic production network and expand
access to financing mechanisms, aiming to contribute to
the development of new cultural agents.

Heritage

Preserving historical heritage, through
initiatives such as the ongoing
reconstruction of the National Museum,
is a part of the Institute’s mission. In 2023,
work was completed on the restoration
of the Church of São Francisco and the
construction of the Mariana Museum
(MG), along with the renovation of the
Atiaia Theater in Governador Valadares
(MG). Additionally, a partnership was
announced for the restoration of the
Mercedarians Convent and the Olympia
Movie Theater, both in Belém (PA).

Partnership with Inhotim

Vale and the Vale Cultural Institute entered into an innovative and long-term partnership
with Inhotim, the largest open-air museum in Brazil and one of the most important in
the world. USD 80 million will be invested over the next 10 years – 50% of which will come
from Vale’s own resources and 50% from incentive funds18. As a result, free admission
has been extended (in 2023, there were 158,000 free visitors, 512% more than in 2022),
educational projects expanded, and socioeconomic development of the
tourism in the Brumadinho region have gained momentum.

Anti-Racist Efforts

Throughout the year, the Vale Cultural Institute promoted anti-racist practices through
exhibitions (“Funk: A cry of boldness and freedom”), the training of students and artists
from the Black or Indigenous Northeast, the holding of festivals (Back2Black), and the
inauguration of the Memorial of the African Diaspora in Maranhão, featuring works
by contemporary Black artists.

Incentivized resources come from tax waivers, where the
government waives its right to receive the resource as a tax
payment and allows companies to direct it to projects for public
benefit, through Incentive Laws such as the Federal Law on Cultural
Incentives (used in this case).

2 The assessment was limited to suppliers with active
contracts in Brazil (around 5,000 suppliers and about
17,000 contracts), which represent approximately 60
percent of our global supplier base with active contracts.

ResponsibleG sourcing

GRI 2-6

Our suppliers’ practices directly influence the impacts we
have on nature, communities, and the economy. Managing
risks and opportunities in the supply chain and aiming to
ensure our suppliers adopt responsible practices is crucial
to the continuity and competitiveness of our business.
Suppliers are also critical for our business success in that we
rely on them for timely delivery of high-quality materials
and services. Procurement can also offer opportunities to
increase benefits for local communities.

Our Responsible Procurement Program, launched in 2022,
aims to enhance our approach to environmental, social,
and economic aspects in supplier management. An ESG
Criticality Matrix19 is used to rate procurement categories
on environmental, social, and governance risks in line with
ISO 20400 – Sustainable Procurement, classifying suppliers
according to their level of impact and exposure to these risks.

In addition to 100% of suppliers undergoing environmental
and social due diligence in the register, in 2023, 28% of
the suppliers assessed in the matrix were classified in
the high or very high ESG risk categories. Of these, 42%
were prioritized for financial, health and safety, and
human rights analyses, totaling 620 assessed. Of these
assessments, 35% resulted in action plans to adapt these
suppliers to our practices.

Local procurement is among the pillars of our Responsible
Procurement agenda and is an important tool in advancing
the development of the communities where we operate.
We continuously track the share of local spending and the
supplier default, and work closely with federations and
associations who support local businesses in identifying
opportunities and providing training to qualify as suppliers.

“Today, we have approximately eight families
benefiting from agroforestry and hydroponics.
We grow about 2,000 lettuce plants per month,
and our produce is sold within the local village and
to Sodexo, Vale’s catering supplier in Salobo. Family
income has improved significantly and, with the
support from Vale, our resources and infrastructure
as well. Vale asks us: How can we help you grow?
Sometimes we don’t know how to ask, but we are
receiving training on fundraising and managing
donated funds.”
Adão Francisco de Carvalho, president of the Family
Agriculture Cooperative of Serra Pelada, Curionópolis/PA.

Another pillar of the Responsible Purchasing agenda is
engagement with carbon reduction. For the fourth year
running, Vale’s suppliers were invited to answer the CDP
Supply Chain Program questionnaire. In 2023, we only reported
the most high-risk suppliers, according to our risk matrix; we
selected 168 suppliers and received our highest response rate
since the beginning of the program (164 suppliers). This will
allow us to act with more focus on the evolution of our value
chain in best practices on the subject of climate change. Of
the respondents, 132 have taken part in all four cycles of the
CDP program, demonstrating our ongoing commitment to
managing the issue.

In 2020, the Partilhar program was launched with the aim
of promoting greater socio-economic development in the
regions where Vale operates, joining forces with the supply
chain. Its methodology and concepts were incorporated into
Vale’s supplier contracting process, in addition to the technical,
commercial and safety aspects. As a result of the program, in
2023, the participating suppliers made around USD 5,7 milion in
local social investments, which benefited the territories where
Vale operates.

Vale Integrated Report 2023 45

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining
Transparency and monitoring

Vale’s approach to supplier management draws
on standards encompassing health, safety, social,
environmental, ethical, integrity, and human rights
aspects. This approach draws on risk management
and mitigation policies and processes within the
Vale Production System (VPS).

Before entering a business relationship with Vale, all
of our global suppliers undergo due diligence based on
publicly available information, consistent with their
scope of supply and in line with our ESG strategy. We
seek to do business with suppliers that are committed
to doing business responsibly and ethically.

Vale’s Principles of Conduct for Third Parties helps us
share our values and ethical principles with suppliers
and other third parties, with which we do business.
Additionally, we provide our suppliers with anti-

corruption guidance through our Anti-
Corruption guide for suppliers and other
types of third parties. These documents
can be accessed here.

This process is a component of our
Ethics & Compliance Program, which
includes a Whistleblower Channel that
is accessible to anyone wishing to report
suspected or observed violations of
our Code of Conduct. To learn more
about these practices, see our Ethics &
Compliance page.

During the contractual period we
monitor suppliers in Brazil on labor-
related matters throughout their
contracts in order to minimize exposure
to risks involving safety, overwork, and
labor claims.

Supplier audits and assessments

Upon onboarding, suppliers commit to providing dignified
working conditions, combating child labor and child sexual
exploitation, respecting freedom of association and collective
bargaining in accordance with Vale’s Principles of Conduct
for Third Parties, and adhering to our anti-corruption and
health and safety requirements. Vale also requires suppliers
to adopt best practices under contractual clauses, such
as implementing greenhouse gas inventory programs and
disseminating our own guidelines in their supply chains.

Supplier performance is evaluated throughout the
entire contract, and we periodically assess suppliers
on sustainability (including human rights, social and
environmental compliance), performance, and government
relations.

Building on contractor assessments, in 2023, we held our
first Safer Partnership event to recognize suppliers for
outstanding health and safety performance, marking the
launch of a new supplier recognition program.

Vale is a member of the Extractive
Industries Transparency Initiative (EITI)
and is committed to disclosing its due
diligence processes in its EITI reports.
We also disclose information on payments
made to governments in line with the EITI
criteria and principles. We are committed
to continuously improving our responsible
sourcing practices and maintaining
transparency in due diligence matters
in our operations.

Suppliers and critical themes

Ethics & Compliance: We seek to work with
suppliers who are committed to operating
their businesses in a responsible and ethical
manner in compliance with our anti-
corruption rules. The Principles of Conduct
for Third Parties document, published
in 2022, allows us to share our values and
ethical principles with suppliers and other
contractors who work in partnership with us.

This document reinforces that the Whistleblower
Channel can be accessed by anyone, inside or
outside Vale, who wants to report a case of
suspicion or violation of our Code of Conduct.

Human Rights Due Diligence: Vale’s human rights
management has covered our suppliers since 2019. The
process begins at the registration stage and continues
through to supplier contract management. Some of the
practices we’ve ramped up over the last four years include:
monitoring the ‘Dirty List’, risk assessment, application of
a self-diagnosis questionnaire, training and engagement,
documentary and field inspections, housing inspections,
and monitoring of supplier action plans.

In 2023, 533 suppliers in Brazil were classified as high risk
in terms of human rights based on the characteristics of
their contract with Vale and the risk classification in the
ESG Matrix, as part of the risk management measures
of the Responsible Purchasing Program. Among these

suppliers, mitigation actions were implemented
for 376, with human rights inspections being
carried out for 72 (in addition to 3 other suppliers
that were not classified as high risk, but were
still subject to inspection). The results of the
inspections pointed to the following main
challenges: tackling the sexual exploitation of
children and adolescents, addressing the reliability
of reporting channels, and improving labor
relations and conditions.

During this period, we began to implement
standardization on the human rights management
process for suppliers; in Malaysia, 40 suppliers
were classified as high-risk in terms of human

rights, and mitigation actions were implemented
for 25. Human rights inspections have been carried
out for 17 of these suppliers and recommendations
are being elaborated, to be followed by an action
plan, to address the main challenges identified
related to human rights, such as contractor working
conditions, infrastructure and facilities management,
property security, workplace and sexual harassment,
discrimination, and diversity and inclusion.

Our approach to human rights incorporated into our
policies and decision-making processes of critical
business functions is considering all areas, such
as risks, procurement, corporate security, human
resources, facilities, and health and safety.

Vale Integrated Report 2023 46

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningRisk Management in the Base Metals Supply Chain

GRI 3-3 [Dams]

Tailings, dam management, and safety

We seek through Vale Base Metals
(VBM), to responsibly producing and
sourcing minerals and metals feeds,
including nickel, copper, cobalt, platinum,
palladium, ruthenium, rhodium, iridium,
gold, and silver. We require all leaders,
employees, suppliers, and contractors
to uphold this commitment. To that
end, the Company has implemented
due diligence processes to assess
and manage the risks outlined by the
Organization for Economic Co-operation
and Development (OECD)¹ and confirmed
in our Policy Statement on Responsible
Sourcing of Minerals and Metals.

These processes incorporate third-party
and supplier risk assessments, red flag
identification, and implementation of
risk management strategies to mitigate
identified risks, including financing of
conflict, human rights abuses, bribery,
fraudulent misrepresentation of the
origin of minerals, money laundering,
and public or private security forces. We
also have an independent audit process
that includes a review of management
systems related to responsible
sourcing, as well as an assessment of
the effectiveness of the Company’s
efforts to mitigate risks in the supply
chain including Copper Mark’s Joint
Due Diligence Standard (JDDS) and the
Responsible Minerals Initiative’s Cobalt
Refiner Standard.

In 2023, VBM achieved assurance under the
third-party Copper Mark Joint Due Diligence
Standard (JDDS) at three of our North Atlantic
refineries: Copper Cliff Nickel Refinery
(Ontario), Long Harbour Processing Plant
(Newfoundland), and Clydach Nickel Refinery
(Wales). The results of these assessments are
publicly available for review. Vale also achieved
the Responsible Minerals Initiative’s Cobalt
Standard for our Port Colborne Refinery
(Ontario). Based on our due diligence process,
VBM only identified one high-risk supplier, and
this supplier was assessed by a third party.
The results of the assessment presented no
material findings, with only minor governance
improvement recommendations. VBM’s Port
Colborne Refinery achieved certification with
the Responsible Minerals Initiative’s Cobalt
Refiner Due Diligence Standard in 2023. The
certification will be renewed in Q2 2024.

Through our risk mitigation approach,
VBM strives to ensure responsible sourcing
practices throughout our supply chain.
We achieve this by collaborating with
our suppliers, actively monitoring their
performance, and maintaining a zero-
tolerance policy towards human rights
violations and support of non-state armed
groups. Our responsible sourcing practices
have yielded data that has strengthened our
due diligence efforts, identifying feeds that are
higher risk and prompting us to take enhanced
due diligence measures aimed at mitigating
those risks.

The tragedies in Brumadinho and Mariana have led us to search for answers on how we can evolve our management and
monitoring processes for dams and tailings storage facilities (TSF2 or EARs in Portuguese) as part of our efforts to become a
more reliable operator. We aspire to “never again,” and have embarked on a journey of cultural transformation in which we
seek to de-risk our geotechnical structures and enhance engagement with communities surrounding our mining operations.

In Brazil, we operate 134 mining dams. Of these, 953 are
subject to the requirements of the National Dam Safety
Policy (PNSB), as stipulated by Federal Law no. 12,334.
These 95 dams must meet legal requirements that include
submitting six-monthly Safety Inspection Reports and
issuing Stability Certificates (DCEs).

Our 134 mining dams include:

• 95 sediment dams (75 in Iron Solutions and 20 in

Transition Metals);

• 39 tailings storage facilities (37 in Iron Solutions and

two in Energy Transition Metals).

In our North Atlantic Base Metals operations in Canada, we operate 67
facilities (in Ontario, Manitoba, Newfoundland, and Labrador), which are
reported on under the regulations of the Canadian Mining Association.

In Brazil, three Geotechnical Monitoring Centers monitor our main
dams 24 hours a day, seven days a week. Vale’s dams are also regularly
inspected by internal and independent engineers, who respond
promptly when necessary with preventive or corrective action. Vale
has also built four4 downstream containment structures—physical
barriers which aim to containthe tailings released in the event of a
dam breach, protecting downstream communities and ecosystems. It
is also important to note that there are now no communities that we
are aware of which would be at risk in the event of a dam breach.

Our current approach to tailings governance adopts several layers of protection,
which improves our ability to prevent accidents:
Business unities

Security and operational excellence

Internal audit and Whistleblower
Channel

Operational Geotechnical Area

Geotechnical Office

Audit and Compliance Department

First line of defense

Second line of defense

Third line of defense

Record Engineer

Independent Audits

Dam Safety Review

Dam safety inspections and
performance assessments

Technical reviews by public prosecutors and
the Independent Tailings Review Board (ITRB)

Periodic technical reviews by an
external engineering company.

External sentinels

1 Annex II of the OECD Due Diligence Guidance
for Responsible Supply Chains of Minerals
from Conflict-Affected and High-Risk Areas
OECD Guidance91 (OECD Responsible
Sourcing Requirements), link.

2 Tailings storage facilities include sediment, water
and tailings impoundments, drained stacks, and
wing and saddle dikes (tailings storage facilities may
also be grouped into systems).

3 Reference: December/2023

4 Sul Superior (Barão de Cocais), B3/B4 (Nova
Lima), Forquilhas I, II, III and Grupo (Ouro
Preto-Itabirito), as well as the Minervino
and Cordão Nova Vista (Itabira) dikes.

Vale Integrated Report 2023 47

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining
What is
a dam?
It is a barrier for
containment of liquid
or a mixture of liquids and
solids, forming a reservoir.
The reservoir consists of at least one main dam (also
known as a departure dyke) and, if present, also internal
dykes and saddle dykes (accessory dykes). This set is known as
the dam system. It can be used to store water, sediment, mining
tailings or to generate energy. Dams that store tailings, sediment or
water in a mining environment can also be generically called “mining dams”.
Structures such as dams, drainage piles, saddle dykes or internal dykes with
the main purpose of containing tailings can be generically referred to as
tailings storage facilities (TSFs).

What are tailings?
Tailings are what is left over after the ore has been processed in the
processing plants. It consists of ore, sand and water and is not toxic,
corrosive or flammable.

settling
pond

discharge
line

tailings
beach

disposed
tailings

elevations
deposited
in the direction
of the tailings

departure
dyke

For more information
on emergency levels,
dams and acronyms
visit our
Dams
Manual

Dam construction and types1
Upstream

Downstream/conventional

Center line

Single Stage

foundation

settling
pond

disposed
tailings

departure
dyke

tailings
beach

settling
pond

tailings
beach

settling
pond

elevations
disposed in the
direction of the
current

foundation

disposed
tailings

departure
dyke

elevations
disposed of
in the current
direction

foundation

disposed
tailings

departure
dyke

elevations
disposed on
the vertical
axis

foundation

disposed
tailings

departure
dyke

foundation

The lifting massifs are supported by the tailings or sediment
previously deposited in the direction of the tailings. This category
are also those formed on reservoirs already in place.

Located downstream of the departure
dyke. The massifs are built with
material or with the tailings.

The elevations are disposed in such a way that the axis of the dam remains
aligned with the axis of the starting dyke, due to the arrangement of the
construction material, part downstream and part upstream, in relation to
the upstream, in relation to the crest of the previous stage.

In this model, there are no elevations.
A dam is built with compacted soil or
rockfill (stone blocks), without the
subsequent construction of capacity.

1 The Porteirinha dam is currently listed as an unknown method in the Integrated Mining Dam Management System (Sistema Integrado de Gestão de

Barragens de Mineração – SIGBM), as the National Mining Agency (ANM) is evaluating the best definition of its construction method.

Emergency
dams level
There are 20 dams
at emergency level
located in the state of
Minas Gerais

Minas Gerais

Belo
Horizonte

Minas Gerais

Belo Horizonte

Itabira

Nova Lima
Itabirito

Barão de Cocais

Mariana
Ouro Preto

Municipality

number of
dams

Dams

Emergency
level

Nova
Lima

Ouro Preto

Mariana

Barão de Cocais

Itabira

Itabirito

5-Mutuca
6
7A
B
B3/B4
Vargem grande

Dique de Pedra
Doutor
Forquilha I
Forquilha II
Forquilha III
Grupo

Campo Grande
Dicão Leste
Xingu

Norte/Laranjeiras
Sul Superior

Sistema Pontal

Maravilhas II

01
01
01
01
01
01

01
01
02
02
03
02

01
01
02

01
03

What is dam
decharacterization?
This is the process in which the structure
no longer performs the function of
containing tailings, sediment or water.
Its aim is to eliminate the risk associated
with the structure, increasing the safety
of people and the environment. By 2035,
30 structures will be decommissioned.

Dam decharacterization

Reinforcing the structure

Tailings removal

Environmental regeneration

The decharacterization
of upstream
structures, which are
built on tailings, is a
commitment made
by Vale that has become
a legal obligation.

Construction work is complex
and each project has
its own characteristics and
challenges. In some cases, for
example, it may be necessary
to build a reinforcement
to improve the stability of the
structure in order to carry out
the works.

The removal of
tailings is totally
or partially done
so that the dam
loses its storage
function.

The final stage of the
work is revegetation
to reintegrate the
area into the local
environment. So far,
Vale decharacterized
13 upstream structures.

Vale Integrated Report 2023 48
Vale Integrated Report 2023 48

Upstream tailings damCreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining
Technical Executive
Vice President

Vale’s efforts to improve dam management
and safety and prevent recurrence of
previous incidents included the creation of
a Technical Executive Vice President position
in 2023 to oversee all mining, geotechnical,
mine planning, technology, innovation, and
mineral exploration activities, Geotechnics,
Health, Safety and Environment and
Operational Excellence.

The importance of a technical vice-
presidency is to provide a comprehensive
view of operational stability performance
and the status of our programs in an effort
to develop sustainable mining solutions
across three key areas:

• Tailings disposal and repurposing,

including the development of innovative
products and USD 2.5 billion in investments
in filtered tailings operations;

• Decharacterization of tailings dams

built using the upstream method through
a robust program that prioritizes safety
throughout the decharacterization
process, with total expenditure of more
than USD 3 billion; and

• A cultural transformation based on a

commitment to be a leader in sustainable
mining.

Risk assessment and monitoring

Goals

Status in 2023

100% of tailings storage facilities operating with
‘Very High’ and ‘Extreme’ potential consequences
be GISTM compliant by 2023.

In addition to our public commitment,
GISTM was implemented for 48 tailings
storage facilities in 2023.

100% of tailings storage facilities (TSF or EARs¹)
GISTM compliant by 2025.

GISTM will be implemented for an
additional two tailings storage facilities by
2025, achieving 100% GISTM compliance.

Dam decharacterization plan: 60% of Vale’s
upstream dams in Brazil decharacterized by 2025,
90% by 2029 and 100% by 2035.

43% (13 out of 30) of upstream-raised
structures in Brazil to be decommissioned
by year-end 2023.

Dam decharacterization

Vale will decharacterize
a total of 30 upstream-
raised dams by 2035.
In 2023, we completed
the decharacterization
of our 13th dam,
the Dike 2 in the
Pontal dam system in
Itabira, reaching 43%
completion of the
program.

Number of upstream
geotechnical structures
(per year)

2019 to 2022

2023

2024

2025

2026

2027

2029

2035

TOTAL

13th decharacterization

completed in 2023

A total of
upstream dams will be
decharacterized by 2035

Because dams are complex structures, decharacterization requires caution, diligence,
and solutions tailored to each structure. We strive to prioritize the safety of people,
risk reduction, and protecting the environment.

Structures at emergency level²

Level 1

Level 2

Level 3

Number of Structures

2020

Dec 21

Dec 22

Dec 23

Dec 25

5 5

2020

2021

2022

2023³

2025

Emergency levels are a system
used under Brazilian regulations
(ANM 95/2022) to rate dams
based on the potential damage
caused in the event that dam
safety is impaired. In 2023, we
successfully derated dam B3/B4
in Nova Lima (MG) from Level 2
to Level 1, due to the progress
of its decharacterization works.
The completion of the works
was anticipated for 2024. By
2025, Vale aims to have no
dams at emergency level 3. As
our decharacterization efforts
continue to progress or as

the safety assessment analyses
evolve, the dams will decrease in
emergency level.

In the case of these dams
classified as Level 3, activities on
the structures (such as tailings
removal) are carried out using
remotely operated equipment,
with employees located outside
the dam’s risk zone. In addition, in
order to minimize risks to the lives
of the local population, there are
no longer any communities living
downstream of dams that are at
emergency level 2 or 3.

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

2 Emergency levels are

categorized into 1, 2 or 3,
with level 1 representing
the lowerst risk to the
safety of the structure
and level 3 representing
the highest risk.

3 The emergency level of the Area IX
dam was reduced from level 2 to
alert level; and the Dique de Pedra
from level 2 to level 1.

Vale Integrated Report 2023 49

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Dam maintenance, repairs, and improvements

Mining and metallurgical waste management
GRI G4 MM3

Vale has evolved its approach to managing dams and
tailings, which now includes added controls and an in-
depth assessment of historical and current conditions,
including the performance of each structure.

Vale’s adoption of the Global Industry Standard on
Tailings Management (GISTM), which includes 77 cross-
cutting requirements, has strengthened governance
in support of our goal to reduce risks and improve
operational safety through all phases of a facility’s
lifecycle, including planning, design, operation and
post-closure.

To date, Vale has implemented the GISTM for 48 tailings storage
facilities, including 35 within our Iron Ore Solutions operations
in Brazil and 13 in our Energy Transition Metals operations (11 in
Canada and two in Brazil). Another two facilities in our Iron Ore
Solutions operations in Brazil —Torto and Dique de Pedra — will
be compliant with the standard by August 2025.

The GISTM standard includes social, environmental, and
technical requirements and strives to achieve the ultimate goal
of zero harm to people and the environment with zero tolerance
for human fatality. Information on our initiatives and progress
to date is available at our ESG Portal.

In 2020, Vale introduced a Mining and Metallurgical Waste
Management Policy to support our efforts to transition to a
circular economy model through innovation.

We have since launched initiatives to achieve tailings-free
processes by developing co-products such as sustainable
sand, implementing blending, expanding production in our
North System to 240 Mtpa, implementing the Capanema
project, and retrofitting Plant 1 in Serra Norte for natural
moisture beneficiation.

Natural moisture processing of iron ore eliminates the need
for water and, as a result, the production of tailings. This
method reduces overall water consumption by 93%, improves
productivity and resource efficiency, and minimizes energy
consumption by reducing the number of process steps. In
2023, 69% of the ore produced by Vale was natural moisture.
In addition, of the remaining 31% of tailings generated,
around half (15.5%) were filtered and disposed of in dry
piles or pits. Finally, only 15.5 % of Vale’s iron ore production
required tailings to be deposited in dams. In short, Vale has
advanced with technology and safety in recent years, so that
84.5% of Vale’s iron ore production did not depend on dams
for tailings disposal.

Total mining and metallurgical waste
(in millions of metric tons)

s
e
e
T
o
d
r
a
c
i
R

o
t
o
h
P

Canaã dos Carajás, Pará, (PA), Brazil - aerial drone photo of the Sossego Mine.

Iron ore - waste rock

Iron ore - tailings

2021

207.6

47.2

2022

2023

208.5

282.4

46.9

48.5

153.0

Other business areas¹

260.4

150.6

Total

515.2

406.0

483.9

Includes waste rock, tailings and slag from nickel, copper and manganese mining.

Through New Steel, a company acquired by Vale in
2019, we are investing in new technology to expand dry
beneficiation. A magnetic concentration technology for
iron ore is under development, and the first industrial-
scale magnetic concentration plant is being built at the
Vargem Grande mine in Nova Lima (MG), with a planned
production capacity of 1.5 million metric tons per year.

In some operations in which wet processing (water) is still
used, Vale is currently filtering the tailings and disposing
of them in piles to reduce the use of tailings dams. Tailings
removed during the decommissioning process are stored in
exhaust pits and in waste rock and tailings piles.

Assessments are currently being implemented at
several facilities to give a sustainable destination to the
material. The construction of our first tailings filtering
plants began in 2019, in a project that employed
approximately 6,000 workers at its peak. Our planned
investments in tailings filtering systems and dry
stacking are projected to amount to USD 2.2 billions
between 2019-2027.

In 2023, we completed the construction of our fourth
tailings filtering plant in Minas Gerais. Another three
have been installed in the Vargem Grande, Brucutu, and
Itabira (Conceição mine) complexes. These plants have a
combined filtering capacity of 60 million metric tons of
tailings per year.

At these facilities, approximately 90% of the water
recycled from the tailings is reused throughout the
production process. Repurposing tailings reduces
environmental impacts from the decommissioning
process by minimizing the need for land for safe disposal.

Vale Integrated Report 2023 50

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable Mining

Community perceptions of our risks
GRI 203-1

Mining Dam Emergency
Response Plans (PAEBM) are
technical documents outlining
procedures for the immediate
response in the event of an
emergency and are designed to
minimize risks to communities
and impacts on the environment
and cultural heritage. All
dams in Brazil that are subject
to the National Dam Safety
Policy (PNSB), and all dams
that are subject to the Minas
Gerais State Policy on Dam
Safety (PESB) have individual
Emergency Response Plans.

Each plan is developed, implemented, and
managed to comply with legal requirements
and emergency response guidance provided
by civil defense authorities. ERPs are
submitted to the municipal government and
civil defense authorities and are publicly
available here.

Vale strives to achieve transparency, to
disseminate industry best practices, and
to ensure legal compliance. As part of this
aim, we regularly engage and communicate
with communities about dam safety and
risk prevention. We have a wide range of
preventive measures in place in an effort
to ensure our mining operations are safe,

o
r
t
i
N
-
e
d
n
e
z
e
R
e
r
d
n
a
x
e
A

o
t
o
h
P

including emergency signage, drills, siren
tests, public meetings, and training.

As part of our dam safety initiatives
in 2023, we performed the following
actions:

- Review of internal procedures
relating to our corporate social
responsibility framework, including
risk and impact management
processes;

- Development of specific procedures

for holding instruction sessions,
drills, site visits, ERP preparation,
dam monitoring/controls
demonstrations, etc.;

- Development of a general procedure
for post-collapse reparation based on
lessons learned from Brumadinho;

- Implementation of a participatory

model for drill feedback and
interactions under ERP Engagement
Plans, with a total of 22 plans
uploaded to Vale’s Stakeholders,
Claims, and Issues System. These are
now being implemented as part of
integrated community safety plans.
During the orientation seminars/
public meetings, the community
is invited to fill in an evaluation
survey about the event and include
any questions or comments. In
emergency drills, residents of the
Self-Rescue Zone (SRZ) are invited to
evaluate the drill;

- Training of more than 1,000

employees from community relations
teams and other internal areas
of Vale with the aim of qualifying
participants on the compliance
criteria of the 21 social requirements
of GISTM, as well as the evidence
produced, the engagement processes
adopted and addressing the gaps on
the subject from 10 training sessions
of the “GISTM Social Journey”;

- Training for Community Relations
teams and other areas of Vale with
the aim of qualifying participants
on the compliance criteria of the
21 GISTM social requirements, as
well as the evidence produced, the
engagement processes adopted and
addressing gaps.

- Hiring and training local residents to
work in the processes of mobilizing
and registering communities for
prevention actions related to dams;

- Supported visits by local residents to
dam de-characterization works and
geotechnical monitoring centers and
development of “abandonment plans
in schools” in partnership with the
municipal civil defense. One example
is the “Dona Sirene” project, which
began in Itabira (MG), in conjunction
with the Department of Education
and the Civil Defense, to work on the
perception of dam safety risks among
the school community.

2023 in numbers:
22

municipalities within the Self-
Rescue Zone engaged in ERP
activities

external drills with community
participation

instructional sessions/public
meetings with communities

116,000

people registered in emergency
response plans

16,000

buildings visited as part of the
emergency response mobilization for
emergency actions to mobilise the
population to take part in seminars,
public meetings, and other actions
related to dam safety.

Vale Integrated Report 2023 51

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Evacuated areas
GRI G4 MM9

Communities in Self-Rescue

Zones at emergency level 2 and

3 were evacuated, and Vale

built containment structures

intended to protect people and

the environment.

In the territories where emergency evacuations (Barão
de Cocais, Nova Lima and Itabirito) and preventive
evacuations (Ouro Preto) have taken place, based on
dialogue with residents and public authorities in each
municipality, Compensation and Development Plans are
underway to offset the impacts caused by the safety
improvements underway.

“The relationship with the company has had its ups and downs,
but it would be hypocritical to say that the company has done
nothing in recent years. There was the delivery of the new
municipal school, the work on the spillway, and the transport
of schoolchildren that has been taking place since 2019. Vale
has brought qualified and more humane professionals to the
area to serve the community, and for me that has made all the
difference. I confess that I still feel afraid, and I don’t like the
siren test day, which happens every month. But today I see the
whole scenario more clearly and there is always someone from
the Vale team on duty, ready to assist us, even if it’s just to
answer questions, which reassures me.”

Perla Antonieta Lima, a resident of Parque do Engenho,
in São Sebastião das Águas Claras (Macacos), in the region
of Vale’s B3/B4 Dam, in Nova Lima, Minas Gerais.

“In 2019, Vale removed us
from our home. We went to
a temporary residence while
the dam was at risk. Vale paid
our rent, water, electricity
and gas. We left our home
because my uncle who lived
with us had a disability that,
in the event of an emergency,
we wouldn’t be able to
evacuate the area quickly.
Vale paid for his transport
to the doctors. It was a
very positive point because
it reduced our anxiety in a
scenario of a falling ravine
and a flooding river. But
thank God everything
worked out and we’re back
home today.”

Aline de Lima Silva, a member of
a family that received temporary
assistance due to emergency
evacuations, in Vila Alegre, Itabirito,
Minas Gerais.

Negotiation processes concluded

Municipality

Ouro Preto

Barão de Cocais

Nova Lima

Itabirito

Total

2023

2022

171

105

374

2021

177

146

121

463

Total of families receiving assistance due to
emergency evacuations – evacuated areas

GRI G4 MM9

Provisional care (accumulated until 2023)

Provisional care (accumulated until 2022)

Provisional care (accumulated until 2021)

Definitive care (2023 only)

Definitive care (2022 only)

Definitive care (2021 only)

164

128

107

16 5 3 2

Ouro Preto

Barão de Cocais

Nova Lima

Itabirito

1 The scope of “Evacuated Territories” deals only with emergency evacuations
and evacuations/resettlements due to dam de-characterization works.

Vale Integrated Report 2023 52

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Reparations

GRI 203-1

We strive to ensure that
the tragic dam collapses in
Brumadinho and Mariana
are never repeated. We will
never forget these events. We
are continuously working to
compensate for and remedy
the damage caused to people
and communities as we aim to
become a better company.

Our commitment to “never again” has
inspired a cultural transformation within
Vale, including a comprehensive review of all
our major processes, such as governance, risk
management, and dam management. We are
challenging ourselves as we seek to achieve
recognition as an industry leader for safety and
as a reliable operator. As we seek to ensure the
damages are repaired and safety is improved,
we are establishing a new set of standards and
guidelines, as well as a culture of increased
accountability, humility, empathy, respect,
and active listening - aiming to reshape our
relationship with society.

Brumadinho

The local fire department’s search for the
three individuals still missing, among the
270 victims of the dam breach, two of
whom were pregnant, is still ongoing. We
know that human losses are irreparable.

Learn more about Vale’s efforts here.

Brumadinho Comprehensive Reparation
Agreement in figures

333

projects
approved

converted¹

161

in progress

completed

completed
pending final discharge

“Vale has made significant progress on its
cultural transformation journey. In response
to the Mariana and Brumadinho disasters,
the company has committed to rethinking
everything related to not only how it operates,
but also why it exists. Vale’s purposeful
commitment to reparations, safety, and
sustainability is both impressive and genuine.
The company has such a critical role to play
going forward in the most important issues
facing the world, including driving the green
and just transition, addressing the climate crisis,
deepening its nature positive work, and fulfilling
the UN’s Sustainable Development Goals in key
regions where it operates.”

Chris Coulter, CEO Globescan.

About the Comprehensive Reparation
Agreement

On February 4, 2021, Vale signed a Comprehensive
Reparation Agreement with the Government of Minas
Gerais, the Federal and Minas Gerais state public
prosecutors’ offices, and the Public Defenders’ Office of
Minas Gerais, formalizing the following obligations for
socioeconomic and socio-environmental reparation:

• Funding to replace emergency aid payments with the

Income Transfer Program;

• Measures to enhance quality of life, access to public

services, and economic growth in the affected region; and

• Projects to restore living conditions for affected

individuals to a level equivalent to that existing before
the dam breach, supporting their autonomy and
empowerment.

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1 Projects related to obligations to do that
were converted into obligations to pay.

Teams from the Minas Gerais Fire Brigade searching for the remains of the victims of the Corrego
do Feijao tailings dam collapse.

Vale Integrated Report 2023 53

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Performance obligations
25% completed

Payment obligations
87% completed

Total obligations
68% completed

2019

B1 collapse

2021

2023

2026

2028

2030

2031

Signing of the
agreement

68% completion
of the agreement

100% payment
obligations

Removal of tailings
from the Paraopeba
river basin (6km)

100% recovery
plan of degraded
areas (PRAD)

100% performance
obligations

“The dam breach changed our lives drastically. I lost my father in the tragedy and
could not get myself to tend to the garden for two years. He used to help me on
his days off and there was a patch he had just planted. One day they asked for my
permission to renovate the garden and asked which area I wanted to renovate first.
I said: the patch my father planted. So we started a cleanup together. On the day we
finished, I received the news that they had found my father’s body. I now look at that
area and see it as representing a renewal, a new lease on life. I feel like he’s with me,
it’s where I find comfort.”

Aline Aparecida Lopes Muniz, 31, owner of the Cheiro Verde
vegetable garden in Córrego do Feijão since 2016.

Programs within the Brumadinho Comprehensive Reparations Agreement
GRI 203-1

In 2023, we made further progress on
our programs under the Brumadinho
Comprehensive Reparation Agreement,
which has now reached 68% completion of
total obligations, including performance1
(25% completed) and payment2 (87%
completed) obligations. The initiatives
completed in the year met the demands
made by compliance enforcement agencies

(Government of Minas Gerais, the Public
Defenders’ Office of the state of Minas
Gerais, and the Federal and Minas Gerais
state prosecutors’ offices) and were
approved by the courts. Learn more
about the Agreement here.

A new procedure has been established
for converting performance obligations
into payment obligations, with

approval from the enforcement
agencies, municipal governments
(beneficiaries), and the courts. This
has helped to expedite our obligations
under the Comprehensive Reparation
Agreement, with more than BRL 1.6
billion (USD 320.3 M) in payments
completed and with the completion of
performance obligations increasing from
8% at year-end 2022 to 25% in 2023.

1 Performance obligations: obligations under the Agreement
that require Vale to implement actions required by the
enforcement agencies within the financial limits stipulated
in each schedule. Among the actions completed to date are
capacity building for educators, hospital outfitting, support
for agriculture, and procurement of materials for the civil
defense authorities and the local fire department.

2 Payment obligations: payments required under the Reparation
Agreement to fund programs executed by the state of Minas
Gerais, including actions to improve water security, funding
for the construction of a beltway, subway improvements, and
initiatives to strengthen public services, such as by improving
public health care facilities and equipment.

3 http://www.feam.
br/component/content/
article/15/1992-boletim-
informativo-do-cidadao-
sobre-a-qualidade-da-
agua-no-rio-paraopeba

Other programs beyond
the Agreement
GRI 203-1

In 2023, we delivered the 25 de Janeiro city square, the Ipê
Amarelo community market, and the Laudelina Marcondes
culture and handicraft center in the community of Córrego
do Feijão. Additionally, the Brumadinho Memorial—a
tribute to the victims and their families—was formally
established with the signing of Terms of Commitment
in August between Vale, the Minas Gerais Public
Prosecutors’ Office, and the Association of Victims and
Families Affected by the Córrego do Feijão Damn Collapse
(AVABRUM). This was followed by the establishment of the
Brumadinho Memorial Foundation, an entity responsible
for managing and preserving the Memorial with funds
stipulated within the Terms of Commitment.

Additional Terms of Commitment and other agreements
were signed with the Pataxó and Pataxó Hã-Hã-Hãe
Indigenous communities in Tronco Gervasio and Antônia.
Vale is awaiting certification of the court decision to
finalize payments to the Indigenous communities that
have opted into reconciliation for dispute resolution (the
Katurãma and Tronco D. Eline Indigenous communities,
pursuant to Terms of Commitment signed in September
2022, and the Tronco Gervásio and Antônia Indigenous
communities, pursuant to Terms of Commitment signed in
August 2023). Negotiations are currently pending with the
Naô Xohã Indigenous community.

Vale has continued to comply with the court decision
requiring it to provisionally relocate families from
the Naô Xohã community who remained in the area
affected by the Córrego do Feijão dam collapse. Land was
purchased in Brumadinho on the recommendation of the
Indigenous community for the temporary relocation of
affected Indigenous families. This area may become their
permanent place of residence under a collective reparation
agreement with this group.

For the four quilombola communities impacted by
the dam collapse, we defined measures to repair
collective diffuse damage, linked to the Quilombola
Component Studies for the Impact and Damage
Assessment. All stages of this process involved the
active participation of the communities and were
supervised by the Palmares Cultural Foundation, the
body responsible for protecting the rights of these
communities; the Independent Technical Advisory
Body; and the Federal Public Defender’s Office.
The resulting measures will be negotiated with
the parties involved as part of the Comprehensive
Judicial Reparations Agreement. In the case of the
three quilombola communities in the Paraopeba River
basin, we are waiting for the government agency to
issue the Terms of Reference for carrying out studies
to support the Human Health Risk Assessment and
Ecological Risk Assessment (ERSHRE).

Vale works to engage with stakeholders to
understand their views and perspectives and build
trust. We report on progress towards reparation and
on actions aimed at preventing recurrence through
direct and open communication with communities,
investors, and other stakeholders, including site
visits. This also helps us to better understand the
initiatives being implemented in communities,
identify areas for improvement, and draw lessons.

Vale also sought to make progress on the
environmental front throughout 2023, including:
handling of 77% of a total of 12.4 million cubic
meters (m³) of tailings, cessation of damage to
aquatic and terrestrial biota in the Paraopeba River,
and confirmed sightings of threatened species.
In 2023, we also secured SISEMA4 approval of a
specific methodology to expedite the sustainable
rehabilitation of affected areas. In relation to water
quality, observed dry-season conditions were as
good or better than before the dam breach3.

Vale Integrated Report 2023 54

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The Sustainable Tourism
Promotion program

Relations with
affected communities

Reparation vs. mental health and
cultural transformation

Among the actions to give new
meaning to the Brumadinho
reparations process, Vale organized a
Leadership Strengthening Course for 67
people, divided into four groups: Tejuco,
Aranha, Brumadinho Sede, and Conceição
do Itaguá. The meetings began in
September 2022 and ended in April 2023
and were held weekly at the community
associations’ headquarters.

The aim of this initiative was to
strengthen community ties and enhance
the work of local leaders by developing
the skills and competences needed
to exercise leadership, such as team
spirit, proactivity, empathy, non-violent
communication, the use of participatory
tools, and conflict mediation. The topics
covered were mining-dependence,
governance, project development, public
policies, engagement, and participatory
processes.

”I once heard that action means
doing, but transformation
means giving new meaning, and
I feel that this is what has been
happening to us. I’m very happy
to have met people who are
going to change the reality of the
community, I was encouraged by
what was presented and I believe
that we are capable of going much
further.”

Natália Oliveira, Course Participant,
Brumadinho municipal center class.

Tourism in Brumadinho

The Sustainable Tourism Promotion
program in Brumadinho, which has
been in operation since 2019, has
benefited 39 businesses and 133
individuals, 82% of whom are women.
Additionally, it formalized 12 new
businesses and provided capacity
building to strengthen the handcrafts
and hospitality value chains.

Developed in collaboration with the
municipality of Brumadinho, partners,
and the local tourism industry, the
program seeks, among other things, to
strengthen tourism governance, boost
rural and community-based tourism,
diversify local tourism offerings, expand
financing mechanisms, and restructure
the tourism events calendar.

12 new businesses, promoting training and
strengthening the crafts and accommodation
production chain. Since 2022, the Program has
generated BRL 245 thousand (USD 49 thousand)
in sales (products and experiences) and around
BRL 445 thousand (USD 89 thousand) in events.

BRL 245,000

(USD 49,000) in sales products
and experiences, and around

BRL 445,000

(USD 89,000) in events

“We have created a network economy project. We
support 21 businesses and have a network of around 15
backyard gardens. We work as a network in a process
of re-signification. Córrego do Feijão is now among the
tourist attractions in Brumadinho, offering new tourist
experiences within the Céu de Montanhas Catalog.
These include visits to the Cheiro Verde garden and the
Sabores do Feijão street market every first Sunday of the
month, and we are starting an events calendar as a way
to attract new visitors.”

Vale has a dedicated team for the
reparation efforts in Brumadinho.
Additionally, we provide a toll-
free phone number for general
support to all individuals who
have been directly or indirectly
affected by the Brumadinho dam
breach or the ensuing preventive
evacuations.

In 2023, of the 12,132 complaints
registered on the Reparations
support channel, 99.2% were
answered and 88.0% were
addressed. The main events
generating the grievances
are related to requests for
transport, water resources and
compensation/financial support.

Vale representatives can be
reached via a toll-free number
(0800 031 0831), our website, or
our local indemnities offices.

“My journey at Vale can be divided into two
periods: before and after the Córrego do
Feijão dam collapse. When it happened,
I was devastated. I felt the urge to be in
Brumadinho 24/7. After my shifts, I’d head
there as a volunteer. It was a whirlwind
of emotions: I felt anger, fear, shame,
and vulnerability. I did everything in my
power to help repair and mitigate the
damage. I thought I had to be flawless, to
deliver at any cost, as quickly as possible.
I tried to be a hero, but I’m not one. When
we push beyond our limits, we become
unwell. I needed help. Others who pushed
themselves too hard also suffered. Our
leadership soon realized the need for a
program to support people in this process,
to navigate our daily challenges. I learned
to respect my boundaries.”

Lucas Oliveira, Health
and Safety Analyst

“We are here today after the consequences of the dam collapse, which
left an open wound in our community, and this moment is healing. I
believe that strong people are the ones who make people stronger and
that’s what I’ve seen happen throughout the course.”

Marina Fantoni, Community Relations Analyst in
Córrego do Feijão, Brumadinho/MG.

Adilson Thiago, Course Participant,
Conceição do Itaguá class.

Vale Integrated Report 2023 55

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Mariana

Renova initiatives

The Renova Foundation was established
in 2016 under a Framework Agreement
(TTAC, acronym for Termo de Transação
e Ajustamento de Conduta) for
reparation of the damages caused by
the Fundão dam collapse in Mariana
(MG), which affected 39 municipalities
in Minas Gerais and Espírito Santo. The
dam was operated by Samarco, a joint
venture with equal stakes owned by Vale
and BHP (50/50). The Renova Foundation
is therefore jointly funded by Samarco,
Vale, and BHP.

Samarco is responsible for reparations in
the affected areas through the Renova
Foundation, with Samarco, Vale, and BHP
as additional stakeholders. We are actively
working to expedite the reparation
process, seeking to ensure it is carried out
compliantly and leaving a positive legacy
for the communities and the environment.
Working through Renova and its
governance bodies, Vale is committed to
full reparation and compensation while
also aiming to contribute to infrastructure
programs in affected communities.

However, we recognize that the reparation
process in Mariana is intricate and
demanding given the extensive territory
affected and its diverse social, cultural,
and economic landscapes. Pursuant to
the Framework Agreement, Renova is
conducting a total of 42 social, economic,
and environmental reparation programs
in affected territories, along a stretch of
river approximately 670 km in length.

Renova’s main reparation priorities
include the restoration of the Doce River
watershed, the resettlement of residents,
and the compensation of families directly
affected by the collapse of the Fundão
dam. As of December 2023, over BRL 35
billion (USD 7 billion) has been disbursed for
reparation and compensation, across a set
of three program areas:

People and Communities

Registration, indemnities, financial
aid, Indigenous and traditional
communities, economic and
innovation programs, dialogue and
communication, education, tourism,
heritage, and fisheries.

Land and Water

Agricultural recovery, rehabilitation
of protected areas, water quality
monitoring in the Doce River, tailings
management, and fauna and flora.

Reconstruction and Infrastructure

Resettlement of families and the
reconstruction of the villages of
Bento Rodrigues and Paracatu;
improvement of water-supply and
sewage collection and treatment
systems.

On the socioeconomic reparation front,
compensation for those affected is the
main focus. By December 2023, BRL 17 billion
(USD 3.4 billion) had already been paid out
in compensation and financial aid to more
than 468,000 people, of whom around
332,000 were assisted under the Mediated
Compensation Programme (PIM), 106,000
under the new compensation system (NOVEL)
and a further 32,000 people were assisted by
Emergency Financial Aid payments.

The delivery of infrastructure to
residents of affected communities
follows a construction model with
customized projects and public
structures, including schools, squares,
and health units. The delivery of keys
in the districts of Bento Rodrigues
and Paracatu, in Mariana, has been
accelerated. By December 2023, 575
housing solutions have been reached,
which is equivalent to almost 90% of
the cases in which housing solutions
have been approved by the family. We
aim to complete the resettlement of
most of the families by the end of 2024.

Meanwhile, the Krenak Indigenous
families in Minas Gerais and the
Tupiniquim and Guarani in Espírito Santo
are receiving Emergency Livelihood
Assistance, water supply, productive
support, and other immediate
measures as negotiations continue
for comprehensive and definitive
reparation strategies, with community
participation. The negotiation for a
revised agreement with the Tupiniquim
and Guarani peoples progressed in 2023,
and consensus is expected in 2024 to
resume structural initiatives in the
territory once the Indigenous Basic
Environmental Plan is finalized.

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In the collective resettlements of
Bento and Paracatu, 153 keys have
already been delivered and 112
changes have been made. By 2024,
Renova aims to reach 243 keys
delivered in the two resettlements.

Reparation also extends to
the Indigenous and traditional
communities affected by the collapse.
The Degredo Quilombola Community
has defined the initiatives being
undertaken in their territory through
a set of 18 programs outlined in a
“Quilombola Basic Environmental
Plan.” Of these programs, three
have been completed, while the
others are being implemented by
the Renova Foundation following
a court decision that deemed
their execution by community
organizations unfeasible. Discussions
are ongoing between the parties and
the municipality of Linhares regarding
the implementation of a Water Supply
System in the community.

Water Quality of
the Doce River

Water quality in the Doce
River basin has been restored
to conditions comparable
to those before the dam
collapse, according to data
released on the Rio Doce
Monitoring portal. River
water can now be safely used
for irrigation purposes as well
as for use as drinking water
for animals after undergoing
conventional treatment. The
water in the Doce River is
monitored at more than 80
strategic stations, feeding
real-time information to an
alert network to facilitate
planning for the main water
supply systems in the basin.

thousand
hectares are
being reforested

2.5

thousand
springs are being
recovered

Among ongoing environmental initiatives, Renova
is working on reforesting 40,000 hectares and
restoring 5,000 springs. Additionally, sanitation
and solid waste management efforts are
underway aiming to improve water security and
mitigate the release of untreated
effluents into water resources.

Concurrently, Renova is working to support small
businesses, strengthen local economic activities, and
help farmers in the region with technical support to
expand their production capacity, adopt more efficient
planting methods, manage livestock and soil, and
conserve natural resources.

Further details about reparation programs can be
found on the Renova Foundation’s website.

Vale Integrated Report 2023 56

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The Salobo mine. Seedling nursery during the harvesting of Brazil nut seeds - Marabá, Pará (PA).

Nature

GRI 3-3 [Biodiversity] | 304-2 | 304-3 | 304-4 | MM1 | MM2

Nature figures prominently in Vale’s business
and is essential to the well-being of humanity.
In particular, the Amazon, where we have iron
and base metal projects, plays a fundamental
role in regulating the climate at a global level:
supporting the balance of rainfall, stabilizing
temperatures, and storing large stocks of carbon.
The conservation and recovery of its forests is
essential for the world and for business.

Through our integrated approach and with inputs
from stakeholders, we have set an ambitious
goal of becoming a global leader in practices to
minimize negative impacts and enhance positive
outcomes for nature and people.

To realize this ambition, we have established
a set of goals. Connected to our nature
agenda and aiming to reduce pressures on
the environment and bring gains, we have
robust targets in our sustainability agenda
focused on reducing our emissions and new
water abstraction, as well as protecting and
restoring forests. Our actions go beyond our
legal obligations and the boundaries of our
operations, seeking to combine economic
development with environmental protection
and well-being for the communities where we
operate.

Find out more at
Our 2030 commitments.

Amazonia

For almost 40 years, Vale has been
operating and supporting Amazon
conservation in the southeastern
region of Pará. There are around 800,000
hectares of protected areas - about five
times the size of the city of São Paulo
- in partnership with ICMBio. This land
contributes to sequestering around 400
million metric tons of carbon¹ equivalent,
protecting more than 22,000 springs and
more than 3,000 species of Amazonian
flora and fauna.

Our operations currently occupy less
than 3% of these protected areas,
where 60% of our iron ore production
comes from, demonstrating that it is
possible to develop a mining model
that contributes to keeping the forest
standing. The importance of these
actions becomes even clearer when we
analyze the context of pressures in which
this area is inserted, known as the arc of
deforestation.

In 2023, sought to strengthen our
commitment to the region by expanding
our voluntary actions, with the goal
of contributing to the conservation
and regeneration of the Amazon,
strengthening its bioeconomy and
promoting socioeconomic development.
We focus on socioenvironmental actions,
research and development, and on
strengthening public policies.

“The mining industry owes its very existence to
nature. At a time when the health of our natural
world is in peril, yet the demand for critical minerals
is set to soar, we have committed to significant
collective action to help create a nature positive
future. These commitments build on the significant
individual goals and actions of ICMM members over
several decades, including habitat conservation,
species protection, and landscape restoration.”

Rohitesh Dhawan, President
and CEO of the ICMM

“Throughout 2023, interacting with numerous
Vale employees, it was very encouraging to
see that the term ‘nature’ is no longer solely
applied to non-human living beings but to the
‘whole’, of which we are an interdependent
part. It shifts from being perceived as a
problem to being seen as a solution.”

Fabio Rubio Scarano, professor of ecology at
Universidade Federal do Rio de Janeiro and chair
of Cátedra de Futuros at the Museu do Amanhã.

1 Values consider the carbon stock of CUs in the Amazon only and are in accordance with the

methodological reviews of Vale’s LULUCF inventory, verified by an independent third party. It includes
the carbon stock, and the biomass above and below ground, but does not include the carbon stock in
the soil above and below ground and does not include the carbon stock in the soil.

Vale Integrated Report 2023 57

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Nature Positioning
Statement
Vale, as a member of the International
Council on Mining and Metals (ICMM),
contributed to the development of the
organization’s new Nature Position
Statement, approved in December 2023.

This document defines the approach to be
adopted for the protection of biodiversity
(land, freshwater, oceans, and atmosphere),
in synergy with the goals of the Kunming-
Montreal Global Biodiversity Framework
(GBF) 2030 and the ICMM’s existing
commitments relating to Indigenous
peoples, climate change, water, and respect
for human rights.

In the Statement, ICMM members commit
to developing actions to contribute to a
nature positive future. The publication
replaces the 2003 Position Statement
on Protected Areas and covers four
spheres of influence: direct operations,
value chain, landscapes, and systems
transformation. They are supported by the
ICMM’s Governance sphere, which aims for
transparency in information disclosure.

Find out more here

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Biodiversity
GRI 3-3 [Biodiversity]

Biodiversity is a cross-cutting
theme at Vale. In 2023, we
continued on our commitment
to achieve No Net Loss and
generating Net Positive Impacts
through neutralization of impacts.
Contributing to our business
to interact sustainably with
biodiversity over the long-term,
one of our goals is to prevent and
neutralize significant impacts
from greenfield and brownfield
projects in areas of high
biodiversity value, supporting our.

Our strategy involves performing baseline
studies and assessments to anticipate risks,
assess impacts on biodiversity, and prioritize
locations and attributes of important
biodiversity features (habitats, species).
These studies serve as a basis for our efforts
to avoid, minimize, recover, and/or offset
impacts on biodiversity. This approach was
codified in standards and procedures for
biodiversity management that were issued
in 2020, which are reflected in our Vale
Production System (VPS).

Find out more here.

“Throughout 2023, I witnessed Vale’s efforts to deepen its
engagement with local communities, particularly Indigenous
communities, with a renewed focus on the forest and its Amazon
context. Another commendable move by Vale is its readiness
to meet the demand for low-carbon hydrogen to decarbonize
strategic steelmaking hubs, both domestically and internationally.
Looking ahead, I expect Vale to continue to lead in implementing
mining practices that regenerate the environment, optimize
natural resource use, and build engagement
with local communities.”

André Clark, Vice President of Siemens Brazil and a
member of Vale’s Sounding Panel.

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GRI G4 MM2

Of the 54 operational sites assessed in 2023, 50 have
been identified as requiring biodiversity management
plans. Of these, 82% have biodiversity management
plans in place, and the remainder have plans under
development or planned.

We report annually on the biodiversity impacts, risks,
and opportunities in our operations considered a
priority, according to location and interface with nature,
and on our strategy for managing them. This acts as a
part of our response to the CDP Forests questionnaire
for the Minerals and Metals sector, and information
is also available on our ESG Portal, following the
recommendations of the Taskforce on Nature-related
Financial Disclosures (TNFD).

The total area affected by our direct operations
worldwide in 2023 amounted to approximately 89,000
hectares. Brazil and Indonesia host operations that
overlap with areas of significant biodiversity. Certain
sites in Brazil also overlap with protected areas,
specifically “sustainable-use conservation units” that
allow for certain economic activities as permitted by the
decrees under which they were created.

In 2023, we conducted an assessment of our
dependencies, impacts, risks, and opportunities based
on the TNFD’s proposed approach. The results of this
assessment, along with the reporting of qualitative
indicators in each operational area (GRI 304-2), indicated
that our most significant impacts are associated with
changes in vegetation cover and land use. Critical
dependencies include water supply (both ground and
surface), climate regulation, and erosion control.

In 2023, 4,125 species were recorded in habitats
impacted by or located close to Vale’s operations.
Of these, 147 are considered threatened by the
International Union for Conservation of Nature
(IUCN): 13 are classed as Critically endangered, 59 as
endangered, and 75 as vulnerable. GRI 304-4

g and re p

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Biodiversity management
plans

Studies and evaluation of areas of interest

Impact and risk assessment

Avoid and mitigate

Recover and offset

In 2023,

4,125

species were recorded
in habitats impacted
by or located close to
Vale’s operations

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Taskforce on Nature-related Financial Disclosures

In January 2024, in Davos (World Economic Forum Annual Meeting), 320 companies elected to
lead, as early adopters, the Taskforce on Nature-related Financial Disclosure (TNFD), which
establishes guidelines for companies to provide disclosures on biodiversity and natural capital
risks in their financial reports. Voluntary first adopters will provide disclosures through 2025.

Among them are six mining companies, including Vale (Brazil), Anglo American (UK), Vedanta
(India), Endeavour Mining (UK), Rio Branco (Angola), and Cerrejon (Colombia). Additionally,
eight Brazilian companies have joined the initiative, including four corporations (Vale, Suzano,
Natura, and Telefônica), two financial institutions (BTG Pactual and JGP), and two service
providers (Rever and Green Initiative Intl).

Of these,

147

are considered
threatened

by the International Union for Conservation of
Nature (IUCN): 13 are classed as critically endangered,
59 as endangered, and 75 as vulnerable

Scientific research and data
Scientific research and data are important tools in our approach to managing biodiversity
impacts, guiding related decisions, and shaping our strategy for mitigation, recovery, and
offsets. We actively pursue partnerships with research institutions and experts. We have
leveraged the Vale Institute of Technology to catalyze research in the Amazon and in the
Vale Natural Reserve, with the latter serving as a center for conservation of and research
on the Atlantic Forest.

Vale Integrated Report 2023 59

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Actions for biodiversity

Cherry-throated tanager

In 2021, Vale entered into a technical cooperation
agreement with the Marcos Daniel Institute (IMD),
a private non-profit association dedicated to
conserving the cherry-throated tanager
(Nemosia rourei), a critically endangered bird species
endemic to the Atlantic Forest of Espírito Santo.

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Conservation of a rare
aquatic plant in Carajás

A scientific research collaboration between
the Vale Institute of Technology and the
Federal University of Rio de Janeiro has
yielded significant insights into Isoëtes
cangae, an aquatic macrophyte species found
exclusively in a lagoon in the Serra Sul region
of Carajás (PA). Over a decade of research,
including genome analysis and studies of
population ecology, physiology, reproduction,
cultivation, and various other aspects, has
greatly expanded our understanding of this
species. Research findings were compiled into
a paper published in 2023 and have informed
decision-making and conservation strategies
aimed at preserving the species while
fostering regional development,
Find out more ITV website.

“We’ve partnered with the Vale Natural
Reserve to conduct technical studies on
forest surveying, reforestation, and bird
monitoring in areas harboring cherry-
throated tanagers, the only endemic bird
species in Espírito Santo. The Reserve
brought in the Vale Institute of Technology
(ITV) to collaborate on initiatives as part
of our Action Plan to explore the genome
of this species. Our main goals are to
gather data to inform species’ taxonomic
position, degree of relatedness, and sexing
of captured birds. ITV’s membership of the
partnership opens up many possibilities to
contribute to research and conservation of
the cherry-throated tanagern.

Gustavo Rodrigues Magnago, Field Coordinator
in the Black-hooded Antwren Conservation
Program, Marcos Daniel Institute.

Biodiversity conservation is also
integral to Vale’s carbon offset
initiatives and partnerships. We
protect approximately 965,000
hectares of forests on both our
own and third-party land, either
through voluntary initiatives or
in compliance with regulations.
GRI 203-1 | GRI 304-3

For every hectare affected by our
operations, we protect 11 hectares in
sensitive areas1, including key areas for
biodiversity conservation and other areas
of high biodiversity. Forest preservation
and conservation plays a crucial
role in combating climate change by
helping to maintain and expand stored
carbonstocks.

Focusing on our long-term goal of having No Net
Loss of biodiversity, the recovery of degraded
areas is an important measure to mitigate, restore,
and compensate for the impacts of our operations.
In the short-term, the recovery process is aimed
at the areas altered by our projects, mainly with
a view to reducing the impacts on the physical
environment without eliminating the possibility of
restoring them in the long term and in accordance
with planned future use. As a restoration measure,
rehabilitation seeks to facilitate or expedite

natural ecological succession, enhancing
biological diversity in disturbed land or
other areas of interest.

Additionally, rehabilitation efforts can serve
to offset residual impacts on biodiversity
by restoring other areas within the same
biogeographic region and with ecological
characteristics similar to the areas affected
by the project, in terms of regional
biodiversity and landscape.

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Canela de Ema plant at the Vale seedling production center, in Nova Lima, Minas Gerais.

1 Sensitive areas: Wilderness (Amazon) and Hotspots (Atlantic Forest and Sundaland).

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Forest Goal
GRI 203-1

Vale has committed to recover and
protect 500,000 hectares of forests
beyond its fenceline as part of our
2030 Forest Goal. This commitment
comprises two separate goals: to
recover 100,000 hectares through
production arrangements and
partnerships with businesses with
social and environmental impact;
and to protect 400,000 hectares
through partnerships. This pledge
is voluntary and goes beyond
minimum legal requirements,
contributing to a nature-
positive future. Our strategy and
implementation include support
from the Vale Natural Reserve
(RNV) and the Vale Fund.

In 2022, our efforts to protect
400,000 hectares benefited from
further integration with our climate
commitments. In 2023, a total of
165,000 hectares were protected in
partnership with public protected
areas and REDD+¹ projects.

In our efforts to restore 100,000
hectares of forests, we rely on a
network of partners and business
arrangements with positive socio
and environmental impacts. These
impacts include more sustainable
production systems that improve
landscape permeability, sequester
carbon, and generate employment
and income for communities. In 2023,
we supported the restoration of 5,220
hectares through the Belterra and
Caaporã social-impact businesses,

and we have four new businesses
(CAMTA, Courageous Land, Futuro
Agroflorestal, and Radix) in the
proof-of-concept phase.

Given the scale of our Forest Goal,
we have established partnerships
with the goal of strengthening these
businesses, generating knowledge,
disseminating sustainable production
systems, and advancing the agenda.
This includes seeking other sources of
funding to reduce the cost per hectare
of landing. Additionally, we work on
these developments in partnership
with companies and organizations such
as Imaflora, Ideflor, Embrapa Florestas,
Natura, Biomas, Palladium, Provalia,
Move and JGIM.

1 Acronym for Reducing Emissions from
Deforestation and Forest Degradation.

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Black-hooded antwren
(Formicivora erythronotos).

Partnership with the
INEA for Atlantic Forest
conservation

Established in 2008, the Cunhambebe State
Park spans over 38,000 hectares of Atlantic
Forest, covering parts of the municipalities of
Mangaratiba, Angra dos Reis, Rio Claro, and
Itaguaí. Managed by the Rio de Janeiro State
Institute of Environment (INEA), a significant
portion of the area boasts well-preserved
forest encompassing the wildlife corridor
between the Bocaina and Tinguá formations
and part of the Serra da Bocaina / Paraty /
Angra dos Reis Key Biodiversity Area. The park
supports the conservation of native species
of fauna and flora, including threatened and
endemic species, as well as serving as an
important water catchment area.

“As a result of the cooperation
agreement between INEA and
Vale, significant progress has
been made in wildlife monitoring.
This has helped to expand the
list of recorded species and
identify new areas of occurrence
of endemic and threatened
species, such as the black-hooded
antwren, as well as a new snake
species. Using camera traps,
over 500 individuals have been
documented within the Park,
including pumas. Flora inventories
have provided invaluable
data and provides inputs into
environmental education
initiatives. The agreement also
includes a range of infrastructure
enhancements for the park, such
as signage, hiring environmental
monitors, establishing a crew of
forest fire responders, providing
vehicles, and purchasing essential
equipment.”

Ana Carolina Maia, manager of the
Cunhambebe State Park (Rio de Janeiro
State Institute of Environment - INEA/RJ)

Belterra Agroforestry’s São Francisco farm in Parauapebas/PA.

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Impact Business
GRI 203-1

Established in 2009, the Vale Fund
aims to generate a positive impact by
fostering and investing in forest and
climate initiatives, with a special focus
on the Amazon. Through partnerships
with civil society organizations, the
Vale Fund develops projects that

advance the bioeconomy,
land reclamation, and
forest preservation. In the
nearly 15 years since it was
founded, the Vale Fund has
supported over 300 socio and
environmental businesses,
strengthening their
management and facilitating

access to credit, benefiting
around 18,500 farmers and
forest gatherers. In 2023,
more than 100 social-impact
enterprises benefited directly
and indirectly from Vale
Fund-supported initiatives.
These include the following
standout initiatives:

5Cs strategy

Highlights from 2023

We have
supported over

300

socio and
environmental
businesses
Since 2020

More than

100

social-impact enterprises benefited
directly and indirectly from Vale
Fund-supported initiatives
Only in 2023

benefiting around

18,500

farmers and
forest gatherers

Catalyzing businesses with a positive socioenvironmental impact

The Jornada Amazônia (“Amazon Journey”) initiative, which supports the development of startups in forest-related value chains, engaged more than 4,000
entrepreneurial talents in nine states and 211 municipalities; incubated 200 forest businesses; and scaled up 21 businesses. The initiative is working towards a goal of
creating 200 startups in the next three years.

Investing in and unlocking patient, catalytic, and flexible financial
capital

In partnership with Fundo CX, Conexsus’ finance platform, we developed a new microcredit line for community businesses in the rubber supply chain, in collaboration
with Michelin.

In partnership with Banco Nacional de Desenvolvimento Econômico e Social (BNDES), Energisa, and Norte Energia, a call for proposals was launched for forest
restoration in the Xingu river basin (PA), providing BRL 24 million (USD 4.8 million) to support civil-society projects, covering approximately 1,000 hectares.

Acting in coalitions to gain an understanding of and collaborate
with different actors in the ecosystem within a systemic approach

A partnership was established with ICMBio to support six projects for strengthening value chains within 15 Non-timber Forest Product Reserves in the Amazon,
bolstering the bioeconomy. The program covers nearly 10 million hectares and involves the pirarucu, Brazil nut, timber, oils, açaí, chestnut, and agroforestry value
chains. Support for broadband internet access was also provided to 356 remote traditional communities in the region (benefiting around 30,000 people), along with a
network of over 30 partners. Another initiative is developing a bioeconomy innovation space in Pará to strengthen public programs in the state.

In addition, the Vale Fund is a member of various networks and coalitions in the areas where it is present.

Capacity building by producing and disseminating knowledge to
develop and strengthen partners and individuals

Cocoa supply chain handbooks were produced containing instructional information on agricultural pollination, preventing forced labor, and best practices in
occupational health and safety. The Vale Fund also supported the launch of an online course on sustainable cocoa production with over 3,000 participants and funded
the publication of thematic studies on high-impact ecosystems.

Contributing to Vale’s Sustainability Commitments

In 2023, we supported the restoration of 5,220 hectares through the Belterra and Caaporã social-impact businesses, and we have four new businesses (CAMTA,
Courageous Land, Futuro Agroflorestal, and Radix) in the proof-of-concept phase. Rehabilitation areas were established in eight states of Brazil, across three biomes
harboring over 40 different species, 75% of which are native.

The Vale Fund also supports Vale’s Social Ambition program to help reduce extreme poverty in the Brazilian Amazon by expanding and adapting sustainable solutions.
Field activities began in 2023 with a questionnaire-based survey to identify families suitable for the program.

For more information, visit www.fundovale.org.

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Belterra Agroforestry’s São Francisco farm in Parauapebas/PA.

Belterra, Vale Fund and and
Vale Institute of Technology
GRI 203-1

Belterra, a company created with the aim of enabling the implementation of agroforestry
systems on a large scale, works supported by Fundo Vale to transform degraded areas into
productive forests together with small- and medium-sized farmers. Among the species
planted are cocoa, cupuaçu, açaí, pupunha, cassava, and banana.

Innovation contributes to generating positive impacts, such as the development of
the best cocoa seedling, pollination and diagnostic studies of the weaknesses of its
production chain, in conjunction with the Vale Institute of Technology. Encouraging
quality production can also results in social benefits for producers, who become part
of a regenerative chain that strengthens the bioeconomy.

Talents in the Amazon GRI 203-1

Since 2019, the Vale Institute of Technology’s professional master’s program has
awarded scholarships to students living in Pará to develop their research on topics
related to the UN’s Sustainable Development Goals. Training and retaining young
talent in the Amazon is the main objective of the program, which has
already trained around 50 young researchers in sustainability issues.

Biomas: Protecting
native forests in Brazil

In 2023, Biomas, a company founded
by Itaú, Marfrig, Rabobank,
Santander, Suzano, and Vale,
completed the structuring of its
governance systems, assembled
its team, identified suitable areas
for pilot projects to restore native
ecosystems, and progressed with
opportunities for implementation
in 2024. It also undertook advocacy
efforts regarding the carbon market
bill currently pending in Brazilian
National Congress and, regarding
forest concessions, working to
promote high-integrity markets.

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Eco-efficiency
GRI 3-3 [Eco-efficiency]

Water

GRI 303-1 | 303-3 | 303-4 | 303-5

Water is a vital resource across our
operations, from conceptual design to
future use. Our goal is to ensure that
water resources and the effluents
generated in mining operations are
responsibly managed. We aim to
use water resources in ways that
are rational, socially equitable,
environmentally sustainable, and
economically benefical while taking into
account the needs of stakeholders and
river basin conservation.

Vale’s water security strategy was
recognized by the CDP (formerly the
Carbon Disclosure Project); due to
actions taken in 2023, the Company
received an A- grade in the ranking
released at the beginning of 2024.

2030 Water Target

In 2023, Vale updated the Water Target
to a cumulative reduction in specific
freshwater use of 27% compared to
2017. The update was established based
on the four pillars of Vale’s water and
effluent management, which cover
internal and external management,
guided by the characteristics of
the watershed where we operate,
delimiting our territory of operation.

Pillar

Target

Governance

Global water governance to be implemented by 2025.

Monitoring and
control

Strategic monitoring network for surface water quality to be
implemented by 2027.
Cumulative 27% reduction in specific water use (2017–2030).

Engagement

Water Resources and Effluent Engagement Plan to be
implemented by 2030.

Water risk
management

Water risks identified and managed by 2030.

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Our approach
to water
management
includes assessing
water stress in
watersheds where
we operate.

These assessments use a
methodology developed
by the UN Food and
Agriculture Organization
(FAO) which considers total
freshwater withdrawal by
major use sector, available
freshwater volume, and the
ecological flow of the river
basin (the amount of water
necessary to sustain river
ecosystems).

Water stress is divided
into five levels - high,
critical, medium, low,
and none - as illustrated
in the figure below. We
have set more ambitious
reduction goals for
operations in basins with
higher water stress.

Level of water stress in the watersheds where we operate

Ontario

Manitoba

Clydach

Newfoundland
& Labrador

Pará

Maranhão

Minas Gerais

Espirito Santo

Rio de Janeiro

Number of
operational units /
water stress level

Ontario

1
1

Newfoundland

1
1

Minas Gerais

6
1
6
2
2

Pará

4
1
1
1

Rio de Janeiro

1
1

Our water approach

Watersheds are a shared
resource. We are active
members of seven Watershed
Committees (CBH) in Brazil.
Additionally, we are a member
of water resource working
groups at Brazil’s leading
mining associations (ICMM and
IBRAM), in which we provide
inputs into the formulation of
guidelines for responsible water
resource management and
effluent treatment in the sector.

To support greater operational
efficiency and sustainable
growth, we invest in water
monitoring and data storage
through an integrated data
management system that is
audited annually. We also aim to
optimize our water usage and
discharge volumes, implement
water recycling projects,
and implement systems for
controlling and treating water
and effluents. In addition,
we explore alternative water
sources where feasible, thereby
enhancing the availability and
quality of water resources in the
watersheds where we operate.

Vale Integrated Report 2023 64

Japan

Indonesia

Oman

Malaysia

Legend

No stress (<25%)

Low (25 to 50%)

Medium (50 to 75%)

High (75 to 100%)

Critical (> 100%)

Underground mines

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining1Sustainable MiningGRI 203-1 | 303-3 | 303-4 | 303-5

Water balance
Million m3

496.7

Total withdrawal

Operational water
Captured for
production purposes

Non-operational water

108.9

Operating
water used

562.8

Reused water

41.1

Discharged water
after treatment

43.0

Water collected
and made available
for external use

Water collected
for the purpose
of supplying third
parties, such as local
communities near
Vale operations.

344.8

Water withdrawn
without use and returned
to the environment

Water withdrawn that has
not entered the production
process, has not been
used in any other way, and
has been returned to the
environment.

In 2023, our total water withdrawals amounted to 496.7
million cubic meters. Of this volume, 69% was directly
returned to the environment, while 9% was directed to
water utilities through partnerships with institutions and
concessionaires, being treated to ensure a safe, high-quality
water supply. The remaining portion was recycled for
operational use, with 22% being used for production purposes.

To help ensure responsible resource management and prevent conflicts of use, we believe it is
important that we source water for operational uses primarily from less critical sources. In order
to establish this prioritization, we classify water sources into three groups:

Second-use Waters:

Sustainable Sources:

Conventional Sources:

These include water resources
used for a secondary purpose
after initial utilization in specific
operations, including reuse,
recycling, recirculation, and
recovery.

Water sourced through
sustainable operations such
as desalination, utilization
of treated effluents from
external sources, and
rainwater harvesting.

First-use surface water
(rivers, lakes, canals, etc.) and
groundwater (subsurface
aquifers) withdrawals under
permits.

Out of our total operational water requirement in 2023 (671.7 million cubic meters), 84% was sourced
from recirculated water, 1% from sustainable sources, and 15% from conventional sources. This approach
supports enhanced environmental sustainability and water efficiency while helping to ensure that our
operations are supplied with water of the requisite quality for each specific application.

For more information on Vale’s water management, visit our ESG Portal.

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Atmospheric emissions
GRI 305-7

Mining and iron ore processing operations release
particulate matter (PM), sulfur oxides (SOx),
and nitrogen oxides (NOx) into the atmosphere,
affecting air quality and local ecosystems. These
airborne pollutants are emitted from hauling,
handling and storage operations, the chimneys
of power plants for the production of briquettes,
pellets, and base metals, as well as from fuel
combustion in mobile equipment.

We have publicly committed
to mitigate these impacts by
implementing more efficient and
sustainable processes. We are also
working to implement innovative
emissions management technology
such as dust suppressors, spray
nozzles, enclosures around
facilities, and improvements
to end-of-line controls, such
as bag filters and electrostatic
precipitators.

We seek to go beyond minimum legal requirements,
in line with our global strategy of leading the
transition to sustainable mining. We are also
working to minimize impacts from atmospheric
emissions on communities surrounding our
operations. In support of this, we regularly monitor
and analyze monitoring data from weather and
air-quality stations.

Find out more about Vale’s
atmospheric emissions here.

Global emissions
reduction goals to be
achieved by 2030

16% for particulate matter
16% for sulfur oxides
10% for nitrogen oxides

Our emissions management practices
are based on source inventories,
atmospheric dispersion studies, emission
control systems, and atmospheric
monitoring, with a goal to eliminate
or, when not possible, mitigate
environmental impacts.

In our main operations in Brazil, we have
Environmental Control Centers (ECCs)
operating 24 hours a day, collecting
environmental monitoring data that
is fed directly by Operational Control
Centers. This data helps us to assess
our emission performance, identify
weaknesses, and improve emission
processes. At the other units, the
environmental and operations teams are
responsible for monitoring activities.

Particulate matter emissions (in metric tons)
GRI 305-7

2021

2022

2023

Nickel

Pelletizing

Manganese

TOTAL

3.3

1.4

0.1

4.8

2.6

1.6

4.2

SOx emissions (in metric tons)

Nickel

Pelletizing

Logistics

Other businesses

TOTAL

2021

66.1

8.2

2.0

1.2

77.5

2022

66.5

7.1

1.9

0.2

75.7

4.7

2.0

6.7

2023

71.4

8.1

1.9

0.2

81.6

NOx emissions (in metric tons)

2021

2022

2023

Nickel

Pelletizing

Iron ore

Logistics

8.0

18.1

3.0

18.3

Other businesses

1.4

5.7

19.8

2.8

15.6

0.8

TOTAL

48.8

44.7

13.0

16.9

3.0

16.1

0.8

49.8

Sustainable PET-based dust suppressant

A decade-long research collaboration between Vale and the
Federal University of Espírito Santo (UFES) resulted in the
development of a groundbreaking dust suppressant, which
uses recycled plastic to form a protective film that effectively
reduces dust emissions. This innovation has now been
patented by Vale and UFES and should soon be applied at scale
in Vale’s operational units.

Beyond its environmental benefits in reducing air pollution,
this sustainable dust suppressant has the potential to remove
the equivalent of over two million plastic bottles from the
environment monthly. Vale plans to expand its usage across other
operations. Most of the plastic used to make the suppressant will
be sourced from associations of recyclable material collectors.

As a way to support and strengthen these associations, Vale
launched a project, called Reciclo, that, over the past three
years, has undertaken various initiatives to improve the physical
infrastructure, management, and sales of recyclable materials, as
well as expand waste segregation in gated communities and on
company premises. To date, Reciclo has positively impacted 580
individuals, including waste collectors and their families, through
collaborations with 12 associations across six municipalities in
Espírito Santo, with an increase in income of around 45%, with an
average salary of USD 267 per person.

Around

580

people

have already benefited
from Reciclo’s actions

45%

increase their
income

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“Our livelihoods have greatly
improved thanks to the Reciclo
project. After years rummaging
through waste at a landfill, we
now have dignified occupations
and recognition.”

Luzenita Meireles, founder
of Acamarp (Beneficent
Association of Waste Pickers
in Nova Rosa Da Penha II).

Environmental management

Vale’s environmental management strategy is based on the Vale
Production System (VPS). By considering the risks and impacts of
the production process, we aim to minimize the socioenvironmental
impacts of operations and respond to the demands of stakeholders. We
also draw on international standards, such as ISO 14001:2015 — to which
100% of our operations in Brazil are now certified for the first time,
a significant milestone. The remaining global iron ore operations are
slated to be ISO 14001:2015 certified by the end of 2024.

In 2023, the implementation of a new methodology for the Survey
of Environmental Aspects and Impacts (LAIA) made it possible to
standardize the process of mapping operational scenarios and controls
of environmental interest, enabling a focus on relevant environmental
aspects and assertiveness in the management of associated controls.
Additionally, summary maps were developed to provide a spatial view of
the main environmental aspects.

We have also implemented multidisciplinary social and environmental
plans deriving from the environmental licensing processes for our
operations. Licenses secured for new operations in Brazil increased by
45% in 2023. There were three major highlights from these licensing
processes: we introduced new and more rigorous licensing approaches;
we collaborated with environmental agencies to provide technology and
funding for environmental studies; and we improved local community
awareness of the importance of projects that are relevant to the
environmental agenda.

In the event of environmental incidents, internationally recognized
incident management response practices are applicable:

• Initial communication (internal and external);

• Immediate response and containment;

• Investigation of root causes and implementation of

corrective action;

• Assessment of extent; and

• Documentation of lessons learned to prevent recurrence,

whether at the same location or at any other site.

Total environmental incidents

Incidents and environmental impacts by country in 2023

2021

2022

2023

Country

Incidents Environmental impacts

Total incidents 33

Critical and
highly critical
incidents

Brazil

Canada

Indonesia

Changes in water quality

Change in water quality / Loss of trees

Change in air quality

Change in soil and water quality

Change in soil quality and reduction in
biodiversity

Circular mining and mineral waste

Circular Mining offers opportunities for Vale’s core
business, in addition to supporting the mitigation of
environmental challenges that the mining sector faces.
Our approach is associated not only with mining
co-products but also with the reprocessing of tailings and
the reduction of waste, which would otherwise go to dams
or tailings piles.It generates new potential pathways for
economic growth with positive environmental and social
impacts. The development and application of technological
innovation in a collaborative approach, driven by new
business models, are part of the Circular Mining strategy.
Furthermore, as a consequence, there is generation of
intangible value, reducing operational risks and sharing
value with the territories and the mining ecosystem.

Through our Waste to Value program, which aims to
leverage a series of initiatives that already exist in the
company, in addition to others with long-term plans, our
goal is to establish, by 2035, a global iron ore operation
with minimum generation and reprocessing of waste
from mineral production, boosting circular mining at
the beginning of the chain. In March 2023, we started

operations at the Gelado Project, which will produce pellet
feed from the reuse of iron ore waste in Carajás (PA), with an
initial production capacity of 5 million metric tons per year,
showing the potential of the program’s initiatives.

The reuse of tailings has resulted in the development of
various applications containing Vale by-products and the
structuring of our sand business, with the creation of the
startup Agera. This startup was created to develop new
applications for the waste generated. It is also responsible for
expanding Vale’s sustainable sand business through research
and development of solutions, and through marketing and
distribution. Since the structuring of our sand business in
2021, 1.9 million metric tons of sand have been allocated, with
the expectation to reach 2.1 million in 2024.

The sand is currently produced in Minas Gerais, at the
Brucutu mines in São Gonçalo do Rio Abaixo. Vale also intends
to start production at the Cauê mine in Itabira.

Learn more on our ESG Portal.

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Gelado Project

In March 2023, we started operation of our
Gelado Project, which produces pellet feed from
iron ore tailings. These tailings have been stored
in Carajás (PA) over the course of almost
four decades.

With a high ore grade of 63%, the material
undergoes magnetic concentration to improve its
quality before being transformed into pellet feed
for Vale’s pelletizing plant in São Luís (MA). We
are aiming for an annual production exceeding 5
million metric tons.

This product is the result of a USD 428 million
investment in research and development to
advance a more sustainable value chain. The
high-grade pellets produced at the Gelado Project
help our steelmaking customers to reduce their
carbon emissions compared to lower-grade
products. With an initial annual production
capacity of 5 million metric tons, the project aims
to double its capacity following the conversion of
Carajás Plant 1.

The project’s sustainability is further enhanced
by the use of fully electric dredges and pumps,
which use electricity from renewable sources
instead of fossil fuels (e.g., diesel). This will avoid
484,000 metric tons of CO₂ emissions over the
course of 10 years—equivalent to the annual
carbon footprint of 105,000 compact gasoline-
fueled cars with one-liter engines. To operate
the machinery—which was imported from the
Netherlands—Vale has trained 10 inspectors and
operators. In all, the project will directly employ
185 people.

Sustainable sand
production process

Less than 30% of Vale’s production processes use
wet processing of iron ore, with the resulting waste
disposed of either in tailings dams or piles. These
tailings primarily consist of silica, the main component
of sand, and iron oxides. They are a non-toxic material
that is only processed physically. Vale’s sustainable
sand is obtained precisely from the treatment of these
iron ore tailings.

In 2022, a study by the Universities of Queensland
(Australia) and Geneva (Switzerland) has verified that
sand derived from the iron ore production process
can address two important environmental issues:
mitigating predatory sand quarrying and reducing
mining waste volumes.

In Brazil alone, approximately 330 million metric tons
of sand are used annually in construction and industrial
processes. Sand is often quarried from riverbeds at a
faster rate than it can be naturally replenished, leading
to irreversible environmental impacts. Producing sand
from repurposed tailings can help us to achieve 100%
circular extraction, transforming a material that would
otherwise be discarded into various products beneficial
to society, without compromising biodiversity.

Additionally, the use of sustainable sand can enhance
profitability in the construction and industrial sectors,
as the process enables greater control and ensures a
higher quality end product. In concrete production,
sustainable sand reduces cement consumption
and CO₂ emissions.

In 2023, about 800 kt of sustainable sand was
produced from iron ore processing.

Mineral fertilizers

Adding to our circular mining
partnerships, in October 2023, Vale Base
Metals (VBM) signed a non-binding
Memorandum of Understanding with
BluestOne, a company specialized in
converting waste into agricultural
solutions. Under the agreement, over
50,000 metric tons of slag per year will
be supplied from the Onça Puma mine
refinery (PA) over the next 10 years.

Within a two-year timeframe, BluestOne
will build a factory near the mine to
produce mineral fertilizers. There are
also plans to conduct studies on the
treatment and reuse of other waste from
VBM’s operations in Pará and globally.

Pico block manufacturing facility

The Pico block manufacturing facility is another Vale
initiative to produce building materials from mining waste.
Located at the Pico Mine site in Itabirito (MG), this facility
has a production capacity of 3.8 million precast blocks and
is the first facility to use mining waste as a primary raw
material in the construction industry.

In 2023, production reached

684,000

blocks

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Mine closure and future use

GRI 3-3 [Mine closure] | G4 MM10

“Mining is an essential activity for the global
economy. However, the impact of mining
has become a growing concern. This is
leading to an increasing demand for more
sustainable practices, including responsible
mine closure.” Hernani Lima, professor at the
Department of Mining Engineering at the
Federal University of Ouro Preto (UFOP)

Recognizing our impacts and our
responsibility for rehabilitating mined land,
all our mining operations have closure plans
we believe align with practices adopted by
the International Council on Mining and
Metals (ICMM) and applicable laws and
regulations. We monitor and oversee all
mine closure and rehabilitation activities,
thereby helping to ensure that resources
are used effectively and that we thoroughly
assess potential social, economic, and
environmental impacts.

Vale has reorganized its mine closure
management function, incorporating it
into its mine planning department, which
is responsible for managing mining rights
in its iron ore solutions operations. As a
result, both aspects—technical and closure
management—are now addressed together
with long-term mine planning. This helps
operations to be managed sustainably
and responsibly from mine development
to closure.

Also in 2023, we implemented an Executive
Committee on mine closure and reclamation,
aiming to enhance integration between technical
processes and sustainability requirements
in progressive closure and opportunities for
implementing future use in the post-mining
phase. We highlight the importance of this
integrated approach to deliver benefits and a
positive legacy for the communities where we
operate.

Mine closure and
reclamation plans

We oversee mine closure activities, including
the progressive closure of our units, in a way
that helps ensure effective resource allocation.
In 2023 Vale spent USD 172 million on final and
progressive mine closure activities. For future
closure activities, the provision is USD 3.8 billion1.

Closure plans, reclamation, and assessments
of social and community risks are guided by
standards and by information obtained through
stakeholder engagement surveys and workshops.
In 2023, efforts were focused on updating and
formalizing the Mine Closure Plan for the Águas
Claras Mine (MAC) at the National Mining Agency
and the Minas Gerais State Foundation for the
Environment.

1 Every year, we review the estimated cost for decommissioning

assets - called Asset Retirement Obligation (ARO) - with disclosure
in the accounting reports and meeting the requirements defined
by International Accounting Standard (IAS) 37 and Technical
Pronouncement CPC 25. The internal controls related to this review
of ARO estimates are part of the flows defined by the company to
comply with the Sarbanes-Oxley Act.

Innovation in reclamation

As part of our reclamation
innovation efforts, in 2023, we
launched a project that will model
several of our mines within the
Minecraft Education2 environment.
This will allow students from select
schools to collaborate and share
their recommendations for the
post-mining phase. In addition
to increasing engagement, this
initiative will provide valuable
insights for the reclamation process.

2 Minecraft Education is Microsoft’s

educational version of the Minecraft game
and promotes interactive learning through
virtual experiences and collaborative
construction in the classroom.

Águas Claras Mine
reclamation project
The Águas Claras Mine (MAC),
located in Nova Lima, is being
reclaimed to leave a positive and
sustainable legacy for all of society.
The site is currently undergoing
mine closure procedures including
geotechnical stabilization, risk
mitigation, and studies on land-use
opportunities.

A progressive rehabilitation strategy
has been established with the
goal of gradually and optimally
reopening the MAC site. The site
has been divided into three sectors
and subsectors, each of which is
slated to be individually reopened as
stabilization work progress. In 2023,

one of these subsectors was equipped
with pedestrian structures, safety
arrangements, and signage to prepare it
for community access in 2024, following
clearance by the relevant authorities.

After a robust listening process in
previous years that consulted more
than 600 interviewees and conducted
workshops with 140 internal and
external stakeholders, throughout 2023
we intensified our engagement actions
by participating in meetings with the
City of Nova Lima, where we present
project updates every two months. We
also engaged with different municipal
councils and responsible bodies, such
as the Minas Gerais State Environment
Foundation (FEAM), to present the
project’s concepts.

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Águas Claras Mine, in Minas Gerais, Brazil.

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Monitoring and
long-term care

Effective mine closure requires a
multidisciplinary approach that covers
environmental, social, economic, and
regulatory aspects. This comprehensive
approach helps mitigate risks, protect the
environment, ensure legal compliance,
and facilitate a smooth transition to
mine closure while ensuring long-term
sustainability.

Community involvement is
crucial in ensuring that mines
are effectively reclaimed into
spaces for communal living,
with a focus on creating
shared value and supporting
local development. Vale
actively solicits community
expectations regarding land
use to provide inputs into the
reclamation process and to
ensure that we leave a legacy
of responsible mining for
communities.

For further details about projects, including
data from ongoing project monitoring,
please see our ESG Portal.

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Effective mine closure
requires a multidisciplinary
approach that covers
environmental,
social, economic, and
regulatory aspects.

Vale Integrated Report 2023 70

Feasibility study

In 2023, Vale engaged the Eden Project, a company specializing in
reclamation projects, to evaluate existing assumptions and studies
and conduct a comprehensive feasibility assessment. Previous
assessments will be integrated into a reclamation proposal grounded
in environmental, social, and economic sustainability principles. Initial
plans to complete the business modeling in 2023 have been adjusted
following a new approach, based on agile methodology, which must
accelerate the process of sustainably opening up these spaces.

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Low-carbon
solutions

GRI 201-2 | 3-3 [Climate Change]

In this chapter:

The role of mining
in decarbonization

Climate Strategy

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The role of mining in decarbonization

Mining plays a pivotal role in achieving decarbonization targets aimed
at limiting global temperature rises to 1.5°C, as outlined in the Paris
Agreement. It aligns public policies and private sector commitments
by providing transition metals that facilitate the replacement of fossil
energy with renewable sources and that enhance performance in the
steel value chain due to their superior quality.

Greenhouse gas (GHG) emissions
from the steel industry have been
on a steady rise, more than doubling
over the past two decades. Steel
currently stands as one of the most
significant impact on climate change
of any industry, contributing to
approximately 8% of global emissions.
To address these impacts, there is
a growing shift towards alternative
technologies such as electric-arc
furnaces and direct reduction, backed
by federal regulations.

Beyond the benefits and progress
offered by mining, it is essential to
recognize that increased resource
demand may pose a risk of supply
shortages, potentially jeopardizing
established goals. Furthermore, the
mining industry faces additional
challenges such as the complexity of
licensing procedures and adherence
to ESG standards, inadequate logistics
infrastructure, time constraints for
market entry, supply chain integration
issues, rising operational costs, and
heightened price volatility.

Vale acknowledges that
addressing these challenges and
ensuring effective allocation of
available investments, requires
a multifaceted approach.
This encompasses forming
partnerships to leverage
synergies within the supply
chain, establishing transparent
processes and standards for
licensing and ESG compliance,
securing government incentives
and commitments to mitigate
risks, and leveraging technology
and innovation to enhance
efficiency and capitalize on
production opportunities.

In this context, we have
embraced four primary
pathways to contribute to
industry efforts: energy
efficiency, renewable energy,
the circular economy and
low-carbon fuels, energy
sources, and supporting
the development of
new technologies.

“The collaboration
between GravitHy and
Vale represents an effort
to revolutionize the steel
industry’s path towards
sustainability, addressing
the urgent need to
decarbonize an industry
responsible for 8% of
global CO₂ emissions. By
merging GravitHy’s novel
approach of producing
DRI and HBI through
water electrolysis with
Vale’s cutting-edge cold
briquetting technology, this
partnership could expedite
the adoption of green DRI
across Europe, showcasing
the importance of cross-
industry collaboration and
pioneering technology with
far-reaching environmental
and economic benefits.”

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100% Electric Truck, at the Água Limpa Mine, Minas Gerais, Brazil

Climate Strategy

GRI 201-2 | 3-3 [Climate Change]

Addressing the impacts of climate change is a strategic priority on our agenda. We actively pursue
reductions of greenhouse gas (GHG) emissions throughout our end-to-end value chain. This effort
is reflected in our offering of a portfolio of high-quality products, our increased use of renewable
energies in our operations, and our development of less carbon-intensive energy solutions.

In 2023, for the fourth year in a row, we received an A- rating in the CDP1 Climate Change assessment,
a score above the mining sector average. CDP updated the scoring methodology and added new
questions to the document, which made the assessment more rigorous when compared to previous
years.

Additionally, as part of our commitment to implementing the Task Force on Climate-Related Financial
Disclosures (TCFD) guidelines, we have incorporated assessments of climate-related risks and
opportunities into our overall corporate risk management process.

Camel Makhloufi, GravitHy’s
Chief Operating Officer

We publish Vale’s climate change strategy and its advances, including the decarbonization roadmap,
updated annually. In addition to the 2023 CDP Climate Change, other information can be found in the
ESG Portal and the Climate Change Report.

1 Non-governmental organization that evaluates the strategy and practices of
organizations on topics such as climate change, water resources and forests

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Climate Governance

Our climate governance structure is made
up of the Board of Directors (BoD), the
Sustainability Committee (which advises
the BoD), the Executive Committee,
and the leadership. Since 2021, we have
established the Low-carbon Forum, in
which we regularly involve the C-Level
and senior leaders of the company in
monitoring progress against climate
targets and global best practices.
This initiative considers technical and
operational discussions, as well as
executive deliberation and oversight.

Our GHG emissions reduction targets
are also tied to the short- and long-
term variable remuneration of our Vice
President of Sustainability and executives
respectively, supporting our goal to create
sustainable value Company-wide.

More information about Vale’s
climate commitments is available
on the ESG Portal.

GHG Inventory1
GRI 305-1 | 305-2 | 305-3

Vale’s Scope 1 and 2 emissions were 9.7
Mt CO2e in 2023, a reduction of 20.4%
when compared to the 20172 baseline.
Scope 3 emissions were 451.2 Mt CO2e,
14.8% down compared to 20183.

Scope 3 emissions—those associated
with Vale’s value chain—account for
97.9% of total emissions. Of these
emissions, 92.8% are in the “Processing
of Sold Products” category.

Our decarbonization roadmap
includes projects to expand the use of
alternative energy sources and reduce
reliance on fossil fuels in our operations
(Scopes 1 and 2). Concurrently, we
are collaborating with our suppliers
and customers to reduce our Scope
3 emissions. In 2020, we became the
first mining company to undertake a
quantitative target to reduce emissions

within this scope. Vale will review its
Scope 3 target in 2025 and every five years
thereafter, given existing uncertainties
regarding low-carbon technologies and
climate policies.

GHG Emissions - Scopes 1 and 2
In millions of metric tons CO2e

2017
(baseline)

2021

2022

2023

Scope 1

Scope 24
(market-based)

Total

10.9

1.3

12.2

8.7

0.3

9.0

8.6

0.3

8.9

9.4

0.3

9.7

GHG Emissions - Scope 3
In millions of metric tons CO2e

2018
(baseline)

2021

2022

2023

Scope 3

529.5

470.7

457.6

451.2

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Emissions by source
GRI 305-1 | 305-2 | 305-3

Emission intensity
GRI 305-4

An increase in production is expected
in the short term, according to Vale’s
production and sales report, which
may lead to an increase in emissions.
In the medium term, a drop in
emissions is expected, in line with
decarbonization efforts related to
the implementation of low-carbon
initiatives.

Emissions by source

Vale’s emission intensity indicator in
2023, of 23.2 kgCO2e/t MFe-eq3, was 4%
lower than the 2017 intensity of 24.0
kgCO2e/t MFe-eq2. This improvement is
mainly associated with the consumption
of electricity in Brazil, backed by 100%
renewable energy certificates, which
reduces our Scope 2 emissions.

Emission intensity - Scopes 1 and 2
in kgCO2e/t MFe-eq6

34.2%

30.0%

26.3%

2017
(baseline)

2021

2022

2023

Stationary
combustion
Mobile
combustion
Industrial
process

Land use5

5.8%

Purchase of
electricity

Fugitive
emissions

3.4%

0.3%

More details about our GHG emissions can
be found in our Scope 1, 2 and 3 Report.

24.0

22.2

23.2

1 Vale’s 2023 GHG inventory results
were audited by a third party.

2 Results are reported in absolute
emissions and do not include any
compensation.

3 An increase in Vale’s Scope 3

emissions is expected due to the
growth in sales volume, due to a
perspective of increased demand
for our products.

4 Vale’s Scope 2 location-based emissions totaled
0.6 million metric tons of CO₂e, a 52% reduction
compared to 2017.

5 The calculation of land use emissions and

removals (LULUCF) includes biomass above and
below soil and does not include soil carbon. In
addition, emissions are restricted to suppressed
areas owned by Vale and ADA (Area directly
affected by Vale). We have been following
the trends of the theme (GHG Protocol) and
addressing future accounting improvements.

6 The production volumes of
Vale’s main products, such
as pellets, nickel and copper,
are converted to metric tons
of iron ore equivalent.

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Energy consumption matrix by
source
GRI 302-1 | 302-3 | 302-4

Energy consumption in 2023 was 147.3 thousand TJ,
7.5% higher compared to the previous year, in line
with the increase in production volume.

0.1%
0.1%

3.4%

0.1%

30.6%

8.4%

15.1%

16.3%

25.9%

30.6% Electricity

25.9% Diesel oil

16.3% Natural gas

15.1% Coal and coke

8.4% Other oils

3.4% Renewable fuels

0.1% Shipping oils

0.1% Other gases

0.1% Other liquid fuels

Scope 1 and 2 target

With most of our combined emissions
from Scope 1 and 2 deriving from
combustion and industrial processes
related to our operations (90.5%), we
were focused in reducing emissions
within these scopes with initiatives
to decarbonize our primary sources of
direct emissions as well as emissions
related to purchased electricity. Our
efforts are focused on replacing fossil
fuels such as diesel, natural gas, and
anthracite with alternative, low-
carbon energy sources, as well as
developing renewable sources.

In relation to indirect emissions from
purchased electricity (Scope 2), in
2023 we met our goal to meet 100%
of our electricity requirement in Brazil
from renewable sources reaching the
goal two years ahead of schedule
(2025). It is noteworthy that this
progress is mainly associated with the
consumption of renewable electricity
in Brazil, backed by 100% renewable
energy certificates, which reduces our
Scope 2 (market-based) emissions.
This was partly thanks to our pipeline
of renewable generation projects,
including initiatives such as the Sol do
Cerrado solar farm—which reached
full capacity in 2023—as well as other
hydro and wind projects in Brazil.

In Malaysia, we took the first step
towards the decarbonization
of our operations by joining
the government’s pilot Green
Electricity Tariff (GET) program
in 2023, which offered renewable
energy through the grid. This
enabled us to reduce our Scope
2 emissions in Malaysia by 26%
for the year. The renewable
energy procured via the GET
program is validated by the
mRECs (Malaysian Renewable
Energy Certificates), which
have been recognized by major
international bodies such as
the CDP, GHG Protocol, and
RE100, and validated through an
external audit. We are currently
working to develop a long-term
solution to fully meet VMM’s
power consumption needs with
renewable energy by 2030.

Globally, our electricity
consumption was 30.6%. Vale has
committed to achieving 100% of
our global electricity requirement
from renewable sources globally
by 2030.

For further information, see our
Vale Day 2023 Presentation.

Vale’s commitment to reducing
Scope 1 and 2 GHG emissions

Reduce absolute Scope 1 and 2
emissions by 33% by 2030
(from a 2017 baseline)
Achieve net zero Scopes 1
and 2 emissions by 2050

100% renewable eletricity
globally by 2050.

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Progress on carbon
reduction technologies

GRI 305-5

Use of
low-carbon fuels

Pelletizing plants account for
approximately 34% of our Scope 1
emissions. In 2023, we completed
feasibility analysis tests on the use
of biocarbon1, replacing 100% of
conventional fuel with biocarbon
in the process of burning iron
ore agglomerate, used in steel
production. Additionally, in 2024,
our pelletizing plants in São Luís
(MA) will switch to using natural
gas, reducing this operation’s GHG
emission in approximately 28%.
Throughout 2023, nickel operations
in Brazil and Indonesia carried out
factory tests to assess the technical
feasibility of replacing coal, both
as a fuel and as a reductant, with
biomass-based alternatives.

Vale is also exploring the use of
less carbon-intensive fossil fuels in
locomotives. We are establishing

strategic partnerships
aimed at collaborating
in the joint production
of low-carbon solutions.
For the year 2023,
we highlight: the
partnership with Wabtec
to develop studies on
an ammonia engine as
an alternative fuel to
diesel; and the protocol
of intentions with
Petrobras to accelerate
the development of low-
carbon solutions.

Vale and Petrobras
sign Protocol of Intent
to accelerate the
development of low-
carbon solutions.

Vale partners with
Wabtec on alternative
fuels study.

1 Biocarbon is a renewable product obtained by carbonizing certified biomass,

which is currently considered carbon neutral by the GHG Protocol. This product
is currently being tested to replace the use of coal.

Adoption of
electrical equipment

Regarding investment in electric
equipment with a focus on
reducing Scope 1 emissions, we
have been expanding our fleet
of mining equipment since 2018,
especially in Canada. Besides
that, small 100% electric off-road
trucks are being tested in two
operations: one in Brazil and the
other in Indonesia. There is also a
partnership with Wabtec which
enabled the purchase of three
FLXdrive electric locomotives to
increase the energy efficiency of
the Carajás Railroad.

However, our learning to date
shows us that the investment
required in equipment and
infrastructure adaptation, in
addition to the development time
and the difficulties of reconciling
this type of technology with
the geographic characteristics
of our operations, requires that
electrification as a solution
for decarbonization for large
equipment is assessed on a
case-by-case basis.

Vale partners with Wabtec on
alternative fuels study and
orders three FLXdrive battery
electric locomotives.

Electricity Portfolio

We have a robust energy portfolio
to support our operations and
projects, in addition to continually
seeking partnerships with
other companies to promote
the expansion of renewable
generation through renewable
energy purchase agreements
(PPAs), certified by renewable
generation certificates.

Our global electricity generation
portfolio is 98.7% renewable and
directly contributes to our Scope
2 target. In 2023, Vale’s installed
capacity worldwide reached
3.1 GW, primarily comprising
hydroelectric, wind, and solar
generation assets. These assets,
both directly and indirectly owned,
are mainly situated in Brazil,
Canada, and Indonesia.

In Brazil, our 2023 installed
capacity from our generation
assets, participation in companies
and consortiums reached 2.6 GW.
By July 2023, we completed the
implementation phase of the Sol
do Cerrado solar park, which has
a total installed capacity of 766
MW, located in the municipality of
Jaíba, state of Minas Gerais.

For more information about
the asset portfolio, visit 20-F
Report or ESG Portal.

Improvements in
energy efficiency

Being more efficient in the use of
energy resources is a strategic issue
for Vale. Energy efficiency is one of
the levers of our decarbonization
strategy, playing an important role
in reducing emissions, especially in
the short-term.

The objective is to include the
topic in a structured way in our
operational routines, demanding
operations adopt initiatives that
promote energy efficiency in their
processes and thus achieving
our goal of improving the global
energy efficiency indicator by 5%
by 2030, in comparison with the
levels recorded in 2017.

One of the ongoing initiatives we
highlight is the Sentinela project.
Among many objectives, it utilizes
Artificial Intelligence to optimize
diesel consumption in off-road
trucks through recommendations
of operational parameters,
focusing on the ideal speed for
each section of the mine.

In 2022, we developed this tool
for the South Corridor mines. By
2023, we replicated its use in the
truck fleets at the Carajás and
S11D mines.

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2030 target

In 2023, we achieved a reduction
of 20.4% in Scope 1 and 2
emissions compared to the
2017 baseline. We are on track
to meet at least a third of our
target by 2025, mainly through
fuel oil to natural gas retrofits
at all pelletizing facilities,
coupled with the conversion
of two pelletizing plants to
the production of iron ore
briquettes, with both projects
scheduled to be completed and
operational by 2024.

We plan to meet our full Scope
1 and 2 emissions reduction
target between 2026 and 2030,
by achieving a larger share of
renewables and developing less
carbon-intensive processes, such

as by replacing anthracite coal
with biochar, replacing natural gas
with biomethane and bio-oil in
pelletizing, expanding the use of
biofuels in mines and locomotives,
evaluating the application of low-
carbon ammonia in locomotives,
expanding the use of electric
equipment and vehicles and the
consumption of renewable energy in
all our operations and projects.

By 2024, we expect to reach
important industrial testing
milestones and complete
conceptual projects, especially for
the use of biocarbon and biofuels,
along with the conversion of two
pelletizing plants to produce iron
ore briquettes.

Key solutions evaluated to address emissions reductions

Diesel in the mine

Diesel on the railroad

Ethanol

Ammonia

Biodiesel

BEVs
(Battery Electric
Vehicles)

HVO
(Hydrotreated
Vegetable Oil)

Ethanol

BELs
(Battery Electric
Locomotives)

To achieve our targets for reducing
greenhouse gas emissions, we have
committed to investments in our
operations of between
USD 4 and
USD 6 billion by 2030

Since 2020,
our expenditure
on climate change
has amounted to
USD 1.2 billion with
USD 350.8 million in 2023

Natural gas and coal in
the pelletizing process
and metallurgy1

Biocarbon

Biomethane

Electricity

Vale is already

100%
renewable

in Brazil

1 Under evaluation in
accordance with the
GHG protocol guidelines.

2 Portfolio reviewed

annually to incorporate
risks and viability of
solutions. Vision 2023.

Scopes 1 and 2 emissions2
In Mt CO2e

2017 Baseline

12.2

Business as
usual 2030

2030 Target

8.2

+23%

15.0

2.7
-33%

4.2

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Solid path to reduce our Scopes 1 and 2 GHG emissions

Marginal Abatement Cost (MAC)

Sol do Cerrado
full operation

• Zero Scope 2 emissions

in Brazil - 2 years
before the 2025 target

Two pelletizing plants
converted to briquetting

• Increase in the percentage of

biodiesel to B25 in EFVM

~10 p.p of the target

2017

2023

2024

2025

2026-2029

GHG emissions
33% reduction

• Zero Scope 2 emissions

globally

• Scope 1 reduction using

low-emission and renewable
fuels

2030

To manage the costs, risks and
opportunities of decarbonization,
we created a plan, with clear
milestones, aimed at meeting the
greenhouse gas (GHG) reduction
targets. Our portfolio of initiatives
includes a variety of projects, which
are prioritized according to their
cost competitiveness and emissions
potential to reach the 2030 target.

We consolidated our portfolio for
evaluation and prioritization based on
the Marginal Abatement Cost Curve
(MAC), a tool that helps determine
the cost-benefit relationship between
different projects. We emphasize that
MAC is subjected to a risk assessment,
using the methodology SITA1, in

addition to assessment of
external factors that may impact
the initiatives’ success, such as
macroeconomic, political, and
regulatory factors, among other
possible obstacles.

Additionally, investment
decisions are subjected to
analysis considering the internal
carbon price of 50 USD/t CO₂ 2.
It is based on the continuous
evaluation of the portfolio of
initiatives that we have directed
our path towards reducing
GHG emissions, weighing the
costs, risks and opportunities
against the deadlines of our
commitments.

Potential for reducing
GHG emissions by type
of initiative

Biocarbon

Biofuels

Renewable Energy

Natural Gas
and others

New Products

33%

27%

20%

15%

The chart shows the total
emission reduction potential
in 2030, according to the
initiatives accounted for in
the 2023 MAC curve.

~7 p.p of the target

~11-22 p.p of the target

MAC 2030
Abatement potential for GHG emissions in 2030 (Mt CO₂e)

• Base year, definition of
goals in Scopes 1 and 2

• Biomass based trials to replace fossil
fuel in pelletizing and metallurgical
processing

• Ramp-up eletric/

alternative fuel trucks
and locomotives

• Continue electric truck pilot projects

• End fuel oil consumption in pelletizing
and convert two plants to briquetting

• Replacement of coal
by low-carbon fuels
in most pelletizing and
metallurgical processes

• Voisey’s Bay wind plant

Scope 23

2030 target

50 USD/tCO2e

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

)
e
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U

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Photo 1: Zé Palma
Photo 2: Valdirene Resende
Photo 3: Gabriel Rangel Lordello de Souza
Photos 4 e 5: Gilson Marcos de Souza

1 The SITA methodology considers four criteria for

risk assessment: availability of supply and resources
(Supply); intensity of emissions reduction (Impact);
technological maturity (Technology); and ability
to implement technology in a sustainable way,
considering deadline and operational risks and
necessary adaptations in operations (Ability).

2 Projects that do not fit into
the previous categories,
such as process change and
additive use.

3 Established in accordance
with the Carbon Pricing
Leadership Coalition
(CPLC).

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2050 target

In addition to our 2030 target, we have committed to accelerating
our reduction of Scopes 1 and 2 emissions toward an ultimate goal
of achieving Net Zero by 2050. This target is consistent with the
Paris Agreement and will require emission reduction beforehand.
Eventual residual emissions will be neutralized by high-integrity
and acceptable measures.1

Net Zero 2050 Strategy

Reductions in operational emissions:

Continuously reduce Scope 1 and 2 emissions
through new and existing initiatives involving
innovative processes, technology, and partners.

Nature-based solutions with
socioenvironmental co-benefits

Impact investment strategy, leveraging local
opportunities.

High-integrity carbon credits

Assurances of additionality and permanence,
positive social and environmental impact, and
high accountability.

Absolute
emissions

Neutralizing
residual
emissions

Scope 3 target

To advance decarbonization in
the mining industry, it is essential
that our entire value chain work
together. With our broader value
chain accounting for 97.9% of our
global emissions, mitigating these
emissions is crucial to our overall
decarbonization strategy.

We have established a target
to achieve a 15% reduction in
our value-chain initiatives by
2025, from a 2018 baseline. Our
target was defined according to
science-based methodology2,
following the absolute contraction
approach³ and aligned with the 2°C
temperature increase scenario.

Our strategy to achieve our
Scope 3 target consists of two
core approaches: providing our
customers with a portfolio of
low- or zero-carbon iron ore
agglomerates and building
structural partnerships with our
value chain (Memorandum of
Understanding).

Vale’s
commitment to
reduce GHG Scope
3 emissions
Achieve 15%
reduction in
net Scope 3
emissions by
2035

Concurrently, we envisage the use
of high-integrity⁴ carbon credits
for up to 20% of our proposed
target (equivalent to 16 Mt CO2e)
for hard-to-abate sectors. Any use
of carbon credits will be compliant
with the principles of additionality,
permanence, and transparency -
demonstrating a strategic focus
and commitment to established
environmental targets.

1 Until 2023, Vale has not purchased any forest carbon
credits to reduce its emissions or achieve its targets.
All purchases of high-integrity credits were made to
help the company achieve its Forest Goal.

2 Calculation

methodology: SBTi -
TWG-INF-002 | Version
4.2 April 2021.

3 Method for achieving a linear
absolute reduction in GHG
emissions in the target year
relative to the base year.

4 As it foresees the use of carbon credits to achieve the
commitment, the SBTi has formalized that it will not
proceed with validating our Scope 3 target, nor will it
separately validate the goal of Scopes 1 and 2 target.

Vale Integrated Report 2023 78

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Initiatives in iron ore

ln addition to having
the highest quality
in the world, the Hot
Briquetted Iron (HBI)
produced by Vale has
a great competitive
advantage, as it helps to
reduce coal consumption
in our customers’ blast-
furnace processes
due to the fact that it
requires a much lower
temperature to produce
steel. Meanwhile,
using natural gas in HBI
production generates
approximately 60%
less emissions when
compared to pig iron,
with green hydrogen
eliminating emissions
altogether.

In 2023, we made important strides on our
HBI strategy with the launch of the Torto dam
in the Brucutu complex in Barão de Cocais
and São Gonçalo do Rio Abaixo (MG). This
expanded our production of agglomerated
products to approximately 40 million metric
tons and enhanced our mix of high-quality
products, which now include sand produced
from tailings. The efforts to increase our iron
ore production capacity include a pipeline of
projects to be implemented between 2024 and
2026, such as in our operations in Carajás (PA),
Capanema (MG), and Vargem Grande (MG).

Innovation in the development
of iron ore briquette

We first began developing iron ore briquettes
approximately 20 years ago at our Ferrous
Metals Technology Center, in Nova Lima, as
part of a broader pipeline of iron ore products
and investments in innovation.

The briquetting process eliminates the blast-
furnace sintering stage in steel production,
which helps our clients to reduce their GHG
emissions by up to 10% compared to standard
production, supporting our efforts to
reduce Scope 3 emissions. Simultaneously, it
eliminates the use of water across the entire
production process. Briquettes are produced
via low-temperature agglomeration of high-
grade iron ore using an agglomerant solution

that imparts the desired mechanical strength
to the final product. The product also emits
approximately 80% less CO2 compared to
pellets, supporting our efforts to reduce Scope
1 emissions.

In April, we made our first shipment of 8,000
metric tons of briquettes produced in our
first international blast-furnace trial run. The
product was shipped from the Porto do Açu
to the Port of Rotterdam, in the Netherlands,
to evaluate its performance with a European
customer and assess its behavior during
overseas transportation. Throughout 2023,
another 70,000 metric tons were processed
in a test run in Brazil in six different blast
furnaces in a 126-day trial.

The first briquette plants at our Tubarão site in
Vitória (ES) became operational in 2023. These
plants were built by retrofitting pelletizing
plants 1 and 2, a USD 240 million project that
supported 2,300 jobs. These plants have a
combined annual production capacity of 100
million metric tons of briquettes.

Vale’s briquette product promises to be an
important lever in the decarbonization of
the steel industry, offering a sustainable
solution to mitigate emissions while meeting
the sector’s growing demand for innovative
solutions.

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Mega Hubs

The decarbonization of the steel industry demands a
new type of business model, with the integration of
several players, seeking not only new, cleaner and more
competitive energy sources to power existing steel
plants, but also redesigning the planet’s industrial map.
The Mega Hub allows steel industries to relocate their
most emission-intensive production processes, close
to competitive energy sources. Centers with logistical
services, iron ore processing and the production of
agglomerated products are being designed in places such
as Oman, the United Arab Emirates, Saudi Arabia, the
United States and Brazil.

Intermediate products, such as “hot-briquetted iron”
(HBI), are transported for final processing in plants in their
countries of consumption. Companies, countries, investors
and suppliers are part of the Mega Hub agreements.

In 2023, we also signed a Memorandum of Understanding
with the Porto do Açu, which owns the largest deepwater
port-industry complex in Latin America, to conduct a
study toward the development of a Brazilian Mega Hub to
produce HBI. Initially, this facility will be fed with pellets,
although it may incorporate a briquette plant in the
future. The study will assess the feasibility of producing
HBI using natural gas supplied at the Porto do Açu, and the
possibility of retrofitting the plant at a later date to use
green hydrogen, which would reduce carbon emissions in
HBI production to near zero.

Shipping initiatives

Second only to indirect emissions from iron and steel
production, the emissions produced in shipping our products
account for 0.5% of our Scope 3 emissions. Like the steel
industry, shipping is recognized as a hard-to-abate industry
due to its dependence on fossil fuels.

Throughout 2023, we made further progress
on energy efficiency projects for ships carrying
our agglomerated iron ore products, including
industrial-scale trials of rotor sails to optimize
propulsion and minimize bunker consumption.
In addition, Vale has established strategic
partnerships within the shipping industry that
have supported significant advances in the
adoption of less carbon-intensive fuels and
disruptive ship-transportation technology.

These initiatives are all being developed as part
of our Ecoshipping program. This program was
created by Vale’s shipping department to support
our goal to reduce our carbon footprint in line
with discussions within the International Maritime
Organization (IMO).

Carbon footprint

The market is increasingly demanding companies
to report carbon emissions at the product level. In
response to this, Vale has adopted the requirements
of the GHG Protocol’s Product Life Cycle Accounting
and Reporting Standard and ISO 14067.

We use the cradle-to-gate approach to estimate
product emissions. This approach accounts for
emissions from mining, processing and haulage,
pelletizing and briquetting, and production of
materials (Scope 3 - upstream).

Vale has made significant progress in mapping the
carbon footprint of its Iron Solutions products,
increasing the coverage by volume to 75.6%
(Europe 98.8% - for sales in 2023). All nickel, copper
and cobalt products have their carbon footprints
estimated and guaranteed by third parties.

Climate-related risks and opportunities

As part of our TCFD-compliant Climate Change
Strategy, we have worked with the Vale Institute
of Technology to quantify the most significant
climate-related risks and opportunities in our
operations. We use scenarios1 to predict the
impacts of projected future climate change on
our operations.

In addition, we monitor potential developments
in climate regulations, emerging technologies,
markets, and public policies.

Furthermore, stakeholder engagement in industry
forums helps us to anticipate trends and emerging
regulations, enhancing preparedness and resilience
to the global threat that is climate change.

Our risk assessment was performed using a risk matrix that
covers both physical risks (acute and chronic) and energy-
transition risks, including regulatory developments, litigation,
changes in technological and product requirements, and
market and reputation risks.

We also recognize the impacts of climate change on water
resources, especially given the increasing frequency of
extreme weather events. Changes in rainfall patterns can
result in extreme weather events (such as floods or droughts)
that can directly impact our operations. In response, we have
conducted a water stress assessment covering the watersheds
hosting our operations and have established more ambitious
reduction targets for areas with high and critical water stress.
For further details, see the section on Water Efficiency.

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1 Developed by the Intergovernmental Panel on Climate Change (IPCC) to project different greenhouse gas (GHG)
emissions trajectories and their climate impacts, Vale uses the RCP4.5 (moderate), RCP8.5 (high) e SSP5-8 (high,
including a higher degree of certainty about future economic and technological development) scenarios.

The world’s first large ore carrier world equipped with rotor sails, with a capacity of 325,000 metric tons.

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Impact of climate scenarios on selected commodity markets

Demand impacts

Drivers

Challenges

Nickel

Copper

Iron

1. Growth

2. Growth

3. Reduction

4. Maintenance

1. Sales of electric vehicles

2. Energy storage batteries

3. Recycling and disposal of
electric vehicle batteries

4. Demand for stainless steel

• Deal with demand growth in a

sustainable way

• Need for recycling and reuse of nickel

present in batteries

• Lack of commercial nickel deposits/

projects

• Reduction of emissions related to

nickel mining

• Discovery and commercialization

of new deposits

1. Growth

2. Growth

3. Growth

4. Reduction

1. Sales of electric vehicles

2. Generation of solar and

wind energy

3. Transmission lines for

access to energy

4. Advances in the recycling of

copper waste

• Deal with growth in demand in a

sustainable way

• Need to increase the waste limit in

the use of copper waste

• Environmental challenges in many

countries with copper mining

• Discovery and commercialization

of new deposits

1. Growth

2. Reduction

3. Reduction

4. Reduction

1. Infrastructure focused on

the energy transition

2. Drop in the car fleet

3. Efficiencies in construction

4. Recycling and use of waste

• Deal with growth in demand in

a sustainable way

• Need to increase the waste limit

in the use of copper waste

• Environmental challenges in many

countries with copper mining

• Discovery and commercialization

of new deposits

Physical Risks

In the scenario of extreme weather events impacting Vale, transition risks
include higher financial costs, the need for new technologies and increased
competition and reputational challenges. Physical risks include extreme
weather events that can directly affect our operations.

Vale has developed the “Vale Climate
Forecast” methodology which
provides a continuous updates on the
diagnosis of risks and impacts on our
assets caused by climate change in
the short, medium, and long-term.
The methodology focuses on current
operational impacts such as product
shipments, as well as long-term
planning aimed at assessing asset
resilience. The assessments result in
the likelihood of experiencing changes
in rainfall patterns and intensity,
temperature variation, floods,
droughts, water scarcity, sea level
rise, and an increased incidence and
intensity of atmospheric discharges
(lightning), which may adversely affect
Vale’s operations, its employees, and
members of the community.

In partnership with ITV, Vale developed
a short-term risk forecasting tool,
implemented in the Northern Corridor
in 2022, covering terminals, railroads
and mines at the Ponta da Madeira
Maritime Terminal, in São Luís (MA).
Daily, precipitation prediction are
disseminated throughout the port,

aiding decision-making in the loading
and distribution operations of iron
ore and other products, optimizing
plans and minimizing risks.

Regarding medium and long-term
climate analyses, since 2021, we have
been seeking to understand the
exposure of our assets to physical
climate risks. Over the last few
years, we have advanced in analyzing
operations in Canada, Brazil, and
Indonesia. We are also committed
to understand the exposure of the
communities around our operations.

Due to the complexity of assessing
physical risks and the continuous
nature of the risk identification
and management process, future
assessments may show material
impacts on the company’s results
and operations. In recent years, we
have observed that external events
occasionally arise due to the impact
of severe weather conditions on our
mining and logistics operations.

For further information, see our
Climate Change Report

Energy transition
challenges

Our decarbonization strategy is one of
our primary objectives, which includes
our initiatives aiming to contribute to
society across the social, environmental,
and business sustainability dimensions.

As both suppliers and consumers, we
operate within an industry where the
energy transition has become crucial
for future prosperity. The transition
metals we produce –such as nickel and
copper– are used to produce essential
products for the energy transition, such
as batteries. Our years of expertise in
these products has helped us to build
logistics capabilities, therefore we
have sought partners in areas where
these metals are most abundant –our
operations in Brazil, Canada, and
Indonesia– to expand production while
advancing sustainable mining practices.

Given their importance for the
transition to a low-carbon economy,
the demand for nickel and copper is
expected to continue to rise, once
they are essential base metals that are
required for many of the technologies
that enable the transition to a low-
carbon economy. High-performance
batteries, for example, contain an
increasing amount of nickel, while
wind turbines and solar panels require
substantial quantities of copper.

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that the global
demand for nickel
will increase by

44%
by 2030
6.2
million
metric tons

By mitigating
climate risks to
the physical and
economic well-being
of communities,
low-carbon mining
reflects our broader
commitment to
achieve a fair
transition.

We anticipate that the global demand
for nickel will increase by 44% by 2023,
compared to demand in 2022, reaching
6.2 million metric tons. By this our nickel
production volume is projected to surpass
the current value of 175,000 metric tons
per year to more than 230,000 metric
tons, with the most growth expected in
Indonesia and Canada. Copper demand,
in turn, is forecast to rise by about 20%
in the same period, reaching 37 million
metric tons. Our production output for
copper is expected to increase from
350,000 metric tons in 2023 to 900,000
metric tons in the next decade.

Just Transition

By mitigating climate risks to the physical
and economic well-being of communities,
low-carbon mining reflects our broader
commitment to achieve a fair transition–
one in which financial, material, and
human resources are shifted to an
economy that works for people
and the planet.

In this context, we not only aim to
mitigate CO2 emissions in our value
chain, but we are also committed
to supporting local communities
–particularly the most vulnerable– in
becoming more resilient to the risks and
impacts of climate change. This is, at the
same time, ensuring respect for their
human rights and leaving behind
a positive social legacy. Empowering
our employees to deal with new
technologies is also a key priority.

High-grade nickel

With the upcoming nickel sulfate plant outside China-in Québec, Vale Base
Metals will become a major supplier for relevant companies in the automotive
sector such us General Motors, Ford, and Tesla, positioning itself as a bridge
between sustainable mining and the energy transition in electric vehicle
manufacturing. This plant, scheduled to begin operating in 2025, with
deliveries scheduled for the second half of 2026, will have a production capacity
of 25,000 metric tons per year, which is enough to fuel approximately 350,000
EVs (electric vehicles) annually, making it one of the largest in the world. world.
This is part of a broader ambition to act as partners in building an increasingly
sustainable supply chain, creating value by minimizing emissions.

The 2022 carbon footprint of Class 1 nickel produced by Vale’s Long Harbor
facility in the Canadian province of Newfoundland and Labrador is 6.2 metric
tons of CO2 equivalent per metric ton produced. This figure is equivalent to
half the average footprint reported by the Nickel Institute for this category of
nickel production (these findings have been independently assured by Intertek).

Copper Cliff Sudbury Nickel Refinery in Ontario, Canada

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“The iron and steel sectors are a
pillar of China’s national economy;
energy conservation and carbon
reduction have become urgent
imperatives to meet China’s carbon
peak targets by 2030 and achieve
carbon neutrality by 2060. The
mining industry plays a crucial
role in supporting our sector’s
decarbonization and transition to
a low-carbon economy. Following
our company’s new development
concept that “clear waters and lush
mountains are invaluable assets,”
Delong Steel has committed to
building a low-carbon steel plant
to support China’s high-quality
development ambitions. Were
excited to see innovative iron
ore solutions developed by Vale,
including briquettes and Mega
Hubs. We envision a promising
future in our partnership with Vale
to transform steelmaking into a
low-carbon or even carbon-zero
industry, thus making a collective
contribution to addressing global
climate change.”

Sr. Kan Yonghai, Vice President of
Shanghai Delong Steel Group and
Executive President of New Tianjin
Steel Group.

Vale Integrated Report 2023 82

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining2Low-carbon solutions

A focus on
discipline

GRI 3-3 [Governance and compliance]

In this chapter

Corporate governance

Risk management

Ethics and Compliance

Economic Performance

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Vale Integrated Report 2023 83
Vale Integrated Report 2023 83

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining3A focus on discipline

Integral to our cultural transformation is the continuous improvement of
our governance and risk management processes dealing with the policies
and practices that enable us to fulfill our purpose as an organization. Our
discipline in this goal should be reflected in efficient resource allocation,
perceived shareholder and investor value, and competitive advantage.

Board of Directors

Shareholders’
Meeting1

Chairman (CEO)
Eduardo Bartolomeo

Audit committee

Advisory Committees

Executive Committee

• Audit and Risk

• Allocation of Capital and Projects

• People and Compensation

• Nomination and Governance

• Sustainability

• Innovation2

Executive VP
of Projects
Alexandre Pereira

Executive VP of
Corporate and
Institutional
Affairs
Alexandre Silva
D’Ambrosio

Executive VP
of Operations
Carlos Medeiros

Executive VP
of Base Metals
Deshnee Naidoo*

Executive VP
of Finance and
Investor Relations
Gustavo Pimenta

Executive VP
Iron Ore Solutions
Marcelo Spinelli

Executive VP
of Sustainability
Maria Luiza Paiva

Executive VP
of People
Marina Quental

Technical
Executive VP
Rafael Jabur Bittar

Audit and Compliance
Department

• Internal Audit

• Whistleblower Channel

• Corporate Integrity

General Corporate
Governance Office

Corporate governance

GRI 2-9 | 2-11 | 2-13

In December 2022, we implemented a restructuring
within the Executive Committee, linked to Vale’s
presidency (see the organizational chart), introducing four
executive vice presidencies covering the areas of Iron Ore
Solutions, Operations, Projects, and Technical. In turn,
the responsibilities of the executive vice presidencies of
Strategy and Business Transformation, Global Business
Solutions, and Safety and Operational Excellence were
integrated into this new structure.

These changes aim to intensify the focus on our core
assets, streamlining the capacity for innovation in
products and solutions aimed at the global energy
transition. The current redesign is the result of a strategic
move that simplifies our portfolio, focusing exclusively
on businesses and geographies where we hold clear
competitive advantages.

The Board of Directors establishes the guidelines and
general policies that guide our operations and oversees
the execution of these guidelines through meetings
and reports presented by the Executive Committee.
Our governance system seeks to reinforce the clarity of
roles, transparency, and stability that guide activities.
To strengthen the decision-making process, in addition
to the Board, the structure also includes Advisory
Committees composed solely of board members, as
shown in the figure.

The transition to the Corporation model is characterized
by capital dispersal and the absence of defined control.
This restructuring of the Company was also reflected in
the restructuring of the Company’s Bylaws and the Rules
of Procedure of its governance bodies.

* She remained in the

position until March 2024.

1 At Vale, the CEO does’t accumulate
the position of chairman of the
Board of Directors.
GRI 2-11

2 Non-statutory and
non-permanent
committee.

3 Mr. Manuel Lino Silva de Sousa Oliveira was

appointed to this position by independent board
members in June 2023, as established in the Bylaws.

Board of Directors

GRI 2-10 | 2-12 | 2-13 | 2-14 | 2-17 | 2-18

The Board of Directors is responsible for the strategic direction
and overall guidance of the Company’s business and is tasked
with evaluating its financial performance, appointing and
evaluating members of the Executive Committee, and deciding
on corporate policies, among other responsibilities. The Board’s
mission is to safeguard the Company’s assets and maximize the
return on shareholders’ investment in the long term, operating
within the highest ethical principles to ensure the Company’s
sustainability is in line with our purpose.

According to our bylaws, the Board consists of 11 to 13
members, with a unified renewable term of two years, with the
possibility of re-election. The bylaws prohibit the Company’s
CEO from simultaneously serving as the Chairman of the
Board. The board currently consists of 12 members, seven
of whom are independent, and the majority of whom have
experience in mining (or related industries), ESG, finance, and
cultural transformation. Of the 12 members, one represents
the employees as a whole and the others are elected by
shareholders based on nominations made by the Nomination
and Governance Committee. The Board currently maintains five
statutory and permanent committees and one non-statutory
and non-permanent committee.

The Board has a Lead Independent Director (LID)3 in accordance
with best corporate governance practices. The LID serves as an
alternative point of contact with the Company’s shareholders,
seeking to understand their expectations and perceptions
regarding Vale. Additionally, they support the Chairman of
the Board, contributing to the continuous improvement of
the Board’s performance. These responsibilities are detailed in
Vale’s Board of Directors’ rules of procedure.Executive

Vale Integrated Report 2023 84

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining3A focus on discipline“Building a solid ESG Journey has
contributed to the development of
the territories in which we operate
and our overall value chain, as well as
re-establishing Vale’s reputation. Vale’s
commitments made to society seek
tangible and intangible results and
are recurrent agendas in the different
governance bodies. In 2023, the Board
of Directors assessed Vale’s new target
for reducing water use, monitored
progress on targets already established,
such as lifting people out of extreme
poverty and reducing emissions (scopes
1, 2 and 3), as well as monitored the
strategy for social and environmental
business risks and opportunities.

As members of the Board of Directors
and Coordinator of the Sustainability
Committee, our role is to contribute
with diverse visions and be proactive in
accelerating Vale’s ability to generate
equitable actions for society as a whole
and for our stakeholders: investors,
employees, suppliers and communities,
in line with the best global corporate
governance practices.”

Rachel Maia, Board Member
and Coordinator of Vale’s
Sustainability Committee.

Advisory committees

The Advisory Committees’ roles are to provide
specialized guidance to the Board in specific areas.
The committees prepare an annual work plan
encompassing the priority issues defined by the
Board, which should be addressed throughout
the year, in line with Vale’s business strategies. In
addition, new demands for discussion topics may
be incorporated, originating both internally, within
the committees themselves, and from the Board of
Directors or the Executive Committee.

We also have a Conduct and Integrity Committee
to promote the Ethics & Compliance Program.
This committee supports compliance with the
ethical principles of the Code of Conduct and
the development and revision of guidelines and
provides guidance on the application of disciplinary
measures for confirmed cases of misconduct in
order to ensure fair and equitable treatment.

Performance assessment

A comprehensive and constructive assessment of the
Board of Directors and other bodies is essential for
nurturing sound corporate governance. Our Board
conducts an annual performance assessment, with
the support of the Nomination and Governance
Committee, to analyze and recommend the evaluation
methodology. Based on the results obtained, a
development plan is drawn up for the Board, focusing
on the evolution of our governance.

At the end of 2023, the latest performance assessment
process of the Board and the Advisory Committees
was initiated, which includes both the assessment of
the Board as a whole and individual assessments of
its members (self-assessment and peer assessment).
The assessment should be completed in the first half
of the first months of 2024.

Learn more about the members of the
Board of Directors here.

GRI 2-9 | 2-10 | 2-12

Fiscal Council

The Fiscal Council is Vale’s permanent supervisory body,
which monitors and verifies the actions of Directors
and compliance with their legal and statutory duties,
seeking the best organizational performance based on
the principles of transparency, equity and accountability,
in line with current Brazilian legislation, with the terms
of Vale’s Bylaws and its own Internal Regulations. Its
responsibilities include supervising administrators,
reviewing annual management reports and financial
statements and maintaining direct communication with
external and internal audits.

In 2023, the Supervisory Board reviewed the quarterly
and annual financial statements prepared, discussing
them with the external auditor; supervised the actions
of the Administrators by analyzing the minutes, verifying
compliance with their statutory and legal duties in
accordance with the different applicable laws in force;
as well as fulfilling other regulatory duties and analyzing
topics relevant to the Company’s business. The quarterly
and annual Financial Statements are approved and
authorized for disclosure by the Board of Directors.

GRI 2-13

Executive Committee

The Executive Committee is charged with implementing
the business strategy outlined by the Board and aiming to
ensure efficient operational and financial performance.
Members are elected by the Board, with the President
being responsible for presenting candidates for Vice
President positions for approval. Following changes at the
end of 2022, the Executive Committee currently consists
of the President and nine Executive Vice Presidents, eight
of whom are statutory.

Learn more about the members of the Executive
Commitee, their formation, and the composition
of Advisory Committees.

Executive Management
compensation

GRI 2-19 | 2-20

According to the Company’s Bylaws, the annual
overall compensation of the Board members,
Executive Committee, Audit Committee, and Advisory
Committees is determined by the shareholders during
the Annual General Meeting. The responsibility for
distributing the compensation approved at the Annual
General Meeting among the Executive Committee
members falls on the Board, with the support of the
People and Compensation Committee.

The variable compensation of the Executive Committee
members encompasses various metrics, including those
centered on environmental, social, and governance
(ESG) issues, both in short-term and long-term
compensation.

Short-term compensation

In 2022, performance goals were established in the
following proportions, respectively: 65%-75% collective
goals and 25%-35% individual goals, according to the
scope of action.

We focused efforts on critical objectives related to
safety, risk, and sustainability, as well as to EBITDA1
indicators and strategic objectives that help the
company achieve its ambitions.

1 Earnings Before Interest, Taxes,
Depreciation and Amortization
Vale Integrated Report 2023 85

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining3A focus on disciplineIn the collective block, 30%-40% of our
goals are linked to non-financial indicators
and ESG topics, and 35% are linked to
financial goals.

Since 2020, the areas of Health, Safety,
Geotechnics, and Repair and Compliance
(currently named Audit and Compliance)
have not had financial and production
results on their goals dashboard,
highlighting the importance attached to
Risk Management.

In 2023, we included goals related to
capital allocation, safety events related
to processes, indicators of Black people in
leadership positions, and volume guidance,
in addition to maintaining the cost
indicator, among others.

Long-term compensation

The long-term compensation plans offered by
Vale include the Value Shares Plan (VSP) and
the Matching Program.

Since 2022, ESG-related indicators have been
included in the VSP, currently accounting for
25% of the weight.

In 2021, the VSP began compensating its
executives through common shares of the
company, replacing cash remuneration
linked to the share price. Additionally, the
program incorporated the payment of “virtual
dividends” at the end of each cycle.

In 2023, the VSP eliminated the trigger
linked to the Total Shareholder Return (TSR)
indicator, further focusing attention on
ESG-related key performance indicators.
Furthermore, it was decided to incorporate

the ROIC (Return on Invested Capital)
metric into the VSP in 2024. With a 25%
participation, this has been established as
an internal value creation goal. This change
envisages greater alignment with investors
and Vale’s strategic objectives.

The Matching Program remains a retention
initiative, operating as a partial deferral of
the bonus through the allocation of Vale’s
issued shares. By purchasing company shares
with their own funds, executives become
eligible to receive bonuses in shares at the
end of a three-year cycle.

The Matching Program also includes the
payment of “virtual dividends,” which are
paid by the company immediately after the
distribution of dividends and/or Interest on
Equity (JCP) by Vale to shareholders.

Risk
management

GRI 2-16

Our risk management is based on
our Risk Management Policy, which
establishes methodologies, guidelines,
response strategies, governance, and
responsibilities for dealing with present
and emerging risks identified by
the company.

We adopt the Lines of Defense model,
referencing global standards for
risk management such as ISO 31000,
ISO 55000, COSO-ERM, and, for

operational safety, the Risk-Based
Process Safety (RBPS) framework.

One of our main tools is the Integrated
Risk Map, which is a non-exhaustive
instrument containing a set of potential
risk topics, thus encompassing
the risks that need to be assessed
and monitored in all our units.

In 2023, we implemented the concept
of tolerance for the company’s key
risk indicators; that is, we established
acceptable ranges of variation for each
of the risk indicators, focusing primarily
on the company’s priority risk topics.
These ranges were defined based on our
strategy and the company’s risk appetite.

Additionally, in continuation of
the review and approval of the risk
management policy and standard,
completed in 2022, we updated our
training and internal documentation
detailing the procedures for the
application of this standard. At Vale,
those responsible for monitoring risks are
required to undergo risk management
training provided by the company.

Risk framework
and management

Risk factors

Our business, operations, and
performance are subject to various risks
and uncertainties that may impact the
achievement of our objectives, reputation,
financial situation, and operational results.

1 Risk Perception and Management aims to support Vale’s business in such a way that risks are properly monitored, resulting in effective management, so that threats
are timely identified and properly managed. The normative documents and guidelines that support the implementation of the Element are supported by the best
national and international practices, such as ISO 31000, ISO 55000, COSO-ERM (Enterprise Risk Management) and ICMM (International Council on Mining & Metals).

The main risks identified by
the company include:

• Geotechnical structures, such

as mines and dams

• Operations, including Health,
safety, and the environment

• Production planning (including licenses)
• Talent management
• Strategy
• Sustainability (including climate change)
• Cybersecurity
• Finance
• Institutional Relations and Communication
(including changes in laws and regulations)

• Compliance

Learn more in our 20-F Form.

Risk governance

Vale has an integrated risk management
governance model based on the Lines of
Defense approach, which helps to optimize
communications to inform decision-making
and enhance alignment across strategy,
performance, and risk management.

Additionally, we have the following risk
management advisory committees:

Audit and Risk Committee: an advisory
body to the Board of Directors responsible
for supervising the scope of action and
effectiveness of risk management.

Executive Risk Committees: created to
advise the Executive Committee; they act
preventively and support in monitoring risks
and necessary resolutions.

There are five Executive Risk Committees, each
with a distinct scope of action: the Operational
Risk Committee, the Geotechnical Risk
Committee, the Strategic, Financial, and Cyber
Risk Committee, the Compliance, Institutional
Relations and Communication Risk Committee,
and the Sustainability Risk Committee.

GRI 2-12

Operational risk management
program

The Hazard Identification and Risk Assessment
(HIRA) program was created with the goal of
mapping and assessing operational safety risks
of high-consequence or high-hazard safety
risks, identifying and defining key performance
indicators, and establishing appropriate controls
and mitigation plans.

The first implementation cycle of HIRA achieved a
global assessment of 100% of all mines, processing
plants, railroads, and ports between 2019 and
2021, and 100% of tailings dams in 2022. A second
cycle began in 2022, which will address scenarios
covered in the first cycle and add business
interruption scenarios to the analysis. This process
is part of Element #4 of our Management System
(VPS) and will be continuously executed in cycles
of three to five years.

We aim to reduce operational risk by
implementing new controls, enhancing existing
controls, and monitoring their effectiveness.
The results of the HIRA program include the
installation of interlocking for level control in
diesel storage tanks at the Serra Sul Explosive
Emulsion Plant to prevent overflow and
consequent environmental contamination and
damage to people and facilities. Our response
plans include high-risk scenarios and identify
the resources needed to mitigate the impacts.

Vale Integrated Report 2023 86

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining3A focus on discipline

We aim to have a clear view of the main
risks we are exposed to, cost-benefit
relationships in mitigation plans,
and controls implemented to closely
monitor the impact of operational
risks and efficiently allocate capital to
reduce them.

We monitor and manage operational
safety events. P events are those that
generate an unplanned or uncontrolled
release of energy or hazardous material
involving operating equipment or assets,
which can impact the environment,
people, the community, and the
company’s assets. P1 events have
greater consequences than P2 events.
The classification of operational safety
events is based on the Standard that
establishes how Operational Health,
Safety, Environment, Community, and
Operational Events Management should
be conducted. As shown in the graph
below, there was a reduction in the
number of operational process safety
events (P1+P2) in 2023.

The reduction in operational process
safety events can be attributed to:

Evolution of the assessment of the
most significant risks (HIRA) and
implementing actions to reduce or
eliminate risks;

Improvement of the management
and maintenance of critical control
integrity;

Vale’s P1+P2 events1

204

-10%

2021

2022

2023

2024

2025

P1+P2

Objective

1 P1+P2 event data does not include Vale

Base Metals.

Progress in the deployment and
dissemination of concepts, and in the
use of auxiliary tools such as the Pre-
Startup Safety Review (PSSR);

Difference in rainfall between
2022 and 2023, which significantly
contributed to the reduction of events
associated with geotechnical assets
(e.g., slope collapses).

In 2024, among other actions, we
aim to conduct an educational
communication campaign to raise
awareness among our employees
about the importance of recording
operational process safety events.

Emerging risks

degree of uncertainty regarding
their development, severity, and
probability of occurrence.

In 2023, we updated our prioritized
list of potential emerging risks. This
process involved a multidisciplinary
team participating in various
discussion forums, drawing from
different sources of information such
as market research, benchmarking,
and specialized reports. We also
implemented risk indicators for each
of the emerging risks, aiming to
contribute to their monitoring.

Examples of emerging risks
for Vale’s business include:

Risk of transition to a low-carbon
economy

• Product substitution due to new

technologies and processes
• Regulatory changes (including

carbon pricing)

• Climate-related litigation and

reputational impacts

Geopolitical tensions and economic
sanctions

• Restrictions on product marketing

as a result of international
sanctions and/or geopolitical
tensions

Enhancement of the understanding of
the concept of P-events contributing to
preventive action;

Emerging risks are typically influenced
by external factors and are therefore
difficult to predict as there is a high

Learn more about in our ESG page.

Ethics and
Compliance

GRI 205-1 | 205-2

Vale’s Ethics & Compliance Program is structured
to promote a culture of ethics and integrity
via seven elements aimed at preventing,
detecting, and correcting misconduct. These
elements are: (1) Governance, (2) Guidelines, (3)
Communication and Training, (4) Risk Analysis,
(5) Monitoring and Control, (6) Whistleblower
Channel, and (7) Consequence Management.

Vale’s Audit and Compliance department provides
oversight of the Ethics & Compliance Program.
Reporting directly to the Board of Directors, and with
further oversight from the Audit and Risk Committee,
the department works in close collaboration with the
Conduct and Integrity Committee. This structure,
reflected in the Governance element of the Ethics
& Compliance Program, ensures the necessary
autonomy and independence.

The Program’s main document is the Code of
Conduct, which is approved by the Board. Starting
in 2023, the frequency of the renewal of employee
commitment to ethics became annual. Additionally,
Vale works with suppliers committed to operating
their businesses responsibly and ethically, following
the Principles of Conduct for Third Parties.

For more information, see Responsible Sourcing.

The Code of Conduct translates Vale’s values into
ethical principles that should put into practice in
everyday decisions, both big and small. In 2023, the
Ethics & Compliance Program included customized
training to address ethics and compliance issues.
An example of this was an online course in which

employees could simulate real-life situations to
estimate the outcomes, practicing ethics in a
practical manner.

Available in eight languages, the course included
video material filmed in first person, allowing for
an immersive experience and interaction with
the content. Over 63,000 people participated
in the course.

With a specific focus on preventing cases of
corruption involving public officials, training
sessions were also held for employees most exposed
to this risk, exploring real cases that demonstrate
the importance of ethical behavior. Once engaged
and trained on Vale’s anti-corruption rules,
employees know how and when to request a Risk
Analysis from the Ethics & Compliance Program.
Regional Corporate Integrity teams conduct
customized analyses and provide information to
guide and support business decision-making.

A methodology for the continuous assessment
of the risk of corruption of public officials was
developed. This assessment takes into account
business aspects, the external environment, and
the history of adherence to the Ethics & Compliance
Program. This work generated a Map of the
Processes Most Exposed to the Risks of Corruption,
for each country in which we operate, which
allows us to carry out customized communication,
training, and monitoring actions.

Based on data from the Internal Audit, Corporate
Integrity, and Whistleblower Channel areas—all
of which are part of the Audit and Compliance
Department—an internal influence agenda was
developed to enable operational leadership to
better understand the improvement opportunities
identified in each location, thus enabling
preventive action to be taken.

Vale Integrated Report 2023 87

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining3A focus on discipline
In 2023, we saw an increase in the
number of reports received through our
Whistleblower Channel.This increase
can be attributed to the frequent
communication to employees about
the culture of respect and actions to
be taken in the event of misconduct.
During 2023, we received 8,633 reports
and closed 8,834 records, including
reports received before the beginning of
2023. This number of reports received
represents an increase by almost 28%
compared to 2022. In 2023, 64% of the
reports investigated and confirmed by
the Whistleblower Channel were related
to interpersonal relationships; this
category includes reports of inappropriate
behavior, inappropriate management,
moral harassment, sexual harassment,
and discrimination.

Vale’s Whistleblower
Channel
GRI 2-16 | 2-25 | 2-26 | 406-1

Our Whistleblower Channel can be
used by anyone, inside or outside the
company, who wants to report a case
of suspicion or misconduct. Reports
are handled by an independent firm
and submitted for investigation by
an internal team. All information is
handled confidentially to prevent any
intimidation or retaliation against
the whistleblower. When misconduct
is confirmed, we act with fairness
and transparency, in accordance
with our Consequence Management
Policy. All violations confirmed by the

Whistleblower Channel in 2023 triggered
correction plans. A total of 3,726 corrective
actions and disciplinary measures were
applied, including 242 terminations of
employment. In addition to termination
actions, measures such as contractor
demobilization, feedback, warnings,
suspensions, process improvements,
and other actions were taken.

In February 2023, we launched the Respect
Channel for Base Metals in Canada. Through
empathetic support, the Respect Channel was
created so that employees and contractors
who are experiencing sexual harassment,
harassment or discrimination feel more
comfortable reporting sensitive information,
thus contributing to the effectiveness of
the investigation process. This specialized
channel was previously implemented in
Brazil in April 2022, under the name Canal de
Acolhimento, and focuses on situations of
sexual harassment and discrimination.

To learn more about the actions of Vale’s
Ethics & Compliance Program, see the
Ethics & Compliance Program 2023 Report .

Compliance with laws
and regulations
GRI 2-27

In 2023, Vale received 14 fines and 29 non-
monetary sanctions related to significant
cases1 of non-compliance with laws and
regulations. During the same year, the
company paid 127 fines related to non-
compliance with laws and regulations,
totaling USD 22.572.961,70, as detailed in the
following tables and in the ESG Databook.

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Fines and non-monetary sanctions received in 2023 related to significant cases1

Region

Environment

Society

Mining regulations

Labor

Other1

Non-monetary
sanctions

Fines

Non-monetary
sanctions

Fines

Non-monetary
sanctions

Fines

Non-monetary
sanctions

Fines

Non-monetary
sanctions

Fines

South America

North America

Europe

Asia

Region

Environment

Society

South America

North America

Europe

Asia

Fines paid in 2023

Mining
regulations

Total monetary value of fines paid in 2023 (USD)

Labor Other

Environment

Society

Mining
regulations

Labor

Other

2,747,523.43

17,284,702.842

8,762.32

2,313,911.8

55,907.63

162.153,68

1 For information about

2 This refers to a sanction resulting from an administrative liability process—”PAR”—initiated by the Brazilian Federal Audit Court

the definition of the term
“significant” and other
legal topics covered by the
report, which are included
in the “Other” column of
the above tables, please
refer to the “Glossary -
Preparation Basis” tab of
the Databook.

(CGU), which, through a decision published in August 2022, concluded that Vale S.A. failed to provide reliable information in the system
of the National Mining Agency (ANM) regarding Dam I in Brumadinho, in the State of Minas Gerais and issued a positive Stability
Condition Declaration for this structure for the period from June to September 2018—when, in the view of the aforementioned
agency, it should have been negative. The sanction applied was based on Law 12.846/13, although the CGU acknowledged the absence
of acts of corruption and the lack of involvement or tolerance by the company’s senior management in the events investigated in
the PAR. However, considering that the circumstances investigated constituted a harmful act against the Public Administration by
hindering the supervision of the mining regulatory agency, a fine in the amount of BRL 86.2 million was imposed. A writ of mandamus
filed by Vale S.A. before the Superior Court of Justice against the administrative decision handed down by the CGU is currently
pending, as the company disagrees with the fine imposed and considers Law No. 12,846/2013 to be inapplicable to the case.

3 One of the fines
paid in 2023
reported in the
“Society” topic
refers to the
case described in
footnote number 2,
in the table above.

Vale Integrated Report 2023 88

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Economic Performance

In 2023, our adjusted EBITDA¹ from
continuing operations was USD 18.0
billion, 9% lower than the USD 19.8 billion
of the previous year, mainly due to lower
average reference prices for iron ore,
copper and nickel during the year.

Our investments followed the upward
trend, reaching USD 5.9 billion, 8.7%
higher than in 2022. Most of these were
directed towards the Iron Ore Solutions
projects, especially Capanema and
Estrada de Ferro Carajás, and towards
improving our Transition Metals mine
operations.

Gross and expanded net debt in 2023
were USD 13.9 billion and USD 16.2 billion,
respectively. The increase compared to
2022 was mainly due to the increase in
the provision of USD 1.2 billion related to
the Renova Foundation and a potential
global agreement. Our expanded net debt
target continues to be USD 10-20 billion.

Value distribution

In line with our commitment to
returning value to shareholders, we
distributed a total of USD 6.1 billion in
dividends and interest on equity in 2023.

In 2023, we continued with our share
buyback program, with the purchase
of approximately 185 thousand
shares worth USD 2.7 billion.

1 Earnings Before Interest, Taxes, Depreciation

and Amortization.

Production and sales
at a glance

In 2023, iron ore production reached 321.2
million metric tons, exceeding our guidance
of 315 million metric tons, and exceeding
the 2022 production by 4.3% than the
previous year. This year-on-year increase
was the result of ongoing initiatives to
improve asset reliability in S11D, solid
performance in the Itabira and Vargem
Grande complexes, and increased third-
party purchases.

We continued to advance pellet production,
with a total production of 36.5 million
metric tons, supported by increased
pellet feed production in Brucutu. In
Q4, we commenced operations at the
first iron ore briquette plant in Tubarão
(ES) (a significant step in Vale’s strategy
to support decarbonization in the steel
industry by increasing the supply of iron ore
agglomerates).

The EBITDA of the Iron Ore Solutions
business was USD 18.1 billion, with costs
(excluding depreciation and amortisation)
of USD 15.5 billion. The 6.8% decrease
compared to 2022 is mainly explained by the
higher cash cost C1 of iron ore fines.

In energy transition metals, EBITDA was
1.95 billion with costs of 1.4 billion. Copper
production increased 29% year-on-year,
totaling 326.6 kt, slightly above our revised
guidance of 325 thousand metric tons,
for 2023. The improved performance was

mainly due to the successful ramp-up of
Salobo 3 and the improved performance at
Sossego. Nickel production decreased by
8% in 2023, totaling 164.9 thousand metric
tons, in line with guidance. The production
decrease was expected due to the transition
to underground mining at Voisey’s Bay and
the planned refurbishment of the Onça
Puma furnace.

Capital allocation

Steps forward in 2023 included the
carve-out of Vale Base Metals (VBM), in
a process that provides more autonomy
for the company’s strategic positioning to
advance in important nickel and copper
growth projects for the energy transition.

In July, we signed two binding investment
agreements with Manara Minerals and
Engine No. 1, valued collectively at USD
3.4 billion, corresponding to a total stake
of 13% in VBM. This strategic partnership
aims to accelerate VBM’s investment
program and contribute to a significant
increase in production from 350 thousand
metric tons per year to 900 thousand
metric tons per year for copper, and from
175 thousand metric tons per year to over
300 thousand metric tons per year for
nickel. The initiative aims to also bring
benefits such as job creation, economic
growth, opportunities for suppliers,
and socioeconomic development in the
communities located in the vicinity of Vale’s
operations in Brazil, Canada, and Indonesia.

Additionally, in November, as part of the
obligations related to the extension of our
mining license in Indonesia, Vale Canada

Limited (VCL) signed an agreement to
reduce the investment in PT Vale Indonesia
Tbk (PTVI) from 44.3% to 33.9% of issued
shares. The transaction is expected to
be completed in 2024 and is subject to
customary closing conditions.

Vale’s main divestment program was
also completed in 2023, with the sale of
its interest in Companhia Siderúrgica do
Pecém (CSP) in March and the sale of its
stake in Mineração Rio do Norte S.A. in
November. This reduced the Company’s
exposure to business risks.

Focusing and strengthening
the core

2023 in review

Gaining momentum on Iron Ore
Solutions
Several agreements signed with clients
and partners, focused on developing
solutions for carbon emission reduction
and delivering high-quality products.
These include agreements to supply high-
quality agglomerates, joint studies for
implementing green hubs and Mega
Hubs, and establishing co-located
briquetting plants.

Building a unique Energy Transition
Metals vehicle
Vale Base Metals Limited (“VBM”) creation,
the holding entity of Vale’s Energy
Transition Metals business. VBM has a
separate corporate structure, with
a dedicated Board of Directors.

Two binding agreements were signed in
July, one with Manara Minerals and the

other with Engine No. 1, under which
the companies will separately invest in
VBM. The total consideration to be paid
to VBM is USD 3.4 billion (subject to usual
transaction adjustments on closing), for
a 13% equity interest, implying a USD 26
billion enterprise value.

Heads of Agreement signed, regarding
the divestment obligation of PT Vale
Indonesia Tbk (“PTVI”), a significant step
towards a mutually beneficial outcome
that meets Indonesian divestment
obligations and clears the way for renewal
of PTVI’s mining license beyond 2025.

Advancing our project pipeline
The first iron ore briquette plant started
up in November at the Tubarão complex.
The second plant is scheduled
to start up in 1Q24.

The Torto dam operations at the Brucutu
site started up in July, enabling higher
pellet feed availability and an improved
product mix.

The first throughput test at the Salobo
complex was successfully completed in
November. The three plants’ combined
throughput capacity now exceeds 32
Mtpa, progressing towards reaching
36-Mtpa in 4Q24. The achieved
production levels allowed the receipt
of an additional USD 370 million related
to the streaming agreement.

PTVI and the Chinese company Zhejiang
Huayou Cobalt Co. signed a definitive
agreement with the global automaker
Ford Motor Co. for the development of
the Pomalaa project in Indonesia.

Vale Integrated Report 2023 89

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(except Brazil)

Brazil

Europe

Middle East

Asia

Oceania

TOTAL

Promoting sustainable mining
The B3/B4 dam had over 90% of its
tailings removed, being reclassified
to a level 1 protocol, and its
decharacterization was brought
forward to 2024.

Conformance with the Global Industry
Standard on Tailings Management
(GISTM) achieved for all prioritized
tailings facilities, within the industry’s
timeframe.

Sol do Cerrado solar energy complex
reached its full capacity of 766
Megawatts.

Vale Base Metals and BluestOne signed
a long-term agreement in October,
aimed at waste reuse of 50 ktpy of slag
from the Onça Puma site, promoting
circular mining.

The creation of Agera, a company
focused on developing and expanding
our sustainable sand business. Agera
will market and distribute the sand
produced by processing tailings from
Vale’s iron ore operations in Minas
Gerais, Brazil.

Reparation
The Brumadinho Integral Reparation
Agreement continues to progress with
68% of the agreed-upon commitments
completed and in accordance with the
settlement deadlines.

In the Mariana reparation, the Renova
Foundation accelerated the restitution
of housing rights by delivering 575
housing solutions out of a total of
675 forecast.

Value Generated and Distributed (in USD millions)

GRI 201-1

Revenues

Direct Economic Value Generated

Operational costs

Employee salaries and benefits

Research and Development

Payments to capital providers

Payments to government

Environmental Expenditures

Social Expenditures

Distributed Economic Value

North America
(except Canada)

385.3

6.68

0.10

392.1

Canada

2,099.4

2,718.6

657.7

167.1

23.3

(255)

93.76

3.46

3,409.3

0.1

16.6

2.17

0.90

0.14

19.9

3,870.8

12,063.8

2,426.8

416.1

5,713.8

5,123.0

800.65

660.68

32,578.8

4,791.4

36.2

6.7

133.6

(19)

0.04

27,204.9

4,948.5

0.00

272.8

49.6

15.47

1.75

1.69

341.3

Accumulated Economic Value

(392.10)

(1,309.99)

(19.93)

(23,334.16)

27,630.3

(341.32)

Balance Sheet (in USD million)

Current assets

Non-current assets

Fixed assets

Total assets

Current liabilities

18,700

13,587

61,899

94,186

14,655

Non-current liabilities

38,550

Total liabilities

53,205

Shareholders' equity

40,981

Total liabilities and
shareholders' equity

94,186

1 The amount includes spending on Incentive Laws

and the Pará Structure Program.

Equity income (loss) by business
segment (in USD millions)

2022

2023

Iron Solutions

213

Energy Transition Materials 3

101

246

144

Others

Total

Socioenvironmental
expenditure GRI 203-1

In 2023, Vale invested around USD 1.6 billion
in socioenvironmental and institutional
expenditures, including those related to
Brumadinho. USD 677.3 million was dedicated
to social and institutional initiatives, of

which approximately 81% are the company’s
own resources and 19% are investments from
incentivized resources1. The main spending
was on infrastructure and mobility, traditional
communities and Indigenous Peoples, social
assistance and protection, and culture. The
remaining USD 913.9 million was dedicated to
environmental initiatives, considering Vale’s
internal and external expenditures, with the
main expenses being environmental liabilities,
water resources, atmospheric emissions, and
environmental conservation and protection.

Taxes

Taxes form the fabric of the relationship
between companies and society. The taxes
we collect contribute to the growth of local,

3,235.4

1,311.5

150.6

112.0

141.3

16.8

11.2

1,743.4

1,492.0

3.9

41,784.4

21,158.2

3,320.9

722.5

6,256.0

0.83

5,015.5

913.9

677.3

4.8

38,064.3

(4.77)

3,720.1

national, and global economies, and
we treat our tax obligations seriously.

As a company with a global presence,
we are subject to numerous tax
obligations as prescribed by law.
We therefore strive to meet
compliance requirements at the local,
regional, and global levels through
consistent and efficient processes.
We are subject to internal audits
that examine our compliance with
tax declaration and compliance
procedures.

For more information, please see
Vale’s Tax Transparency Report.

Vale Integrated Report 2023 90

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining3A focus on disciplineMembership of trade associations

GRI 2-28

Indexes and ratings

Sustainalytics

ISS Governance

MSCI

DJSI

MOODY’S

2019

54.5

CCC

2023

31.2¹

• American Chamber of Commerce for Brazil (AMCHAM RJ)

• Instituto Acende Brasil

• Brazilian Chamber of Commerce in Japan (CCBJ)

• Brazilian Mining Institute (IBRAM)

• France-Brazil Chamber of Commerce

• International Council of Museums Brazil (ICOM)

• Centre National de Recherche Technologique Nickel et Son Environnement

• International Council on Mining & Metals (ICMM)

(CNRT Nickel)

• Brazilian Center for International Relations (CEBRI)

CIS -2 / Neutral to Low

• Reference Centre for Integral Education, via the Vale Foundation

1 Result updated in April/24, showing a better result compared to the result of 34.0 in Dec/23

• Childhood Brasil

(the lower the score, the better).

Main organizations and associations of which we are members:

• ABEC BRASIL (Brazilian Association of Science Publishers), via ITV

• Brazilian Association of Science (ABC)

• Ação da Cidadania

• Alliance for Amazon Restoration, via the Vale Fund and RNV

• Aspen Network of Development Entrepreneurs (ANDE), via the Vale Fund

• Brazilian Association of Listed Companies (ABRASCA)

• Brazilian Association of Metallurgy, Materials and Mining (ABM)

• Brazilian Association of Port Terminals (ABTP)

• Rio de Janeiro Commercial Association (ACRJ)

• Central Japan-Brazilian Association in Japan (ACNB)

• Brazilian Foreign Trade Association (AEB)

• Brazilian Association of Port Terminals (ATP)

• Brazil Climate, Forest and Agricultural Coalition, via the Vale Foundation

• Columbia Center on Sustainable Investment (CCSI)

• National Industry Confederation (CNI)

• Brazilian Council of Corporate Volunteering

• Brazil-China Business Council (CEBC)

• Brazilian Business Council for Sustainable Development (CEBDS)

• Brazil-Japan Business Council (CEBRAJ)

• BRICS Business Council (CEBRICS)

• European Association of Metals (Eurometaux)

• Extractive Industries Transparency Initiative (EITI)

• Espírito Santo Industry Federation (FINDES)

• Minas Gerais State Industry Federation (FIEMG)

• Rio de Janeiro State Industry Federation (FIRJAN)

• National Forum of Associate Deans for Research and Graduate Education

(FOPROP), via ITV

• National Association of Railroad Transport (ANTF)

• Fundação Centro de Estudos do Comércio Exterior (Funcex)

• Latimpacto – Latin American Venture Philanthropy Network, via the Vale Fund

• Mining Hub

• National Pact for Early Childhood, via the Vale Foundation

• Racial Equity Pact

• Partnership Platform for the Amazon (PPA), via the Vale Fund

• Forest People’s Network, via the Vale Fund

• National Education and Research Network (RNP), via ITV

• UNICEF in the Brazilian Amazon Mark, via the Vale Foundation

• Sustainable Development Solutions Network (SDSN)

• Task Force on Climate-related Financial Disclosures (TCFD)

• Taskforce on Nature-related Financial Disclosures (TNFD)

• The Cobalt Development Institute

• The Indonesian Mining Association (IMA)

• The Mining Association of Canada (MAC)

• The Nickel Institute

• Todos pela Educação, via the Vale Foundation

• Voluntary Principles on Security and Human Rights

• Wise Group

• Women in Mining Brasil

• Brazil-Canada Chamber of Commerce

• Business at OECD (BIAC)

• Business For Social Responsibility (BSR)

• Global Business Initiative on Human Rights (GBI)

• Brazilian Group of Institutes, Foundations and Companies (GIFE)

• National Pact for the Eradication of Slave Labor (InPacto)

• Women in Mining and Resources Singapore (WIMAR SG)

• World Business Council for Sustainable Development (WBCSD)

• World Economic Forum (WEF)

Vale Integrated Report 2023 91

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About This Report: Methodology and Frameworks

The 2023 Vale Integrated Report covers the period from
January 1 to December 31, 2023. The information in this report
is inclusive of all businesses over which Vale has operational
control, as listed in our Form 20-F, excluding any operations
that have since been sold.

GRI 2-2 | 2-3

Throughout this report, we present disclosures for,
describe our management approach to, and report on our
performance against a set of environmental, social, and
governance topics as listed in our materiality matrix (see
more in Materiality). The information in this report has
been prepared in accordance with the GRI Standards. The
report also includes disclosures outlined in the International
Integrated Reporting Framework, now consolidated under
the International Sustainability Standards Board (ISSB), the
Task Force on Climate-related Financial Disclosures (TCFD)
recommendations, the Sustainability Accounting Standards
Board (SASB) Standards, and the International Financial
Reporting Standards (IFRS). Vale is currently transitioning to
reporting in accordance with these standards, and this will be
reflected in the current and future editions of our report.

We also report on our adoption of the Mining Principles of
the International Council of Mining and Metals (ICMM),
including ICMM Performance Expectations; the World

Economic Forum (WEF) key metrics; and the United Nations
(UN) Sustainable Development Goals (SDGs).

Vale has implemented the ICMM Mining Principles as a
Condition of Membership. We endorse and support the ICMM’s
efforts at the international level to enhance the transparency
of mineral revenues, including through the Extractive Industries
Transparency Initiative (EITI). Vale engages constructively
in appropriate forums to improve the transparency of
mineral revenues.

Regarding the conversion adopted for the dollar values
published in this report: the values converted from real to US
dollar consider the average annual currency rate of BRL 4.995
to USD 1.00, except for the values of financial disclosures, and
environmental and social expenditures, that monthly exchange
rates were used.

More information about our results is available at:

• 20-F, Management Report, Fiscal Transparency,

Reference Form and Financial Statements

• Governance Report

• ESG Portal

• Reparation Balance

• Other editions of Vale’s sustainability reports

a
z
u
o
S
n
o
s
r
e
d
n
A

o
t
o
h
P

Subsequent event

March 2024, a court in the Netherlands granted a
preliminary injunction freezing our shares in Vale Holdings
B.V., our wholly-owned subsidiary incorporated in the
Netherlands, in guarantee of an amount of approximately
EUR 920 million. The freezing orders were issued in

anticipation of a potential legal action to be brought against
us by individuals and entities that claim to have been
affected by the collapse of Samarco’s Fundão dam in 2015.
We will review the terms of this action and will present
our defense, including challenges to the jurisdiction of the
Dutch courts.

1 Exceptions to

reporting limits
are presented
in the RI
Preparation
Base in the ESG
Databook.

Note: This document may include statements about Vale’s current expectations about future events or results. All
estimates and projections involve various risks and uncertainties. Vale cannot guarantee that such statements will
prove to be correct. These risks and uncertainties include, among others, factors related to: (a) countries where
Vale operates, especially Brazil and Canada; (b) the global economy; (c) the capital market; (d) the price of ores and
metals 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, the exploration of mineral reserves and the resources and the development
of mining facilities, our ability to obtain or renew new licenses, the depletion and depletion of mines and mineral
reserves and resources. For additional information on factors that may cause results to differ from those estimated
by Vale, please consult the reports filed by Vale with the U.S. Securities and Exchange Commission (SEC), the
Securities and Exchange Commission (CVM) and, in particular, the factors discussed in sections “Estimates and
Projections” and “Risk Factors” in Vale’s Annual Report – Form 20-F.

Vale Integrated Report 2023 92

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Vale Integrated Report 2023 93
Vale Integrated Report 2023 93

External
readers

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining

External readers

I was quite surprised when I was invited to be a Peer Reviewer for Vale’s 2023
Integrated Report. I was inclined to turn down the offer at first, because, as a climate
activist deeply engaged in grassroots struggles, I’m fully aware of the impacts Vale
has on vulnerable populations and the world. However, I talked to a close friend
who said to me: Amanda, you’ve always said you want to be a bridge between civil
society, governments and corporations. Isn’t this a once-in-a-lifetime opportunity?
This question prompted me to reflect deeply, leading me to discuss the matter with
friends, mentors and fellow activists. After much thought, I decided to accept the
invitation and emphasize the importance of dialog.

My heart raced when I started reading the document, as I remembered an incident
from the previous December at COP 28 in Dubai, the United Nations Climate Change
Conference. We were in the midst of a panel on “Brazil’s National Energy Transition
Policy from multiple perspectives: public sector, private sector and civil society” when
an Indigenous leader and a dam breach activist suddenly interrupted the proceedings
to protest.

“You talk about the energy transition, you talk about preserving the Planet, but it is
you who are putting lives in jeopardy, it is you who are threatening our lands,” the
Indigenous leader exclaimed.

Despite Vale’s meaningful progress toward sustainable mining and the promotion
of low-carbon solutions, we must NEVER forget the tragedies in Brumadinho
and Mariana and the impacts of intensive mining activities. The Integrated
Report solemnly acknowledges these events and discusses various mitigating and
compensatory initiatives to reduce damages, although much more remains to be done.

To become a global benchmark in practices that minimize adverse impacts and enhance positive
outcomes for nature and people, Vale must improve its engagement with civil society, especially
with those affected by dam breaches and directly impacted by its activities. The document
presents a consistent plan for managing risks and impacts, monitoring the water quality of the Rio
Doce river, providing compensation, financial aid, and reconstruction plans and infrastructure, but
this needs to be done in partnership with representatives of the most affected groups, moving
beyond listening to narratives and towards concrete collaborative actions.

“I’m saddened because I really want Vale to come into my territory, listen, and see my reality. I’m
here, willing to talk on equal terms, without intermediaries (...). Billions are invested, but little
or no change happens on the ground. Where are the promised roads and basic sanitation? The
communication channels are open, but are they really hearing us? “ (Testimony from a resident
affected by the dam breach)

After the Indigenous leader’s speech at COP, a fellow activist from Espírito Santo state, living in a
territory affected by the sediments from the Mariana dam breach, expressed her indignation:

“For 8 years now, we’ve been saying that our children are dying from eating contaminated food,
because the soil and our fish are contaminated. And when we talk about compensation, we’re not
just talking about money. We’re talking about our great Watu (Doce river), which is dying in agony.
You talk about inclusive energy transition, but for whom, gentlemen? At what cost? On the bodies
of our original brothers and sisters? On our black bodies?”

Dear Integrated Report reader, this letter might make you uneasy, but if we are trying to envision
a sustainable world, truly implementing the United Nations Sustainable Development Goals and
leaving no one behind, we must address sensitive issues and seek solutions that are beneficial and
create shared value for EVERYONE.

Vale Integrated Report 2023 94

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable MiningI also therefore recognize the efforts Vale has made to leave a positive legacy Whether
you’re an activist, analyst, investor, entrepreneur or government official, I imagine that,
like me, you are interested in building a sustainable world. An important highlight from
the Report is the support for the Vale Technology Institute (ITV), a nonprofit institution
dedicated to science, technology and research. It’s crucial that Vale prioritize partnerships
with research institutions and technical experts and offer scholarships to Indigenous
People, quilombolas and traditional community members, to ramp up the production of
technical expertise and the appreciation of traditional knowledge. Only by investing in
green technology, increasing our climate ambitions and the decarbonizing processes and
operations can we promote climate justice actions for the most vulnerable within this
production chain.

As the perception research on the organization’s sustainability performance shows, “Vale
is very important for the economic development of the region,” but it’s imperative that
the mining company invests in building an emancipatory economy for the workers in the
cities where it operates, fostering an inclusive green economy, easing social inequalities and
establishing multidisciplinary procedures that are environmentally responsible.

Dear Integrated Report reader, I wish to make a commitment with you. The transformation
of society will not be confined to an idealistic vision of providing a brief platform for a
climate and anti-racist activist to speak. Inspired by Bell Hooks, the author asserts that
we must radically transform power relations and ways of life, which is impossible without

critiquing the various forms of oppression Writing this letter will be in vain if
rampant exploitation, the myth of democracy, competition, profit at all costs,
environmental degradation, the depletion of natural resources, systemic violence,
and the force of hierarchical white and patriarchal power continues unabated.

I want to conclude this letter with the final words my activist friend said during her
protest at COP to the Vale representative at the table: “If democracy symbolizes
the people and power emanates from the people, we are the majority and we want
change (...)!”

I hope this serves as a first step towards dialog and fosters joint construction.
My acceptance of Vale’s invitation stemmed from curiosity, self-reflection, and
the possibility of environmentally responsible integration. I hope we can initiate
new actions within the larger halls of power, thereby achieving truly inclusive,
collaborative and sustainable solutions.

Thank you! <3

Amanda Costa,

Climate activist, young councillor for the UN Global Compact and executive director
of the Sustainable Perifa Institute.

Vale Integrated Report 2023 95

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining
External readers

I am pleased to have the opportunity to review and provide comment on Vale’s 2023
Integrated Report.

Overall, the Report is remarkably comprehensive, covering key economic figures as well as a
properly broad range of environmental, social and governance factors. As integrated reports
gain more traction on the part of global companies like Vale, this is a good example of how to
cover a breadth of topics that should be of interest to stakeholders with diverse interests and
priorities.

The Report also reflects a candid window into the company’s thinking, actions and impacts.
The letters from Chairman of the Board Daniel Stieler and CEO Eduardo Bartolomeo, in
particular as they relate to the tragic mine collapses the companies has experienced in recent
years and the culture change that has been instigated as a result is one important example
of that candor. In a world more and more focused – and appropriately so – on misleading
information, this candor is important.

The Report is designed not only to provide perspective about Vale’s thinking, but crucially,
its activities and impacts. There are several specific examples of subjects that, in my
view, are particularly important. In no particular order, they include the commitment to
double materiality, details about the very wide external engagement conducted by Vale
on key subjects, conduct of several human rights due diligence assessments and supplier
assessments, the ongoing “decharacterization” of mines presenting risks to the company and
surrounding communities, application of the principles of the Task Force for Nature-Related
Financial Disclosures (TNFD), increased activity to protect nature and biodiversity, and the
section covering climate. The appointment of a lead independent director, as noted in the
Chairman’s letter, is also a positive step on governance.

In nearly every area, the Report shows good progress on areas of the greatest importance to
Vale and all its stakeholders. It is especially good to see improvements in the area of health and
safety, particularly given the large-scale challenges the company has experienced in recent
years. The content of the Report related to the impact of climate risks on Vale’s business
is welcome.

There are two other areas that merit attention for being particularly interesting. First, the
discussion of reparations shows an ongoing commitment to being transparent about the nature
and scope of its efforts to respond to Brumadinho, for example, is a topic of central importance
that seems to be progressing. Second, the strategic reasons why Vale has an important role to
play in the energy transition by producing critical materials was good to see in the Report. It is
also worth noting that that should have been earlier and more prominent in the discussion of
climate, so that the context and importance of such actions could be made clearer.

In addition, there are three broad areas in which the Report could be strengthened: (1) provide
additional context so that the meaning of the information that is contained in the Report is
better understood: (2) fewer “testimonials” and a more diverse array of voices to provide a wider
range of perspectives, and (3) connecting the dots between activities and impacts, so that the
significance of the considerable array of activities presented in the Report is more evident.

More detail on these three areas follows.

Context: In several places, the impact of the information provided could be strengthened by
inclusion of additional context. One example is the section on “decharacterization,” where the
debate over whether the pace of activity is fast enough to address important physical risks.

Vale Integrated Report 2023 96

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable MiningAcknowledging the fact that some would like to see this move more quickly, along
with the company’s perspective on why and how the pace is sufficient would provide a
significantly greater sense of understanding for readers. With respect to water, it would
also be helpful to understand how Vale’s performance compares to industry benchmarks
and peers. On governance of climate – and sustainability overall – more information
of the composition and objectives of the Sustainability Committee would provide
additional needed context. Finally, given that some important emissions have increased
due to growth in production, an understanding of how Vale intends to balance such
increases with the need for emissions reductions is an important question that merits
more attention.

Activities and Impacts: Similarly, the sheer volume of information in the Report is
substantial. In several places in the Report, however, the value of the information is
diminished by the absence or insufficiency of the impacts of the actions being described.
For example, it would be very helpful to understand how the human rights due
diligence (HRDD) assessments led to changes in process, as well as improved protections
for human rights in and around Vale’s operations. Similarly, it is not clear how the
considerable efforts on waste management have impacted performance in that area. In
Just Transition, the broad objective is stated well, and additional information about how
the company is addressing that crucial question would also strengthen the Report.

Testimonials: Several dozen testimonials are included in the Report. In some parts of
the Report, too many were offered, such that they were duplicative. More importantly,

the value of such elements in the Report would be strengthened if more voices offering constructive
challenge were also included. By reducing the number of such inputs, as well as diversifying the
nature of the comments, the value of this element of the Report would increase.

Overall, I commend Vale for this Report, which offers all interested parties a window into its
considerable activities to address its most material issues. I am confident that future Reports will
be refined to deliver even greater insight and meaning for the company’s employees, investors,
communities and other important stakeholders.

Aron Cramer,

President and CEO, BSR

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Assurance

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Independent auditor’s limited assurance
report on the non-financial information
included in the 2023 Integrated Report GRI 2-5

(A free translation of the original in Portuguese)

To the Board of Directors and Stockholders
Vale S.A.
Rio de Janeiro - RJ

Introduction

We have been engaged by Vale S.A. (“Company” or “Vale”) to present our limited assurance report on the
non-financial information included in the 2023 Integrated Report of Vale and certain selected information
from the attachment Databook ESG (hereinafter collectively referred to as “2023 Integrated Report”)
for the year ended December 31, 2023.

Our limited assurance does not cover prior-period information, or any other information disclosed together
with the 2023 Integrated Report, including any images, audio files or videos.

Responsibilities of Vale’s management

The management of Vale is responsible for:

•

selecting or establishing adequate criteria for the preparation and presentation of the information
included in the 2023 Integrated Report;

preparing the information in accordance with the GRI Standards and with the basis of preparation
developed by the Company, and with Guidance CPC 09 - Integrated Reporting, issued by the Federal
Accounting Council (CFC), equivalent to the Basic Conceptual Framework for Integrated Reporting,
prepared by the International Integrated Reporting Council (IIRC);

designing, implementing and maintaining internal controls over the significant information used
in the preparation of the 2023 Integrated Report, which is free from material misstatement, whether
due to fraud or error.

Our independence and quality control

We comply with the independence and other ethical requirements of the Federal Accounting Council (CFC) in NBCs PG
100 and 200 and NBC PA 291, which are based on the principles of integrity, objectivity and professional competence,
and which also consider the confidentiality and behavior of professionals.

We apply the Brazilian and international quality control standards established in NBC PA 01, issued by the CFC, and
thus maintain an appropriate quality control system that includes policies and procedures related to compliance with
ethical requirements, professional standards, legal requirements and regulatory requirements.

Independent auditor’s responsibility

Our responsibility is to express a conclusion on the non-financial information included in the 2023 Integrated Report
and certain selected information from the attachment Databook ESG 2023, based on our limited assurance engagement
carried out in accordance with the Technical Communication CTO 01, “Issuance of an Assurance Report related to
Sustainability and Social Responsibility”, issued by the Federal Accounting Council (CFC), based on the Brazilian standard
NBC TO 3000, “Assurance Engagements Other than Audit and Review”, also issued by the CFC, which is equivalent to
the international standard ISAE 3000, “Assurance engagements other than audits or reviews of historical financial
information”, issued by the International Auditing and Assurance Standards Board (IAASB). Those standards require
that we comply with ethical requirements, including independence requirements, and other responsibilities of
these standards, including those regarding the application of the Brazilian Quality Control Standard (NBC PA 01) and,
therefore, the maintenance of a comprehensive quality control system, including documented policies and procedures
regarding the compliance with ethical requirements, professional standards and relevant legal and regulatory
requirements.

Moreover, the aforementioned standards require that the work be planned and performed to obtain limited assurance
that the non-financial information included in the 2023 Integrated Report, taken as a whole, is free from material
misstatement.

A limited assurance engagement conducted in accordance with the Brazilian standard NBC TO 3000 and ISAE 3000
mainly consists of making inquiries of management and other professionals of Vale involved in the preparation of the
information, as well as applying analytical procedures to obtain evidence that allows us to issue a limited assurance
conclusion on the information, taken as a whole. A limited assurance engagement also requires the performance of
additional procedures when the independent auditor becomes aware of matters that lead him to believe that the
information disclosed in the 2023 Integrated Report taken as a whole might present material misstatements.

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The procedures selected are based on our understanding of the aspects related to the compilation, materiality, and
presentation of the information included in the 2023 Integrated Report, other circumstances of the engagement and
our analysis of the activities and processes associated with the material information disclosed in the 2023 Integrated
Report in which significant misstatements might exist. The procedures comprised:

(a) planning the work, taking into consideration the materiality and the volume of quantitative and qualitative
information and the operating and internal control systems that were used to prepare the information
included in the 2023 Integrated Report;

(b) understanding the calculation methodology and the procedures adopted for the compilation of indicators

through inquiries of the managers responsible for the preparation of the information;

information and its correlation with the indicators disclosed in the 2023 Integrated Report; and

(d) when non-financial data relate to financial indicators, comparing these indicators with the financial

statements and/or accounting records.

The limited assurance engagement also included the analysis of the compliance with the GRI Standards, the
principles for the Integrated Reporting, pursuant to Guidance CPC 09 - Integrated Reporting, and the criteria
established in the basis of preparation developed by the Company.

Our procedures did not include assessing the adequacy of the design or operating effectiveness of the controls,
testing the data on which the estimates are based or separately developing our own estimate to compare with
Vale’s estimate.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our limited
assurance conclusion.

Non-financial data are subject to more inherent limitations than financial data, due to the nature and diversity of the
methods used to determine, calculate and estimate these data. Qualitative interpretations of the relevance, materiality,
and accuracy of the data are subject to individual assumptions and judgments. Furthermore, we did not consider in our
engagement the data reported for prior periods, nor future projections and goals, including results of goals established by
the Commitments to Renewing Life included in the 2023 Integrated Report.

The preparation and presentation of non-financial information and indicators followed the definitions of the basis of
preparation developed by the Company and the GRI Standards and, therefore, the information included in the 2023
Integrated Report does not aim to provide assurance with regard to the compliance with social, economic, environmental
or engineering laws and regulations. However, the aforementioned standards establish the presentation and disclosure of
possible cases of non-compliance with such regulations when sanctions or significant fines are applied. Our assurance report
should be read and understood in this context, inherent to the criteria selected and previously mentioned in this paragraph.

The absence of a significant set of established practices on which to base the evaluation and measurement of non-financial
information allows for different but acceptable evaluation and measurement techniques, which can affect comparability
between entities and over time.

The contents included in the scope of this assurance engagement are presented in the Basis for Preparation of the 2023
Integrated Report.

Conclusion

Based on the procedures performed, described herein, and on the evidence obtained, no matter has come to our attention
that causes us to believe that the non-financial information included in the 2023 Integrated Report of Vale has not been
prepared, in all material respects, in accordance with the criteria established in the basis of preparation and with the GRI
Standards and with the Guidance CPC 09 - Integrated Reporting.

Scope and limitations

The procedures applied in a limited assurance engagement vary in nature and timing, and are less detailed than those
applied in a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance
engagement is substantially lower than the level that would be obtained in a reasonable assurance engagement.
If we had performed a reasonable assurance engagement, we might have identified other matters and possible
misstatements in the information included in the 2023 Integrated Report. Therefore, we do not express an opinion
on this information.

São Paulo, April 12, 2024

PricewaterhouseCoopers
Auditores Independentes Ltda.
CRC 2SP000160/O-5

Maurício Colombari
Contador CRC 1SP195838/O-3

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6 GRI Content Index

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GRI Content Index

Statement of use Vale has reported in accordance with the GRI Standards for the period from January 1 to December 31, 2023.

GRI1 used GRI1: Foundation 2021

GRI Standard

Disclosure

Page number(s) and/or URL and/or direct answers

General Disclosures

2-1 Organizational details

Pages 6 and 9.

2-2 Entities included in the organization’s
sustainability reporting

Page 92.
The financial statements can be checked at link. All entities controlled by Vale are
covered in the Integrated Reporting.

2-3 Reporting period, frequency and contact point

Annual. Further information can be found on pages 5 and 92.

2-4 Restatements of information

Pages 32 and 37.

2-5 External assurance

Page 99.
Vale’s external verification process is required by its membership of the International
Council on Mining and Metals (ICMM) and the GRI Sustainability Reporting Standards.

GRI 2: General
Disclosures 2021

2-6 Activities, value chain and other business
relationships

Pages 9 and 45.
Further information can be found in the 2023 Reference Form - section item 6. Issuer´s
history / 6.3 - Brief history and 7.3 Production / sales / markets.

2-7 Employees

2-8 Workers who are not employees

Page 23.
More information can be found in the “Social Data” tab of the ESG Databook.

2-9 Governance structure and composition

Pages 84 and 85.
Further information can be found in Board of Directors’ Internal Regulations.

2-10 Nomination and selection of the highest
governance body

Pages 84 and 85.
Further information can be found in the Form 20F 2023 - section: Management
and employees.

Omission

Material /
Non-Material

Requirement(s)
omitted

Reason

Explanation

Mandatory

2-11 Chair of the highest governance body

Page 84.
The CEO does not accumulate the position of Chairman of the Board of Directors.

Mandatory

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Disclosure

Page number(s) and/or URL and/or direct answers

General Disclosures

2-12 Role of the highest governance body in
overseeing the management of impacts

Pages 14, 16, 84, 85 and 86.
Further information can be found in 2023 General Meetings of Shareholders and
Internal Regulations of the Sustainability Comittee - Chapter V - Meetings.

2-13 Delegation of responsibility for managing impacts

Pages 84 and 85.
Further information can be found in Board of Directors’ Internal Regulations.

2-14 Role of the highest governance body in
sustainability reporting

Page 84.
The CEO does not accumulate the position of Chairman of the Board of Directors.

2-15 Conflicts of interest

GRI 2: General
Disclosures 2021

2-16 Communication of critical concerns

The absence of conflicts of interest is one of the ethical principles of the Code of
Conduct. We repudiate and reject any action, influence or decision motivated by
interests contrary to Vale’s standards.

More information can be found in the Related Parties Transactions and Conflicts
of Interest Policy.

Pages 39, 86 and 88.
Further information can be found in the Form 20F 2023 and in the 2023 Reference
Form, both on section: “Risk Factors”.

2-17 Collective knowledge of the highest governance
body

Page 84.
Further information can be found in 2023 General Meetings of Shareholders.

2-18 Evaluation of the performance of the highest
governance body

2-19 Remuneration policies

2-20 Process to determine remuneration

Page 84.
Additional information regarding the content is disclosed in the Company’s annual
Reference Form and should be consulted in the chapter “Administrative Structure”,
until the 2022 document and as of the 2023 document in the chapter “General
Assembly and Management”.

Page 85.
Further information can be found in the Company’s annual Reference Form under
the chapters Management Compensation and Compensation Policy/Practice.

Omission

Material /
Non-Material

Requirement(s)
omitted

Reason

Explanation

Mandatory

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Disclosure

Page number(s) and/or URL and/or direct answers

General Disclosures

Omission

Material /
Non-Material

Requirement(s)
omitted

Reason

Explanation

2-21 Annual total compensation ratio

The ratio between the highest individual compensation and the median individual
compensation of Vale employees, for the fiscal year ending 2023, is 515 times, according
to the accrual accounting view. Compared to 2022, there has been a reduction in the
total annual compensation of the organization’s highest paid individual.

More information on the methodology used for the calculation can be found in the
Reference Form, in section “10.3. Employee remuneration policies and practices”

2-22 Statement on sustainable development strategy

Pages 3, 4, 5, 11, 12 and 19.

2-23 Policy commitments

Pages 12 and 31. Further information can be found in the Form 20F 2023, section: 4.
Risk Factors.

2-24 Embedding policy commitments

Pages 12 and 26.

2-25 Processes to remediate negative impacts

Pages 14, 16, 39 and 88.

2-26 Mechanisms for seeking advice and raising concerns Page 88.

2-27 Compliance with laws and regulations

2-28 Membership associations

2-29 Approach to stakeholder engagement

2-30 Collective bargaining agreements

Page 88.

Page 91.

Page 14.

Page 27.

3-1 Process to determine material topics

Page 16. Further information can be found at Vale’s ESG Portal.

Mandatory

3-2 List of material topics

Page 16. There have been no significant changes in the material topics since the last
Integrated Report.

Mandatory

3-3 Management of material topics

Page 47.
Further information can be found at Vale’s ESG Portal.

Mandatory

MM3 | Total amounts of overburden, rock, tailings, and
sludges and their associated risks

Page 50.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

3-3 Management of material topics

Pages 57 and 58.
Further information can be found at Vale’s ESG Portal.

Mandatory

GRI 2: General
Disclosures 2021

GRI 3: Material
Topics 2021

Material topics

Dams

GRI 3: Material
Topics 2021

GRI G4 2013:
Mining and
Metals Sector
Disclosures

Biodiversity

GRI 3: Material
Topics 2021

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Material topics

GRI 304:
Biodiversity 2016

GRI G4 2013:
Mining and
Metals Sector
Disclosures

Ecoefficiency

GRI 3: Material
Topics 2021

GRI 303: Water
and Effluents
2018

GRI 305:
Emissions 2016

304-1 Operational sites owned, leased, managed in, or
adjacent to, protected areas and areas of high biodiversity
value outside protected areas

More information can be found in the “Environment Data” tab of the ESG Databook. Material

304-2 Significant impacts of activities, products and
services on biodiversity

Pages 57 and 59.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

304-3 Habitats protected or restored

Pages 57 and 60.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

304-4 IUCN Red List species and national conservation list
species with habitats in areas affected by operations

Pages 57 and 59
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

MM1 Amount of land (owned or leased, and managed
for production activities or extractive use) disturbed or
rehabilitated

MM2 The number and percentage of total sites
identified as requiring biodiversity management
plans according to stated criteria, and the number
(percentage) of those sites with plans in place

Page 57.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

Pages 57 and 59.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

3-3 Management of material topics

Page 63.
Further information can be found at Vale’s ESG Portal.

Mandatory

303-1 Interactions with water as a shared resource

Page 63.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

303-2 Management of water discharge-related impacts

ESG Databook: “Environment Data” tab.

303-3 Water withdrawal

Page 63 and 65.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

303-4 Water discharge

Page 63 and 65.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

303-4-d-iii

303-5 Water consumption

Page 63 and 65.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

305-6 Emissions of ozone-depleting substances (ODS)

ESG Databook: “Environment Data” tab.

305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and
other significant air emissions

Page 66.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

Unavailable/
incomplete
information

We follow the regulations in place, maintaining
our controls, the violations are investigated
and reported to the responsible authorities,
and the appropriate action plans are
established. However, the definitions of “non-
conformities” are under discussion, making it
impossible to make any statements.

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Material topics

Mine closure and future use

GRI 3: Material
Topics 2021

GRI G4 2013:
Mining and
Metals Sector
Disclosures

Climate change

GRI 3: Material
Topics 2021

GRI 201:
Economic
Performance
2016

GRI 302: Energy
2016

3-3 Management of material topics

Page 69.
Further information can be found at Vale’s ESG Portal.

Mandatory

MM10 Number and percentage of operations with closure
plans

Page 69.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

3-3 Management of material topics

Page 72.
Further information can be found at Vale’s ESG Portal.

Mandatory

201-2 Financial implications and other risks and
opportunities due to climate change

Page 72.
More information can be found in the ESG Databook: “Economic Data” tab, Climate
Change Report and Form 20F 2023.

Material

302-1 Energy consumption within the organization

Page 74.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

302-2 Energy consumption outside of the organization

More information can be found in the “Environment Data” tab of the ESG Databook. Material

302-3 Energy intensity

Page 74.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

302-4 Reduction of energy consumption

Page 74.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

305-1 Direct (Scope 1) GHG emissions

Page 73.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

305-2 Energy indirect (Scope 2) GHG emissions

Page 73.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

GRI 305:
Emissions 2016

305-3 Other indirect (Scope 3) GHG emissions

Page 73.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

305-4 GHG emissions intensity

305-5 Reduction of GHG emissions

Page 73.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

Page 75.
More information can be found in the “Environment Data” tab of the ESG Databook.

Material

Governance and compliance

GRI 3: Material
Topics 2021

GRI 201:
Economic
Performance
2016

3-3 Management of material topics

Page 83.
Further information can be found at Vale’s ESG Portal.

201-1 Direct economic value generated and distributed

Page 90.
More information can be found in the “Economic Data” tab of the ESG Databook.

201-4 Financial assistance received from government

ESG Databook: “Economic Data” tab.

Mandatory

Material

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Material topics

205-1 Operations assessed for risks related to corruption

Page 87.
More information can be found in the “Economic Data” tab of the ESG Databook.

GRI 205: Anti-
corruption 2016

205-2 Communication and training about anti-corruption
policies and procedures

Page 87.
More information can be found in the “Economic Data” tab of the ESG Databook.

205-3 Confirmed incidents of corruption and actions
taken

ESG Databook: “Economic Data” tab.

206-1 Legal actions for anti-competitive behavior, anti-
trust, and monopoly practices

ESG Databook: “Economic Data” tab.

3-3 Management of material topics

Page 30.
Further information can be found at Vale’s ESG Portal.

408-1 Operations and suppliers at significant risk for
incidents of child labor

Page 31.
More information can be found in the “Social Data” tab of the ESG Databook.

409-1 Operations and suppliers at significant risk for
incidents of forced or compulsory labor

Page 31.
More information can be found in the “Social Data” tab of the ESG Databook.

410-1 Security personnel trained in human rights policies
or procedures

Page 30.
More information can be found in the “Social Data” tab of the ESG Databook.

3-3 Management of material topics

Pages 22 and 26.
Further information can be found at Vale’s ESG Portal.

GRI 206: Anti-
competitive
Behavior 2016

Human rights

GRI 3: Material
Topics 2021

GRI 408: Child
Labor 2016

GRI 409: Forced
or Compulsory
Labor 2016

GRI 410: Security
Practices 2016

People

GRI 3: Material
Topics 2021

GRI 202: Market
Presence 2016

202-1 Ratios of standard entry level wage by gender
compared to local minimum wage

Page 27.
More information can be found in the “Economic Data” tab of the ESG Databook.

MM4 Number of strikes and lock-outs exceeding one
week’s duration, by country

Pages 19 and 27.

Material

Mandatory

Material

Mandatory

Non Material

Material

GRI G4: Mining
2013 and
Metals Sector
Disclosures

GRI 201:
Economic
Performance
2016

GRI 401:
Employment
2016

201-3 Defined benefit plan obligations and other
retirement plans

ESG Databook: “Economic Data” tab. Further information can be found in the Form
20F 2023 - section: Employees.

Material

401-1 New employee hires and employee turnover

ESG Databook: “Social Data” tab.

401-2 Benefits provided to full-time employees that are
not provided to temporary or part-time employees

ESG Databook: “Social Data” tab.

401-3 Parental leave

ESG Databook: “Social Data” tab.

Material

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Material topics

GRI 404: Training
and Education
2016

GRI 405:
Diversity
and Equal
Opportunity
2016

GRI 406: Non-
discrimination
2016

GRI 407:
Freedom of
Association
and Collective
Bargaining 2016

Health and safety

GRI 3: Material
Topics 2021

GRI 403:
Occupational
Health and
Safety 2018

404-1 Average hours of training per year per employee

Page 26. More information can be found in the “Social Data” tab of the ESG Databook. Material

404-2 Programs for upgrading employee skills and
transition assistance programs

404-3 Percentage of employees receiving regular
performance and career development reviews

ESG Databook: “Social Data” tab.

Page 26. More information can be found in the “Social Data” tab of the ESG Databook. Material

405-1 Diversity of governance bodies and employees

ESG Databook: “Social Data” tab.

Material

405-2 Ratio of basic salary and remuneration of women to
men

Page 27.
More information can be found in the “Social Data” tab of the ESG Databook.

Material

405-2-a
405-2-b

Information
unavailable/
incomplete

The information disclosed about the ratio
between the base salaries and remuneration
received by women and men does not use “
significant operational units” as a criterion,
because the employees of all the company’s
units are considered.

406-1 Incidents of discrimination and corrective actions
taken

Page 88.
More information can be found in the “Social Data” tab of the ESG Databook.

Material

407-1 Operations and suppliers in which the right to
freedom of association and collective bargaining may be
at risk

Page 27.
More information can be found in the “Social Data” tab of the ESG Databook.

Material

3-3 Management of material topics

Page 27.
Further information can be found at Vale’s ESG Portal.

403-1 Occupational health and safety management
system

ESG Databook: “Social Data” tab.

403-2 Hazard identification, risk assessment, and incident
investigation

ESG Databook: “Social Data” tab.

403-3 Occupational health services

ESG Databook: “Social Data” tab.

403-4 Worker participation, consultation, and
communication on occupational health and safety

ESG Databook: “Social Data” tab.

403-5 Worker training on occupational health and safety

ESG Databook: “Social Data” tab.

403-6 Promotion of worker health

ESG Databook: “Social Data” tab.

Mandatory

Material

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Material topics

GRI 403:
Occupational
Health and
Safety 2018

Local communities

GRI 3: Material
Topics 2021

GRI 203: Indirect
Economic
Impacts 2016

GRI 411: Rights
of Indigenous
Peoples 2016

GRI 413: Local
Communities
2016

GRI G4 2013:
Mining and
Metals Sector
Disclosures

403-7 Prevention and mitigation of occupational
health and safety impacts directly linked by business
relationships

ESG Databook: “Social Data” tab.

403-8 Workers covered by an occupational health and
safety management system

ESG Databook: “Social Data” tab.

403-9 Work-related injuries

Page 29.
More information can be found in the “Social Data” tab of the ESG Databook.

Material

403-10 Work-related ill health

Page 29.
More information can be found in the “Social Data” tab of the ESG Databook.

Material

403-10-b

Information
unavailable/
incomplete

Data reported here deals only with own
employees, health statistics on third-party
employees are managed by the contracting
company.

3-3 Management of material topics

Page 32.
Further information can be found at Vale’s ESG Portal.

Mandatory

203-1 Infrastructure investments and services supported

Pages 30, 31, 33, 35, 36, 37, 39, 40, 43, 44, 51, 53, 54, 60, 61, 62, 63, 65 and 90.
More information can be found in the “Economic Data” tab of the ESG Databook.

203-2 Significant indirect economic impacts

ESG Databook: “Economic Data” tab.

411-1 Incidents of violations involving rights of Indigenous
Peoples

ESG Databook: “Economic Data” tab.

413-1 Operations with local community engagement,
impact assessments, and development programs

Page 32.
More information can be found in the “Social Data” tab of the ESG Databook.

413-2 Operations with significant actual and potential
negative impacts on local communities

Page 32.
More information can be found in the “Social Data” tab of the ESG Databook.

MM5 Total number of operations taking place in or
adjacent to Indigenous Peoples’ territories, and number
and percentage of operations or sites where there are
formal agreements with Indigenous Peoples’ communities

MM6 Number and description of significant disputes
relating to land use, customary rights of local
communities and Indigenous Peoples

MM7 The extent to which grievance mechanisms were
used to resolve disputes relating to land use, customary
rights of local communities and Indigenous Peoples, and
the outcomes

MM9 - Sites where resettlements took place, the number
of households resettled in each, and how their livellihoods
were affected in the process

Page 34 and 37.
More information can be found in the “Social Data” tab of the ESG Databook.

Page 39.
More information can be found in the “Social Data” tab of the ESG Databook.

Pages 37, 38 and 52.
More information can be found in the “Social Data” tab of the ESG Databook.

Material

Vale Integrated Report 2023 109

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Credits

Prepared by
Executive Vice President, Sustainability

ESG consulting, content, and integrated editorial
and graphic design
Juntos | Approach Comunicação – approach.com.br

Materiality
Globescan

Technical support in compiling GRI, SASB,
WEF, and ICMM disclosures
EY

Limited assurance
PwC

Photo credits
Vale image bank and external archives
(photos credited)

Cover
Photo 1: Pile of iron ore at the Serra Sul Complex, S11D, in Canaã
dos Carajás, Pará, Brazil. Image: Ricardo Teles.

Photo 2: Employees Caciane Rodrigues, Thimotio Barros, and
Andreina Costa, at the Serra Sul Complex, S11D.
Image: Alexandre Rezende.

Photo 3: employee Uenice Correa visiting Ana Alice de Queiroz’s
beekeeping at Cedere 1, in Parauapebas, Pará, Brazil. Image:
Alexandre Rezende.

Photo 4: Locomotive passing through a section of the Carajás
Railroad. Photo: Marcelo Coelho

Revision
Catalyzing Content

International Reviewer
SLR Consulting

We would like to thank all individuals who were directly or
indirectly involved in preparing the 2023 Integrated Report.
Published April 2024.

Vale Integrated Report 2023 110

CreditsGRIAssuranceExternal readersAbout ValeIntroduction123A focus on disciplineLow-carbon solutionsSustainable Mining

Some information in the Report on pages 9, 40, 56, 85, 87 and
88 published on 12.04.2024, was adjusted on 29.04.2024 after
reviewing the data originally published. In these corrections,
adjustments were made to: layout, spelling and/or translation
errors, incorrectly written nomenclature.

The adjusted information is marked on the pages indicated
with a redirection icon