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8/12/2019 2013 ValeDay London 16x9
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Murilo FerreiraChief Executive Officer
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Austerity and simplicity are critical principles toour decision making progress
Capital effiency: extracting maximum value froexisting and new assets.
Implementing multiple initiatives to generate a locost structure on a permanent basis.
Preserving our strong balance sheet and A crerating.
Key strategic priorities
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Our asset portfolio is being managed to maximshareholder value
Stronger internal competition for project
funding: only world-class assets are eligible.
Divestment of non-core assets.
Availability for partnership in selected
businesses and assets.
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Eliminating uncertainties: several milestones ain the last 18 months
Tax disputes solved without major pressures on our caflow.
Brazilian state taxes (TFRM/ICMS).
Swiss income taxes.
Brazilsincome tax on CFC.
Most important projects with environmental permits.
Carajs S11D.
CLN S11D.
CLN 150.
Conceio Itabiritos.
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Vania SomavillaExecutive director, HR, Health & Safety,
Sustainability and Energy
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Sustainability at Valefocus, integration andengagement
In 2013, the Sustainability Agenda played a central role in the companysstrategic planning process.
Vale defined eight priority areas. For each of them, the company developstrategic projects.
GREAT PLACETO WORK
HEALTH ANDSAFETY
LOCALDEVELOPMENT
EMISSIONSREDUCTION
LAND USE ANDBIODIVERSITYWATER
STAKEHOLDEENGAGEMEN
RESIDUESENVIRONMENT
EMPLOYEES COMMUNITIES
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A culture of genuine care delivering operationaexcellence
Actions:
Active leadership
involvement. Implementation of the he
and safety managementsystem.
Golden rules.
Enhanced training for hirisk activities.
Safety training for leade
Focus on high potentialincidents.
Risk reduction throughtechnical improvements
Malaria prevention prog
Total recordable injuries frequency rateper million hours worked
Medical treatment, restricted work, fatalities and lost time. Includesemployees and contractors.
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Northern RangeCaves issues
1988 Federal ConstitutionNatural caves are propriety of the Union .
99,556/1990 Federal DecreeThe natural caves and there are of influence are deemednational heritage and must be preserved.
6,640/2008 Federal DecreeDefines criteria, restrictions and compensation forirreversible impacts on caves.
02/2009Environmental Agency InstructionEstablishes cave classification criteria based onimportance of attributes.
30/2012Environmental Agency InstructionDefines compensation procedures (in case ofirreversible impacts) for regular and high relevancecaves.
1988
1990
2008
2009
2012
It took 24 years for the rules to become clear
Caves legal regulation milestones
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2013 July:
Caves relevance study and compensation approval.
Installation permit.
137 caves preserved.
30-year lifetime reserves.
S11D: a successful example
S11D MineCaves
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Luciano SianiChief Financial Officer
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Capital and R&D expenditures are trending dowas a consequence of the focus on capital efficie
Capital and R&D expenditures
US$ billion
E = Estimated B = Budgeted P = Planned
3rdconsecutiveyear of reduction
Approved projects only
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Growth through a focused portfolio of world-clainitiatives
Growth initiatives US$ million
Carajs expansion Iron ore 3,283
Itabiritos Iron ore 1,067
Distribution network Iron ore 436
Moatize II / Nacala Coal 2,573
Salobo II Copper 332
Main growth initiatives 7,691
Total projects capex 2014 9,299
Includes S11D, CLN S11D, Serra Leste, Additional 40 Mtpy and CLN150. Includes Conceio Itabiritos II, Vargem Grande Itabiritos, Cau Itabiritos and Conceio Itabirito
Includes Teluk Rubiah and shipping.
Capex 2014
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Sustaining capex mainly dedicated to the iron obusiness
US$ million
Ferrousminerals Basemetals Fertilizers Co
Operations 1,427 644 222 15
Waste dumps and tailings dams 507 140 51 8
Health and safety 365 34 29 2
CSR 174 138 81 9
Administrative & others 424 67 16 3Total 2,897 1,023 400 17
Mainly equipment.
Includes Clean AER project.
ERP implementation (IT) 107
R&D i f d ll f li
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R&D strategy is focused on a smaller portfolio higher return projects
Last twelve-month period ended at Sep 30, 2013. Conceptual, pre-feasibility and feasibility studies.
Detection and development of deposits with potential for large scale prodand low cost.
Exploration to define existing areas potential and supporting projects andoperations.
US$ million
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Vale is on a journey to become even more costcompetitive
Mainly impact fromramp-ups.
Rio Colorado.
Low -hanging frui t
Eff iciency and
product iv i ty
Structural chan
Culture of austeri ty and simpl ic i ty
20132014
2015 o
Pre-operating& stoppage
One Vale / ERP efficien Simplification of orgstructures.
Simplification of orgstructures.SG&A
Further reduction of pro
portfolio.
Further focus on exploration
portfolio.
Reduction of projectsportfolio.
Closure of explorationofficies.
R&D
Opening of new iron or Dilution of fixed costs. S11D / Moatize. Vale extended enterpri Surface plants optimiza
New approach to procurement. Contract review. Fixed costs of new projects.
Workforce productivity. Closure of high-cost
operations.
COGS -5%
-47%
-39% -10%
-50%
-x% Major achievem9M12) & targe
Stoppage expenses are
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Growth trilemma for 2014: divestitures and partnmay allow for potential dividends and/or lower le
Analysts'averageEBITDA
2014
US$ billion
Workingcapital
VLI sale(up to26%)
Additionaldivestitures
Partnerships(coal,
fertilizers)
Capex2014
LTM 2013interest
payments
Taxes @2013
effectiverate
2013minimumdividend
Rest
Actuals 2013 Projects and sustaining investments.
Additional dividends/
lower leveragePotentials
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Galib ChaimExecutive Officer. Capital Projects
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Discipline in project management from thedevelopment to completion phases
Pre feasibility (FEL2) and feasibility (FEL 3) studies approvonly after a complete and rigorous maturity assessment.
Increasing the design quality and constructability along thedevelopment phase.
Effective procurement and management plan for all supplie
and contractors.
A robust and efficient construction and completionmanagement system.
A renewed Health and Safety guidance.
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Main projects delivered in 2013
Additional 40 Mtpy. CLN 150railway and port facilities.
Conceio Itabiritos.
Teluk Rubiah DC unloading facilities. Long Harbour.
Totten.
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Additional 40 Mtpy
Status: ramp-up Capacity: 40 Mtpy Start-up: 3Q13 Capex: US$ 3.475 billion
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CLN 150Railway and port facilities
Status: operationRailway capacity: 128
Port capacity: 151 MtpCapex: US$ 3.931 billi
More than 6 Mt shippedin 25 vessels (5Valemax) through thenew berth.
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Conceio Itabiritos
Status: ramp-up Capacity: 12 Mtpy Start-up: 4Q13 Capex: US$ 1.174 billion
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Teluk Rubiah distribution center
Project Completion: Status: construction Throughput: 30 Mtpy Start-up: 2H14 Capex: US$ 1.371 billio
Unloading System: Status: comissioning Capacity: 30 Mtpy (Valemax ready) Start-up: 4Q13
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Teluk Rubiah distribution center
M i j t d t ti
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Main projects under construction
S11D: mine, plant and logistics (iron ore).
Moatize II and Nacala: mine, plant and logistics
(coal).
Salobo II: plant (copper and gold).
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S11D il d t f iliti i
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S11D - railway and port facilities expansion
Railway & maritime terminal: Work force (peak): 25,000 Capex: US$ 11.582 billion Executed capex: US$ 953 million
Note: Information until October 2013, except when indicated
Railway: Progress: 8%
Start-up: from 1H14 to 2H18Maritime terminal: Progress: 19% Start-up: 1H16
M ti II i d l t i
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Moatize II - mine and plant expansion
Capacity: 11 Mtpy
Start-up: 2H15 Capex: US$ 2.068 billion Executed capex: US$ 775 million Progress: 48%
Note: Information until October 2013, except when indicated
N l id il d t
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Nacala corridorrailway and port
Railway progress: 33% Start-up: 2H14 Port progress: 36%
Start-up: 1H15 Capacity: 18 Mtpy Capex: US$ 4.444 billion Executed capex: US$ 1.0
Note: Information until October 2013, except when indicated
Railway construction in Malawi
Salobo II duplicating Salobo throughput
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Salobo IIduplicating Salobo throughput
Note: Information until October 2013, except when indicated
Progress: 89% Additional capacity: 100,000 tpy Start-up: 1H14 Capex: US$ 1.707 billion Executed capex: US$ 986 million
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Jos Carlos MartinsExecutive Officer, Ferrous Mineralsand Strategy
Iron ore seaborne demand and global crude steel production will
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58% 45% 34% 35%
The shift to Asia will continue but at lower pace. Seaborne iron ore market penetration is much higher in Asia and emerging economies than develo Developed/traditional economies have more availability of scrap or captive mines (NAFTA, CIS, E
34% and 23% respectively until 2020, mainly driven by Asia andEmerging Economies
World (Mt) Asia (MRest of the World (Mt)
Grow th 2012 - 2020: +25% Grow th 2012 - 2020: +34% Grow
Grow th 2012 - 2020: +21% Grow th 2012 - 2020: +23% Grow
Scrap availability will not be an issue in the next 10 years and thi
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Iron ore production controlledby steel industry
Several factors caused verticalization to reduceinstead of increase over last decade: Supply growth by mining companies. Scarcity of tier 1 deposits (size and quality). Increasing CAPEX. Infrastructure / logistic bottlenecks. Alternatives (off-take agreements, JVs).
Sources: UNCTAD, WSA, Vale estimates
Global pig iron + DRI productionpercentage of crude steel consum
Chinese scrap generation and usage growtshould be relatively slow and does not conan imminent threat to iron ore demand: Majority of obsolete scrap is from construc
low quality and difficult to collect. China lacks large scale and well-structured
for scrap collection. Chinas industrial electricity is relatively sca
expensive.
p y ybeen overrated, just like verticalization was in the beginning of th
The threat of oversupply is also exaggerated. O
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1.2
1.7
2019
1.7
18
1.6
17
1.6
16
1.5
15
1.4
14
1.3
1312
1.1
Iron ore seaborne supply capacity000 Mt
Current OperationProjects
Source: Vale estimates
Have greater cash availability and lower
dependence on external funding. Synergies with existing operations. Best reserves, consequently better cost / ton. Time-to-market. Probable recovery of market share.
Traditional players
New entrants
Dependence on external financing in times ofvolatile and high risk.
"Window" to enter the market closing. Greater exposure to countries with high
geopolitical risk and / or poor infrastructure. Even projects already under construction, but
still without full funding, are at risk.
pp y ggof the new capacity will only replace depletion
Steel intensity of GDP indicates that the main
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yfor iron ore has a long way to go before peaking
Source: WSA, IMF, Vale analysis
0
200
400
600
800
1,000
1,200
1,400
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000
Crudestee
lconsumptionpercapita(Kg)
GDP per capita (US$, 2005, Real)
Steel intensity of GDP
Japan(1980 to 2011)
South Korea(1970 to 2011)
China (1978to 2011)
USA(1947
Brazil (1947 to 2011)
Germ(1970
India (1950 to 2011)
Iron ore price volatility has been reduced ov
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IODEX 62% average 2008 to 2013: US$ 130/t
since the beginning of the new pricing system
Source: Platts
2008 2009 2010 2011 2012 201
IODEX 62% ave 119 80 147 169 130 135
acc ave 47.4 31.3 26.6 24.5 22.7 21.0
Platts 62% Fe Index
Supply is catching up bringing cap prices down. High cost producers keeping floor pricesLong term iron ore prices NOT below US$ 100/ton.
Vales iron ore strategy
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Vale s iron ore strategy
Confidence in Asia & ChinaCost Curve& Quality
Safety & HealthSustainability
Time-to-MarketTailor-to-Market
Keeping market leadership
Keeping FOB cost parity
Increasing quality advantage
Reducing logistic cost
Improving customers services
Vales strategy addresses the challenges
of delivering shareholders value through:
Our projects will deliver lower cost and higher quality thi i h l i W ill k i i i h
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innovative technologies. We will keep our position in thequartile of the cost curve
Source: Vale estimates
Iron ore industrys cost curve
Seaborne + China domestic
(US$/t
CFR China)
(Mt)
~ 30% highercost producers
Vales current and
future position inthe cost curve
The shift to Asia challenge
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Shorter time to market,optimized lot size and blen
ValemaxEconomies of scale andlower carbon emissions
Valemax
FTS(Philipp
DC
Malaysia& FTS
Our logistic strategy through very large ore carriers, transfer stations and distribution cdesigned to better compete in Asia combining low cost, high quality and flexibility to ocustomer service.
DC Malaysia
Valemax strategy is developing smoothly. Vale already exported 44 Mt f i th h th l W tl h 30 h
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PDM28.5 Mt
64%
Tubaro
15.8 Mt36%
Loading ports
44 Mt of iron ore through these vessels. We currently have 30 shoperation and the remaining five will start during 2014
FT21
4Sohar14.3 Mt
32%
Clients8.9 Mt20%
Discharging ports
Up to date, Valemaxes achieved 121 shipments, being unloaded in
nine different ports around the world on top of our floating stations Vale is investing US$ 37 billion in its iron ore strategy, recovering market share, redimproving quality and extending mine life. US$ 18 billion already invested and US$ 1
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be invested up to 2018
Approved Projects Start up Product Capex(US$ billion)
IncreaseVolume(Mtpy)
Reducecosts
Improvquality
Carajs Additional 40 Mtpy + SerraLeste (new processing plant) andCLN 150 Mtpy
2H13-2H14
SF 7.9 50
Carajs S11D & CLN S11D - 230Mtpy (mine + processing plant,railway and port)
2H16-2H18
SF 19.7 90
Conceio Itabiritos 2H13 PF 1.2 12
Vargem Grande Itabiritos 2H14 PF 1.9 10
Conceio Itabiritos II 2H14 PF/SF 1.2 19
Cau Itabiritos 2H15 PF/ SF 1.5 24
Oman and Tubaro VIII PelletizingPlants
2H11-1H14
P 2.6
Teluk Rubiah (DC, Malaysia) 2H14 - 1.4 -
VLOC fleet* (19 own + 16 chartered)& Floating Transfer Stations /Tubaro P1 up grade
- - 3.9 & 0.3 -
* VLOC fleet Capex not included in the US$ 37 billion total. Equivalent Shipowners capex considered for chartered tonnage equivalen
MAINFOCUS
VOLUM
E
QUALITY
EXTENDED
ENTERPRISE
Completion
89%
100%
100%
64%
100%
61%
48%
18%
17%
215 Mt of additional capacity: 65 Mt of depletion replacement and 150 Mt net growth
Vales iron ore production capacity
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p p y
million tons
S11D expected to reach 90 Mt in 2018.
Average quality:
64.02% Fe 65.00%
4.45% SiO2 2.89%
1.26% Al2O3 1.07%
0.048% P 0.049%
23% Seaborne market share 29%
Vales total iron ore supply will increase smooth
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pp y
the coming years
Vales total iron ore supply forecast
million tons
Vales strategy blueprint
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Delivering valueto shareholders
Reducingcosts &
increasingquality
Keep marketleadership(volumes)
Flexibility &customerservices
Safety, susand envi
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Peter PoppingaExecutive Officer, Base Metals
Base metals strategy
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Value drivers
1. Delivering positive cashflow results
Gold streaming transaction (US$ 1.9 billion).
Reduction in operating costs, SG&A and R&D(US$ 800 million Q3 ytd)
Finalize ramp ups of new operations.
Idling of non-profitable mines in short and mid optimizing mine plan sequencing.
Focus on only high value feed resulting in closfurnace in Sudbury (maximize asset utilization)consequently reducing about US$1billion of sucapex (AER).
Planning to top up the shortfall in North Atlantic
output by feeding Ni units from PTVI and Thom
Analyzing synergies in the Sudbury basin and
Key initiatives
2. Value over volume infeed generation
Vales base metals assets are positioned in the 12nd cost curve quartiles
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4,000
-2,000
10,000
2,000
8,000
0
6,000
Cumulative cop
Salobo*Sossego
Source: WoodMackenzie, Vale
* Fully ramped-up
Othe
Cost curve (C1 cash costs) - USD per ton
10,000
0
15,000
5,000
25,000
20,000
-5,000Cumulative n
Sudbury PTVI
Refinin
Other
Vale
Long Harbour*
VNC* Onca Puma* Thompson
2ndcost curve quartiles
SaloboRamp up of world class asset continu
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Phase 1 successfully ramping up.
Phase 2 will double production and is
expected to start up mid 2014.
Capex Salobo I and II: US$ 4.2 billion.
50+ year life of mine .
A first quartile cash cost producer.
Progressing to generation of US$ 1billionin annual cash flow.
Further growth opportunities possibleand being studied.
Cu production ('000 t)
Long Harbour processing plant: mechanicalconstruction completed on October 30 2013
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construction completed on October 30, 2013
Long Harbour is a state-of-the-art hydrometfacility that will produce:
50,000 tpy of nickel
4,500 tpy of copper
2,500 tpy of cobalt
Benefits of the Long Harbour facility:
Flowsheet optimization with significant capital avoidance at other Vale operations throug
Sudbury: - Rightsizing smelting facilities (to one furnace operation).
- Reduction of US$1 billion AER capex and reduction of smelting op Thompson: Significantly reducing sustaining capex by shutting down old refine
avoiding AER capex in the near future.
Zero SO2emissions and improved H&S conditions due to increased automation
Seaborne facility, with global access to open market feed and improved logistics
Vale Newfoundland & Labrador will be a 1stquartile C1 cost vertically integrated operatihigher metal recovery (including Cu and Co by products)
SudburyTotten mine start up and ramp up of Cj t ill d i f th d ti
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project will drive further opex reductions
Totten Underground development completed.
Handover from Project to operationsscheduled for December 31, 2013.
High Precious Metals & Cu Grades.
8,000 t Ni and 10,000 t Cu once ramped up.
CORe (Mill redesign)
Flowsheet designed to improve Ni recoveriesby 4%.
Lower opex & simpler design.
Project ramp up continues with increased Nirecovery benefits to be further realized in2014.
New CaledoniaSolid performance in 2013 reprth f d ti f f t iti lt
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the foundation for future positive results
No technological flaws
The integrated process works.
Q3 with periods of successfulsimultaneous operation of 3 autoclaves.
Focus on increasing plant operating availability.
In November, a sub-marine effluent pipelineruptured without any environmental impact.
Work to reconnect and stabilize the pipe has
been initiated and we anticipate restartingproduction at the end of the year.
2014 production target ~ 40,000 t Ni.
On track for positive financial results with futureexpected free cash flow generation of over US$500 million.
Ona PumaA successful restart
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Furnace rebuild completed according to plan withfirst nickel achieved on November 6.
2014 production targeted at 15,000t Ni.
Base metals EBITDA trend
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EBITDAUS$ billion
T = Target.
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Roger DowneyExecutive Officer, Fertilizers and Coal
Our fertilizer business is driven by two secular themes:food security and fertilizer-driven agricultural expansion in
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Brazil has all the required scarce natural resources (land, climate and water) and wproductivity with more intensive fertiliser use.
Fresh water availability (% world)
15%
8%6% 5% 5% 5% 4% 4% 3% 2%
Brazil has 15% of theworld's fresh water
58
138
116
132
169
188
328
144
88
81
Brazil
China
EU
Russia
India
USA
Agricultural land Potential for expansion
Brazil has50% of
potentialarable land in
the world
Arable land and expansion potential
174
100
2227.9% 8.3% 8.4% 8.6%
8.9% 9.2% 9.5% 9.8% 10.1%
4%
5%
6%
7%
8%
9%
10%
11%
0
50
100
150
200
250
300
'12 '15 '20 '25 '30 '35 '40 '45 '50World (exc. Brazil) Brazil % Brazil
Food production (2012=100)
Brazilgrain production, harvested area and
deliveries (Base 100 = 1992)
'92 '96 '00 '04 '08 '12
Grain production
Fertilizer deliveries
Harvested area
B
U
Br 3
p 1
e
Sources: FAO, IFA, Agroconsult, USP
Our strategy is grounded on two pillars of competitive advVales expertise in mining and reach into Brazil
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Phosphates
Largest fertilizer producer in Brazil, with 5.5 Mtpy
capacity.
5 bulk mining operations in Brazil and 1 in Peru, with totalphosphate rock capacity of 9.2 Mtpy.
Integrated plants: 6.2 Mtpy of MAP, DCP, SSP and TSP.
5 warehouses and distribution centers guarantee
competitiveness in major Brazilian markets.
Unfolding the map: sourcing competitive supply from
Bayvar enhances synergies between our operations.
Potash
21 years of experience in potash productio
marketing.
Experience in solution miningexperienctwo pilot plants.
Strong customer ties from our wide suite o
geographically diversified network and rea
Leverage from integrated logistics will con
competitive delivered costs into our marke
TPD
Aratu
TIPLAM
Guar
Catalo
Uberaba
Cubato
TapiraArax
Patos de Minas
Railways controlled by Vale
Railways with Vale participation
Logis t i cs :
Our strategic plan will be deployed in three main stages abased on a portfolio that sustains long-term value creatio
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Guarantee long-term
sustainability of the business
Continuous cost reduction
programmes. Reducing and focusing sustaining
capital.
Streamlining and optimizing
operations.
Divestment of non-core assets.
Ensure self-sufficiency to
deploy growth
Value engineering of projects to
reduce capital intensity.
Market by-products.
Optimize R&D.
Maximize exposur
cycle
Self-funded sustaina
in potash and phosp
enhanced competitiv
Search for new busiopportunities and m
p g
Doing the homework
Preparing for thefuture
Growth
Partnerships with strategic industry players can unlock vour promising project portfolio
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Creation of a fertilizer business capable of attracting world clapartners, building on Vales strategic positioning.
Project-level JVs to fast-track and bring in capabilities and maaiming at the best strategic fit.
Potash: discussions well advanced. Phosphates: Bayovar expansion studies advancing with current
Key projects
Fertilizervehicle
Partnerships on our potash and phosphates projects will guarantee future growreducing capital commitment and risks to the business
Coal prices must improve to reduce pressure on marginsincentivize greenfield capacity to reverse likely supply de
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Moatize will bring lowest quartile cost and premium hard coking coal todemanding markets.
100
50
150
0
200Q1 Q4Q3Q2
2013 Seaborne met coal total cash cost curve (US$/t)
Source: Wood Mackenzie
Argus / Platts
Australian HCC
Mid Vol HCC 64 CSRSSCC
Seaborne supply growth of ~3%pa from 2013to 2023, with downside potential if marketdrives further mine closures.
Long term fundamentals driven by Asian(mainly China and India) urbanization process.
Oversupplied market in short/mid tepressure on coal prices and margin
Lower prices in short/mid term causdeficit in the long term and requirinincentive prices.
Coal business turnaround: delivering resultsFiring on all cylinders: improved performance at all sites has increased and stabilised Au
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Australian ROM100% basis (Mt)
Australian unit costFOB (US$/t) Vale global coal sales mix (%)
42%
58%JapanOthers
Firing on all cylinders: improved performance at all sites has increased and stabilised Auproduction and new limits tested at Moatize
Mozambique: Moatize mine cost of US$64/t Improved performance of the S
logistics corridor, with record 3October and ~ 30% y-o-y despfloods.
Marketing: Australian sales up ~34% y-o- Support from JV partners resu
favorable sales mix. 2013 sales forecast 30% grow
Australia: Sep-Oct saw new production and sales records. Unit costs down ~35% y-o-y, notwithstanding longwall
moves at Carborough. Cash positive operations since September, despite very
depressed markets.
Moatize will establish a new reference in the coal busines
our growth plan is also on track with our foundation Moatize expansion ramping up d
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Moatize is a world-class asset with potentialto be one of the largest and mostcompetitive met coal mines in the world:
Open cut assets (30m seams).
Large production scale.
Long life and expandable operation.
Integrated operation (minerailport).
Premium productChipanga recognized aspremium HCC.
2023 Seaborne met coal FOB cash cost
0
5
10
15
20
25
20422020201920182017201620152014
Moatize expected production (Mt)
Source: Wood Mackenzie, Moatize - Vale cost projection
150
200
250
0
50
100
Q1 Q2 Q3
Moatize
US$/t on 2013 US
Eagle Downs
our growth plan is also on track, with our foundation Moatize expansion ramping up d
Eagle Downs is a pillar to grow a quabusiness in Australia
Estimated capacity of 4 to 5 Mtpy and laresource base for future expansions.
1st quartile cost.
Construction underway.
Source: Vale.
Balancing and mitigating risks will be key to thesuccessful delivery of our coal business growth
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Minority sell down of Vale Global Coal vehicle, comprisingoperating assets and projects.
Capex burden lightened: Potential users and investors to b
Funding: Non-recourse, project finance.
y gThe Nacala Logistics Corridor will provide open access to other cargoes and businessespotential users and investors will be invited to participate in the JV.
Nacala LogisticsCorridor
Re-structure CoalBusiness forgrowth
Partnerships with customers/investors in Nacala and coal assets will provide fureduce capital commitment and risks, and bring customer support to our Coal b
Larger, stronger, de-risked
Creating
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Creating
long-termvalue
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