1944193119442007 - Vale336 337 Vale Our History Vale Our History changed. In the 2000s, Brazil’s annual GDP growth rate increased from 1.7% to around 4% in 2006.10 The rise in GDP

Vale Our HistoryOur HistoryVale

335copper, manganese ore, iron ore, nickel, bauxite, phosphate, potash, coal, uranium, diamonds and platinum group metals.4 The sum of all the results obtained in the year made the company the world’s second largest miner.5

10.2 A global company

Vale and Brazil entered 2007 with good growth prospects. At the start of the year, the United Nations issued its annual report, in which the United Nations Conference on Trade and Development (UNCTAD)6 ranked the country the 12th largest foreign investor in the world in 2006. That year, a total of US$28 billion was invested by Brazilian companies.7 Brazil had left behind companies in important powers, such as Australia, China and Russia, which invested US$22 billion, US$16 billion and US$18 billion, respectively.8 Vale played a major role in Brazil’s high position in the UN ranking, as the company accounted for more than 50% of that year’s investment. This was largely due to the acquisition of Canadian company Inco, the world’s fifth biggest takeover in 2006. It was also the largest transaction ever made by a Latin American company.9

The UN report diagnosed the new times being experienced by Brazil. The economy had not been dynamic in the 1980s and 1990s, with growth rates below the world average, but this had now

4 - See Vale’s 2007 Sustainability Report.

5 - 2008 Press Book, produced by Vale’s Press Office.

6 - The United Nation’s annual investment report is published by the United Nations Conference on Trade and Development (UNCTAD), the UN’s economic development arm.

7 - See Vale’s 2006 and 2007 Form 20-F Reports.

8 - See “Brasil é o 12o maior investidor no mundo, aponta ONU,” O Estado de S.Paulo, October 16, 2007. Available at <http://www.estadao.com.br/noticias/economia,brasil-e-o-12-maior-investidor-no-mundo-aponta-onu,65706,0.htm>.

9 - Idem.

10.1 An international brand

For 65 years, the CVRD logo was spread out across the four corners of the world: on train cars, on ships, on train stations, on calendars, on appointment books and pens, on the doors of offices and in trade contracts. However, when joining together those letters, everyone – whether engineers, geologists, the company CEO, office assistants, secretaries, mine workers, locomotive engineers, shareholders, or passengers at a station – saw only one thing: Vale. Popularly, CVRD was always Vale.

On November 29, 2007, at Copacabana Fort in Rio de Janeiro, Vale CEO Roger Agnelli brought together around 500 employees to announce one of the biggest changes in the company’s history.1 The reasons for the modification may be summed up in just one word: globalization. The word “Vale” is easily read throughout the world and, as of 2006, when it acquired Canadian company Inco, Vale was expanding across the globe.

From that point onward, Vale changed its name and logo. The logo shows a stylized letter “V” that can represent either a mining pit or a heart. The easy-to-read brand reinforced Vale’s image as a global company. No longer were different brands and images used in different areas.2 Vale – modern and plural – was unified.

As it changed its brand, Vale was a company that would end 2007 with net income of US$11.8 billion – up 62.9% from the previous year – and new records in all sectors.3 Vale was now present in more than 30 countries and was developing an extensive mineral prospecting program, with projects in 21 countries around the world. The company was mainly looking for new deposits of

1 - “Simplesmente Vale,” IstoÉ Dinheiro, December 5, 2007. Available at <http://www.istoedinheiro.com.br/noticias/7239_SIMPLESMENTE+VALE>.

2 - Idem.

3 - US GAAP 4Q07 Results. Available at <http://www.vale.com.br/pt-br/investido res/resultados-e-informacoes-financeiras/resultados-trimestrais/Documents/2007/4%C2%B0%20Trimestre/Press%20Releases/vale_usgaap_4t07p.pdf>.

CHAPTER 10

Vale: Constructing a Brand

1944193119442007

336 337


changed. In the 2000s, Brazil’s annual GDP growth rate increased from 1.7% to around 4% in 2006.10 The rise in GDP that year was a foretaste of what was to come in 2007, when growth hit 6.1%.11 Vale’s share of the total volume traded by Brazil on the seaborne market in 2007 reached approximately 32.5%.12 The company confirmed its vocation as a growth driver of the Brazilian economy, and this would become even more palpable with the results it would achieve year after year.

In 2007, Vale’s gross operating revenues increased by 62.6% to US$33.11 billion. Segmented investments, the pursuit of excellence in work methods and the good moment the country was experiencing made it possible to predict an even better future for the company.

The former “country of the future,” as Brazil had been described by Austrian writer Stefan Zweig, was now joining the list of emerging countries that were leading global growth. As declared by the UN report, “external investment by Brazilian companies is to some extent part of an expansion and consolidation process that is also occurring at home. Brazilian companies are looking to consolidate their industries, such as mining and steel, by buying foreign competitors in order not to lose markets or become targets themselves.”13

The investment made by purchasing the Canadian company marked Vale’s entry into the international nickel market, making it the world’s second biggest producer of the metal.14 For the first time, the 2007 figures encompassed the annual performance

10 - See Brazil, Finance Ministry. “Economia brasileira em perspectiva.” Special year 2010 edition. Available at <http://www.fazenda.gov.br/portugues/docs/perspectiva-economia-brasileira/edicoes/Economia-Brasileira-Em-Perpectiva-Especial-10.pdf>.

11 - Idem.

12 - See Vale’s 2007 Form 20-F Report.

13 - The document was translated by BBC Brazil in “Brasil bate recorde de investimentos no exterior, diz UNCTAD,” October 16, 2007. Available at <http://www.bbc.co.uk/portuguese/reporterbbc/story/2007/10/071016_unctadwir07_pu.shtml>.

14 - See <http://nickel.vale.com>.

of Vale Inco, which was very strong, with revenue from nickel activities reaching US$11.78 billion. This amount was four times higher than the previous year’s figure of US$2.8 billion, due to the fact that Vale Inco’s results were only incorporated in the last quarter of 2006. In 2007, 60.3% of total nickel sales were delivered to customers in Asia, 26.5% in North America, 11.6% in Europe and 1.6% in other locations.15

Over the course of 2007, Vale’s shares were the most traded among all foreign companies on the New York Stock Exchange, surpassing even those of BHP Billiton, the global leader in the mining sector.16 Average daily trading volumes were around US$725.5 million. This was partly related to the company’s strong performance in iron ore production in Brazil and its sales arrangements with Asian steelmakers, which in February 2008 agreed to an average price increase of 68%.17

As a consequence of its expansion program, in April 2008 Vale announced a partnership with Columbia University to establish a research and technical training center.18 A program for training young geologists and engineers developed professionals to conduct work in locations such as Kazakhstan.19

Vale’s presence outside Brazil was not restricted to commercial investments. In May 2008, an earthquake measuring 7.9 on the Richter scale hit southwest China, killing around 90,000 people.20 Hundreds of houses, schools and hospitals collapsed in less than a minute. That same month, Vale donated US$1.4 million to the


16 - “Vale é a ação estrangeira mais negociada na Bolsa de Nova York,” Folha de S.Paulo, Mercado Aberto, January 30, 2008.

17 - “O gol de placa da Vale,” Carta Capital, February 20, 2008.

18 - “Vale faz parceria com Columbia para criar centro de pesquisa,” Valor Econômico, April 30, 2008.

19 - “Vale lançará três programas para contratação de recém-formados,” O Globo, May 4, 2008.

20 - “A tragédia das crianças,” Veja, May 21, 2008. Available at <http://veja.abril.com.br/210508/p_078.shtml>.

Photo at start of Chapter 10: Vale’s global headquarters

in Rio de Janeiro, 2011.

“O Brasil Batizou: Vale!” advertising campaign (2007).

338 339


View of Inco site in Sudbury,

Ontario, Canada.

International Red Cross to help the victims of the tragedy. In addition to this direct donation, Vale undertook to build three “Vale Hope Schools” in Sichuan Province, through a contribution of US$400,000.

On June 4, 2010, Vale’s Executive Director of Ferrous Metals, José Carlos Martins and China Country Manager, Michael Zhu, leading a group of company employees, attended the opening ceremony of the Vale Hope School in Yongxing Town, the last of the three schools handed over in Sichuan. The 6,500-m² elementary school has ten classrooms on three floors and is designed for 200 students.21

Strike in CanadaBy 2008, Vale had more than 62,000 employees across the world. The Human Resources Department, with the support of the Legal Department, faced the challenge of administrating and conciliating various types of labor relations existing in different countries. Relations between employees and companies differ from one country to another, and multinationals are subject to the rules of the countries where they operate.

A significant number of employees at Vale’s Canadian nickel operations in Sudbury and Port Colborne, Ontario went on strike from July 2009 to July 2010. Some mining operation employees in Voisey’s Bay, Newfoundland and Labrador also went on strike, from August 2009 to January 2011.

Collective agreements lasting five years were made with the unions representing the striking employees, offering incentives to improve these operations’ long-term productivity and competitiveness, as well as their capacity to continue generating value. These agreements include a defined-contribution pension plan for new employees and adjustments to variable pay programs to enable Vale to achieve

21 - “Vale entrega a terceira ‘Escola da Esperança’ na China.” Available at <http://www.vale.com/pt-br/sustentabilidade/destaques/paginas/vale-entrega-a-terceira-escola-da-esperanca-na-china.aspx>.

strategic objectives and reward performance, among various other improvements implemented.

African expansion: Moatize, Mozambique Mozambique was the first place outside Brazil to receive a branch of the Vale Foundation, whose purpose is to contribute to integrated development in the regions where Vale operates. The Foundation’s investments in the African country have prioritized projects in the areas of health, farming, infrastructure, sport and education. In addition, an initial 1,108 families were resettled in Moatize, Tete Province, the coal-rich central region of Mozambique.22 This process was finalized in 2010 with the resettling of 1,365 families.

Seeking better results for the local community, Vale’s investment in the resettlement involved building schools, health centers and police stations, enabling the creation of functional neighborhoods for the new residents. The projects included the refurbishment of Tete Provincial Hospital, Moatize Health Center and the Moatize Intermediate Institute of Geology and Mines, as well as the development of local farming.23 The company worked in a range of areas to integrate the social, cultural and economic life of the region. For example, Vale organized a training course in Moatize for Mozambican teachers and school principals, which was completed by around 1,000 participants.

To enable the coal mine to be developed in Moatize, families were moved from the communities of Malabwe, Chipanga, Bagamoio and Mithete. Based on various studies and a socioeconomic census conducted to identify the people to be resettled, two areas were selected to receive the families: the rural area of Cateme, and the urban neighborhood of 25 de Setembro. The process of producing

22 - See Vale press release “Vale realiza primeira exportação da Mina Carvão Moatize,” September 13, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=21027>.

23 - Idem.

Right: Cateme Elementary School in Moatize, 2011.

340 341


Left: a Vale train at sunset in Moatize, 2011.

a Resettlement Action Plan involved extensive public engagement and participation. Before resettlement began, three public hearings were conducted, as well as 20 theater performances in the predominant local language (Nyungwe), 110 meetings with communities and their leaders using illustrated materials, 4,927 home visits to families and leaders for mobilization and social assistance purposes, and 639 social consultations. During the process, alternative solutions were considered to avoid or minimize physical or economic displacement.

The following infrastructure was built or modernized for the communities in both the new Cateme and 25 de Setembro areas: houses, an elementary school, a high school, a library, houses for school principals and teachers, information technology rooms, laboratories, a health and maternity center, a police station, streets, and electric power facilities along main roads.

Equipped with 18 classrooms and a library, Cateme Elementary School is designed for around 1,200 students. Armando Emílio Guebuza High School, in the same neighborhood, is designed for 650 students. It has 12 classrooms, a library, accommodations for 270 boarding students, an information technology room and one hectare for practical classes on horticulture, composting and processing of cassava flour. Both schools are administered by the Mozambican government’s District Education Department.

Improvements are made regularly to the infrastructure in the resettled people’s communities and Vale is taking measures to support families, together with the government authorities, to meet their demands. Examples of such improvements include house repairs, maintenance of drainage systems, public roads and the water supply system, expansion of the electricity network, the construction of sports facilities, investment in health and farming, and the development of solutions to support public transport. Actions are also being implemented to establish alternative ways of generating income, such as poultry farming, beekeeping, agricultural training, and vocational courses.

In Tete, Vale has participated in meetings held at the foot of a baobab tree – locally considered the “tree of life” due its water storage capacity. The tree is found in various parts of Africa and many specimens reach 40 meters in height and 10 meters in diameter. In a tradition arising in ancient African tribes, many community decisions are taken around this tree. When the Vale Foundation arrived in Mozambique, this traditional custom became part of the company’s community relationship practices.24 Knowing how to incorporate local culture into its operating methods was essential to a company seeking to expand around the world.

In March 2008, Vale laid the foundation stone of the Moatize Project. A little over two years later, in September 2010, it bought a 51% stake in Sociedade de Desenvolvimento do Corredor do Norte S.A. (SDCN), a company controlling two railroad systems on the east coast of Africa. The amount paid was US$21 million. Through two subsidiaries, SDCN participated in two railroad systems in Africa, extending for a total of approximately 1,600 kilometers, in Mozambique and Malawi. It will also be necessary to construct some additional stretches of track, as well as a new port in the Nacala region.25 The acquisition of SDCN was designed to permit expansion in Moatize and the creation of logistics infrastructure, supporting the company’s operations in central and eastern Africa.26 After constructing these new stretches, the two systems will be interconnected at a point near the Moatize mineral province.

The first batch of coal from Moatize Mine left Mozambique on September 14, 2011, on board the ship Orion Express, which sailed

24 - See Vale Foundation, Atuação Internacional. Available at <http://www.fundacaovale.org/pt-br/a-fundacao-vale/atuacao-internacional/Paginas/default.aspx>.

25 - “Vale compra ferrovias no leste da África,” O Estado de S.Paulo, September 22, 2010. Available at <www.economia.estadao.com.br/noticias/negócios,vale-compra-ferrovias-no-leste-da-africa,36152,0.htm/>.

26 - Idem.


343

Ship unloader at Vale’s industrial complex

in Oman, 2011.

to Lebanon. The shipment of 35,000 metric tons of thermal coal was taken for 575 kilometers along the Sena-Beira Railroad, which links Moatize to the Port of Beira in Sofala, central Mozambique.27 The railroad had previously been closed for 28 years due to the civil war. Mining operations began in May 2011 and the project’s implementation has contributed to the dynamism of the Mozambican economy, generating jobs and income.

OmanAt the same time that it was laying the foundation stone in Moatize, in 2008 Vale also began constructing a pelletizing plant and distribution center in the Middle East, at the Port of Sohar Industrial Complex in Oman, a country on the Arabian Peninsula. The facility was opened in March 2012.28

The Middle East as a whole was a growing purchaser of the company’s products, especially pellets, due to the type of furnace predominantly used by steel plants in the region. In May 2008, Vale announced a strategic partnership with the government of Oman through the sale of a 30% stake in Vale Oman Pelletizing Company LLC (VOPC) for US$125 million.29

Oman covers slightly more than 300,000 square kilometers and it has a vast coastline, enormous oil reserves and frontiers with Saudi Arabia and the United Arab Emirates, two major commercial powers in the region. Under the plans drawn up by Vale, ore processed in two pelletizing plants (each capable of producing 4.5 million metric tons of pellets per year)30 would be transported from an iron ore and pellet distribution center in Oman (able to store 40 million metric tons) to customers in Asia and the Middle East.

27 - “Primeira exportação de carvão de Moatize parte hoje para Dubai,” O País, September 14, 2011. Available at <http://www.opais.co.mz/index.php/economia/38-economia/16589-primeira-exportacao-de-car-vao-de-moatize-parte-hoje-para-dubai.html>.


29 - Idem.

30 - See “Vale no mundo,” Available at <http://www.vale.com.br/pt-br/conheca-a-vale/mundo-afora/paginas/default.aspx>.

Ceremony to open Vale’s distribution center and pelletizing plant in Oman, 2012. Left to right: Marco Beluco, Vale’s Country Manager in Oman; Marcelo Figueiredo, Vale’s Director of Projects in Oman and Malaysia; Ahmed Al Wahaibi, CEO of the Oman Oil Company; José Carlos Martins, Vale’s Executive Director of Ferrous Metals and Strategy; Nasser Al Jashmi, the Omani Sub-Secretary of Oil and Gas; Murilo Ferreira, Vale’s CEO; and Ahmed Al Futaisi, the Minister of Transport and Communications of Oman.

For the strategy to succeed, ideal conditions would be needed in order for the products to be ready for export at a reasonable cost. Part of the response to this need was provided in September 2011, when an iron terminal at the Port of Sohar was completed, for use by Vale. Sohar’s favorable location, next to deep waters outside the Persian Gulf, enabled Vale to take Valemax vessels, capable of transporting 400,000 metric tons, from Brazil to the Omani port. From there, the iron ore would be transferred onto smaller ships and taken to nearby locations. In addition to Sohar, only nine ports across the world are currently capable of receiving bulk carriers of Valemax size.31

Together with direct actions for exporting its products, Vale offered a series of reciprocal benefits to Omani society. One example is an agreement forged by Vale, between the government of Oman and the Federal University of Viçosa in Minas Gerais, Brazil, to attempt to solve pest problems affecting fruit crops. Signed in October 2010, the agreement provided for an investment of around R$10 million over four years. Vale brokered the agreement through the Vale Institute of Technology (Instituto Tecnológico Vale, or ITV).32

Created in 2009, ITV has the objective of coordinating science and technology actions, with an emphasis on long-term research carried out in partnership with scientific communities on a national and international scale.33 Within a short period of activity, ITV had signed 97 research and development agreements and provided more than 50 research scholarships. ITV’s participation in foreign initiatives has not been restricted to Oman. The Institute has also established partnerships with 36 institutions in Brazil and other

31 - Available at <http://www.vale.com.br/pt-br/o-que-fazemos/logistica/portos-e-terminais/oma/paginas/default.aspx>.

32 - Interview with Luiz Mello, CEO of the Vale Institute of Technology, given to Vale on October 25, 2011; and the text “Combate a pragas em Omã,” Portal Vale.com (Home - Sustentabilidade - Destaques - Combate a pragas em Omã). Available at <http://www.vale.com/pt-br/sustentabilidade/destaques/Paginas/combate-a-pragas-em-Oma.aspx>.

33 - See <http://www.vale.com.br/pt-br/sustentabilidade/instituto-tecnologico-vale/paginas/default.aspx>.

342

344 345


countries, such as Brazilian agricultural research agency Embrapa, the National Council for Scientific and Technological Development (CNPq), the Massachusetts Institute of Technology (MIT), and École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland.34

Guinea and ZambiaIn Guinea, West Africa, Vale is investing in an iron mining project. In 2010, the company unveiled the Simandou Project, which will involve developing one of the best untapped world-class iron ore deposits on the planet. Simandou is also the biggest integrated iron ore mining and infrastructure project in the whole of Africa, and it also involves education and human and economic development programs.

The first phase of the project involves developing Zogota mine in southern Simandou. Its planned total production capacity is 15 million metric tons per year and total investment will be US$1.260 billion. The aim of the Simandou Project is to replicate in Africa the successful mine-railroad-port model developed in Brazil for iron ore operations.

In 2010, Vale launched the Konkola North copper project in the Zambian Copper Belt, through a joint venture with African Rainbow Minerals (ARM). The project’s estimated nominal production capacity is 45,000 metric tons per year of copper in concentrate. Start-up is planned for 2013 and maximum capacity should be reached in 2015. Construction work began in August 2010.

At first, the South and East Limb mines will be developed, and then the deeper, larger layers of higher grade ore will be mined. Vale has a 50% interest in the joint venture that controls the project.

At the end of the 2000s, Vale was also present on the African continent conducting prospecting in Congo (copper, cobalt and manganese), Angola (copper and nickel) and South Africa (coal and manganese).

34 - See Vale press release “Vale investe em ciência e tecnologia para garantir a mineração do futuro,” October 18, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=21139>.

AustraliaVale also expanded into Australia and, as in Mozambique, coal was once more the point of entry. In April 2007, Vale paid US$656 million to acquire 100% of AMCI Holdings Australia Pty. The company, which operated assets and possessed projects in the area of coal exploration, was renamed Vale Australia.35 The acquisition of AMCI, which had nominal production capacity of 8 million metric tons per year and reserves of 103 million metric tons, was another step in Vale’s new mining policy. It also confirmed the company’s efforts to become a global player in coal – especially metallurgical coal, which is fundamental to steel production.36

Once the AMCI deal and the creation of Vale Australia had been finalized, in 2007 the company was capable of producing 10 million metric tons of coal per year, including its joint ventures in China (which contributed up to 2 million metric tons per year). Around 80% of the coal produced by Vale’s new Australian operations was of the metallurgical type, the remainder being thermal coal. At that time, of global annual coal production of 5 billion metric tons, just 15% was metallurgical coal.37

Two years later, in September 2009, mining began using the longwall method (in which the machinery itself functions as excavation tunnels)38 at Carborough Downs coal mine. Using this method significantly reduced the work accident risk and enabled higher output – it was estimated that the project would increase the nominal annual production capacity considerably to 4.8 million metric tons in 2011.39



37 - See “Vale compra produtora australiana de carvão,” O Globo, February 27, 2007. Available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=17217>.

38 - See <http://www.pormin.gov.br/biblioteca/arquivo/metodos_de_lavra.pdf>.


Mount Simandou in Guinea, home to iron ore reserves.

346 347


Previous page: Integra coal mine, Australia.

Above: Tres Valles copper plant, Chile.

Left: Carborough Downs coal mine, Australia.


349

Good performance in Asia – boosted by sales in China – was repeated, though to a lesser extent, in the rest of the world. European customers, for example, accounted for 22.1% of the company’s sales in 2007.44

Vale’s commercial relationship with China grew even closer with the completion of the Dalian nickel processing plant in northeast China. Operations at the plant, capable of producing 35,000 metric tons of refined nickel per year, started up in April 2008.

Presence on five continentsGrowing trade with China contributed to the expansion in Vale’s international transactions. At the start of 2008, the company had operations, offices and joint ventures spread across five continents. By 2011, the company had a presence in more than 35 countries and had 136,000 employees and long-term contractors.

After 70 years, Vale was now present in Angola, Argentina, Australia, Austria, Barbados, Canada, Chile, China, the Democratic Republic of Congo, France, Gabon, Guinea, India, Indonesia, Japan, Kazakhstan, Liberia, Malawi, Malaysia, Mongolia, Mozambique, New Caledonia, Oman, Paraguay, Peru, the Philippines, Singapore, South Africa, South Korea, Switzerland, Taiwan, Thailand, the United Arab Emirates, the United Kingdom, the United States and Zambia.

Notwithstanding its numerous achievements as its international trade expanded, the company also faced occasional difficulties and surprises. The main setback was triggered in the second half of 2008.

44 - Idem.

Chile and ColombiaIn the fourth quarter of 2010, production began at the Tres Valles copper unit.40 Located in Salamanca in the Coquimbo region of Chile, the operation includes mines and a plant producing copper cathode (metal plate). There are two copper oxide mines: the Don Gabriel open-pit mine and the Papomono underground mine. In all, the company invested US$140 million in the project.41

In December 2008, Vale acquired 100% of the coal assets of Cementos Argos S.A. (Argos), in Colombia, for a total sum of US$306 million.42

In 2012, in line with its continuous efforts to optimize its portfolio of assets, Vale sold its coal operations in Colombia to CPC SAS, an affiliate of Colombian Natural Resources SAS, for US$407 million in cash.

China: international challengeBy the start of 2008, China had become the world’s main consumer of mineral resources. In 2007, the country alone was responsible for approximately 49% of global demand for seaborne iron ore, 24.2% of global nickel demand, 33% of aluminum demand, and 26.3% of copper demand.43 The percentage of Vale’s total gross revenue arising from sales to Chinese customers was 17.7% in 2007. Adding in the percentage of total gross revenue from Asian countries other than China, which was 23.3% in the same year, Asia therefore accounted for 41% of Vale’s sales.

40 - Idem, p. 23.

41 - “Vale inaugura projeto de cobre no Chile e amplia meta de produção,” O Globo, December 2, 2010.


43 - Idem.

Employee handling copper plates at Tres

Valles, Chile, 2011.

350 351


Iron ore processing at Carajás Mine, Pará, 2008.

352 353


353

Stockyard and embarkation facilities at Brucutu Mine,

São Gonçalo do Rio Abaixo, Minas Gerais, 2009.

10.3 Results of the recession of 2008-2009

In 2008, the global economy was shaken by a crisis rated by specialists as on a par with the crash of 1929. In an ever more globalized world in which businesses are interconnected, crossing frontiers, crises spread like waves. A crisis that began in the real estate market in the United States expanded in a relatively steady manner over the course of 2007 and became a global problem the following year.

Before experiencing the effects of the recession, Vale had been growing rapidly. In 2007, all of the company’s business areas performed strongly. Gross revenue from iron ore sales grew by 18.8% in relation to 2006, thanks to an average rise of 13.3% in sales prices and a 4.8% increase in the volume sold. The same occurred in the iron ore pellet area, where gross revenue rose by 38.4%, largely due to a 32.8% increase in the volume sold.45

In January 2007, in Carajás, Pará, work on expanding the operation’s annual iron ore production capacity to 100 million metric tons was finalized. After this, the Board of Directors approved a new project to increase output to 130 million metric tons per year. In 2007, iron ore production in Carajás reached 91.7 million metric tons, up from 81.8 million the previous year. Brucutu Mine in Minas Gerais, opened in September 2006, produced 22 million metric tons of iron ore in the year following its inauguration.46

Potash, kaolin, copper and aluminum grew at a similar pace in 2007. Gross potash revenue rose by 24.5%, driven by a 35.4% rise in average sales prices. Kaolin sales expanded by 9.2%, thanks to an 18.9% increase in average prices. Meanwhile, profits from copper concentrate rose by 3% between 2006 and 2007, from US$779


46 - Idem.

million to US$802 million, due to a 4.7% rise in average sales prices. Aluminum revenues expanded by 14.3%.47

Manganese sales rose by 40% in 2007, reflecting a 52% leap in average sales prices and a 9.1% decline in volume. This reduction was caused by a temporary shutdown at Azul Mine in Carajás between July and December 2007. Vale’s ferroalloy business saw revenue growth of 40%, due to a 47.9% increase in average sales prices and a 6.5% fall in volumes, which was largely the result of a shutdown at the company’s ferroalloy plant in France between August and September 2007, due to technical problems.48

The excellent results obtained in 2007 continued into 2008, despite the sudden slowdown in the economy, particularly in the fourth quarter of the year. The global crisis took some time to affect Vale’s performance. In 2008, the good results attained in previous years were maintained, and indeed Vale’s revenues, operating profit and net profit all rose for a sixth consecutive year.49 Gross annual operating revenue rose by 16.3% to US$38.5 billion, while net operating revenue grew by 16.1%. The following sales records were also set in 2008: 264 million metric tons of iron ore; 276,000 metric tons of nickel; 320,000 metric tons of copper; 4.2 million metric tons of alumina; 3,000 metric tons of cobalt; 2.4 million troy ounces (unit of measurement used for precious metals, equivalent to 31.1 grams) of precious metals; 411,000 troy ounces of platinum group metals; and 4.1 million metric tons of coal. New markets made a fundamental contribution to these results, enabling Vale to minimize the effects of the crisis.

China accounted for 28.7% of iron ore and pellet shipments in 2008, and the figure for Asia as a whole was 47.8%. After this came Europe (24.4%) and Brazil (19%). During the year, 56.2% of total

47 - Idem.

48 - Idem.



Vale was not immune from the crisis. Its share of the seaborne iron ore market fell from 30.2% to 24.9%, reflecting the strong impact of the global recession on the European steel industry, one of the company’s major iron ore markets.61 That wasn’t all: the recession hit practically all areas of Vale.

The company’s gross operating revenue fell by 37.8%, from US$38.5 billion in 2008 to US$23.9 billion in 2009. Net income declined from US$13.2 billion to US$5.3 billion. Likewise, the benchmark prices of iron ore fines and pellets fell by 28.2% and 44.5%, respectively.62 In 2009, gross iron ore revenue shrank by 27.8%, due to a 13.2% decline in sales volumes and a reduction in average prices. Gross revenue from iron ore pellets fell by 68.6% as a result of price reductions caused by lower demand.63

A 45.5% fall in gross manganese ore revenue mainly occurred due to price declines in 2009, although this was partially offset by a rise in sales volumes due to strong Chinese demand.64 Gross revenue from ferroalloy operations fell by 69.3%, thanks to a 48.5% decrease in average sales prices and a 36.1% drop in sales volumes. There was a 49.6% decline in gross nickel product revenue and a 32.6% fall in gross revenue in the aluminum sector.65

Kaolin and copper also registered declines in 2009. Sales of kaolin fell by 17.2%, mainly due to a 25.8% decrease in volumes, partially offset by an 11.6% rise in average sale prices. Sales of copper concentrate were down 23.6%, due to a 5.3% decline in volumes and a 19.3% drop in the average sales price.66

Over the course of the year, China accounted for approximately 68% of global demand for seaborne iron ore, 44% of global demand


62 - Idem.

63 - Idem.

64 - Idem.

65 - Idem.

66 - Idem.

Right: Vale’s CEO, Murilo Ferreira, in 2011.

355

Murilo Ferreira

When Murilo Pinto de Oliveira Ferreira (Uberaba, Minas Gerais, 1953) was appointed Vale’s CEO in May 2011, people in the mining industry knew exactly who he was: before reaching the top job, Ferreira had built up nearly 30 years of experience in the sector, having joined the company in 1988 as Director of Vale do Rio Doce Alumínio (Aluvale). After then, he held various management positions before being appointed CEO of Vale Inco (now Vale Canada), where he remained until 2008.1

Murilo Ferreira has an undergraduate degree in Business Administration from Fundação Getulio Vargas in São Paulo, a postgraduate diploma in Administration and Finance from Fundação Getulio Vargas in Rio de Janeiro, and a specialist diploma in M&A from the International Institute for Management and Development (IMD) in Lausanne, Switzerland.2 Since taking over as Vale’s CEO, he has prioritized the responsible execution of the company’s investments, employee training, and health and safety initiatives.

1 - “Vale anuncia Murilo Ferreira como diretor-presidente,” Vale, May 19, 2011. Available at <http://www.vale.com.br/pt-br/investidores/press-releases/paginas/vale-anuncia-murilo-ferreira-como-diretor-presidente.aspx>.

2 - “Vale apresenta novo diretor-presidente, Murilo Ferreira,” Exame.com, May 20, 2011. Available at <http://exame.abril.com.br/negocios/empresas/noticias/vale-apresenta-novo-presidente-murilo-ferreira>.

nickel sales went to Asia, 27.2% to North America, 11.6% to Europe and 5% to other destinations.50

Achieving these results, however, was no easy task. The deterioration of the international financial crisis in the fourth quarter reduced demand for iron ore and pellets, and also led to large falls in the prices of non-ferrous minerals.51 China’s economic growth slowed after 10 years of continuous expansion in its steel production and iron ore imports. This slowdown was the result of strict internal credit controls and a reduction in the country’s exports.52

To stay competitive and retain healthy cash levels, Vale needed to restructure. In line with changes in global economic conditions, the company adjusted its production plans as of November, shutting down some iron ore mines in the South and Southeast systems in Minas Gerais.53 Just three of Vale’s 10 pelletizing plants remained in operation during the crisis: the company closed five of its seven plants at Tubarão Complex in Vitória (Espírito Santo), one in São Luís (Maranhão) and another in Fábrica (Minas Gerais). Four pelletizing plants at Tubarão Complex belonging to Vale’s joint ventures were also closed.54

Also due to the crisis, the company shut down its manganese ore and ferroalloy operations in Brazil between December 2008 and January 2009. Its ferroalloy plant in Dunkirk, France, was closed until April 2009, and in Mo i Rana, Norway, a planned stoppage to do maintenance work on the plant’s furnace was extended until June of the same year.55 In the nickel area, Vale stopped using its thermal power plants in Indonesia for a time. In January 2009, Copper Cliff

50 - Idem.

51 - Idem.

52 - Idem.

53 - Idem.

54 - Idem.

55 - Idem.

South Mine in the Sudbury mining area of Ontario, Canada, whose annual refined nickel production capacity was 8,000 metric tons, was shut down for an indefinite period.56

As a further effect of the crisis, in April 2008 the Valesul plant in Rio de Janeiro was reconfigured from an aluminum smelter – producing metal through primary reduction of alumina – to a plate mill using primary aluminum bars and scrap metal as raw materials. In October of the same year, its production was reduced to 40% of its annual nominal capacity of 95,000 metric tons.57

Due to weak demand for kaolin, Vale subsidiary Caulim da Amazônia S.A. (Cadam), in Pará, cut its output by around 30%. The kaolin production of another subsidiary, Pará Pigmentos S.A. (PPSA), was also reduced by 200,000 metric tons per year.58 These drastic measures to bring production into line with demand were necessary in 2008, and the situation grew even worse the next year. In 2009, Vale – like everyone else – experienced difficult times.

Vale in the challenging year of 2009The year 2009 began with concern for the brutal fall in demand in 2008 and the need to make adjustments, and it ended with a rare annual decline in global GDP.59 The Brazilian economy shrank by 0.6%, according to IBGE figures, while the USA, Japan and the European Union contracted by 2.4%, 5% and 4.2%, respectively.60

56 - Idem.

57 - Idem.

58 - Idem.


60 - See Fiesp, “A política de desenvolvimento produtivo,” Competitiveness and Technology Department, Decomtec, November 2009. Available at <http://www.fiesp.com.br/competitividade/downloads/a%20pol%C3%ADtica%20de%20desenvolvimento%20proditivo%20-%20pdp%20ap%C3%B3s%20a%20crise.pdf>; and BBC Brasil, “Desempenho do PIB brasileiro foi 6o melhor do G20 em 2009.” Published on March 11, 2010, available at <http://www.bbc.co.uk/portuguese/noticias/2010/03/100311_pib_brasil_g20_daniela_rw.shtml>.

354

In 2008, the good results attained in previous years were maintained, and indeed Vale’s revenues, operating profit and net profit all rose for a sixth consecutive year

356 357


10.4 The art of overcoming crises: investments and disinvestments

After selling a stake in Usiminas in 2008, Vale continued with its restructuring policy, disposing of its remaining 2.93% interest in the company in the second quarter of 2009. The US$273 million transaction made a positive contribution in 2009. As a result of a strategic review of its nickel refining and distribution operations, in December 2009 Vale sold its American subsidiary, the International Metals Reclamation Company (INMETCO), for US$38.6 million.70 Also in the nickel sector, Vale disposed of its 65% interest in Chinese company Jinco Nonferrous Metals Co. Ltd. (Jinco) for US$6.5 million. The same month, Vale entered into an agreement to sell its 76.7% stake in Inco Advanced Technology Materials (Dalian) and its 77% interest in Inco Advanced Technology Materials (Shenyang), which operates nickel foam plants in China, for US$7 million, to affiliate companies of other shareholders.71

In January of that year, Vale reached an agreement to sell its manganese and iron ore exploration rights (as well as related properties) in Bahia for a total sum of US$16 million. It also sold three small hydroelectric plants, used to supply some of the power consumed by the company’s ferroalloy plants in Minas Gerais, for US$20 million.72 At the same time, wholly owned subsidiary Valesul made an agreement to sell its aluminum assets to Alumínio Nordeste S.A., a Metalis group company. Among the assets included in the deal were an anode plant, a reduction facility, industrial and administrative service areas, a foundry and inventories.73

70 - Idem.

71 - Idem.

72 - Idem.

73 - “Vale vende US$ 31,2 milhões em ativos da Valesul para a Alumínio Nordeste S.A.,” O Globo, January 22, 2010. Available at <oglobo.globo.com/economia/mat/2010/01/22/vale-vende-us-31-2-milhoes-em-ativos-da-valesul-para-aluminio-nordeste-a-915688823.asp>.

for nickel, 39% of global aluminum demand, and 40% of global copper demand. The percentage of Vale’s operating revenues generated by sales to Chinese customers was 38%. China bought 56.8% of the company’s iron ore and pellet shipments, while Asia as a whole received 72.7%. After this came Europe (13.4%) and Brazil (10.2%).67

As of the second half of 2009, the figures showed a gradual recovery in the global economy and an upturn in demand for minerals. As a result, Vale resumed operations at its iron ore mines in the South System and increased the pace of production in Carajás. The pelletizing plants at Tubarão Complex in Vitória (Espírito Santo) belonging to Itabrasco and Hispanobras were started up once more in July and August 2009, respectively. Vale’s Fábrica plant in Congonhas (Minas Gerais) and the plant in São Luís (Maranhão) resumed operations in the first quarter of 2010. By the start of that year, all the company’s pelletizing plants were operating once more.68

In the third quarter of 2009, Vale also restarted part of its manganese and ferroalloy operations. In general, the figures show a return to growth by the end of the year, but the company’s full-year results were poor in almost all sectors, in line with the weak Brazilian economy. An exception was potash, used to make fertilizers, which performed excellently in 2009. Vale’s gross potash revenues expanded by 40% as a result of the strong performance of the agriculture sector in Brazil.69


68 - Idem.

69 - Idem.

Ore reclaimer in stockyard at Ponta da Madeira Maritime Terminal in São Luís, Maranhão.

358 359


The company made an important acquisition in September 2009, when it completed its purchase of 100% of Rio Tinto’s iron ore operations in Corumbá, Mato Grosso do Sul. The US$750 million deal included associated logistics assets.79 In 2009, Vale defined Corumbá iron ore mine as “a world-class asset characterized by its high grade reserves, rich in lump ore, convertible by a direct reduction process. Its logistics assets meet 70% of the operation’s transportation needs.”80 In 2008, Corumbá Mine produced 2 million metric tons of iron ore.81

The purchase of these assets in Corumbá brought yet another country onto Vale’s map: Paraguay. In the logistics area, the acquisition included a contract for transporting goods along a 42-kilometer railroad – whose concession belongs to América Latina Logística (ALL) – and an iron ore loading port to ship products down the Paraná and Paraguay rivers to Paraguayan and Argentinean customers. Two more river ports were leased and, through a port in Buenos Aires Province, the ore reaches the seaborne market.

In 2010, the iron and manganese mines of Corumbá – under Vale’s control as of 1994, when it acquired a 100% stake in Urucum Mineração S.A. – were transformed into the Center-West System. The company now has four integrated mine-railroad-port systems in Brazil: South, Southeast, North and Center-West.

In the third quarter of 2009, Vale entered into an agreement with German group ThyssenKrupp Steel Europe AG in order to raise its stake in ThyssenKrupp CSA Siderúrgica do Atlântico Ltda. (TKCSA) from 10% to 26.87%, for an investment of US$1.42 billion. TKCSA was building an integrated steel plate mill, with nominal production capacity of 5 million metric tons of plate per year, in

79 - Idem.


81 - See also “Vale prevê investir US$ 2 bilhões em Corumbá,” O Estado de S.Paulo, September 19, 2009. Available at <www.estadao.com.br/noticias/impresso,vale-preve-investir-us-2-bilhoes-em-corumba,437597,0.htm>.

the Santa Cruz neighborhood in the West Zone of Rio de Janeiro. As a strategic partner of ThyssenKrupp, Vale was TKCSA’s sole and exclusive iron ore supplier.82

In November 2007, Vale signed a memorandum of understanding with Dongkuk Steel, one of South Korea’s largest steel producers, to build a steel plate mill in the Brazilian state of Ceará, at the Pecém Industrial and Port Complex in São Gonçalo do Amarante. Called the Pecém Steel Company (Companhia Siderúrgica do Pecém), the operation will have an initial production capacity of 2.5 million metric tons per year.83

Elsewhere in Brazil, Vale invested in expanding the production capacity of Carajás Complex in Pará. As of the first quarter of 2010, the company began operating new facilities there that added 20 million metric tons to the site’s annual iron ore production capacity.84

Vale and MBRIn May 2007, Vale increased its stake in Minas Gerais-based subsidiary Minerações Brasileiras Reunidas S.A. (MBR). The company, whose direct stake in MBR was 49%, considered the subsidiary’s iron ore assets “among the best in the world.”85 The other 51% of the company belonged to Empreendimentos Brasileiros de Mineração S.A. (EBM). As of May 2007, Vale had an 80% interest in EBM’s capital. Through new transactions, the company acquired a further 6.25% of EBM’s equity and signed an agreement guaranteeing it the use of the remaining 13.75% stake for the next 30 years.86





86 - Idem.

The disinvestment program continued in July 2010, when Vale sold its 86.2% stake in Pará Pigmentos S.A. (PPSA), as well as other kaolin mining rights in Pará, to Imerys S.A. for US$74 million.74

Finally, in February 2011, all of the aluminum operations of Albras, Alunorte and Companhia de Alumina do Pará (CAP) were transferred to Norwegian company Norsk Hydro.75 According to the terms of the agreement, Vale, through its wholly owned subsidiaries, transferred to Hydro a 51% stake in Albras, a 57% interest in Alunorte and 61% of CAP.76 Through this transaction, Vale received US$503 million in cash and 22% of Norsk Hydro’s outstanding common shares.77

Investments: new equity stakes and operationsWhile it was willing to dispose of businesses that were no longer priorities, Vale also perceived that, to resume its growth, it could not give up on its diversification and investment drive. In 2009, the company began to see the results of its investment in constructing the Carajás Hydrometallurgical Plant. Located at the Sossego mining unit in Pará and completed in December 2008, the plant was designed to test industrial-scale processing of complex copper ores to produce copper cathode.

Vale’s Vargem Grande pelletizing plant in Nova Lima, Minas Gerais was completed in the first half of 2009. This plant, built with the capacity to produce 7 million metric tons of iron ore per year, now operates with an annual production capacity of 10 million metric tons.78


75 - Idem.

76 - See Vale press release “Vale conclui gestão de portfólio de ativos de alumínio,” February 28, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20518>.

77 - Idem.

78 - See <http://www.vale.com.br/pt-br/o-que-fazemos/mineracao/minerio-de-ferro-e-pelotas/projetos/Paginas/default.aspx>.

Left: alumina being shipped from Alunorte in

Barcarena, Pará, 2008.

360 361


TABLE 1VALE’S ExPORTS COMPARED WITH OTHER SELECTED PRODuCTS (uS$ MILLION)

VALE’S ExPORTS

SOYBEANS* SuGAR* MEAT* AuTOMOBILES* COFFEE* AIRCRAFT

2001 3,297 5,206 2,279 2,629 4,239 1,393 2,839

2002 3,173 5,906 2,094 2,879 4,510 1,362 2,335

2003 4,229 7,935 2,140 3,729 5,827 1,516 1,939

2004 5,534 9,822 2,640 5,648 7,307 2,025 3,269

2005 7,021 9,232 3,919 7,391 9,189 2,879 3,168

2006 9,656 8,911 6,167 7,701 10,366 3,311 3,241

2007 12,492 10,888 5,100 9,559 10,396 3,829 4,719

2008 17,606 17,300 5,483 12,046 11,109 4,697 5,495

2009 13,719 17,058 8,378 9,602 7,122 4,222 3,860

2010 29,090 16,953 12,762 11,375 10,348 5,717 3,972

* Soybeans include grains, crushed soy, bran, oil, and oil extraction residues; sugar includes cane, raw and refined sugar; meat includes various processed forms of chicken, pork and

beef; automobiles include passenger cars, tractors, components, parts and engines; and coffee includes raw beans and instant coffee.

Source: Vale (Results, financial information and press releases), Central Bank of Brazil and MDIC/Secex.

Previous page: convoy of 16 barges transporting iron ore on

the Paraguay River in 2011; and itabirite ore processing facility

in Itabirito, Minas Gerais.Left: train on the Carajás

Railroad (EFC) in 2012.

MBR was the second largest iron ore producer and exporter in Brazil, with a strong presence in the seaborne market. It sold to practically all iron ore consuming markets in the world, exporting around 90% of its output.87 It had been growing steadily, and its reserves exceeded 1.4 billion metric tons of hematite and 4.4 billion metric tons of high-grade itabirite. Operating in the Iron Quadrangle region of Minas Gerais, MBR exported its goods from its own maritime terminal on Guaíba Island in Sepetiba Bay, Rio de Janeiro State.88

10.5 The boom of 2010

Vale’s commercial leap forward in 2010, a year in which the company attained its best ever results, can be summed up by its export volumes. That year, Vale’s net Brazilian exports (its total exports from the country minus its total imports) were around US$29 billion. For comparison, during the same year, Brazil’s total soybean exports (including grains, bran and other byproducts) were less than US$17 billion. The difference is even greater when Vale’s net exports are compared with those of products such as automobiles (including passenger vehicles, tractors, engines, parts and components) and aircraft, which together amounted to less than US$15 billion.89 Vale’s 2010 exports were therefore almost twice as large as automobile and aircraft exports combined. Although 2010 was a record year, Vale’s importance as a major Brazilian exporter was apparent throughout the decade (Table 1).

87 - See Vale press release about Caemi Mineração e Metalurgia S.A., October 8, 2003. Available at <http://200.225.83.165/saladeimprensa/pt/releases/release.asp?id=11161>.

88 - Idem.

89 - In this comparison, imports are not subtracted, as before, but instead total export data are analyzed.

Vale, as a large Brazilian exporter, played a major role in improving the country’s solvency and sustainability indicators, particularly in terms of international reserves and the external debt. Brazil’s large trade surpluses and ample liquidity in international financial markets helped the country to improve its external debt indicators, and allowed the Central Bank to dispense with International Monetary Fund (IMF) support in 2005.90

90 - According to Cintra, Marco Antonio Macedo, “Suave fracasso: a política macroeconômica brasileira entre 1999 e 2005.” Novos Estudos Cebrap, no. 73, 2005.


363

In the light of the emerging economies’ strong performance, alongside the continued economic crisis in rich countries, the IMF decided to reassign more than 6% of its voting quotas from developed to developing countries, increasing their influence in the institution’s decision making. China then became the third largest member of the Fund, whose executive committee has 24 member countries.95

The overheating Brazilian economy then began to present side effects, and in May 2010, public spending cuts of R$10 billion were announced by the Brazilian government. The idea was to contain inflation and respect the domestic economy’s production capacity. Two months previously, the federal government had already announced a R$21.8 billion reduction in the 2010 budget.96

95 - See “Países emergentes ganham influência e FMI duplica cotas,” Folha de S.Paulo, October 23, 2010. Available at <http://www1.folha.uol.com.br/mercado/819201-paises-emergentes-ganham-influencia-e-fmi-duplica-cotas.shtml>.

96 - See “Governo vai cortar gastos em R$ 10 bi para conter inflação, diz Mantega,” Folha de S.Paulo, May 13, 2010. Available at <www1.folha.uol.com.br/folha/dinheiro/ult91u734550.shtml>.

In December of the same year, the Central Bank announced new measures, this time to reduce credit, further slowing down the economy in order to control inflation. These measures included an increase in banks’ compulsory deposits (with the Central Bank) to remove R$61 billion from the economy, restrictions on long-term loans to individuals, and removal of support from the Credit Guarantee Fund (Fundo Garantidor de Crédito, or FGC) to small banks.97 By the end of the year, the Brazilian economy had created 2.86 million formal jobs, according to the Ministry of Work. This was a new record, surpassing the previous record of 1.6 million new jobs set in 2007.98

97 - See “BC anuncia medidas para segurar crédito e tira R$ 61 bi da economia,” Folha de S.Paulo, December 3, 2010. Available at <http://www1.folha.uol.com.br/mercado/840148-bc-anuncia-medidas-para-segurar-credito-e-tira-r-61-bi-da-economia.shtml>.

98 - See “Brasil criou 2,86 milhões de vagas formais em 2010,” O Estado de S. Paulo, May 11, 2011. Available at <www.economia.estadao.com.br/noticias/economia%20brasil,brasil-criou-286-milhoes-de-vagas-formais-em-2010,66460,0.htm>.

GRAPH 1 BRAZILIAN INTERNATIONAL RESERVES (uS$ BILLIONS)

250

300

200

150

100

50

0

2001

35.866

2002

37.823

2003

49.296

2004

52.935

2005

53.799

2006

85.839

2007

180.334

2008

193.783

2009

238.52

2010

288.575

Source: Central Bank of Brazil.

Brazil was experiencing a new situation, as it cut its total external debt and expanded its international reserves (Graph 1) in a context of growing exports. The result was an overall improvement in indicators. The direct effect of this was strengthened solvency in the face of external financial commitments and greater credibility in international markets, reflected by the country’s investment grade rating.91

By analyzing Brazil’s main external economic data, one can perceive that at the end of the millennium’s first decade, Vale was a fundamental company for the development of the country, capable of harnessing favorable international circumstances, with higher demand and prices, to consolidate its contribution to domestic growth.

91 - As attested to by ratings agencies Moody’s Investors Service and Standard & Poor’s.

End of the storm Driven by strong results in emerging economies – major generators of demand for minerals and metals – the global economy saw fast growth in 2010, rising above the low levels recorded in late 2008 and early 2009.92 The Brazilian economy followed the same path, ending 2010 with annual growth of 7.5%, according to IBGE data. In current values, the sum of all income produced in the country came to R$3.67 trillion. Per capita GDP reached R$19,016.93 It was a firm response to the crisis experienced since mid-2008.

Brazil’s rate of expansion was surpassed by China (which experienced growth of 10.3%) and India (8.6%), but it exceeded the growth seen in South Korea (6.1%), Japan (3.9%), the USA (2.8%) and the euro zone region (1.7%).94

92 - See IBGE, “Em 2010, PIB varia 7,5% e fica em R$ 3,675 trilhões,” published on March 3, 2011. Available at <www.ibge.gov.br/home/presidencia/noticias/noticia_visualiza.php?id_noticia=1830&id_pagina=1>.

93 - Idem.

94 - Idem.

In 2010, Vale experienced its best ever annual results, with record operating revenue, operating margin and net income. Operating revenue reached US$46.5 billion, while operating profit measured by EBIT (earnings before interest and taxes) amounted to US$21.7 billion

362

364 365


Aerial view of iron ore processing plant

at Carajás Mine in Pará, in 2010.

The biggest net profit in the history of miningIn 2010, Vale experienced its best ever annual results, with record operating revenue, operating margin and net income. Operating revenue reached US$46.5 billion, while operating profit measured by EBIT (earnings before interest and taxes) amounted to US$21.7 billion. The company’s operating margin, measured as operating profit as a proportion of net operating revenue, was 47.9%. The year’s net profit came to US$17.3 billion. Vale also allocated more resources than any other mining company to fund the construction of new platforms for growth and value creation. The company invested US$12.7 billion in new growth opportunities and the maintenance of existing assets. Another US$6.7 billion financed acquisitions, mainly of fertilizer assets in Brazil.99

Less than a year after facing the biggest crisis in its history, Vale overcame its problems and had enough power to continue growing.

Due to strong demand and economic recovery across the world, the company’s gross revenue from iron ore sales rose by 105.6% in 2010. This growth in revenue was mainly caused by an 84.9% increase in average sales prices, as well as an 11.2% rise in the volume sold.100 Making greater use of its production capacity, the company’s gross revenue from pellets rose even more in 2010, by 373.5%, thanks to a 118.5% rise in sales volumes and an increase of 118.7% in average sales prices, also caused by strong demand.101 In 2010, China purchased 42.9% of the company’s shipments of iron ore and pellets, while Asia as a whole bought 60.7%. Europe’s share was 20.7%, followed by Brazil, with 13.7%.102

99 - See Vale’s 2010 Sustainability Report - Investors’ Summary.


101 - Idem.

102 - Idem.

In terms of diversification, Vale also enjoyed results that consolidated its position following its major resumption of investment. Gross manganese revenue grew by 77.9%, due to a 56.5% rise in the average price and a 13.3% increase in sales volumes. Ferroalloy revenues expanded by 78.5%, due to a 60.7% increase in volumes and a 10.9% rise in average sales price.103

In the coal sector, revenues increased by 52.5%, mainly due to the consolidation of Vale’s sales in Colombia. The average selling price also rose in line with better market conditions.104

Nickel production, which had been weak since the workers’ strike in Canada beginning in July 2009, also started to grow again. In July 2010, a new five-year collective agreement was signed by representatives of production and maintenance employees at the striking mines, bringing an end to the dispute.105 Gross nickel revenue rose by 19.4% during the year.

Gross revenue from copper increased by 37%, caused by a 40.5% increase in the average sales price. Gross revenues from sales of aluminum and related products rose by 24.6%. On the other hand, potash revenues fell by 32.2%, caused by a 21.2% fall in average sales prices and a 13.9% decline in the volume sold in 2010.106

103 - Idem.

104 - Idem.

105 - Idem.

106 - Idem.

366 367


Energy in 2010In 2010, Vale produced 65.3% of the electric power consumed in its operations in the Brazilian Southeast System and 63.3% of the power used in the South System. Through stakes in hydroelectric plants – currently Igarapava, Porto Estrela, Funil, Candonga, Eliezer Batista, Amador Aguiar I, Amador Aguiar II, Estreito, Machadinho, Glória, Ituerê, Mello and Nova Maurício, the latter four small hydro plants – the company had implemented its plan to produce and use a cheaper and cleaner energy form. As in previous years, all of the electric power consumed by the North System was obtained at market prices from regional electricity companies. In all, hydroelectric power plants supplied 23% of the electricity demand of Vale’s Brazilian operations.107

Over the course of 2010, the company’s total electric power usage was 22 TWh.108 Its activities in Brazil accounted for 73.3% of this total,109 corresponding to 3.9% of the electricity consumed in the country.110 This is more than the amount used by the city of Rio de Janeiro in the same year.111 In Canada, Vale’s power plants in Sudbury met 9% of local operations’ electricity needs, while in Indonesia, self-generation supplied 90% of the company’s demand.112

The remainder of Vale’s electricity demand in Sudbury was met through purchases from utility companies in the province of Ontario,113 while the Thompson operations bought low-cost power from the local hydroelectric power plant.114 Finally, the company’s

107 - See Vale’s 2010 Annual Report.

108 - Idem.

109 - Idem.

110 - According to the EPE’s Energy Bulletin for the fourth quarter of 2010, total electricity consumption in Brazil in 2010 was 415 TWh (p. 7). Available at <http://www.epe.gov.br/mercado/Documents/S%C3%A9rie%20Estudos%20de%20Energia/20110607_1.pdf>.

111 - Table no. 2257 – Total, average, annual, monthly and daily electricity consumption per inhabitant – Municipality of Rio de Janeiro (1980-2010). Available at <http://portalgeo.rio.rj.gov.br/indice/flanali.asp?codpal=1521&pal=CONSUMO>. In 2010, the city of Rio de Janeiro consumed 14.5 TWh.


113 - Idem.

114 - Idem.

operations in Voisey’s Bay were completely supplied using diesel generators.115 In Brazil, Vale’s main electricity suppliers are Eletronorte, Centrais Elétricas de Minas Gerais (Cemig) and Espírito Santo Centrais Elétricas (Escelsa). Together, these companies supplied 36% of Vale’s electricity purchases in 2010.116

In April of the same year, Vale Energia Limpa S.A. was established to operate in the field of clean synthetic fuels, which emit less greenhouse gas emissions.117 In December, Vale received an operating license for the Estreito Hydroelectric Plant in Maranhão, the company’s first hydro project in Brazil’s North region. This plant began generating power in March 2011.

Vale and the capital marketsA major step forward was taken in terms of Vale’s position in the global markets when the company listed its shares on the Hong Kong Stock Exchange.118 By listing on one of the most important stock exchanges in Asia, investors across the world were now able to trade in the company nearly 24 hours a day, in the Americas, Europe and Asia, strengthening Vale’s position as a global company.119

Between 2000 and 2010, Vale produced US$154.5 billion of value for its shareholders and distributed US$17.4 billion in dividends. Total shareholder returns were 38.2% per year between 2001 and 2010 – the highest rate among the largest mining companies.120

In 2010 alone, Vale returned US$5 billion of capital to shareholders, through the distribution of US$3 billion in dividends, equivalent to US$0.57 per share, and a US$2 billion share buyback. Consequently, Vale had resumed “its long-term upward trend in the prices of its shares, which began at the start of 2000 and accelerated significantly over the past ten years.”121

115 - Idem.

116 - See Vale’s 2010 CVM Reference Form.

117 - Idem.


119 - Idem.

120 - Idem.

121 - Idem.

Aerial view of Amador Aguiar II Hydroelectric Plant in Minas Gerais.

368 369


10.6 Vale in the fertilizer market

In nature, fertilizers are distributed into three groups of nutrients: nitrogen (used by plants in photosynthesis, contributing to fast plant growth), phosphorus (which helps the development of roots) and potassium (fundamental to the quality of fruits and the internal circulation of liquids in plants).

In the late 2000s, after a period of retraction arising from the crisis of 2008, Vale’s investment strategy in the fertilizer sector represented a new stage in the diversification of the company, which now served the food production market.

Vale’s investment in fertilizers was based on the belief that Brazilians’ growing per capita income and demand for biofuels would raise fertilizer demand in the country. Brazil would play an important role in this market because of its position as a leading agricultural producer and its growth potential, especially due to its access to water and arable land. The country is currently the world’s fifth largest importer of fertilizers.122

The Rio Colorado fertilizer production project, located in the Argentinean province of Mendoza, originally belonged to the Anglo-Australian company Rio Tinto, which sold it to Vale. The project entails developing a mine with an initial nominal potash production capacity of 2.4 million metric tons per year and the potential to expand output to as much as 4.35 million metric tons per year. A 350-kilometer railroad, port facilities and a power plant will also be built.123 Elsewhere in Argentina, the Neuquén Project, designed to produce 1 million metric tons of potash per year, entered the final study phase in 2012.

Together with Rio Colorado, Vale also acquired 100% of the Regina Project, in the province of Saskatchewan, Canada. The project, now called Kronau, could potentially yield around 2.8 million metric tons of potash per year. In 2009, infrastructure was already in place to transport the output to Vancouver, facilitating access to Asian markets.124



124 - Idem.

In 2010, Vale acquired the phosphate operations of Fosfertil and Bunge Participações e Investimentos for US$5.82 billion. Subsequently, on February 1, 2011, Vale Fosfatados merged with Vale Fertilizantes.125

In Brazil, Vale now has fertilizer operations in five states. In the state of São Paulo, in Cajati the company produces phosphate rock and dicalcium phosphate, used to make animal food; in Guará it produces phosphate fertilizers, used to enrich the soil for farming; in Cubatão it produces phosphate and nitrogen fertilizers; and in Santos it operates a maritime terminal that handles ammonia, sulfur and bulk fertilizers, with the capacity to process 2.3 million metric tons per year.126 In Minas Gerais, the company’s facilities in Tapira, Uberaba, Patos de Minas and Araxá produce phosphate rock and phosphate fertilizers. Also in Minas Gerais, the company is implementing the Salitre Project, which consists of developing a mine capable of producing an estimated 2.2 million metric tons of phosphate concentrates per year. In the state of Goiás, the Catalão unit was created to produce phosphate rock and phosphate fertilizers. In Paraná, the company produces nitrogen fertilizers in Araucária, while in Sergipe, the Carnalita potash project in the municipality of Rosário do Catete has been initiated.127

Outside Brazil, besides Argentina and Canada, the company also operates in Peru and is developing a project in Mozambique. In Peru, in 2010 operations began at Bayóvar Mine, which sits on one of the largest phosphate rock deposits in South America and is capable of producing 3.9 million metric tons per year.128 In Mozambique, the Evate Project is designed to produce phosphate rock in the province of Nampula.


126 - Available at <http://www.fosfertil.com.br/www/afosfertil/servicos.asp>.

127 - See Vale press release “Vale pretende investir US$ 15 bilhões em fertilizantes até 2020,” September 29, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=21085>.


Following page: pile of potash at Taquari-Vassouras Mine in Rosário do Catete, Sergipe, Brazil, 2002.

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The North-South Railroad: a new general freight transport corridorContinuing with its plans to expand its railroad network in Brazil, in October 2007 Vale won a bid for a sub-concession to operate a 720-kilometer stretch of the North-South Railroad (Ferrovia Norte-Sul, or FNS) between Açailândia in the state of Maranhão and Palmas, Tocantins. Vale thereby became responsible for operating, conserving, maintaining, monitoring, upgrading and adjusting this stretch of the FNS for the following 30 years.139

These tracks were already well known to Vale. Since the railroad was founded in 1996, Vale had been operating a 225-kilometer stretch of it between the municipalities of Açailândia and Estreito, both in Maranhão. In the city of Açailândia, the FNS connects to the Carajás Railroad (EFC), giving access to Ponta da Madeira Maritime Terminal in São Luís.140

The purpose of this new operation was to create and utilize a new corridor for transporting general freight produced in the Center-North region, in particular stimulating exports of soybeans, rice and corn. Costing approximately R$1.47 billion, the sub-concession strengthened Vale’s portfolio of logistics services.141 The new operation was in line with the company’s strategy of participating effectively in general freight transportation in Brazil.142

The figures show the success of the strategy of using the North-South Railroad corridor efficiently to carry general freight. In 2008, Vale operated a fleet of six locomotives and 370 cars on the FNS, transporting 0.9 billion metric ton-kilometers of freight

139 - See Vale’s 2007 Form 20-F Report. The other railroad concession contracts also have a 30-year term and are renewable. The FCA and MRS concessions expire in 2026, while the EFC and EFVM concessions expire in 2027.

140 - See “Vale arremata trecho da Ferrovia Norte-Sul,” Folha de S.Paulo, October 4, 2007. Available at <http://www.sindlab.org/noticia02.asp?noticia=14597>.

141 - See “CVRD vai operar a FNS,” Vale, October 3, 2007. Available at <http://www.vale.com.br/pt-BR/investidores/press-releases/Paginas/cvrd-vai-operar-a-fns.aspx>.

142 - Idem.

Previous page: iron ore being loaded onto a train on the

North-South Railroad (FNS) in Guaraí, Tocantins, in 2011. Left:

Vale Brasil, a Valemax-class ship, the biggest class of ore

carriers in the world, in 2011.

for its customers;143 the following year, using the same fleet, the company transported 1.16 billion metric ton-kilometers for its customers.144

Logistics figures in 2010Vale sought to develop initiatives to permit economies of scale and logistics solutions for its customers. Log-In, in which Vale has a 31.3% stake, is a logistics company established in order to provide intermodal services based on integrated door-to-door solutions for port, shipping and railroad container transportation, complemented by short-distance road freight transportation and the storage of containers at land freight terminals.145

Part of the general cargo transportation industry, intermodal logistics specializes in the transport, handling and storage of goods stored in containers. Log-In does not transport ore, but just general cargo. Its activities are not therefore part of Vale’s main logistics businesses, which involve the transport, handling and storage of its products, especially iron ore, and bulk goods for third parties.146

Between 2009 and 2010, Vale’s gross logistics service revenues grew by 32.7%. Railroad revenues expanded by 32.1% (due to higher volumes of agricultural goods, steelmaking inputs and steel products), and revenues from port operations increased by 33.7%.147



145 - See “Vale fará oferta de ações de subsidiária de logística,” Vale, February 16, 2007, available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=17193>.

146 - Idem.


10.7 Logistics

The crisis of 2008, when Vale’s goods arrived at ports but there were not enough ships for them, led to a radical change in the company’s shipping strategy. To become free from supply reductions and rising shipping prices caused by market volatility, Vale decided to buy and build its own vessels. In August of the same year, it signed a contract with Rongsheng Shipbuilding and Heavy Industries in China to construct 12 Very Large Ore Carriers (VLOCs), each one capable of transporting 400,000 metric tons, making them the largest ore carriers in the world. The company’s total investment in this was US$1.6 billion.129 The era of the Valemax had begun.

Seven VLOCs were also ordered from South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. Vale received the first one in May 2011 and christened the world’s biggest ore carrier Vale Brasil. Vale’s total investment in the seven South Korean ships was US$748 million.130 Measuring 362 meters in length and 65 meters in width, and able to carry up to 400,000 metric tons, Vale Brasil was more efficient than smaller ships at transporting ore from Brazil to Asia and had 35% lower carbon emissions per ton transported.131

In September and October 2011, two more Valemaxes were delivered: Vale Rio de Janeiro and Vale Itália.132 The design of these vessels received a Nor-Shipping Clean Ship Award, for significantly reducing carbon emissions per ton of ore transported, given that

129 - See Vale press release “Vale estabelece linha de transporte dedicada à rota Brasil-Ásia.” Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=18361>.

130 - See Vale press release “Vale recebe o maior mineraleiro do mundo.” Available at <htp://saladeimprensa.vale.com/PT/release/interna.asp?id=20662>.

131 - Available at <http://www.vale.com.br/pt-br/o-que-fazemos/logistica/navegacao/paginas/default.aspx>.

132 - See Vale press release “Vale realiza cerimônia de batismo de dois novos navios VLOC.” Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=21056>.

their enormous transport capacity cut the number of trips that need to be made.133

Vale also invested US$74 million134 in the purchase of four used Capesize ships and entered into a number of long-term shipping contracts.135 Three Capesize ships that were already being operated by Vale continued to sail on the Brazil-China route, exclusively carrying iron ore. “We have 35 ships in our portfolio and we want to have long-term shipping contracts. We bought these ships at the time because we could not find competitive shipping prices in the market,” explained José Carlos Martins, Vale’s Executive Director of Iron Ore and Strategy.136 The company’s decision to build its own ships also lay in the growing shift in market growth toward Asia. Until the year 2000, 50% of the company’s output had been sold in the West, but 10 years later this figure was just 30%. “In the long term, we will depend increasingly on the Asian market, so we have to be efficient in shipping. To give you an idea of the figures, the cost of delivering one metric ton of ore to Asia is about US$50. Of this sum, less than US$10 is the mining cost, and the rest is the logistics cost. If you do not have an appropriate logistics strategy, you lose the competitiveness of your business,” said Martins.137

In 2009, long-term shipping contracts were also signed to transport pellet feed from Brazil to Oman, where Vale was building a direct reduction pelletizing plant with a nominal production capacity of 9 million metric tons per year and a distribution center able to store 40 million metric tons of iron ore or pellets.138

133 - See Vale press release “Vale Brasil, o maior navio mineraleiro do mundo, realiza primeiro descarregamento em Taranto.” Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20854>.

134 - See Vale’s 2008 Form 20-F Report, p. 17.

135 - Idem, p. 49.

136 - Vale press conference with José Carlos Martins in 2011.

137 - Idem.


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In 2010, the EFVM transported 78.9 billion metric ton-kilometers of iron ore and other freight – 16.8 billion metric ton-kilometers (21.3%), including iron ore, exclusively for Brazilian third parties. The EFVM, whose fleet consisted of 331 locomotives and 18,967 cars, also carried 1 million passengers in 2010.148 The EFC transported 90.4 billion metric ton-kilometers of iron ore and other goods, of which 3 billion metric ton-kilometers were for external customers. The EFC also transported 341,583 passengers in 2010, using its fleet of 220 locomotives and 10,701 cars.149

The FNS carried 1.52 billion metric ton-kilometers of goods for third parties, using its fleet of six locomotives and 440 cars, while the Centro-Atlântica Railroad (Ferrovia Centro-Atlântica, or FCA) transported 11.4 billion metric ton-kilometers of freight for customers, using its fleet of 500 locomotives and 12,000 cars. The FCA, an important logistics corridor for general freight, extending for 8,023 kilometers, passes through 316 municipalities in seven Brazilian states (Minas Gerais, Espírito Santo, Rio de Janeiro, Sergipe, Goiás, Bahia and São Paulo) and the Federal District.

Finally, MRS carried a total of 144.9 million metric ton-kilometers of goods, including 60.8 million metric ton-kilometers of iron ore and other Vale products.150

Ports and terminalsOver the course of 2010, 100.4 million metric tons of iron ore and pellets were exported from the iron ore terminal at Tubarão Complex. Elsewhere at the Complex, Praia Mole Terminal handled a total of 10.7 million metric tons that year. The Diverse Products Terminal handled 6.6 million metric tons of grains and fertilizers, while the Bulk Liquid Terminal shipped out 1 million metric tons

148 - Idem.

149 - Idem.

150 - Idem.

of bulk liquids.151 Intense port activity was one indication of a very successful year for Vale.

What happened at the Tubarão terminals was repeated in other parts of Brazil. Ponta da Madeira Maritime Terminal in Maranhão handled 94.2 million metric tons of iron ore for Vale and 5.4 million metric tons of goods for third parties. At the Sepetiba Bay Port Company Terminal in Itaguaí, Rio de Janeiro, operated by subsidiary CPBS, 22.6 million metric tons of iron ore were shipped out.152

Guaíba Island Terminal in Rio de Janeiro exported 37.9 million metric tons of iron ore in 2010. Meanwhile, at Inácio Barbosa Maritime Terminal in Sergipe, belonging to Petrobras and operated by Vale, 600,000 metric tons of fuels, agricultural products and steel were handled.153 To the south, Santos Maritime Terminal on the coast of São Paulo State, operated by subsidiary Vale Fertilizantes, handled 2.1 million metric tons of ammonia and bulk solids, up 10.2% from 2009, reflecting Vale’s growing investments in fertilizers.154

The good results achieved in 2010 spurred on even more investment the following year. In 2011, the company announced more than US$5 billion of investments in logistics, with the aim of reaching 522 million metric tons of products shipped in 2015.155

151 - Idem.

152 - Idem.

153 - Idem.

154 - Idem.

155 - See Especial Logística, published by Vale.

Intense port activity was one indication of a very successful year for Vale. What

happened at Tubarão Complex was repeated in other parts of Brazil

Tubarão Complex in Vitória, Espírito Santo, 2008.

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Panoramic view of quay at Tubarão Complex in Vitória, Espírito Santo, 2007.

376 377


and Belo Horizonte. At that time, the need to use more technology was already clear.”157 The success of the process encouraged other subsequent initiatives.

An important company research center was opened in October 2008. The new Ferrous Metals Technology Center (Centro de Tecnologia de Ferrosos, or CTF), built in Nova Lima in the metropolitan region of Belo Horizonte, Minas Gerais, was exclusively dedicated to iron ore-related technologies. The aim was to improve and expand production by running simulations in world-class laboratories of the entire mining and steelmaking process.158 CTF was equipped with advanced apparatus such as a softening and melting furnace enabling metallurgical tests at temperatures of up to 1,700 degrees Celsius.159 Using this furnace, it is possible to simulate different conditions for using iron ore in blast furnaces. Another useful piece of equipment at CTF is a Mössbauer spectrometer, which investigates the chemical and physical characteristics of iron compounds using nuclear resonance.160 This cutting-edge technology is also used in space exploration missions: a Mössbauer spectrometer was sent to Mars by the U.S. National Aeronautics and Space Administration (NASA) to study the planet’s soil.161

CTF has a multidisciplinary team composed of metallurgical engineers, chemists, geologists and physicians, among other professionals. The Center has entered into strategic partnerships

157 - Luiz Mello, CEO of ITV: “Para pensar o futuro,” Revista Pesquisa, Fapesp, no. 177, November 2010. Available at <http://www.vale.com/pt-br/sustentabilidade/destaques/Paginas/luiz-eugenio-mello-para-pensar-o-futuro-parte-6.aspx>.


159 - See Vale press release “Vale desenvolve pesquisa para agregar valor à cadeia siderúrgica mundial.” Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20352>.

160 - Idem.

161 - Idem.

with universities and research centers in Brazil and other countries, including the United States, Germany, China and Japan.162

Another characteristic of CTF is its use of advanced mathematical models to simulate steelmaking processes for its customers. These models are capable of predicting the behavior of the varieties of iron ore available on the market. This analysis enables Vale to calculate performance in different processes and to help develop integrated furnace feed solutions for its customers.163

Vale Institute of Technology (ITV)The most ambitious project developed by Vale in recent years in the research field is the Vale Institute of Technology (Instituto Tecnológico Vale, or ITV). The Institute’s activities began in 2009. Its goal is to coordinate Vale’s science and technology actions, emphasizing long-term research projects conducted in partnership with the national and international scientific community. Through this initiative, Vale aims to expand scientific research output and technology-based economic development in Brazil, as well as generating and sharing knowledge to spur socioeconomic, environmental and mining industry-related development.

Since it was established, the Institute has entered into 97 research and development agreements, provided more than 50 research scholarships, and created partnerships with 36 Brazilian and international institutions, including Brazil’s agricultural research institute, Embrapa, the National Council for Scientific and Technological Development (CNPq), the Massachusetts Institute of Technology (MIT) and the École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland.

In addition to its research partnerships, ITV is building a series of facilities across Brazil to be staffed by world-class researchers. Initially, the Institute will invest R$350 million in two research centers in Ouro Preto (Minas Gerais) and Belém (Pará).

162 - Idem.

163 - Idem.

10.8 Innovation

“It’s not enough to have ore; it’s important to have the technology to facilitate its exploration at a reasonable cost,” argues economist João Furtado.156 For this reason, Vale has for a long time allocated around 2% of its revenues to research and development.

Since the 1960s, when it established a small ore treatment laboratory in Santa Luzia, near Belo Horizonte, Minas Gerais, Vale has demonstrated its concern for technological innovation. It opened its Mineral Development Center (Centro de Desenvolvimento Mineral, or CDM) in 1965 in order to try to make better use of the ore extracted from Cauê Mine in Itabira, Minas Gerais.

CDM was created with the mission to design mine development plans, ranging from the feasibility study phase to best practices for harnessing reserves. In the center’s study rooms and laboratories, information is processed about mine profiles, mineral quality and concentration, the type of mining technology to be employed, transportation of output, waste planning and disposal, and mine closure.

When CDM was established, Cauê Mine’s remaining hematite reserves were to be found at ever deeper levels, making operations less feasible. It was then necessary to create a technology to enable the extraction and usage of high-grade ore, at a lost cost, while also processing low-grade itabirite. Vale opted for the pioneering use of magnetic separators.

“The hematite was thinning out and the ore then available, containing iron, but in another form and in lower concentrations, was itabirite. By implementing the use of high-intensity magnetic separators, Vale could process the itabirite. This innovative process is considered to be the first major technological advance that led to the creation of the company’s first research and development center, in the municipality of Santa Luzia, halfway between Itabira

156 - João Furtado, economist, in a speech given at Vale’s auditorium in September 2011.

Left: the Mineral Development Center in Santa Luzia, Minas Gerais, in 2002. Below: chemical

laboratory at the Ferrous Metals Technology Center in Nova Lima, Minas Gerais, in 2010.

Right: model of Vale Institute of Technology (ITV), to be constructed in Belém, Pará.

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Capable of generating 1,000 kW, enough power to supply a town of 3,000 to 4,000 people, the gas

turbine developed by Vale Soluções em Energia (VSE) in São José dos Campos, São Paulo State, emits 15%

to 40% less pollution (depending on the power range) than diesel turbines used in thermal power plants.

operations’ power needs. VSE’s goal was to develop sustainable processes for generating energy from renewable sources.165

Under the terms of the deal, Vale owned 51% of VSE’s equity, while BNDESpar, the arm of BNDES that administers the bank’s equity stakes, owned 44%. Sygma Tecnologia, Engenharia, Indústria e Comércio Ltda. held the remaining 5% stake.

VSE’s planned investment program would feature “research in the areas of thermal coal and biomass gasification, and the production of gas-powered turbines and heavy multi-fuel motors.” The company would also enter into “cooperation agreements with universities and research institutions such as the University of São Paulo (USP) and the Aeronautical Technology Institute (Instituto Tecnológico da Aeronáutica, or ITA), as well as hiring its own team of scientists and researchers.”166

VSE’s head office is in Rio de Janeiro and it has subsidiaries in the United Kingdom and United States, as well as a Product Development Center (Centro de Desenvolvimento de Produtos, or CDP) in São Paulo. CDP, located on a site covering more than 100,000 square meters at the São José dos Campos Technology Park, has state-of-the-art laboratories to support research activities, from the development of prototypes and products to their manufacture.167

165 - See “Vale e BNDES criam empresa de pesquisa de energia,” Agência Estado, January 7, 2008. Available at <http://www.estadao.com.br/noticias/economia,vale-e-bndes-criam-empresa-de-pesquisa-de-energia,105393,0.htm>.

166 - Idem.

167 - See <http://www.vale.com.br/pt-br/o-que-fazemos/energia/vale-solucoes-em-energia/paginas/default.aspx>.

Both centers will focus on a specific theme: the mining of the future in Minas Gerais and sustainable development in Pará. They will each accommodate an average of 300 professionals, including professors and students. The ITV research centers will be landmarks in terms of their cutting-edge architectural design, offering an inclusive, stimulating and safe workplace. Both centers will feature efficient energy generation and usage systems, reduced water use, rainwater collection, and materials with a low environmental impact.

From the very start, ITV has had an international mindset, arranging for researchers in Brazil and other countries to work together as part of a network of international research institutes. The idea is to involve a broad range of actors, bringing benefits for society, since local development will be promoted, and for Vale, given that value will be added to its business as it develops its network of relationships with the domestic and international scientific communities.

The ITV centers will also offer postgraduate courses and invest in the creation of technology-based enterprises, focusing on the development of entrepreneurs and the creation of business incubators. This will enable the technologies and research developed at the Institute to be transformed into businesses with high potential for growth and innovation.164

Energy solutionsWhen Vale and Brazil’s national development bank, BNDES, announced the establishment of Vale Soluções em Energia S.A. (VSE) in 2007, the company already owned stakes in seven active hydroelectric plants in the country, all dedicated to meeting its

164 - See Vale press release “Vale cria Instituto para incentivar pesquisa científica e tecnológica,” September 8, 2011. Available at <http://200.225.83.165/saladeimprensa/pt/releases/release.asp?id=20353>.

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This initiative is particularly important given that a large share of Brazilian emissions of greenhouse gases arise from deforestation, forest burning and other land use changes.172

Vale FundEstablished by Vale in 2009, the Vale Fund for Sustainable Development works in partnership with public and third sector organizations to pursue a shared goal: to leave a positive, strategic legacy for future generations by promoting sustainable development.

A nonprofit institution, the Vale Fund participates in wide-ranging, transformational projects, balancing conservation and the sustainable use of natural resources with improvements in regional socioeconomic conditions.

Its projects are carried out by organizations with proven experience in the field, providing effective responses to the key issues of macro-sustainability.

Rational use of waterIn 2010, Vale’s investments in environmental control and protection amounted to US$737 million, up 27% from the previous year. Of this total, US$529 million was spent in Brazil. Some of these resources were spent on water usage and availability management, preventing water waste, saving energy and securing supplies of water for future projects.173

Water is an essential input for mining activities, demanding human intervention in surface and underground water resources. It is used most intensively in the following areas: in water table-lowering activities, to enable mining in saturated areas; in plants, where it is used in ore processing and cooling; and in the sprinkling of access roads and stockyards of raw materials and products. Water is also consumed in pelletizing processes, in ore transportation and in the washing of equipment and components.174

Accordingly, in 2010 Vale intensified its research to make its water use and reuse more efficient. By using the resource more rationally, the company’s water recirculation and reuse rate reached an impressive 79% that year. This means that of the 1.2 billion liters required by Vale’s operations in 2010, 269 million liters were removed from nature, and all the rest was supplied by water recycling.

172 - Idem.


174 - Idem. See also Vale press release “Vale conclui 5a barreira de vento do Complexo de Tubarão,” October 20, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=21145>.

10.9 Environment

During its 70-year history, one of Vale’s biggest challenges has been to find solutions to minimize the impact of its activities. ITV’s sustainable development center in Belém, Pará – one of the company’s boldest investments – is committed to this. Vale has long supported projects designed to generate prosperity while protecting the environment. The Vale Florestar Project, launched in 2007, is one such initiative. In May 2010, through a partnership with BNDES and the employee pension funds of Caixa Econômica Federal (FUNCEF) and Petrobras (Petros), the project evolved into a company, Vale Florestar S.A.

Vale Florestar S.A.’s purpose is to restore and regenerate deforested or degraded areas of native Amazon Rainforest while also establishing commercial plantations; however, the company’s activities are not restricted to the environment. Vale Florestar also seeks to stimulate the sustainable socioeconomic development of eastern Pará, in municipalities situated in the “Arc of Deforestation,” and to contribute to ordered regional land use.168

Vale, BNDES, FUNCEF and Petros are all members of a Reforestation Fund with assets of R$605 million. Initial resources were invested in Vale Florestar S.A., which is focused on developing forestry businesses in Brazil.169 The goal is to cover a total area of 450,000 hectares by 2022 – 150,000 hectares for commercial plantations and 300,000 hectares for protecting and restoring native forest.170

The idea is for projects to also spread a tradition of sustainable silviculture, helping to reduce pressure on native forest. Vale Florestar is active in the municipalities of Dom Eliseu, Ulianópolis, Paragominas, Rondon do Pará, Abel Figueiredo and Bom Jesus do Tocantins, which according to an ecological and economic mapping study (Macrozoneamento Ecológico-Econômico, or MZEE) of the state of Pará, are located in a zone featuring consolidation and expansion of productive activities in territory that is already deforested.171

By means of its direct actions – reforestation, replanting and regeneration of degraded areas – Vale Florestar promotes carbon dioxide sequestration through the natural photosynthesis of trees.

168 - See BNDES, “BNDESPAR participará do Fundo Vale Florestar com aporte de R$ 121 milhões,” Press Office, May 5, 2010. Available at <http://www.bndes.gov.br/SiteBNDES/bndes/bndes_pt/Institucional/Sala_de_Imprensa/Noticias/2010/meio_amb/20100505_reflorestamento.html>.

169 - See Vale press release “Vale, BNDES, FUNCEF e Petros se aliam para constituir um dos maiores fundos de reflorestamento do Brasil,” May 5, 2010. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=19768>.

170 - Idem.

171 - Idem.

Previous page: aerial view of a Vale Florestar eucalyptus

plantation in Maranhão.

382 383


One of the most innovative projects in global mining, S11D will allow 90 million metric tons of iron ore to be extracted per year just three years after it starts operating. To put this into perspective, the world’s largest open-pit iron ore mine, in Serra dos Carajás, only reached this output level three decades after it began functioning.183 S11D has been designed to set the benchmark for intelligent mining, with lower costs, lower water consumption and less pollution.

“Truckless” systems reduce operating costs and produce lower carbon emissions. If the S11D mine were completely operated using off-highway trucks, there would be more than 100 vehicles circulating, consuming 65 million liters of diesel per year. Using conveyor belts, diesel consumption will be 15 million liters per year, a saving of 77%. Finally, the need to replace 174 very large truck tires (each one over three meters high) every year will be eliminated.184

In Canaã dos Carajás, a total of 37 kilometers of conveyor belts will be installed within the mining area, including branches that will connect to a main 9.5-kilometer trunk line to the processing plant. Between the area where the ore will be extracted and the site where the processing plant will be built, there is a difference of altitude of 450 meters. This is another advantage of the truckless system, as conveyor belts can more easily cope with such slopes than trucks.

The technological innovation being applied at S11D is in line with the sustainable model adopted by Vale, which calls for significant reductions in water use (through processing using natural ore moisture), the elimination of tailings ponds and lower carbon emissions. The

183 - See Vale press release “Instituto Tecnológico Vale promove debate sobre a mineração do futuro,” December 6, 2010. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20348>.

184 - “Vale importa tecnologia que tira caminhões de dentro das minas,” Valor Econômico, March 3, 2011. Available at <http://www.valor.com.br/arquivo/875549/vale-importa-tecnologia-que-tira-caminhoes-de-dentro-das-minas>.

project’s industrial facilities will be located on pasture land outside Carajás National Forest. The outcome of five years of environmental and engineering studies, the S11D Project brings together all the main lessons Vale has learned in Carajás.

“One of the most disturbing issues in the sustainable development process in Brazil is the imbalance between the living conditions of the inhabitants of its different regions” argues Professor Paulo Haddad in the document A importância do Projeto Ferro Carajás S11D para o processo de desenvolvimento nacional da Região Norte do Brasil (“The importance of the Carajás S11D Iron Project for the national development process in Brazil’s North region”). “When one observes the geographical distribution of new investment projects in the country’s mining sector, at the implementation or technical design phase, initially estimated at US$54 billion, it is notable that the overwhelming majority are located in the traditional periphery or dynamic periphery, helping to attenuate Brazil’s regional development imbalances. This is the case with the Carajás S11D Iron Project, located in a region of the country that needs to make economic and social progress,” says Haddad.

Another consequence of the S11D Project is that the Carajás Railroad, used to take iron ore to the coast, will be extended for 100 kilometers, to Canaã dos Carajás. At the same time, Ponta da Madeira Maritime Terminal, where the ore is loaded onto ships for export, will gain an extra pier. By 2015, the terminal’s loading capacity will have increased to 230 million metric tons per year, almost twice its present capacity.185

185 - “Vale prepara maior expansão da história em Carajás,” iG Economia, July 26, 2010. Available at <http://economia.ig.com.br/empresas/industria/vale+prepara+maior+expansao+da+historia+em+carajas/n1237726862142.html>.

Previous page: wind fence at Tubarão Complex in Vitória, Espírito Santo.

Left: construction site at Carajás S11D Iron Project, in 2012.

organization specializing in environmental control solutions, which calculated the barriers’ ideal dimensions and layout, in line with the type of stockyard.179

After that, the plans were made and work began at Tubarão Complex. During the installation work, four 23-meter-high towers were built around the stockyards, to which instruments were attached for continually monitoring particulate matter levels and the wind direction and speed. After four months of monitoring, the results showed that the wind fences had reduced dust emissions by 77.4%.180

In addition to wind fences, Vale has invested in a number of other improvements to cut particulate emissions. One of the most significant was the shielding of iron ore and pellet conveyor belt transfer houses in 57 places, in order to prevent dust from dispersing at points where the material is transferred from one belt to another.181

Another way of capturing dust is by using electrostatic precipitators. These tools are now employed at 21 pelletizing facilities. They are capable of filtering out 99% of dust emissions produced in pelletizing furnaces. Unlike wind fences, which are physical structures, electrostatic precipitators work by creating a field to capture pollutants, releasing clean gas into the atmosphere.182

Carajás: S11D ProjectRight from the start, Vale’s most ambitious mining project in the 2010s has been designed with sustainability in mind. S11D, in Canaã dos Carajás, Pará, will use iron ore conveyor belts on a large scale rather than off-highway trucks. Belts will move ore from various parts of the S11D site to the plant quickly, cleanly and cheaply.

179 - Idem.

180 - Idem.

181 - Idem.

182 - Idem.

At the start of 2010, Vale ran a unique experiment at its Carajás operations, testing a technology for screening ore using only its natural moisture in order to reduce water use in the region.175

In the operations where it has been implemented, this new processing technique has cut water use by the same amount consumed by a city of 430,000 inhabitants. It has also reduced electricity consumption by 18,000 MW per year and eliminated the need to build new tailings ponds.176

Wind fencesThe first time that Vale put into practice the idea of building artificial wind barriers, called wind fences, was in 2009, at Tubarão Complex in Espírito Santo. Wind fences are designed to stop the wind from blowing dust particles into the air, and are therefore an important instrument in controlling atmospheric pollution. They are ingenious structures, made of a metal frame and polypropylene screens, and they can contain winds of up to 120 kilometers per hour.177

Wind fences have been installed around Vale’s stockyards at Tubarão to permit greater control over atmospheric emissions of iron ore, pellet and coal particles. In all, 9 kilometers of the barriers have been erected. The fences are one and a half times the height of the piles of products they shield, resulting in an average height of 24 meters.178

In 2005, Vale began research at the Federal University of Rio Grande do Sul (UFRGS) to develop its wind fences. In 2007, the company hired the Midwest Research Institute (MRI), an American

175 - See Vale press release “Vale desenvolve tecnologia que reduz o consumo de água de suas operações em Carajás,” March 19, 2010. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20358>.

176 - Idem.


178 - Idem.

384 385


Aerial view of passenger train on the Vitória-Minas Railroad (EFVM), 2009.

386 387


Palm tree plantation, producing palm oil used to

make biodiesel, in 2010.

More preservation actionsAt the largest open-pit iron ore mine in the world, Vale is reusing the ultrafine ore particles deposited in tailings ponds after processing. This system for recovering fines is being used at Carajás Mining Complex and Azul Mine, in Parauapebas, Pará, where manganese is mined, and also in iron ore mines in Minas Gerais. This new technology reduces the need for tailings dams and piles of waste rock.186

Another environmental advantage of this process is that it does not generate any waste, and it basically only requires the use of dredgers with pipes, compartments and a rescreening plant. At Azul Mine, for example, more than 5 million metric tons of fines were recovered in 2011 alone, in the first year that the system was implemented. As a result, Vale was awarded an international certification by consultancy Pincock & Runge, formally recognizing the tailings pond at Azul as a mineral reserve. In the same year, using the same process, 8 million metric tons of iron ore were recovered at Geladinho Mine in Carajás.187

BiodieselIn yet another step associating diversified investments with environmental actions, on February 1, 2011, Vale announced its purchase of Biopalma da Amazônia S.A., a palm oil producing company in Pará. Vale’s plan is to use most of the palm oil produced by Biopalma to manufacture “B20,” a blend of 20% biodiesel and 80% regular diesel, to power its fleet of locomotives on the Carajás Railroad and large machinery and equipment in its Brazilian operations.188

Vale’s investments in biodiesel production are part of its strategic priority to be a global sustainability agent, making ever greater use of renewable fuels in its energy supply. Biopalma has six production clusters under development in the Vale do Acará and Baixo Tocantins areas of Pará. By 2013, it will have planted 60,000 hectares with oil palm trees and allocated 75,000 hectares for the

186 - See Vale press release “Vale adota no Brasil projeto pioneiro de reaproveitamento de minério de ferro,” July 26, 2010. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20354>.

187 - Idem.

188 - See Vale press release “Vale acelera investimentos em biodiesel,” February 1, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20445>.

restoration and regeneration of native forest. By 2011, it had already planted 18,400 hectares of palm oil trees.189

All areas used to grow palm trees must first be mapped and demarcated by the federal government as degraded areas. As part of Vale’s strategy, Biopalma will contribute to preserving green areas and restoring degraded areas.190 In addition, a family farming program has been designed to cover 2,000 families in the Vale do Acará and Baixo Tocantins regions, who will produce palm oil on their land. The company will monitor the farmers’ agricultural practices and has guaranteed to purchase their output.

In this context, the Small Farmers Project was launched in February 2010 and now involves 24 families, who are growing palm trees on 240 hectares. The farmers participating in this project receive technical assistance from Biopalma and credit from Pronaf Dendê, a federal government funding program administered by Banco da Amazônia, for the purchase of saplings, crop maintenance and subsistence needs in the first three years of planting until harvesting begins.191

In a different field, Vale renewed its efforts to gradually start using natural gas and biodiesel as replacements for diesel and fuel oil in its operations. In February 2011, the company launched the Green Train project, which involves using a blend of natural gas and diesel to power its locomotives. The project is conducting trials on the Vitória-Minas Railroad (EFVM). It is estimated that using natural gas on the EFVM will cut emissions of CO2 equivalent by 73,000 metric tons per year.192

São Paulo Stock Exchange Corporate Sustainability IndexAs part of the process of continuously improving its sustainability management, Vale made a number of advances in 2010. It was the first mining company to join the São Paulo Stock Exchange’s Corporate Sustainability Index (Índice de Sustentabilidade Empresarial, or ISE), and it further developed its Sustainability Action Plan (Plano de Ação em Sustentabilidade, or PAS), whose targets were adopted as one of the criteria for employees’

189 - Idem.

190 - Idem.

191 - Idem.

192 - See Vale press release “Vale aumenta para 76% o índice de reaproveitamento de água em suas operações no mundo,” August 20, 2009. Available at <saladeimprensa.vale.com/pt/release/interna.asp?id=19141>.

388 389


its impacts on vegetation, agriculture, biodiversity and energy generation capacity in the states of Pará and Maranhão, where the company has a major presence.

In 2009, out of all major mining companies, Vale had the lowest intensity of greenhouse gas emissions per unit of revenue, according to a survey conducted by the Carbon Disclosure Project. The company was also rated among the top five in a multi-sector ranking in Goldman Sachs’ GS-Sustain Report – Focus List,201 which analyzed opportunities and challenges related to climate change. According to the same report, Vale was one of the four most sustainable global mining companies, in accordance with factors such as return on capital, industrial issues and sustainability. In its traditional assessment of companies designed for investors, covering financial, strategic and sustainability issues, the GS-Sustain Report rated Vale among the five best companies in the world in the basic materials sector (industrial metals, precious metals, steel and chemicals).202

The GS-Sustain Report produced sector rankings based on three dimensions: Quality of Management and Sustainability (environmental, social and corporate governance); Industry Position (access to profitable growth, and low-cost operations); and Return on Capital (cash return on capital invested and return on equity).203 Vale’s position in a ranking that combined sustainability, quality and dividends made it clear that the company had excellent prospects at the end of 2010.

201 - See press release “Relatórios do Goldman Sachs colocam a Vale entre as corporações mais sustentáveis do mundo,” August 17, 2009. Available at <http://www.cvrdint.com/saladeimprensa/pt/releases/release.asp?id=19123>.

202 - Idem.

203 - Idem.

Right: iron ore processing plant using natural moisture at Carajás Mine, Pará.

variable pay. Sustainability issues received growing attention from investors and were seen as key factors in companies’ long-term financial success. This trend was confirmed in the Brazilian market, with the ISE rising 5.8% during 2010, while the main Ibovespa index only increased by 1.04%.193

In this context, various banks, research institutions and investor support organizations requested a wide range of information that, together with a strengthened GRI methodology,194 could serve as a guide to continuous improvement actions and the pursuit of best practices. Having joined the ISE index in 2010, Vale remained in it in 2011, underscoring the company’s commitment and the success of the measures taken by it in the area of sustainability and environmental management.

Carbon Disclosure Leadership IndexIn 2008, Vale was the only Latin American company to feature in the Carbon Disclosure Leadership Index. The ranking, published in September of that year, rated the largest companies in the New York Stock Exchange’s Global 500 Index. Of these companies, 67 were chosen, including both carbon intensive and non-intensive companies, as setting examples in transparency and the adoption of practical measures to cut their emissions. Among the six companies in the Raw Materials, Mining, Paper and Packaging sector listed as leaders, Vale registered the lowest greenhouse gas emission intensity in 2007, in terms of emissions per unit of revenue.195


194 - The most widely used methodology across the world for producing sustainability reports. GRI guidelines propose a new process for producing reports, and a distinctive factor in their application is a change in company management, making the methodology an instrument for promoting sustainability rather than merely a tool for producing reports. See <http://www.gvces.com.br/index.php?r=site/conteudo&id=33>.

195 - See Vale press release “Vale é a única empresa da AL listada no ranking do Carbon Disclosure Project,” September 26, 2008. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=18426>.

A nonprofit institution based in London, the Carbon Disclosure Project produces an annual report on climate change-related activities undertaken by major global companies. The organization presently represents more than 3,000 investors, who together control US$57 trillion in assets.196

Vale’s inclusion in the Carbon Disclosure Project’s ranking was the result of the Vale Carbon Program, whose foundations were created in 2007. The program is an action plan set out in the company’s Corporate Guidelines on Climate Change and Carbon, published in September 2009 at the Sustainability Forum organized by the Rio de Janeiro Federation of Industry (FIRJAN).197

In 2008, Vale’s greenhouse gas emissions amounted to 16.8 million metric tons of CO2 equivalent – up 10% from 2007. This increase was mainly due to the incorporation of operations in Australia and refinements to the emission calculation methodology used.198

Since 2008, when it published its Corporate Guidelines on Climate Change and Carbon,199 the company has taken measures in many areas, year after year, to cut its CO2 emissions and minimize the environmental impact of its operations. In 2010, Vale emitted 0.65 metric tons of ozone-depleting substances, similar to the 2009 figure. This result also reflects the company’s efforts to improve its data collection in relation to the previous year.200

The Vale Carbon Program encompassed an agreement with the National Space Research Institute (Instituto Nacional de Pesquisas Espaciais, or INPE) signed in April 2009. This agreement provided for the publication of three reports about climate change and

196 - Idem.

197 - Idem.

198 - See Vale press release “Vale aumenta para 76% o índice de reaproveitamento de água em suas operações no mundo,” August 20, 2009. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=19141>.

199 - Read more at <http://www.vale.com.br/pt-br/sustentabilidade/mudancas-climaticas/Documents/Diretrizes_Corp_sobre_Mudancas_Climaticas_Carbono.pdf>.


In 2009, out of all major mining companies, Vale had the lowest intensity of greenhouse gas emissions per unit of revenue, according to a survey conducted by the Carbon Disclosure Project. The company was also rated among the top five in a multi-sector ranking in Goldman Sachs’ GS-Sustain Report – Focus List

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10.10 One of the best mining companies in the world

In May 2011, Vale gained a new CEO: Murilo Ferreira. Before being appointed, Ferreira had already developed a successful career at Vale. He was made a director of Vale do Rio Doce Alumínio (Aluvale) in 1988, and later worked as Vale’s Executive Director of Nickel and Base Metals Sales, before being appointed CEO of Vale Inco (now Vale Canada), where he remained until 2008. In his first speech as Vale’s CEO, Murilo Ferreira stressed that employees were the company’s most important asset: “I strongly believe in the people working with me. I strongly believe we achieve better results by working as an integrated team, capable of overcoming any difficulties caused by global economic instability.”

Vale had ended the previous year with new records in all sectors, with a profit of US$30.1 billion, up 42.6% on its previous record, set in 2008.204 The final results for 2011 were even better. The year ended with three new annual production records: 322.6 million metric tons of iron ore, 51.8 million metric tons of pellets, and 7.3 million metric tons of coal.205

The company’s results were in line with the good overall performance of Brazil, which that year had risen to seventh in the ranking of the world’s largest economies. In 2011, Vale was more international, diversified and focused on social and environmental initiatives. The company had reached a point where it was no longer sufficient to be the biggest; it also aimed to be the best. To achieve this, Vale would have to know how to conciliate the past and the future.

International logisticsVale’s investment in Valemax vessels was accompanied by strategies to better distribute iron ore exports to Asia. An example


205 - Idem.

Iron ore processing plant at Carajás

Mine, Pará, in 2011.

of this is the use of the Strait of Malacca, to the west of Malaysia, in order to optimize international logistics arrangements. The idea was to use the 800-kilometer channel as an export platform, shortening distances and competing on the Chinese market on an equal footing with its Australian rivals. To this end, Vale will benefit from a new port terminal and distribution center capable of storing 30 million metric tons of iron ore in Teluk Rubiah, in the Malaysian state of Perak.206

In March 2011, expanding its foreign presence – especially in Asia – Vale began to construct its first pelletizing plant at the Sohar Industrial Complex in the Sultanate of Oman. The company has invested a total of US$1.35 billion there in two pelletizing plants and a distribution center, which will act as a hub to meet growing demand for iron ore products in the Middle East, North Africa and India.207

In the same way that it saw Asia as a market to be prioritized, the company also invested heavily in Africa. On May 8, 2011, mining operations began at Moatize Coal Mine in Tete Province, Mozambique. Shortly afterward, in July, the mine’s processing plant was activated. This project is Vale’s biggest investment in the coal sector.208 In the mine’s first year of operations, it produced 275,000 metric tons of metallurgical coal and 212,000 metric tons of thermal coal.209

In March 2011, Vale began producing nickel in Onça Puma, Pará, Brazil. The mine and processing plant have a nominal production capacity of 53,000 metric tons per year of nickel contained in

206 - “Vale aposta na Malásia para bater BHP Billiton e Rio Tinto,” Brasil Econômico, July 21, 2011. Available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=20872>.

207 - “Vale inicia produção de pelotas em Omã,” Vale Press Office, April 30, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20651>.

208 - “Vale inicia atividades de lavra na Mina de Moatize,” Vale Press Office, May 8, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20669>.

209 - See Vale’s 2011 Production Report.

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ferronickel. Onça Puma lies over a deposit of laterite/saprolite nickel, and the operation’s output in 2011 was 7,000 metric tons.210

upgrade in Vale’s Standard & Poor rating to A-Vale’s investments, diversification, good results and social and environmental commitments – as well as its proven ability to tackle crises – were acknowledged by the international ratings agencies. On November 23, 2011, Standard & Poor’s Ratings Services raised the global scale ratings of Vale S.A. (“Vale”) and its subsidiary Vale Canada Ltd. from BBB+ to A-, and confirmed the company’s brAAA rating on the Brazilian national scale.211

Standard & Poor’s analyzes the performance of companies listed on international stock markets, giving them risk scores that range from AAA (the best) to D (the worst). According to the agency, Vale’s rating was due to its “demonstrated commitment to financial prudence and a level of flexibility that enables it to adapt to the harshest global conditions.”212

Long life in ItabiraNearly 70 years after Companhia Vale do Rio Doce was established there, the city of Itabira in Minas Gerais played host to one of the company’s most innovative projects. New technology would be used to expand the mining horizon there. In June 2011, Vale announced a R$3.8 billion investment (to be spent by 2014) to implement the Conceição-Itabiritos project, launched in March of the previous year.213

The project entailed constructing an ore treatment facility capable of producing 12 million metric tons per year of pellet feed.

210 - See Vale’s 2011 Form 20-F Report, p. 40.

211 - “Ratings da Vale elevados de ‘BBB+’ para ‘A-’ por sólido desempenho e comprometimento com políticas prudentes: perspectiva estável,” Standard & Poor’s. Available at <http://www.standardandpoors.com/ratings/articles/pt/la/?articleType=HTML&assetID=1245324742181>.

212 - “Standard & Poor’s eleva nota de crédito da Vale,” G1, November 23, 2011. Available at <http://g1.globo.com/economia/negocios/noticia/2011/11/standard-poors-eleva-nota-de-credito-da-vale.html>.

213 - “Vale vai reaproveitar minério descartado,” Folha de S.Paulo, June 28, 2011. Available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=20766>.

Through this initiative, Vale was beginning a pioneering industrial-scale project at its iron mines in Brazil, which could extend the lifespan of reserves and reduce environmental impacts.214

The aim of the project is to reuse ultrafine iron and manganese particles left over from previous mining activities and deposited on waste rock piles or in tailings ponds. Piles store all waste rock collected in mining areas, while tailings ponds store waste produced during ore processing in processing plants.215

Conceição-Itabiritos is an innovative project based on technologies developed by Vale, which will make it possible to transform waste materials, until recently considered economically worthless, into valuable market products. Accordingly, Vale expects to perfect technology for processing low-grade itabirite ore (with iron content of around 40%) that can be applied at other mines.

Seventy years have now passed since Companhia Vale do Rio Doce was established in 1942 by a decree signed by the President of the Republic, Getúlio Vargas. By 2010, Itabira, which 70 years before had been a quiet town exclusively dependent on mining, was now a modern city and the fourth highest ranking municipality in Minas Gerais in terms of quality of life, and it continued to be a major focus of Vale’s activities.216

In 70 years, currencies changed name, wars started and ended, new technologies appeared and disappeared, countries were created and left the map, and the world became globalized – and meanwhile, the former CVRD moved to the private sector and is now called just Vale. Over the course of its history, the company has learned to tackle the challenges in its path. Its mission is to transform natural resources into prosperity and sustainable development, using a mixture of knowledge, innovation and talent, and in this way it will continue to evolve.

214 - See Vale press release “Vale adota no Brasil projeto pioneiro de reaproveitamento de minério de ferro,” July 26, 2010. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20354>.

215 - Idem.

216 - “Itabira é a quarta cidade de Minas Gerais em qualidade de vida.” Available at <http://www.itabira.mg.gov.br/novoportal/index.php/noticias/59-governo/245-itabira-e-a-quarta-cidade-de-minas-gerais-em-qualidade-de-vida>.

Next page: city of Itabira, Minas Gerais, in 2005.

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Aerial view of Christ the Redeemer statue

in Rio de Janeiro.

Restoration of Christ the Redeemer Statue

The statue of Christ the Redeemer, perched on top of Corcovado Mountain in Rio de Janeiro, is a Brazilian icon, ranking alongside the black and white Portuguese stones along the beach promenade in Copacabana, Pelé’s goals, the Brazilian soccer team’s yellow jerseys, Carmen Miranda’s fruit hat, the samba rhythm and the Girl from Ipanema. The statue is a symbol of Rio and was elected one of the seven wonders of the modern world in a poll conducted in 2007.1 Inaugurated in October 1931, its initial design was created by engineer Heitor da Silva Costa and it was produced by artist Carlos Oswald and French sculptor Paul Landowski.2 The statue now has more than 80 years of history, and since 2010 Vale has been participating in one of its most important chapters.

Working with the Archdiocese of Rio de Janeiro, Vale was responsible for one of the most thorough restorations of the monument since its inauguration. As part of a five-year agreement signed in January 2010, Vale undertook to replace approximately 3 million soapstone mosaics covering the statue and to do maintenance work on the entire belvedere surrounding the statue, which receives around 1.4 million visitors per year. In all, Vale invested R$7 million in this work.3

From head to toe, the statue is 30 meters high and it stands on an eight-meter-high pedestal. Added to the height of the mountain, the monument reaches an altitude of 748 meters – the highest art déco work in the world.4 During the restoration work, in order to maintain the same appearance, soapstone was mined from the same region of Carandaí in Minas Gerais that provided the material when the statue was built. More than 100 professionals worked directly on the restoration, which lasted five months. The restored statue was unveiled to the people of Rio and tourists on June 30, 2010.

To celebrate the occasion, Vale ran a contest to pick the 80 best responses to the question “Why would you like to have a permanent reminder of the Christ the Redeemer monument?” The company website received more than 100,000 visitors from 84 countries, and 9,000 people took part in the contest. Each winner received a soapstone mosaic identical to those used to restore the statue, engraved with their name. Since June 2010, 80 people have been able to say, with pride, that they have a piece of one of the wonders of the modern world in their home.

1 - The poll, which took place on the internet, was based on a list of 100 options produced by the Hillman Wonders of the World website (http://www.hillmanwonders.com), featuring the Peruvian city of Machu Picchu and the Great Wall of China, among other sites.

2 - “Corcovado no Rio de Janeiro,” available at <http://www.corcovado-rio.com/historia.htm>.

3 - “Restauração do Cristo começa esta semana e vai custar R$ 7 milhões,” O Globo, January 26, 2010. Available at <http://g1.globo.com/Noticias/Rio/0,,MUL1463709-5606,00-RESTAURACAO+DO+CRISTO+REDENTOR+COMECA+ESTA+SEMANA+E+VAI+CUSTAR+R+MILHOES.html>.

4 - Congresso de art déco resgata maior projeto de Landowski,” Folha Ilustrada, August 15, 2011. Available at: <http://www1.folha.uol.com.br/ilustrada/959592-congresso-de-art-deco-resgata-maior-projeto-de-landowski.shtml>.

Below: workers restoring the Christ the Redeemer statue in Rio de Janeiro.

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Firebreak | Area of land cleared of

vegetation around or through a forest to

prevent the propagation of fires.

FOB (Free on board) | Arrangement

whereby the purchaser pays for the

shipment, the insurance and all costs

associated with the transportation of

the goods until the destination.

Gangue | Economically valueless

mineral material.

Geology | Science that studies

the Earth – its origin, structure,

composition and evolution, as well as

the causes and processes that gave rise

to its current state.

Grade | Mass of an element or pure

substance in relation to the total mass

of the material in question. Usually

expressed as a percentage.

Gravel | Rocky outcrop on river beds or

in diamond mining areas.

Greenstone belt | Precambrian

belt characterized as containing

metamorphic rocks of one or more

igneous and sedimentary sequences of

economic interest, such as rocks that

presumably originated from volcanic

metallic deposits.

Hematite fines | Iron ore product used

in small charcoal-fed blast furnaces. In

Brazil, they are mainly used by companies

in the pig iron industry. Their grain size

ranges between 6 mm and 19 mm.

Ingot | Metal or solid alloy in the shape

of the mold into which it was poured.

Iron and steel production | Branch of

metallurgy dedicated to the processes of

obtaining and refining iron and its alloys.

Iron ore fines (sinter feed) | Iron ore

particles that vary from 0.15 mm to

6.35 mm in diameter. Used in sintering.

Iron ore ultrafines | Fine particles

of iron ore (smaller than 0.15 mm)

generated by mining and milling. This

material is turned into pellets through

an agglomeration process.

Iron Quadrangle | A region in the

Brazilian state of Minas Gerais that is

rich in various minerals, especially iron,

gold and manganese. It is one of the

most important mineral provinces on

the planet.

Itabirite | A banded rock with hematite

layers measuring between millimeters

and centimeters in thickness (with or

without magnetite), containing silica,

generally quartz. It is a metamorphosed

banded iron formation (see entry).

It normally contains low iron

concentrations.

Jetty | A coastal hydraulic engineering

structure similar to a pontoon, built at sea

ports to protect them from rough waters.

Lump crushing | Crushing of ore

into lumps.

Lump ore | Iron ore or manganese ore

in lump format, whose biggest particles

vary from 6.35 mm to 50 mm in

diameter, with small variations between

different mines and ores.

Metric ton-kilometers | The weight

of goods transported, in metric tons,

excluding the train’s weight, multiplied

by the kilometers for which the goods

were carried.

Mine | Deposit in the process of

being extracted, whose output is

mainly characterized by chemical or

mineralogical properties.

Mineral | Natural, solid inorganic

compound, with a defined chemical

composition and characteristic

physical properties (such as crystalline

structure, color, hardness, luster,

appearance, cleavage pattern, etc.).

Mineral reserve | Portion of a given

researched area that has an ore body

with grades and volumes calculated

based on geological studies, with

varying degrees of uncertainty.

Mineralogy | Branch of geology that

studies minerals, their genesis

and evolution.

Mining | Set of operations required for

the industrial extraction of mineral or

fossil substances in a deposit; economic

activity related to the harnessing of

mineral deposits.

Mining Code | Set of laws governing

the discovery, geological research and

mining of minerals in Brazil.

Mining concession | Authorization

granted by the National Mineral

Production Department (DNPM) for a

company to mine a given mineral good.

Banded iron formation (BIF) | Finely

stratified sedimentary, chemical

meta-sedimentary or igneous rock,

presenting layers of iron oxides,

carbonates or silicates alternating with

quartz, amphibole or quartz-chlorite

layers. Banded iron-bearing layers

may develop economically extractable

iron deposits, as occur in Brazil in the

itabirite deposits of Minas Gerais, for

example.

Billet | A cast metal product with a

round cross-section, used to produce

pipes, bars or other forged products.

Blast furnace | Reactor with a

variable circular cross-section, with

a high height-diameter ratio, used to

manufacture pig iron.

Blue dust | Term used when iron ore is

found as very fine and soft hematite.

As hematite grains are often grayish-

metallic in color, fine powders of this

mineral are called blue dust.

Break bulk | Maritime transportation

system for general cargo, carried loose

and in individual volumes, unlike in

container transportation.

Bucket wheel | One of the biggest land-

based machines in the world, used to

remove large quantities of ore.

Bulk carrier ships | Vessels with their

own holds for stowing and transporting

solid bulk cargo.

Bulk solids | Soy, iron ore and coal,

among other goods.

Capesize ships | Capesize ships are

not able to fit through the Panama and

Suez canals, but instead are obliged to

go around Cape Horn and the Cape of

Good Hope, hence their name.

Car dumper | An automatic system

operated by the stockyard control

center that rotates railroad cars 180

degrees to dump their ore.

Coke | Coal processed in a coke oven,

used as a reducing agent in blast

furnaces and smelters to transform iron

ore into pig iron.

Coke blast furnaces | Reactors that use

coke as a fuel.

Comminution | Fragmentation, grinding.

Reduction in size of mineral particles.

Concentration | Physical, chemical or

biological process to increase metal or

mineral content.

Containerize | Term used to express

the unitization of cargo in containers.

It is a dispatch method in which

products are placed in containers

and, after initial loading, are not

moved during the dispatch

operation until unloading at

the destination.

Conveyor belt | Device consisting of a

continuous flexible belt, assembled in a

structure, pulled by rollers, and used to

transport bulk goods.

Copper cathode | Copper plate of at

least 99.9% purity, produced using an

electrolytic process.

Cored wire | The process of injecting

alloys with cored wire is used in

metallurgical applications in which

strict control of chemical elements in

steels is essential.

Crushing | The first mechanical stage

in ore comminution. Crushing reduces

blocks or particles of mined ore to sizes

suitable for milling operations.

Deadweight tonnage (dwt) | A ship’s

capacity to store and transport

cargo, fuel oil, water, supplies and

crew members, measured in tons.

A ship’s deadweight tonnage

corresponds to the total weight

that it can contain when it is loaded

up to its waterline.

Deposit | An individualized mass of

mineral (or fossil) substance on the

ground surface or under the Earth’s

crust, of economic value.

Direct reduction | Processes of obtaining

metallic iron by reducing its oxides

without changing its state (solid).

Docks | Port area; jetty where ships dock

for repairs or to load or unload cargo.

Dredging | Service involving excavating

channels at ports to maintain or

increase their depth.

Drilling rig | A machine equipped with

a drill bit with which to drill a hole in

the ground.

Exhaustion | Final phase in a mine’s life

cycle, when there are no more reserves

left that can be mined economically.

GLOSSARY

398 399


with the minerals either suitable for

further processing or direct use.

Proven (measured) reserves | Reserves

whose quantity is computed using

the dimensions revealed in outcrops,

trenches, galleries, underground

workings and drilling. Grade and

quality are determined from detailed

sampling results, and the inspection,

sampling and measuring points

are closely spaced. The geological

character of the reserves is so well

defined that the mineral substance’s

dimensions, shape and grade can be

determined perfectly.

Railroad ties | Pieces of wood or metal

that, spaced out side by side, cross a

railroad bed, and onto which the tracks

are fixed.

Refining | Process of purifying metals

and alloys. In steelmaking, it is the

stage involving the transformation of

pig iron into steel.

Riprap | Set of blocks made of

stone (or another material such as

cement) piled up on top of one

another in the water to serve as

ballast for the foundations of

hydraulic works that stick out

of the water or are very extensive,

such as breakwaters or barriers

against wave erosion.

Rolling mills | Series of rollers for

large-scale steel plate production.

Each mill produces a different

reduction in thickness.

Run of mine (ROM) | Raw (unprocessed)

ore obtained directly from a mine,

without going through any kind of

processing.

Sample | Cylindrical piece of rock or

soil obtained from a drilling operation,

described and analyzed in a laboratory.

Screening | Separation based on

particle size.

Secondary refining | Process of

purifying metals and alloys outside

a main reactor. In steelmaking,

secondary refining encompasses

various operations conducted after

refining in an oxygen converter or

electric furnace.

Ship loader | Tower or funnel used to

load bulk goods directly from terminals

into ship holds.

Siliceous ore | An economically

important mineral occurring in nature

such as quartz, flint, opal, etc.

Sinter | Aggregate produced in the

sintering process.

Sintering | Process of agglomerating

particles by heating and fusing

them together.

Small-scale prospecting | Activity of

exploiting minable mineral substances,

executed in areas established for this

purpose, under a small-scale mining

permit regime.

Smelting | Metallurgical process that

consists of obtaining a solid product

from metal in liquid state, by solidifying

it in a mold.

Spot market | The term spot is used in

the financial markets to refer to deals

executed with cash payments and

immediate delivery of goods. In this

case, delivery does not mean physical

delivery, but rather the delivery of a

given quantity of money corresponding

to the quantity of goods traded.

Storage silo | Hangar or large modern

granary used to store grains and cereals.

Tailings | Waste product of concentration

operations, largely containing valueless

minerals in an ore (gangue).

Tertiary crushing | Fragmentation

obtained in a third crushing stage.

Tinplate | Sheet steel with low carbon

content, coated on both sides with a

layer of tin.

Vein | Portion of sought-after mineral in

rock, generally found between valueless

rock layers.

Very large ore carriers (VLOCs) | The

biggest bulk carriers in the world, each

one capable of transporting 400,000

metric tons (dwt) of cargo.

Waste rock | Soil or rock with no

mineral content, or less mineral content

than is economically feasible to extract.

Mtpa | Million tons per annum.

Multipurpose ships | Ships built to

transport various types of cargo.

Nickel matte | An intermediate smelting

product that needs to be further refined

in order to obtain pure nickel.

Open-pit mine | Open-pit mining

methods are classified into two

groups: mechanical and hydraulic.

The first method, more frequent

in the exploitation of ores (such as

iron, coal, bauxite and kaolin), uses

mechanical equipment in mining

operations featuring benches and

strips. Quarries producing gravel and

ornamental rocks, such as marble,

granite and slate, also use mechanical

methods. Hydraulic methods use water

or solutions in mining operations. This

second methodology encompasses the

following mining methods: hydraulic

excavation; dredging; boreholes;

leaching (a technique using chemical

solvents); and even the use of bacteria.

Ore | Any mineral substance from which

one can economically extract one or

more metals. The term is commonly used

to designate any mineral raw material.

Ore exploitation | Set of coordinated

operations with the aim of making

industrial use of a deposit, from the

extraction of useful mineral substances

to their processing.

Ore exploration | Phase of prospecting

for and researching natural resources.

Ore reduction | Opposite reaction to

oxidation. Chemical process in which

an element goes from a more oxidized

condition to a less or non-oxidized

condition (for example, iron’s transition

from oxide to metal).

Ore/oil carrier ships | Combination bulk

carriers, designed to transport solid

and liquid bulk goods. In addition to

conventional bulk carrier facilities, they

have a pumping system and respective

networks for treating liquid cargo,

as well as an appropriate system for

cleaning and degasifying tanks. The

same as combined carriers.

Panamax ships | A Panamax ship has

the maximum acceptable dimensions to

pass through the Panama Canal.

Particle size | The dimensions of sets

of particles of different sizes, based

on conventional scales of openings

through which such particles can pass.

Pelletizing | Iron ore pelletizing is

a process to agglomerate ultrafines

produced in iron ore mining and

in concentration stages. There are

three basic stages in the process:

(i) preparation of ore (to obtain the

suitable degree of fineness); (ii)

blending in of additive and formation

of spheres; and (iii) firing (to obtain

ceramic alloy and resistance).

Pelletizing disk | A device composed

of a rotating inclined plate, designed

to agglomerate wet mixtures of ore,

forming raw pellets.

Pellets (pellet feed) | Agglomerated

balls of iron ore ultrafines, of a size

and quality appropriate for specific

steelmaking processes. Vale’s pellets

vary from 8 mm to 18 mm in size.

Pig iron | Raw iron produced in liquid

state in blast furnaces.

Pitch | Sticky black resin obtained by

distilling tar or turpentine.

Plant | Industrial establishment

equipped with machines, in which raw

materials are transformed into final or

semi-finished products.

Precious metals | Metals that, due to

their color, malleability and rarity, have

a high economic value, not only for

practical use in industry, but also as an

investment. The most traded are gold,

silver, platinum and palladium.

Probable mineral reserves | Reserves

whose quantity, grade and quality can

be estimated using similar information

to that used for proven reserves.

However, their inspection, sampling

and measuring locations are more

remote or spatially arranged in a less

appropriate manner. Although the level

of certainty is lower than for proven

(measured) reserves, it is sufficiently

high to assume that there is continuity

between the observation points.

Processing | A variety of processes

through which ore extracted from

mines is reduced to particles that can

be separated into minerals and waste,


400 401

REPORTS

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Comissão de Valores Mobiliários (Brazilian Securities Commission). CVM 2010 Reference Form.

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______. Board of Directors’ Reports. 1942-1990.______. BR GAAP 4Q 1999-4Q 2011 Results.______. BR GAAP 4Q 2001 Report.______. Form 20-F Reports. 2006-2011.______. Public Relations Service, Companhia Vale do Rio Doce. 1942-1967. ______. SUMAN. Organizational Charts. 1976-1990.International Monetary Fund (IMF). 2009 World Economic Outlook.

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evaluate Brazilian mining policy. Official Gazette of the National Congress. Brasília, 1978.

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LEGISLATION

Brazil. Collection of Brazilian laws, 1934 and 1939.______. Constitution. Constitutions of Brazil, accompanied by

constitutional amendments and drafts. Rio de Janeiro, National Press, 1948.______. Federal Senate. Parliamentary Commission of Inquiry to study the

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______. Ministry of Agriculture. Mining Code and subsequent laws. Rio de Janeiro, 1937.

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ARCHIVES

Fund/Collection: Development Council. Iron Ore Export Group (Grupo de Exportação de Minério de Ferro, or GEMF) Folder. National Archives.

Mauro Thibau Collection. CVRD.National Archives, Development Council Fund, CD-0/104/57

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PHOTO CREDITS

INTRODuCTION

Pages 4-5 - Jornal da Vale archives, 1972 | Pages 10-11 - Hebert Fernandes. Vale archives, May 24, 2011 | Page 12 - Jornal da Vale archives, 1970s | Pages 14-15 - Prinz von Maximilian Alexander Philipp Wied-Neuwied. National Library Foundation, 1820-1821

CHAPTER 1

Page 16 - National Archives [192-] | Pages 18-19 - Vale archives, 1899 | Page 21 - Marc Ferrez. Moreira Salles Institute archives, 1888 | Page 22 - João Victor Magalhães Gomes. National Library Foundation, 1881 | Page 24 - O. Belém. Historical archives of National History Museum / IBRAM / MINC [1925] | Page 25 A - O. Belém. Historical archives of National History Museum / IBRAM / MINC [1925] | Page 25 B - O. Belém. Historical archives of National History Museum / IBRAM / MINC [1925] | Page 26 A - Jean-Baptiste Debret. National Library Foundation, 1827 | Page 26 B - National Library Foundation [187-] | Page 27 A - National Library Foundation, 1908 | Page 27 B - Brazilian Institute of History and Geography, 1913 | Page 28 - National Archives, [192-] | Page 30 - Brazilian Central Bank Museum of Currencies, 1911 | Page 31 - Erich Hess. Vale archives, n.d. | Page 33 - Geological and Mineralogical Service. National Library Foundation, 1929 | Pages 34-35 - Jornal da Vale archives, 1935 | Page 36 A - National Library Foundation [1939-1942] | Page 36 A - National Archives [192-] | Page 38 - Historical archives of National History Museum / IBRAM / MINC [192-] | Page 39 - National Archives [192-]

CHAPTER 2

Page 40 A - Vale archives, 1944 | Page 40 B - National Library Foundation, 1942 | Page 42 A - Acervo Iconographia, October 24, 1930 | Page 42 B - Peter Lange. CPDOC / FGV [1938-1945] | Page 44 - National Library Foundation, August 2, 1931 | Page 45 A - Cinemateca Brasileira [194-] | Page 45 B - Peter Lange. CPDOC / FGV [1938-1945] | Page 47 - Mazzei. Jornal da Vale archives, June 1940 | Page 48 A - National Library Foundation [193-] | Page 48 B - Mazzei. CPDOC / FGV [194-] | Page 49 A – CPDOC / FGV [1934-1945] | Page 49 B - Cinemateca Brasileira [194-] | Page 51 A - Mazzei. Jornal da Vale archives, n.d. | Page 51 B - Erich Hess. Vale archives, 1940 | Pages 52-53 - Erich Hess. Vale archives, September 1943 | Page 54 - Jean Manzon. Jornal da Vale archives, 1942 | Page 55 - Jornal da Vale archives [1942-1945] | Page 56 A - National Archives, July 1942 | Page 56 B - Jornal da Vale archives, n.d. | Page 57 A - Jornal da Vale archives, n.d. | Page 57 B - Jornal da Vale archives, n.d. | Page 58 A - Vale archives, 1944 | Page 58 B - National Archives, April 1942 | Page 60 A - Jornal da Vale archives, n.d. | Page 60 B - Jornal da Vale archives [194-] | Page 61 - Vale archives, 1944 | Page 62 - Vale archives, 1944 | Page 64 - Jean Manzon Photo Agency. Jornal da Vale archives, n.d. | Page 65 - Jean Manzon Photo Agency. Jornal da Vale archives, n.d. | Page 66 A - Jornal da Vale archives, n.d. | Page 66 B - National Archives, July 17, 1947 | Page 67 - Jean Manzon. Jornal da Vale archives, n.d. | Pages 68-69 - Studio Quintas. National Library Foundation [19--] | Page 70 - Vale archives, 1944 | Page 72 - Jean Manzon Photo Agency. Jornal da Vale archives, n.d.

CHAPTER 3

Page 74 - Jornal da Vale archives, n.d. | Page 76 A - Jornal da Vale archives, 1950 | Page 76 B - Jornal da Vale archives, n.d. | Page 77 A - Mozart. Jornal da Vale archives, n.d. | Page 77 B - Lacand. CPDOC / FGV, 1950 | Page 78 - Jean Manzon. Jornal da Vale archives [195-] | Page 80 A - Tibor Jablonsky. IBGE archives, 1952 | Page 80 B - Tibor Jablonsky. IBGE archives, 1952 | Page 82 - Tibor Jablonsky. IBGE archives, 1952 | Page 83 - Jornal da Vale archives, n.d. | Page 84 - Jornal da Vale archives, n.d. | Pages 86-87 - Jornal da Vale archives, 1953 | Page 88 - IBGE archives, n.d. | Page 89 - National Archives [196-] |

Page 90 - National Archives, 1958 | Page 92 - Jornal da Vale archives, 1959 | Page 93 - Jornal da Vale archives, 1959 | Page 94 - Jornal da Vale archives, n.d. | Page 96 - Jornal da Vale archives, n.d. | Page 97 - Jornal da Vale archives, 1959 | Page 99 A - Mozart. Jornal da Vale archives, n.d. | Page 99 B - Jornal da Vale archives, n.d. | Page 100 - Erno Schneider. Vale archives, n.d. | Page 101 A - Luis Veiga. Vale archives, 1989 | Page 101 B - Luiz Claudio Marigo. Vale archives, 1991

CHAPTER 4

Page 102 - Jornal da Vale archives, n.d. | Page 105 - Jornal da Vale archives, n.d. | Page 105 - Jornal da Vale archives, 1965 | Page 108 A - Vale archives, July 1965 | Page 108 B - Jornal da Vale archives, November 4, 1964 | Page 109 A - Jornal da Vale archives, August 13, 1964 | Page 109 B - Brazilian Central Bank Museum of Currencies, 1978 | Page 111 - Jornal da Vale archives, n.d. | Page 112 - National Archives, October 3, 1962 | Page 113 - Carlos Dufriche Collection, February 20, 1970 | Page 114 - Al Fenn. Time Life Pictures / Getty Images, March 1, 1955 | Page 116 - Vale archives, 1963 | Pages 118-119 - Jornal da Vale archives, n.d. | Page 120 - José Medeiros. Moreira Salles Institute archives, 1963 | Page 121 - Jornal da Vale archives, n.d. | Page 122 - Vale archives, 1964 | Page 124 - José Medeiros. Moreira Salles Institute archives, 1963 | Page 127 - Jornal da Vale archives, n.d. | Page 128 - National Archives, April 1, 1966 | Page 130 - José Clóvis Ditzel Collection, 1966 | Pages 132-133 - José Medeiros. Moreira Salles Institute archives, 1963 | Page 134 - Jornal da Vale archives, n.d. | Page 135 A - Carlos Nunes de Lima Collection | Page 135 B - Itabirano Train Service archives

CHAPTER 5

Page 136 - Breno Augusto dos Santos Collection, August 11, 1967 | Page 138 A - Breno Augusto dos Santos Collection, July 22, 1967 | Page 138 B - Breno Augusto dos Santos Collection, September 17, 1967 | Page 139 - Breno Augusto dos Santos Collection, 1967 | Page 140 A - Breno Augusto dos Santos Collection, 1967 | Page 140 B - Breno Augusto dos Santos Collection, July 25, 1967 | Page 141 - Jornal da Vale archives, 1970 | Page 142 - Vale archives, 1970 | Page 147 - Jornal da Vale archives, n.d. | Page 148 - Jornal da Vale archives, n.d. | Page 149 A - Jornal da Vale archives, 1970s | Page 149 B - CPDOC / FGV, September 15-21, 1976 | Page 150 - Jornal da Vale archives, 1974 | Page 152 - Vale archives, 1971-1972 | Page 153 - Jornal da Vale archives, 1972 | Pages 154-155 - Vale archives, n.d. | Page 156 A - Maria do Socorro. Vale archives, 2000 | Page 156 B - Jornal da Vale archives, September 1978 | Page 159 - Jornal da Vale archives, August 1974 | Page 160 - Adonias Dias de Abreu Collection, 1974 | Page 161 A - Vale archives, n.d. | Page 161 B - Breno Augusto dos Santos Collection, September 17, 1967 | Pages 162-163 - Vale archives, January 14, 1985 | Page 164 - Vale archives, July 1978 | Page 167 - Vale archives, June 25, 1985 | Page 168 - Magnólia Corrêa. Jornal da Vale archives, 1960s | Page 170 - Vale archives, 1968 | Page 171 - Vale archives, 1976 | Page 172 - Jornal da Vale archives, n.d. | Page 175 - Jornal da Vale archives, December 1978

CHAPTER 6

Page 176 - Dario Zalis. Vale archives, 2000 | Page 179 - Rogério Reis. Jornal da Vale archives, February 28, 1985 | Page 180 A - Beto Felício. Vale archives, 1993 | Page 180 B - Dario Zalis. Vale archives, 2000 | Page 181 - Beto Felício. Vale archives, 1993 | Page 182 - Paulo Arumaa. Vale archives, April 29, 1987 | Page 185 A - Jornal da Vale archives, n.d. | Page 185 B - Jornal da Vale archives, 1991 | Page 186 - Arthur Cavalieri. Jornal da Vale archives, April 1986 | Page 187 A - Jornal da Vale archives, September 1978 | Page 187 B - Jornal da Vale archives, May 21, 1976 | Page 188 - Marcelo Prates. Jornal da Vale archives, November 1991 | Page 190 - Jornal da Vale archives, n.d. |

Page 191 A - Vale News Agency, September 3, 1984 | Page 191 B - Jornal da Vale archives, March 1, 1984 | Page 192 A - Dario Zalis. Vale archives, 2003 | Page 192 B - Luis Veiga. Vale archives, December 1987 | Page 193 - Jorge Sagrilo. Vale archives, July 1990 | Page 195 A - Vale archives, n.d. | Page 195 B - Brazilian Central Bank Museum of Currencies, 1972 | Page 197 - Jornal da Vale archives, 1978 | Page 199 - Erno Schneider. Jornal da Vale archives, 1986 | Page 200 - Vale archives, May 1979 | Page 202 A - Vale archives, January 9, 1984 | Page 202 B - Jornal da Vale archives, March 1986 | Page 205 - Beto Felício. Vale archives, 1993 | Page 206 - Luiz Claudio Marigo. Vale archives, n.d. | Page 210 - Erno Schneider. Jornal da Vale archives, 1993 | Page 211 - Beto Felício. Vale archives, n.d. | Page 212 - Beto Felício. Vale archives, n.d.

CHAPTER 7

Page 214 - Sidney Waismann. Vale archives, June 4, 1997 | Page 219 - Vitor Nogueira. Jornal da Vale archives, March 1986 | Page 220 - Beto Felício. Vale archives, n.d. | Page 222 - Antonio Ribeiro. Gamma-Rapho via Getty Images, June 3, 1992 | Page 223 A - Beto Felício. Vale archives, n.d. | Page 223 B - Jorge Sagrilo. Vale archives, n.d. | Page 225 - Beto Felício. Vale archives, n.d. | Page 226 A - Beto Felício. Vale archives, 1993 | Page 226 B - Beto Felício. Vale archives, 1994 | Pages 228-229 - Beto Felício. Vale archives, 1994 | Page 231 - Antonio Andrade. Jornal da Vale archives, 1990 | Page 232 - Cristina Zappa. Vale archives, n.d. | Page 233 A - Dario Zalis. Vale archives, 2000 | Page 233 B - Jorge Sagrilo. Vale archives, 1995 | Page 234 - Juca Martins. Pulsar Imagens, 1993 | Pages 236-237 - Portos e Navios magazine archives, 1990 | Page 238 - Dario Zalis. Vale archives, 2002 | Page 239 - Luis Veiga. Vale archives, n.d. | Page 240 - Jornal da Vale archives, n.d. | Page 243 - Paulo Santos. Vale archives, February 20, 2006 | Pages 244-245 - Eduardo Perini. Vale archives, 2011 | Page 247 A - Brazilian Post and Telegraph Company, 1966 | Page 247 B - Brazilian Post and Telegraph Company, 1972 | Page 247 C - Brazilian Post and Telegraph Company, 1982 | Page 247 D - Brazilian Post and Telegraph Company, 1985 | Page 248 A - Vale archives, 2008 | Page 248 B - Vale archives, 2008 | Page 248 C - Vale archives, 2008 | Page 248 D - Vale archives, 2008 | Page 248 E - Vale archives, 2008 | Page 248 F - Vale archives, 2008 | Page 248 G - Vale archives, 2008 | Page 248 H - Vale archives, 2008 | Page 248 I - Vale archives, 2008

CHAPTER 8

Page 248 - Beto Felício. Vale archives, 1994 | Page 251 - Erno Schneider. Vale archives, 1992 | Page 252 - Beto Felício. Vale archives, 1995 | Page 253 A - Ricardo Elkind. Vale archives, n.d. | Page 253 B - National Library Foundation [1997] | Page 254 - Dario Zalis. Vale archives, August 2008 | Page 255 A - Paulo Arumaa. Vale archives, February 9, 1999 | Page 255 B - Beto Felício. Vale archives, 1991 | Page 257 - Daniel Rosa. Vale archives, March 2006 | Pages 258-259 - Vale archives, n.d. | Page 260 - Flávio Santos. Vale archives, 1999 | Page 261 A - Dario Zalis. Vale archives, 2002 | Page 261 B - Márcio Dantas Valença. Vale archives, February 25, 2012 | Page 262 - Vantoen Pereira Jr. Vale archives, April 2004 | Page 265 - Beto Felício. Vale archives, n.d. | Pages 266-267 - Marcelo Prates. Vale archives, 1999 | Page 269 - Beto Felício. Vale archives, 1994 | Page 270 A - Vale archives, 1999 | Page 270 B - Dario Zalis. Vale archives, 2001 | Page 272 - Flávio Santos. Vale archives, 2000 | Page 275 - Robert Rosamilio. NY Daily News via Getty Images, September 17, 2000 | Page 276 - Paulo Arumaa. Vale archives, November 25, 1998 | Page 277 - Octávio Cardoso. Vale archives, 2010

CHAPTER 9

Page 278 - Vale News Agency | Page 280 - Frederic J. Brown. AFP / Getty Images, October 27, 2003 | Pages 282-283 - Vale archives, November 8, 2010 | Page 285 A - Vale archives, n.d. | Page 285 B - Vantoen Pereira Jr. Vale archives, July 17,

2004 | Page 286 - Vale archives, May 10, 2012 | Page 288 - Karen Kasmauski. Science Faction / Corbis, August 30, 1990 | Page 290 - Lucas Pupo. Vale archives, December 2011 | Pages 292-293 - Julien Thomazo. Vale archives, July 4, 2007 | Page 294 A - Leonardo Silva Tavares. Vale archives, n.d. | Page 294 B - Leonardo Silva Tavares. Vale archives, June 25, 2006 | Page 296 - Márcio Dantas. Vale archives, 2011 | Pages 298-299 - Vanessa Bernardo. Vale archives, July 22, 2011 | Page 301 - Vale News Agency, n.d. | Page 302 A - Octavio Cardoso. Vale archives, June 2003 | Page 302 B - Felipe Varanda. Vale archives, 2005 | Page 304 - Vale News Agency, n.d. | Page 305 - Vantoen Pereira Jr. Vale archives, 2005 | Page 306 - Vantoen Pereira Jr. Vale archives, June 2005 | Page 308 A - Rogério Reis / Tyba. Vale archives, April 16, 2009 | Page 308 B - Vantoen Pereira Jr. Vale archives, 2005 | Page 309 - Vantoen Pereira Jr. Vale archives, 2005 | Page 310 - Dario Zalis. Vale archives, October 2001 | Page 312 - Paulo Arumaa. Vale archives, 2002 | Page 315 - Gisela Scheinpflug. Vale archives, February 2010 | Page 316 - Claudia Kamergorodski. Vale archives, March 2, 2003 | Page 318 - Dario Zalis. Vale archives, 2000 | Page 321 - Vale News Agency, n.d. | Page 322 - Vantoen Pereira Jr. Vale archives, 2005 | Page 324 - Paulo Arumaa. Vale archives, 2002 | Page 325 - Maria do Socorro. Vale archives, 2002 | Page 327 - Vantoen Pereira Jr. Vale archives, 2005 | Page 328 - Dario Zalis. Vale archives, 2002 | Page 329 - Dario Zalis. Vale archives, 2002 | Page 331 - Celso Brando. Vale archives, n.d. | Page 332 A - Jornal da Vale archives, n.d. | Page 332 B - François Lochon. Gamma-Rapho via Getty Images, April 2, 2011

CHAPTER 10

Page 334 - J. L. Bulcão. Pulsar Imagens, February 2011 | Page 337 - Vale archives, 2007 | Page 338 - Tiago Bortolin Maciel. Vale archives, February 15, 2011 | Page 339 - Don Johnston. All Canada Photos / Corbis, n.d. | Page 340 - Vanessa Bernardo. Vale archives, July 22, 2011 | Page 342 - Vale News Agency, March 3, 2012 | Page 343 - Vale News Agency, April 2011 | Page 344 - Eny Miranda / Cia. da Foto. Vale archives, July 14, 2011 | Page 346 - Vale News Agency, n.d. | Page 347 A - Vale News Agency, n.d. | Page 347 B - Vale News Agency, n.d. | Page 348 - Ricardo Ortiz. Vale archives, November 2011 | Pages 350-351 - Salviano Machado. Vale archives, August 18, 2008 | Page 353 - Rogério Reis / Tyba. Vale archives, April 23, 2009 | Page 355 - Vantoen Pereira Jr. Vale archives. May 2011 | Page 356 - Dario Zalis. Vale archives, n.d. | Page 358 - Paulo Santos, September 30, 2008 | Page 360 A - Lucas Nuñez. Vale archives, June 18, 2011 | Page 360 B - Marcelo Araújo. Vale News Agency, n.d. | Page 361 - Ismar Ingber. Tyba, May 2012 | Page 365 - Rogério Reis. Tyba, October 2010 | Page 366 - Vale News Agency, n.d. | Page 369 - Dario Zalis. Vale archives, 2002 | Page 370 - Ricardo Teles. Pulsar Imagens, March 2011 | Page 371 - Pietro Allevato. Vale archives, April 2011 | Page 372 - Edu Simões. Vale archives, 2008 | Pages 374-375 - Cleriston Boechat de Oliveira. Vale archives, November 2007 | Page 376 A - Paulo Arumaa. Vale archives, July 13, 2002 | Page 376 B - Élcio Paraíso. Vale archives, July 6, 2010 | Page 377 - Vale News Agency, May 2011 | Page 379 - Guto Muniz. Vale archives, November 27, 2009 | Page 380 - Luiz Frota. Vale archives, April 2, 2006 | Page 382 - Vale News Agency, 2011 | Page 383 - Salviano Machado. Vale archives, January 2012 | Pages 384-385 - Eugênio Sávio. Vale archives, September 15, 2009 | Page 387 - Octávio Cardoso. Vale archives, 2010 | Page 389 - Vale News Agency, n.d. | Page 390 - Christian Knepper. Vale archives, 2011 | Page 393 - Dario Zalis. Vale archives, March 2005 | Page 394 A - Vale News Agency, n.d. | Page 394 B - Vale News Agency, n.d. | Page 395 - Danny Lehman. Corbis, n.d.

All efforts were made to properly credit the holders of copyrights to the images used in this book. Any omissions or inaccurate credits were not intentional and will be corrected in future editions following contact with the editors.

408 409


11th International Geological Congress, 27, see also Stockholm Congress

1891 Constitution, 20, 27, 43


1937 Constitution, 44, 46




1989-2000 Strategic Plan, 186

1992 united Nations Rio Earth Summit, 217, 221, 222, 223,

1994-1999 Environment Program, 264

2008 Olympic Games, 280

A

Acadêmicos do Grande Rio, samba school, 279, 316, 317

Açominas, 189, 190, 203

Aços Finos Piratini, RS, 148, 203

Adachi, Yoshihide, 233

Aeronautical Technology Institute / Instituto Tecnológico da Aeronáutica (ITA), 378

Agenda 21, 222

Agnelli, Roger, 257, 281,302, 305, 325n, 333, 335

Agripino, João, 105, 117, 120, 125

Akrãtikatêjê, indigenous people, 213

Al Futaisi, Ahmed, 342

Al Wahaibi, Ahmed, 342

Alberto Luiz Coimbra Institute of Post Graduate Engineering Studies and Research at the uFRJ (Coppe/uFRJ), 326

Albras, 210, 241, 314, 328, 358

Albras Project, Barcarena, PA, 193

Albras/Alunorte (1978), agreement, 164

Alcindo Vieira, private brazilian group, 238

Alcoa Inc., 241

Alegrete, ship, 41

Alegria Complex, MG, 261

Alkmin, José Maria, 88

Almeida, Erasto B. de, 140n

Almeida, José Américo de, 44

Almeida, José Fernando de, 252n

Almeirim, deposit, 171

Alto Turiaçu, indiginous land, 211

Alumínio Nordeste S.A., 223n, 357

Aluminium Company of Canada Ltd. (Alcan), 239, 240

Alunorte, PA, 239-243, 254, 256, 302, 325, 330, 358

Alves Filho, João, 233

Amazon, district 171

Amazônia Mineração S.A. (AMZA), 148, 161, 164, 165, 171, 178, 218

AMCI Holdings Australia Pty, 297, 345; see also Vale Australia

AMCI International, 297, 345

América Latina Logística (ALL), 359

American Depositary Receipts (ADRs), 274

American Metals and Coal International, 297

Andrada, Antônio Carlos Ribeiro de, 37, 38

Andrade, deposit, 26n

Anglo American, 302

Antunes, Augusto Trajano de Azevedo, 125

Applied Economic Research Institute (Ipea), 217

Aquila Resources Limited, 297

Aracruz Celulose, 302

Aranha, Oswaldo, 41n, 49, 56

Araripe, Delecarliense Alencar, 63

Arbed Group, Luxembourg, 107, 256

Arcelor Mittal, 303

Archdiocese of Rio de Janeiro, 394

Armando Emílio Guebuza High School, Moatize, 341

Armour Research Foundation, uSA, 94

Arthur G. Mckee, 115

Assurini, indigenous people, 137

Atalaia Quay, ES, 60, 63, 76, 83, 190

Augusto Ruschi Municipal Park, 225

Australian Mineral Industries Research Association Limited (AMIRA), 326

Australian Nuclear Science and Technology Organization (ANSTO), 326

Awá, indigenous land, 211, 315

Azevedo Antunes, group, 120n

Azeredo, Eduardo, 227

B

Bahia Sul Celulose S.A., 220, 254, 302

Baixo Tocantins, PA, 277, 386

Banco da Amazônia, 386

Banco do Brasil, 66, 95, 158

Banco do Cidadão, 317

Banco do Estado de São Paulo (Banespa), 171

Baoshan Steel, 227, 256

Barão de Mauá Building, Rio de Janeiro, RJ, 251

Barbosa, Denis Desiderato Horta, 56

Barra Mansa Plant / Siderúrgica de Barra Mansa, RJ, 48-49

Basic Scientific and Technological Development Plan, 170

Batista da Silva, Eliezer, 73, 85, 101, 103, 105, 112, 117, 121, 130, 131, 142, 161, 166, 178, 186, 194, 246, 273, 277, 333, 367

Beluco, Marco, 342

Beneficiamento de Itabirito S.A. (Benita), 114, 131, 173n

Bernardes, Arthur, 29, 32, 34, 37, 46

Bertran, Paulo, 246, 247

BHP Billiton Metais S.A., Australia, 260, 297, 303, 337, 391n

Biopalma da Amazônia S.A., PA, 277, 386

Blanchard, Bernard A., 63

Bley, João Punaro, 48, 56, 63

BNDESpar, 253, 378, 381n

Book Donkey, project, 263n

Bradesco S.A., 257

Braga, Roberto Saturnino, 123

Branco, Humberto de Alencar Castelo, 103, 121, 122, 123, 125

“Brasil batizou, O: Vale”, advertising campaign, 336

Brasil Mineração Ltda., 300

Brazil – united States Economic Development Commission, 80n

Brazil’s Central Bank, 148, 171, 360, 363

Brazilian Agricultural Research Agency (Embrapa), 345, 377

Brazilian Coffee Institute, 240

Brazilian Hematite Syndicate, 17, 29

Brazilian Institute of Forest Development (IBDF), 221n

Brazilian Mining and Steel Company / Companhia Brasileira de Mineração e Siderurgia S.A. (CBMS), 41, 46, 48, 50, 56

Brazilian Navy’s arsenal, RJ, 236-237

Brazilian Postal Service / Empresa Brasileira de Correios e Telégrafos (ECT), 246

British & European Sales Ltd., 98

Brito, Antonio de Oliveira, 105, 117, 120

Brito, Raimundo, 227

Brumer, Wilson Nélio, 185, 186, 194, 230, 231, 261

Bulhões, Octávio Gouvêa de, 121, 125

Bunge Fertilizantes S.A., 297

Bunge Participações e Investimentos, 368

Bureau Veritas Quality International (BVQI), 254, 271

Buriticupu Reserve, MA, 224

C

Caetés, deposit, 194

Café Filho, João, 77

CAFL, France, 125

Caixa Econômica Federal (CEF), 95, 171, 252

California Steel Industries (CSI), 326

Calmon, Miguel, 23

Cals, César, 246

Cambucal, Itabira, MG, 223

Campaign to Train Geologists (Cage), 169

Campos, Luiz Felipe Gonzaga de, 23, 27

Campos, Roberto, 89, 121, 123, 125

Canico Resource Corp, Canada, 281, 295

Cantanhede, Plínio, 49

Capacitação Solidária, Project, IDB, 263

Capitão Eduardo – Costa Lacerda, branch line, 188, 189, 230, 257

Caraça Ferro e Aço S.A., 157

Carajás – Igarapé Gelado, conservation unit, 210

Carajás Complex, 137, 140, 169, 181, 184, 185, 186, 187, 209-211, 234, 235, 253, 279, 302, 307, 320, 321, 330, 333, 352, 357, 359, 382, 383, 386

Carajás Hydrometallurgical Plant, 358

Carajás Iron Project, PA, 112, 143, 161, 164, 165, 166, 174, 178, 183, 193, 194, 204, 207, 209, 211, 246

Carajás National Forest, PA, 184, 186, 244-245, 268, 383

Carajás Railroad (EFC), 164, 166, 177, 179-184, 203, 210, 211, 221, 232, 233, 235, 253, 255, 256, 270, 271, 308, 309,

311, 361, 371, 373, 383, 386 Export Corridor Project, 186, 204

Carajás Region Mosaic of Conservation units, 244

Carajás S11D Iron Project, PA, 382, 383

Carajás Zoo and Botanical Park, 209, 223

Carajás-Itaqui Railroad, 164

Carbon Disclosure Leadership Index, 388

Carbon Disclosure Project (CDP), 388, 389

Cardoso, Fernando Henrique (FHC), 217, 227, 232, 250, 281, 324

Cardoso, Ruth, 246, 247

Carlos Drummond de Andrade Memorial Center, Itabira, MG, 263

Carnalita Project, SE, 297, 368

Caru, indigenous land, 211

Castello Branco, Roberto, 291, 303

Castro, Álvaro Mendes de Oliveira, 46, 48

Cateme Elementary School, Moatize, 338, 341

Cateté, indigenous land, 211, 315

Catholic university of Minas Gerais (PuC Minas), 317

Cauê Plant, 156

Caulim da Amazônia S.A. (Cadam), PA, 326, 328, 354

Ceará Steel Mill / usina Siderúrgica do Ceará (uSC), 303

Celmar S.A., 302

Celulose Nipo-Brasileira (Cenibra), 142, 193, 223, 227, 254, 256

Cementos Argos S.A. (Argos), Colombia, 349

Center-East, district, 171

Center-East Corridor, 230, 231

Center-North Corridor, 308

Center-West System, 359

Centrais Elétricas de Minas

Gerais (Cemig), 131, 313, 367

Central do Brasil Railroad, 26n, 38, 49, 50, 89, 107, 121, 130, 151

Centro-Atlântica Railroad (FCA), 231, 305, 307, 308, 309, 311, 373

Century HC, 326

Century S, 326

Cerrados Project, 186

Charles, Noel, 56

Charles, prince of Wales, 185, 186, 223

Charlton, Thomas, 34-35

Chateaubriand, Assis, 34

Chemical Bank, 158

Chico Mendes Institute for Biodiversity Conservation (ICMBio), 186, 244

Christ the Redeemer, RJ, 394, 395

Cidade Vale Mais, program, 315

Citizenship Train, 264

Cleveland Cliffs Iron Company, EuA, 98

Coimbra, Arthur Antunes (Zico), 279, 333

Cold War, 67, 80

Colombian Natural Resources SAS, Colombia, 349

Columbia university, 337

Comandante Lira, ship, 41

Commerzbank AG, 158

Commission on the Export of Strategic Materials, 104

Commission to Review the Itabira Contract, 45n

Commonwealth Scientific and Industrial Research Organization (CSIRO), 326

Communist Conspiracy, 45

Community Relations Department in Belém, 213

Community Relations Management unit, 261

Companhia Agrícola de Minas Gerais (Camig), MG, 131

Companhia Agro-Pastoril, MG, 63

Companhia Auxiliar de Empresas de Mineração (Caemi), 125, 281, 303

Companhia Bozano, Simonsen Comércio e Indústria, 142

Companhia Brasileira de Alumínio (CBA), 240

Companhia de Alumina do Pará (CAP), 358

Companhia de Mineração de Ferro e Carvão Ferteco (Ferteco), 104, 107, 110, 122, 130, 140, 146, 151, 187, 190, 203, 261, 263, 310

Companhia de Mineração Novalimense, MG, 120

Companhia Ferro Brasileiro, MG, 48

Companhia Ferro e Aço de Itabira, 63, 73; see also Companhia Aços Especiais Itabira (Acesita)

Companhia Forjas e Estaleiros, 26n

Companhia Hispano-Brasileira de Pelotização (Hispanobras), 190, 196, 198, 200, 357

Companhia Matogrossense de Mineração (Metamat), 238

Companhia Meridional de Mineração, 137, 161, 170

Companhia Paulista de Ferro-Ligas (CPFL), 303

Companhia Pernambucana de Borracha Sintética (Coperbo), 131

Companhia Raymond-Morrison Knudsen do Brasil S.A., EuA, 58, 59

Companhia Siderúrgica Belgo-Mineira, 49, 60, 107, 112, 151, 260

Companhia Siderúrgica da Guanabara (Cosigua), 125

Companhia Siderúrgica de Tubarão (CST), 190, 203, 252, 303

Companhia Siderúrgica Mineira, MG, 26

Companhia Siderúrgica Paulista

INDEx

410 411


Ferreira, E.C., 140n

Ferreira, José Inácio, 264

Ferreira, Murilo Pinto de Oliveira, 242, 342, 355, 391

Ferrous Metals Technology Center / Centro de Tecnologia de Ferrosos (CTF), MG, 377

Ferrous Superintendent’s Office (Sufer), 227

Ferrovia Paulista S.A. (Fepasa) see Ferrovias Bandeirantes S.A. (Ferroban)

Ferrovias Bandeirantes S.A. (Ferroban), 260, 305, 307

Fertilizantes Fosfatados S.A. (Fosfertil), 297, 368

Fiat, 231

Figueiredo, João, 164, 166, 174, 177, 183

Figueiredo, Marcelo, 342

Finsider, Italy, 198

First National Development Plan (PND), 170, 250

First Three Year Plan for Geological Prospecting (1972-1975), 170

First World War, 26, 29

Fishing Development Superintendent’s Office (Sudepe), 221n

Fitch, 304

Florestas Rio Doce S.A. (FRDSA), 115, 173, 186, 211, 223, 254, 302

Flower of Carajás (Franz Weissmann), sculpture, 270, 271

Foreign Trade Association of Brazil, 281n

Forest Clusters, project, 222

Fourth National Development Plan (1985), 177

Francisco Leal, coal importer, 27

Franco, Afrânio de Mello, 48

Franco, Itamar, 217, 232

Frigorífico Mucuri S.A., 131

Fuji Steel, Japan, 333

Funaro, Dilson, 177

FuNCEF (employee pension funds of CEF), 381

Fund for Studies and Research to Make use of the Itabirite of Minas Gerais, 95

Fund for the Improvement and Development of the Doce River Zone (FMDZRD), 98, 131

Fund to Improve and Develop the Doce River Valley (FMDVRD), 261

Fundação Getulio Vargas (FGV), 256, 355

Fundação Mineira de Educação e Cultura (Fumec-MG), 231

Furtado, João, 376

G

Gavião Parkatêjê, indigenous people, 212, 213, 315

Gavião people of the Mãe Maria Indigenous Land, 211

Gazolla, Guilherme Almeida, 238

Geisel, Ernesto, 121, 143, 148, 149

General Shareholder’s Meetings, 131

Geological and Mineralogical Service of Brazil (SGMB), 23, 27, 29, 43n; see also National Mineral Production Department (DNPM)

Geological Commission of Brazil, 23

Geology School of Porto Alegre, RS, 169

George VI, king of England, 291

Gerdau S.A., 303

Gerspacher, Alberto, 26n

Global Forum, 222

Goiás-Minas-Espírito Santo Export Corridor Program, 186

Gold Fields of South Africa, South Africa, 157

Gold Project,193

Goldman Sachs’ GS Sustain

Report – Focus List, 388, 389

Gomes, Francisco de Magalhães, 46

Gomes, Severo, 178

Gomez, Delcídio, 233

Good Hope, cape, 274n

Gorceix, Claude Henri, 25

Gotto, Murly, 29

Goulart, João, 103, 105, 116, 117, 120-123, 126

Government Economic Action Program (PAEG), 123, 130

Greater Carajás Program, 178, 193, 204

Greater Carajás Project, 164, 166

Greater Vitória Region Sources Inventory (2010), 270

Green Train, project, 386

Grosse, dr., 34-35

Grupo Paranapanema, 303

Grupo Votorantim, 171, 240

Guaíba Island Terminal, Sepetiba Bay, RJ, 126, 261, 310, 311, 360, 373

Guajá, indigenous people, 211, 213

Guajajara, indigenous people, 211, 213, 315

Guanhães Project, 157

Guatimosin, Gil, 26n

Guimarães, Cristiano, 26n

Guinle, Guilherme, 49

Gulf Industrial Investment Company E.C. (GIIC), 274, 303

Gulf Investiment Corporation (GIC), 274

H

Haddad, Paulo, 216, 383

Hanna Mining Company, 91, 117, 120, 121, 122, 123, 125, 126

Hazen, copper pyrometallurgy, 326

Hirata, 171

Hitler, Adolf, 46

Hong Kong Stock Exchange, 249, 367

Horn, cape, 274n

Hugo Gouthier, private Brazilian group, 157

Hydro, Norway, 241

hydroelectric plants: Aimorés, MG, 313, 314 Amador Aguiar I, MG, 277, 313, 314, 367 Amador Aguiar II, MG, 277, 314, 366, 367 Balambano, 277 Candonga, MG, 277, 313, 314, 367 Eliezer Batista, 277, 367 Estreito, TO/MA, 277, 313, 367 Foz do Chapecó, SC/RS, 314 Funil, ES, 277, 313, 314, 367 Glória, 277, 367 Igarapava, SP/MG, 276, 277, 313, 314, 367 Itaipu, 143 Ituerê, 277, 367 Karebbe, 277 Larona, 277 Machadinho, SC, 277, 313, 367 Mello, 277, 367 Nova Maurício, 277, 367 Porto Estrela, 277, 312, 313, 314, 367 Tucuruí, 207, 241

I

Ibama (Instituto Brasileiro do Meio Ambiente e dos Recursos Renováveis), 221, 224, 264, 268

IBGE (Instituto Brasileiro de Geografia e Estatística), 215, 354, 362

Igarapé Bahia Project, 194

Ilva, Italy, 256

Imai, Takashi, 333

Imerys S.A., 358

Immortal Brazilian Awards (2008), 246, 247

“Importance of the Carajás S11D Iron Project for the National Development Process in Brazil’s North Region, The” (Haddad), 383

(Cosipa), 83, 125, 131, 148, 203

Companhia Vale do Rio Doce Employee Investment Club (InvestVale), 253

Compañia Minera Latinoamericana (CMLA), 303

Company of the Year in the Mining Sector, award, 252

Conceição Complex, 29, 85, 130, 157, 158, 186, 218, 225

Conceição Project, 157, 186

Conceição, stream, 225

Conceição-Itabiritos, project, 392

Congress’ Budget Commissions, 204

Congress of Stockholm, 25, 27, 29

Conselho de Segurança Nacional, 129

Consórcio Brasil, 250, 253

Consultec, 123n

Convap S.A., 238

Copper Cliff Refinery South (CC South), Canada, 290, 354

Corporación Nacional del Cobre de Chile (Codelco), 274

Corporate Social Responsibility Department, 213

Corporate Sustainability Index (ISE), 386, 388

Corretive Operating License, 268

Corus (a merger of British Steel with dutch company Hoogovens), 256

Costa Lacerda-Fábrica, branch line, 122, 130, 151

Costa Lacerda-Fazenda Alegria, branch line, 130

Costa, Heitor da Silva, 394

CPC SAS, Colombia, 349

Credit Garantee Fund / Fundo Garantidor de Crédito (FGC), 363

Cultural Center of Gavião Kyikatêjê, 213

Culture Network, project, 316

D

D. Pedro II, emperor, 22, 25

Dabreé, Augusto, 25

Daewoo Shipbuilding & Marine Engineering Co., 370

Danielli, Italy, 303

Dauster [Magalhães e Silva], Jório, 240, 256, 264

DCNDB Overseas S.A., 308

Derby, Orville, 23, 27

Desportiva Ferroviária, soccer team, 135

Det Norske Veritas (DNV), 271

Diana, princess of Wales, 185, 186, 223

Directorate General of Mineral Production, 43

Doce River Sugar Company, MG, 63

Doce River System, 165, 166

Doce River Valley, 29, 31, 46, 63, 115, 130, 131, 263

Doce River Zone Development Reserve Fund (RDZRD), 204

Doceangra, ship, 236-237

Docecanyon, ship, 146, 154-155, 191

Docepar S.A., 273; see also Vale do Rio Doce Navegação S.A. (Docenave)

Docepolo, ship, 183

Docevale, ship, 113

Document 18, 88, 89, 91, 120

Dominion Bond, 304

Dongkuk Steel Co., South Korean, 303, 359

Dutra, Eurico Gaspar, 63, 66, 67, 75, 77, 80n

E

East Montains, deposit, 178

Eastern Amazon, PA, 193, 232

École Polytechnique Fédérale de Lausanne (EPFL), 345, 377

Ecology Technical Council, 207

Economic Development Council, 46, 166, 178

economic plans: Bresser, 215 Collor, 215 Cruzado, 177, 215 Cruzado II, 215 Real, 217, 249, 250 Sarney, 215 Verão, 215

Ecotech (1992), 222, 223

Eletronorte, 314, 367

Eletrosiderúrgica Brasileira S.A. (Sibra), 303, 325

Elizabeth, queen of England, 291

Elizabeth II, queen of England, 291

Elkem Rana, Norway, 303

Emílio Goeldi Museum, Belém, PA, 209

Empreendimentos Brasileiros de Mineração S.A. (EBM), 359

Encouraged Dismissal Program, 253

Engenheiro Alencar Araripe, stadium, 135

Ensidesa, Asturias, 198

Environment and Forest Products Superintendent’s Office (Sumaf), 207

Environment Program, 225, 254

Environmental Education Center, 223

Environmental Impact Plan, 224

Environmental Impact Report (Rima), 194

Environmental Management System (SGA), 210

Environmental Master Plan, 209

Environmental Normalizations Support Group (Gana), 224

Environmental Quality Management System of Sutec, 255

Environmental Study and Advisory Group (Geamam), 207, 209

Environmental Superintendent’s Office (Sumei), 207

Eschwege, W.L. von, 91n

Esperança Plant see Queiroz Júnior Plant

Espírito Santo Centrais Elétricas S.A. (Escelsa), 131, 250, 367

Estação Natureza Pantanal, exhibition, 315

Evandro Chagas Institute, 209-210

Evate Project, Mozambique, 368

Executive Commission of the National Coal Plan, 104

Executive Commission of the National Steel Making Plan, 49

Eximbank (Export-Import Bank), 49, 50, 56, 59, 66, 67, 79, 95, 98, 142, 158

Expo Brazil, event, 222

Export Development Corporation (EDC), 158

F

Faraco, Daniel, 121

Farquhar, Percival, 17, 32, 34-35, 37, 41, 46, 48, 156

Fazenda Alegria-Fábrica, branch line, 118-119, 130

Federal Audit Court, 37

Federal Foreign Trade Council, 46

Federal Public Prosecution Ministry (MPF), 213

Federal Railroad Network. (RFFSA), 121, 123, 126, 130, 151n, 189, 230, 231

Federal university of Minas Gerais (uFMG), 148, 207, 326

Federal university of Ouro Preto (uFOP), 25, 326

Federal university of Pará (uFPA), 326

Federal university of Rio de Janeiro (uFRJ), 105, 326

Federal university of Rio Grande do Sul (uFRGS), 326, 382

Fernandes Filho, Anastácio, 225

Fernandes, Francisco do Rego, 165

412 413


Massachusetts Institute of Technology (MIT), 345, 377

Master Plan for the Linhares Forest, ES, 264

Master Plan for the Protected Green Areas of Itabira, 268

Maximilian Alexander Philipp Wied-Neuwdied, engraving, 14-15

McCandless, 171

McNamara, Robert, 166

Médici, Emílio Garrastazu, 143

Meeting with Leaders, project, 316

Mello, Fernando Collor de, 186, 215, 217, 221, 231

Melo, Licínio de, 246

Mercantile & Future Exchange (BM&F), 218

Metalis, group, 223n, 357

Midleton, 171

Midwest Research Institute (MRI), 382

Miltônia Plateaus, PA, 326

Mimura, Akio, 333

Minas d’El Rey Dom Pedro, 157

Minas Gerais Development Bank, 63n, 158

Minas Gerais Society of Engineers, 46

Minas Gerais Technology Center Foundation (Cetec), 326

Mineração Águas Claras, 120

Mineração Andirá, MG, 311

Mineração Morro Velho, 194, 239

Mineração Rio do Norte (MRN), PA, 193, 240, 241, 242, 256, 302, 329

Mineração Serra Geral (MSG), 158, 186, 187

Mineração Tacumã, 231

Mineração Vera Cruz S.A. (MVC), PA, 303, 326

Minerações Brasileiras Reunidas S.A. (MBR), 110,

146, 303, 310, 311, 359, 360

Mineral Development Center / Centro de Desenvolvimento Mineral (CDM), MG, 115, 239, 376

Mineral Research Superintendent’s Office (Supem), 170

Mineral Resources Research Company (CPRM), 169

Mineral Technology Center (Cetem), 326

Mines / North System Superintendent’s Office (Sumic), 227

mines: Almas, TO, 157, 239

Abóboras, 310

Areão, Itabira, MG, 57

Azul, 238, 318-319, 325, 352, 386

Bayóvar, Peru, 297, 304, 317, 368

Borrachudo, 50

Brucutu, MG, 352, 353

Campestre-Manuel Anastácio, 50

Capanema, MG, 158, 186

Capão xavier, 310

Capitão do Mato, 310

Caraça, 157, 186

Carajás, PA, 162-163, 166, 167, 168,

176, 180, 210, 213, 218, 226, 227, 238,

252, 256, 350-351, 365, 389, 390

Carborough Downs, Australia, 345, 346-347

Cauê, MG, 29, 36, 39, 41, 50, 52-53,

55, 56, 59, 60-61, 80, 83, 85, 91, 95,

124, 156, 157, 159, 175, 186, 207, 218,

224, 252, 376

Chacrinha, 130, 157, 186, 218, 224

Corumbá, 359

Creighton, Canada, 291, 338

Del Rey, 268

Dirão, 50

Dois Córregos, MG, 50, 82, 85, 120,

130, 157, 158, 186, 218

Don Gabriel, Chile, 349

Esmeril, 186, 218

Fazenda Brasileiro, BA, 193, 218

Galinheiro, MG, 310

Geladinho, PA, 386

Gongo Soco, 261, 320

Igarapé Bahia, PA, 194, 218, 255,

302

Integra, Australia, 346

Itabira, 59, 157

Itabiruçu, 50

Jangada, 310

João Coelho, 50

Maria Preta, BA, 218

MMN, 325

Moatize Coal, 338, 341, 391

Morro Velho, 91, 239

N4E, 181

Onça, 50, 186, 218

Papomono, Chile, 349

Periquito, 130, 157, 158, 186, 187

Piçarrão, MG, 130, 156, 157, 186, 187

Pico, MG, 310

Riacho dos Machados, MG, 218

Rio do Peixe, 50

S11D, 383

Salobo, PA, 210, 239, 240

Santa Ana, 29

Santana, 50

Sapecado, MG, 310

Semidouro, 50

Serra da Conceição, 50

Sossego, PA, 261, 262, 300, 301, 359

Tamanduá, 157, 310

Taquari-Vassouras, SE, 296, 297,

325, 328, 329, 369

Timbopeba, MG, 130, 157, 158, 239,

266-267, 313

urucum, MS, 192, 235, 238, 320, 325

Voisey’s Bay, Canada, 277, 278,

338, 367

Zhaolou, China, 289

Mining Code, 34, 42-44, 46, 117,

120, 121, 122, 125, 126, 129,161

Mining Consortia / Mining Groupings, 129

Mining School of Paris, 25

Ministry of Agriculture, Industry and Trade, 43

Ministry of Education and Culture (MEC), 223

Ministry of Mines and Energy (MME), 104, 105, 117,

120, 121, 125, 129, 170, 289

Ministry of Planning and Economic Coordination, 123

Mintek, South Africa, 326

Mitsui & Co. Ltd., 158, 308

Mo i Rana, Norway, 302, 354

Moatize Health Center, Mozambique, 338

Moatize Intermediate Institute of Geology and Mines, 338

Moatize Project, 341

Moatize, Tete Province, Mozambique, 279, 281, 297, 298-

299, 315, 317, 338, 340, 341, 342

Monte Simandou, Guinea, 344

Moody’s, 304

Morais, Aminthas Jacques de, 46, 48

Morro da Mina, MG, 320, 325

Morro do Atalaia, ES, 46-48, 51, 60, 85

mountains: Andorinhas, 171

Jacadigo, MS, 238

Jutaí, PA, 171

Carajás, 137n, 148, 160, 161, 165,

166, 171, 177, 178, 181, 184, 187, 194,

201, 202, 211, 213, 218, 223, 224, 232,

239, 383

Pelada, PA, 170, 171, 184, 224

São Félix, 178 Sereno (Serra Rica), 137, 161

urucum, MS, 238

MRS Logística S.A., 261, 310, 311, 373

MRS System, 310

Municipal Park, Belo Horizonte, MG, 223

MZEE (Macrozoneamento Ecológico-Econômico), PA, 381

N

Nascimento, Dulce, 246

National Aeronautics and Space Administration (NASA), 377

National Congress, 27, 37, 38,

66, 79, 91, 104, 123, 174, 204

National Constituent Assembly, 94

National Council for Scientific and Technological Development (CNPq), 345, 377

Inácio Barbosa Maritime Terminal (TMIB), SE, 233, 254, 307, 373

Inco Advanced Technology Materials (Dalian), 349, 357

Inco Advanced Technology Materials (Shenyang), 357

Inco Limited, 279, 291, 294

Information Technology Democratization Committee / Comitê de Democratização da Informática (CDI), 263

Institute of Development in Education, Culture and Community Action (Ideca), 316

Inter-American Development Bank (IDB), 131, 158, 263

Internal Environment Commission (CIMAs), 207, 209

International Bank for Reconstruction and Development (IBRD), 165, 166, 177, 211, 225, 254, 264

International Institute for Management and Development (IMD), Switzerland, 355

International Metals Reclamation Company (Inmetco), uSA, 357

International Monetary Fund (IMF), 281, 304, 360, 363

International Nickel Co., uSA, 291

International Nickel Company of Canada Limited, 291

International Red Cross, 338

International Waterfowl Research Bureau, 210

Iron Ore Export Group / Grupo de exportação de Minério de Ferro (GEMF), 91

Iron Quadrangle, region, 23, 31, 91, 94n, 114, 117, 120, 125, 140, 151, 157, 158, 165, 171, 186, 227, 252, 261, 303, 310, 311, 360

ISO 9000, 221, 226

ISO 9001, 271

ISO 9002, 226, 227, 271

ISO 14000 (International Environmental Quality Certification), 224

ISO 14001 (Environmental Management System), 252, 254, 271, 320

Itabira Canada Inc., 291

Itabira de Mineração S.A, 41, 56

Itabira Eisenerz GmbH, Germany, 107, 131, 146

Itabira International Corporation (Itaco), 107, 130, 146, 148, 274

Itabira Iron Ore Company, 17, 23n, 27, 29, 31, 32, 34-35, 37-38, 41, 44, 46, 48, 50, 51, 63, 117, 126

Itabira Mines Department, 59, 63

Itabira Mines Superintendent’s Office (Sumin), 223, 224, 226, 227

Itabira Mining Company / Companhia Itabira de Mineração, 48, 50

Itabira Mining Complex, 268

Itabira Special Steel Company (Acesita), MG, 34, 60, 83, 130, 151, 157, 186, 203, 231, 303; see also Companhia Ferro e Aço de Itabira

Itabira Water Master Plan, 315

Itabira’s Project, 46

Itabirite Ore Processing Facility, MG, 360, 392

Itabiruçu Ecological Park, 223

Italian-Brazilian Pelletizing Company (Itabrasco), 190, 196, 198, 233, 357

Itavale Ltda., 157, 158, 186

Itochu Corporation, Japan, 279, 289

J

Jambuaçu, quilombola land, 213

Japan Brazil Paper and Pulp Resources Development Co. (JBP), 227

Jesus, Renato de, 264

JFE, Japan, 333

Jinco Nonferrous Metals Co. Ltd. (Jinco), China, 357

Joãosinho Trinta, 279, 317

Jobim, Tom, 246, 247

Junqueira, José Monteiro Ribeiro, 46

K

Kaiser Steel, uSA, 199

Kawasaki Steel Corporation, 143n, 158, 186, 199, 326

Kayapó, indigenous people, 211

Keidanren – Japan’s Federation of Industry, 223

Kennedy, John F., 166

Kobe Steel, 333

Korean War, 77, 80, 95

Korean-Brazilian Pelletizing Company (Kobrasco), 227, 256, 271

Krenak, indigenous people, 213

Krigsner, Miguel, 246, 247

Krohokrenhum, Topramre, 213

Kronau, Canada, 368

Krupp, Germany, 125

Kubitschek, Juscelino, 51, 77, 85, 88, 90, 91, 104, 117

Kuwait Petroleum Corporation (KPC), 274

Kyikatêjê, indigenous people, PA, 213

L

Lacerda, Carlos, 123, 125

Lanari, Amaro, 26n

Lancaster, José, 297

Landowski, Paul, 394

Latibex (eletronic stock Exchange for Latin American shares), 274

Latin American Culture Center, 315

Latin American Miners’ Congress, 121

Lawrenson, C. Alvin, 56

Lehman Brothers, banco de investimentos, 286

Leite Jr., Antônio Dias, 105, 169, 246

Lemos, Athos de, 46

Lenin, 34

Lessa, Francisco de Sá, 75, 89, 99

Light Metal Smelters Associations (LMSA), 241

Light S.A., 250

Lima, João de Mendonça, 41n, 46, 49

Lima, Zeneida, 246, 247

Linz-Donawitz (LD), furnaces, 104, 114

Lisboa, Joaquim Arrojado, 49

Lobato, Francisco Sayão, 140n

Log-In Logística Intermodal S.A. (Log-In), 311, 371

Lolita (Nabokov), 240

London Stock Exchange, 91

Lopes, Edmundo de Castro, 48

Lopes, Lucas, 89

M

Machamer, G.C., 140n

Madeira-Mamoré Railroad, AC, 17, 34

Magalhães, Juracy, 75, 79, 94, 95, 246

Malacca, Strait of, 391

Mangabeira, João, 105, 117

Marabá Reserve, PA, 224

Marabá-Ponta da Madeira, branch line, 164

Maranhão Telephone Company, 235

Margaret Mee Botanical Foundation, 246

Maria Preta Project, BA, 194

Martins, José Carlos, 338, 342, 370

Maruípe Garden see Augusto Ruschi Municipal Park

Mascarenhas, Raymundo Pereira, 142, 186, 194, 246

414 415


Port / North System Superintendent’s Office (Supoc), 227

Port / South System Superintendent’s Office (Supot), 227

Port Colborn, Ontario, Canada, 338

Port of Sohar Industrial Complex, Oman, 342, 391

Port Support Service, 273

Porteirinha Project, 157

Portobras, 190

ports: Beira, Mozambique, 342 Belém, PA, 242 Capuaba, ES, 232, 257, 309 Espadarte, PA, 164 Ijmuiden, Netherlands, 76 Itaguaí, 261, 373 Laguna, SC, 49 Paul, ES, 230 Prony, Oceania, 292-293 Rio de Janeiro, 89, 157 Santa Cruz (now called Aracruz), ES, 32, 45 Santos, 307, 373 Trombetas, PA, 241 Tubarão, 31, 107, 151, 157, 173, 230 Vitória, ES, 29, 46, 47, 48, 50, 51, 52-53, 56, 60, 68-69, 76, 86-87, 91, 94, 99, 107, 232

Praia Mole Project, 190

Presidential Planning Secretariat (Seplan), 193

Prestes, Luís Carlos, 45n

Privatizations Resources Regional Development Fund (FRD), 255

Producer’s Bank, 317

Product Development Center / Centro de Desenvolvimento de Produtos (CDP), SP, 378, 388

Pronaf Dendê (federal gorvenment funding program), 386

Provisional Government, 42, 43

PT Inco, 294

PT International Nickel Indonesia Tbk (PTI), New Caledonia, 294

Q

Quadros, Jânio, 104, 105, 117, 120, 126, 217

Queiroz Júnior Plant, MG, 26n

Queiroz Júnior, J.J., 26n

Queiroz, Rachel de, 246, 247

R

Rache, Pedro Demóstenes, 46

Railroad Study Center, 73

Ramos, Nereu, 99

Rauber, Joel Marciano, 246

Red Dragon of Itabira, soccer team, 135

Rede Cidadã, 316

Rede Mineira de Viação, 63n

Regina Project (now called Kronau)

Reis, Fernando Roquete, 148, 165, 246

Rennó, Joel Mendes, 164, 233

Republic Steel, uSA, 95

Reserve for the Development of the Regions Influenced (RDRI), 255

Reserve Mining Company, 142

Revolution of 1930, 38, 42, 44, 94

Reynolds, C.D., 140n

Riacho do Machado Project, 194

Ribeiro, José Hamilton, 246, 247

Ribeiro, José Monteiro, 46, 48

Rigon, 171

Rio Colorado Project, Argentina, 300, 368

Rio de Janeiro Stock Exchange, 250

Rio de Janeiro Tramways, Light and Power, 32, 34; see also Light S.A.

Rio Declaration on Environment and Development, 221

Rio do Peixe Reservoir, Itabira, MG, 223, 225

Rio Doce América (RDA), 146, 203

Rio Doce Engenharia e Planejamento (RDEP), 161n, 173

Rio Doce Europa (RDE), 146, 173

Rio Doce Geologia e Mineração S.A. (Docegeo), 169, 170, 171, 173, 193, 218, 239, 241

Rio Doce Housing and Social Development Foundation, 255, 261, 263

Rio Doce Internacional S.A., 203

Rio Doce International Finance Ltd. (RDIF), Guyana, 173

Rio Doce Madeiras S.A. (Docemade), 173

Rio Doce Manganèse Europe (RDME), France, 303, 325, 326

Rio Doce Manganèse Norway (RDMN), Norway, 302, 303

Rio Doce Moçambique Limitada, 297

Rio Pindaré, indigenous land, 211

Rio Tinto, anglo-australiam, 241, 297, 359, 368

Rio Verde Mineração, MG, 303

Rio, José Pires do, 32

Ritter, João E., 140n

rivers: Araguaia, 137, 211 Araguari, 314 Colorado, Argentina, 300 Doce, 14, 31, 61, 101 Itacaiunas, 136, 137n, 139, 140, 160, 164, 209 Itajucu, 209 Paraguay, 359 Parauapebas, 137n, 160, 209 Pardo, 157 Santo Antônio, 67 Tocantins, 160, 164, 180, 181, 209, 211, 233 Trombetas, 239, 240 Zambezi, Mozambique, 297

River Terminal, MS, 320

Rocha, Domingos Fleury da, 43

Rongsheng Shipbuilding and Heavy Industries, China, 286, 370

Rousseff, Dilma, 314

Ruber Superintendent’s Office (Sudhevea), 221n

Rural Family House, project, 317

Rural university of Minas Gerais State, 186; see also university of Viçosa, MG

S

S.A. Mineração da Trindade (Samitri), 104, 107, 109, 110, 122, 130, 140, 146, 151, 187, 190, 203, 260, 261

Sabará Tunnel, MG, 188

Salitre Project, 368

Salobo Metais S.A., 239, 302

Samarco Mineração, 260, 261

San Martin de Sechura Rural Community, Peru, 317

Santos, Breno dos, 137,138, 140, 161

São Francisco Hydroeletri Company (Chesf), 104

São João, engage, 285

São João de Ipanema Iron Factory, 26

São José dos Campos Technology Park, SP, 378

São Luís Railroad Station, MA, 235

São Marcos Bay, MA, 164, 178, 183

São Paulo State Environment Company, 209n

São Paulo Stock Exchange (Bovespa), 249, 274, 324, 386

Sarney, José, 177, 215

Sarney Filho, José, 264

Sarney, Roseana, 235

Schettino, Francisco José, 227, 232, 238, 252

Science Academy of Paris, 25

Seamar Shipping Corporation, 130, 173, 273

Second Bulk Solids Loading System, 233

Second World War, 41, 46, 49, 50, 60, 63, 67, 77, 79n, 94n, 137n, 291

National Council of Water and Eletric Power, 104

National Department of Industry and Trade, 56n

National Economic and Social Development Bank / Banco Nacional de Desenvolvimento Econômico e Social (BNDES), 210, 226, 239, 250, 253, 255, 277, 281, 303, 326, 378, 381

National Economic Development Bank / Banco Nacional de Desenvolvimento Econômico (BNDE), 89, 91, 158, 166n, 170; see also National Economic and Social Development Bank / Banco Nacional de Desenvolvimento Econômico e Social (BNDES)

National Indian Foundation (Funai), 211, 213, 315

National Land Transport Agency / Agência Nacional de Transportes Terrestres (ANTT), 307

National Mines and Metallurgy Council, 104

National Mining Fund, 129

National Nuclear Energy Commission, 104

National Petroleum Council, 104

National Privatization Program (1990), 217, 250

National Privatization Program (1997), 217

National Production Department (DNPM), 23, 43, 89, 104, 120, 125, 126, 129, 157, 161

National Railroads Department, 123

National Space Research Institute / Instituto Nacional de Pesquisas Espaciais (INPE), 388

National Steel Company / Companhia Siderúrgica Nacional (CSN), 41, 48-50, 77, 83, 85, 112, 122, 125, 131, 148, 198, 252

National Steel Making Commission, 45n

National Treasury, 56, 59, 66, 178, 281

Navegação Rio Doce Ltda., 148

Neuquén Project, 300, 368

Neves, Tancredo, 177

New Caledonia, project, 279, 291, 292-293

New Regulatory Framework of the Eletricity Sector (2004), 314

New York Stock Exchange (NYSE), 274, 275, 291, 337, 388

Nibrasco, 190, 196, 197, 198, 233, 256

Niemeyer, Oscar, 263

Nippon Kokan K.K., shipyard, Japan, 113, 146

Nippon Steel, Japan, 175, 209, 233, 256, 288, 332, 333

Nisshin Steel, 333

Nissho-Iwai Co. Ltd., 158, 233, 302

NKK Switches, Japan, 256

Noble Metals Superintendent’s Office (Sumen), 193, 218

Non-Ferrous Metals Department (Denf), 271

Norilsk Nickel, Russia, 291

Normanton, Robert, 29

Nor-Shipping Clean Ship Award, 370

Norsk Hydro, Norway, 358

North Mountains, deposit, 178

North System, Carajás, 177, 187, 201, 207, 209, 227, 230, 232, 233, 235, 239, 307, 310, 325, 328, 359, 367

Northeast Railroad Company / Companhia Ferroviária do Nordeste (CFN), 253, 307

North-South Railroad (FNS), TO, 371, 373

“Nosso Brasil que Vale, O”, samba song, 317

Nova Era Silicon, 303

O

Oliveira Castro, 59

Oliveira, Clodomiro de, 29, 32, 37

Oliveira, Francisco de Paula, 23

Oliveira, Oscar de, 105, 123, 130, 246

Oman Oil Company, 342

Onça Puma Project, PA, 281, 294, 295, 391

Ordinances of Manuel, 20

Orion Express, ship, 341

Oswald, Carlos, 394

Ouro Fino, deposit, 194

Ouro Preto Mining School (EMOP), 23, 24, 25, 26n, 29, 51, 60

P

Panamá, canal, 273n

Pará Pigmentos S.A. (PPSA), 326, 328, 354, 358

Paragominas, deposit, 171, 241, 242

Paraopeba Complex, MG, 310

Paraopeba River Valley, MG, 89, 91, 117, 120, 121, 123, 125

Paraprint, 326

Parliamentary Commission of Inquiry / Comissão Parlamentar de Inquérito (CPI), 123, 125, 178

Parsons, Klapp, Brinckerhoff & Douglas (PKBD), 56, 63

Participatory master plan, 317

Passos, Gabriel, 105, 117, 120

Paths to development / Caminhos do desenvolvimento (Leite Jr.), 105

Paul Quay, ES, 76, 92, 94, 95, 97, 189, 305n

peaks: Amor, MG, 223, 263 Cauê, 16, 17, 34-35, 40, 48, 55, 57, 156 Itapocu,65

Peçanha, Nilo, 27

Pecém Industrial and Port Complex, CE, 359

Pecém Steel Company / Companhia Siderúrgica do Pecém, CE, 359

Pelletizing and Metallic Goods Department, 256, 271

Pelletizing Superintendent’s Office (Supel), 227, 235

Pena Júnior, Afonso, 48

Pereira, Francisco F., 48

Pessoa, Epitácio, 32, 37

Petrobras S.A., 104, 112, 121, 143n, 146, 164, 233, 297, 373, 381

Petros, 381

Phelps Dodge, 300

Piçarrão Project, 157

Pico Complex, MG, 310

Pimenta, Dermeval José, 25, 60, 63, 66, 67

Pincock & Runge, 386

Pinheiro, Israel, 25, 41, 50, 51, 56, 63, 135, 156

Pinheiro, João Batista, 91

Pinto, João Batista da Costa, 49

Pinto, Magalhães, 123

Pinto, Mário da Silva, 89

Piracicaba River Valley, 130

Pires, Antônio Olynto dos Santos, 23

Pohang Iron & Steel Company (Posco), South Korea, 227, 256, 257

Pohang Steel, South Korea, 199

Polytechnic School of Bahia, 142

Polytechnic School of Rio de Janeiro, 99

Ponta da Madeira Maritime Terminal, MA, 177, 183, 199, 201, 210, 218, 227, 232, 233, 238, 305, 307, 308, 309, 322, 324, 325, 327, 356, 371, 373, 383

Ponta da Madeira Railroad Terminal, 181

Ponta do ubu Maritime Terminal, 260

Pontal Basins, 207

Popular Week to Defend Mining, 121

416 417


united Nations Convention on Biological Diversity, 222

united Nations Framework Convention on Climate Change, 222

united Nations, 89, 221, 257, 335, 337

united States Geological Survey (uSGS), 137n

united States Steel Co. (uS Steel), 49, 137, 143, 148, 161, 164, 165, 218, 235, 257

university of Itajubá, 164

university of São Paulo (uSP), 137n, 326, 378

university of São Paulo State (unesp), 326

university of Viçosa, MG, 186, 342

urubu Ka’apor, indigenous people, 211, 213, 315

urucum Mineração S.A., 193, 238, 359

usina Siderúrgica da Bahia (usiba), 131, 148, 198, 203

usinas Siderúrgicas de Minas Gerais (usiminas), 60, 63, 83, 110, 112, 131, 146, 148, 151, 151n, 181n, 190, 198, 203, 231, 252, 303, 357

Usinor, 140, 143, 256

uSS Engineers & Consultants, 161n

V

Vale & Communities Integration Program, 255

Vale Australia, 345; see also AMCI Holdings Australia Pty

Vale Brasil, ship, 370, 371

Vale Canada Limited, 391; see also Vale Inco Ltd.

Vale Carbon Program, 388

Vale Community Program, 315, 316

Vale do Acará, PA, 277, 386

Vale do Rio Doce Alumínio (Aluvale), 241, 302, 303, 355, 391

Vale do Rio Doce Botanical Park, ES, 320, 321

Vale do Rio Doce Energia S.A. (Vale Energia), 276

Vale do Rio Doce Environment Institute (IAVRD), 320

Vale do Rio Doce Foundation (FVRD), 261, 263, 264, 315, 316, 338, 341

Vale do Rio Doce Navegação S.A. (Docenave), 104, 110, 112, 113, 114, 131, 142, 143n, 146, 148, 186, 233, 236-237, 272, 273, 274, 308, 311

Vale do Rio Doce Railroad Museum, Vila Velha, ES, 263

Vale Energia Limpa S.A., 367

Vale Fertilizantes, 368, 373

Vale Florestar Project, 210, 380, 381

Vale Hope Schools, 338

Vale Inco Ltd., 290, 291, 294, 337, 339, 355, 391; see also Vale Canada Limited

Vale Institute of Technology / Instituto Tecnológico Vale (ITV), 342, 377, 378, 381

Vale Itália, ship, 370

Vale Lima, ship, 286

Vale Natural Reserve, Linhares, ES, 85, 100, 101, 206, 223-225, 246, 264, 265, 268, 320

Vale Network, program, 263, 316

Vale Nouvelle-Calédonie SAS (VNC), New Caledonia, 294

Vale Oman Pelletizing Company LLC (VOPC), 342

Vale Rio de Janeiro, ship, 370

Vale School, project, 263, 316

Vale Soluções em Energia S.A. (VSE), SP, 277, 378, 379

Valemax, class ship, 342, 370, 371, 391

Valepar S.A., 250, 253

Valer (education and people development department), 317

Valeriodoce Esporte Clube, soccer team, 135

Valesul Alumínio S.A., 193, 195, 223, 224, 226, 228-229, 239, 242, 254, 256, 303, 313, 328, 354, 357

Valuec Serviços Técnicos Ltda., 161, 165

Vargas, Getúlio, 25, 41, 42, 45, 46, 49, 50, 67, 77, 88, 94, 95, 104, 117, 392

Vasco Coutinho Station, ES, 65

Vasconcelos, Paulino Cícero de, 226

Vatu Steel Company / Companhia Siderúrgica Vatu, 95, 110n, 115, 131, 173n

Velloso, Vânia, 265

Venâncio, Antônio Carlos de Lima, 213

Vereinigte Oesterreichische Eisin-und Stahlwerke Ag (VOEST), Austria, 158

Viana, Agripino Abranches, 186, 194

Viana, Fernando de Melo, 37

Vieira, Paulo José de Lima, 105, 122, 123

Vila Técnica Areão, Itabira, MG, 108

Vila Velha Terminal, ES, 307, 308, 309, 311

Vilela, Gastão de Azevedo, 46, 48

Vitória, island, 209

Vitória - Minas Railroad (EFVM), 17, 28-32, 38, 41, 46, 50, 56-60, 63, 65, 66, 73, 83, 84, 85, 86-87, 89, 94, 96, 101, 107, 112, 118, 120, 130, 132, 146, 150, 151, 156, 157, 183, 186-189, 199, 203, 207, 219, 221, 223, 230, 233, 253-255, 257, 260, 263, 270, 271, 305, 308-311, 332, 371, 373, 384, 385, 386

Vitória Corridor, 309

Vitória Iron and Steel Company / Companhia Ferro e Aço de Vitória (Cofavi), 63, 73, 83, 110

Voisey’s Bay, Newfoundland and Labrador, 367

Voisey’s Bay, plant, 277, 278, 338

Volta Redonda Plant, 50

W

Washington Agreements, 41, 48, 50, 51, 56, 59

Water Code, 43

Weber, strip, 193

Werneck, Dorothéa, 227

West, Robert K., 56, 63, 95

Whitehead, Gilbert, 63

Wholesal Energy Market, 276

Wigg, Carlos da Costa, 26n

Williams, Howard, 95

Winner, ship, 242

World Business Council for Sustainable Development, 264

World Environment Day, 221, 270

World Health Organization (WHO), 210

World Trade Organization (WTO), 280, 284

x

xikrin, indigenous people, 137, 138, 184, 204, 211, 212, 213, 315

Y

Yamada, Katshuhisa, 227

Yankuang Group, 279, 289, 297

Yongcheng Coal & Electricity Group, 289, 297

Z

Zero Residues Project, 225

Zhu, Michael, 338

Ziyang, Zhao, 160, 161, 285

Zweig, Stefan, 337

Secretariat of Agriculture, Industry, Trade and Public Works, 32

Sena-Beira, branch line, 342

Sepetiba Bay Port Company / Companhia Portuária Baía de Sepetiba S.A. (CPBS), RJ, 261, 311, 373

Sepetiba Bay, RJ, 123, 125, 126

Sepetiba Tecon, RJ, 307

Service to Support Micro and Small Companies (Sebrae), 315

Shandong Yankuang International Coking Company Limited, 279, 297

Shanghai Baosteel Group Corporation, China, 289

Siderbras, 190, 203

Siemens-Martin, furnaces, 91, 104

Silva, Luiz Inácio Lula da, 215, 242, 281, 323

Silveira, Amaro da, 26n

Simandou Project, 345

Single Minerals Tax, 129

Small Farmers Project, 386

Small Farmes Project, 386

Soares, Edmundo de Macedo, 49

Soares, Raul, 37

Sociedade de Desenvolvimento do Corredor do Norte S.A. (SDCN), 341

Société Anonyme d’Importation (SADI), Switzerland, 98

Société Européenne d’Alliages pour la Sidérurgie (Seas), 238

Socoimex, 261

Solidarity Community Council / Conselho da Comunidade Solidária, 246

Sooretama Biological Reserve, ES, 264, 265

Sorocabana Railway Company, 34

Sossego Complex, Canaã dos Carajás, PA, 281

Sossego Project, 261, 300

South Mountains, deposit, 178

South System, Carajás, 177, 186, 187, 190, 201, 207, 209, 230, 256, 257, 260, 261, 271, 307, 308, 310, 311, 314, 328, 354, 357, 359, 367

Southeast System, 311, 314, 354, 359, 367

Southeast, district, 171

Special Commission to Regulate the Washington Agreement, 50

Special Environment Secretariat (Sema), 221

St. John d’El Rey Mining Company, 91, 117, 120

Standard & Poor’s Ratings Service, 304, 392

State Basic Sanitation and Environmental Defense Technology Company (Cetesb), 209

State Environment Foundation (FEAM), 268

State Environment Secretariat, ES, 270

State Environmental Regulator (IEMA), 321

Statement of Forest Principles, 222

Statute to Establish Companhia Vale do Rio Doce, 42

Steinbruch, Benjamin, 252, 256

Stockholm Conference (1972), 221

Strong, R., 140n

Sudo, Fumio, 333

Suez, canal, 274n

Sumitomo Metal, Japan, 256, 333

Supreme Federal Court, 120, 125

Sustainability Action Plan / Plano de Ação em Sustentabilidade (PAS), 386

Sustainable Development Plan, 315, 316

Sybetra, Belgium, 125

Sygma Tecnologia, Engenharia, Indústria e Comércio Ltda., 378

T

Tapirapé Biological Reserve, 210

Tapirapé-Aquiri National Forest, 210, 268

Target Program (JK), 85, 88, 89

Távora, Juarez, 43, 121, 125

Teacher’s House, project, 263

Technical Council on Economic and Finances, 46

“Techno-Economic Study of Brazil’s Itabirite Iron Ore Deposits”, project, 95

Technological Research Center, 170

Technological Research Department (Deteg), 171, 181n

Teluk Rubiah Terminal, Malaysian, 391

Tercam Intermodal Terminal, Camaçari, BA, 311

Terraservice, consulting firm, 170

Tete Provincial Hospital, Moatize, 338

The Chase Manhattan Bank, 158

The Mitsubishi Bank Ltd., 158

Thibau, Mauro, 121, 122, 123n, 125

Third National Development Plan (1979), 177

Thompson, 367

ThyssenKrupp CSA Siderúrgica do Atlântico Ltda. (TKCSA), 359

ThyssenKrupp Stahl AG (TKS), Germany, 107, 256, 260, 261

ThyssenKrupp Steel Europe AG, Germany, 359

Tibiriçá, Mário W., 46, 48

Timber and Pulp Superintendent’s Office, 207

Timbopeba Project, 158, 187, 268

Timbopeba, deposit, 130, 158

Tolbert, Gene Edward, 137, 140n, 161, 170

Trans-Amazonian Highway, 137n, 207

Tres Valles, Chile, 347, 348, 349

Triângulo Mineiro, 305, 307

Tsukada, Chihiro, 227

Tubarão, engage, 285

Tubarão Complex, Vitória, ES, 190, 191, 202, 210, 214, 218, 223, 225-227, 230, 231, 233, 248, 253, 254, 256, 264, 268-270, 285, 305, 308, 309, 311, 313, 320, 321, 328, 331, 354, 357, 372-374, 382

Bulk Liquid Terminal, 373

Diverse Products Terminal (TPD), 230, 256, 260, 305, 308, 373

Effluent Collection and Treatment, project, 270

Grain Terminal, 230, 256

Pelletizing Complex, 320, 321

Praia Mole Maritime Terminal, 190, 202, 253, 258-259, 306, 373

Tubarão Maritime Terminal, ES, 102-104, 106-109, 111, 112, 114, 122, 127, 128, 130, 131, 134, 141, 147, 149, 151, 152, 153, 154, 156, 172, 173, 177, 189, 190, 196, 197, 209, 246, 307, 333

Tubos de Acero de México (Tamsa), 199

u

u.S. Geological Survey, 89, 137n

ueki, Shigeaki, 143, 164, 165, 241

unesco (united Nations Educational, Scientific and Cultural Organization), 85, 101, 223, 264

union Carbide, 137, 161

united Nation Environment Program (uNEP), 210, 221

united Nations Conference on Trade and Development (uNCTAD), 280, 335

united Nations Conference on Trade and Development (uNCTAD), 280, 335

418 419


CIP-BRASIL. CATALOGAÇÃO-NA-FONTE SINDICATO NACIONAL DOS EDITORES DE LIVROS, RJ

V243 Vale : our history / Vale. - Rio de Janeiro : Verso Brasil, 2012. 420 p. : ill. ; 28 cm Translation of: Vale : nossa história Includes bibliography and index ISBN 978-85-62767-06-7 1. Vale (Firma) - História. 2. Minas e recursos minerais - História. 3. Indústria mineral - História. I. Titulo 12-8983. CDD: 338.981 CDU: 622.012 07.12.12 10.12.12 041283

Our HistoryVale