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CHAPTER 10 Vale: Constructing a Brand
10.1 An international brand copper, manganese ore, iron ore, nickel, bauxite, phosphate, potash, 335 coal, uranium, diamonds and platinum group metals.4 The sum of For 65 years, the CVRD logo was spread out across the four all the results obtained in the year made the company the world’s corners of the world: on train cars, on ships, on train stations, on second largest miner.5 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, 10.2 A global company shareholders, or passengers at a station – saw only one thing: Vale. Popularly, CVRD was always Vale. Vale and Brazil entered 2007 with good growth prospects. At On November 29, 2007, at Copacabana Fort in Rio de Janeiro, the start of the year, the United Nations issued its annual report, Vale CEO Roger Agnelli brought together around 500 employees to in which the United Nations Conference on Trade and Development announce one of the biggest changes in the company’s history.1 The (UNCTAD)6 ranked the country the 12th largest foreign investor in reasons for the modification may be summed up in just one word: the world in 2006. That year, a total of US$28 billion was invested by globalization. The word “Vale” is easily read throughout the world Brazilian companies.7 Brazil had left behind companies in important and, as of 2006, when it acquired Canadian company Inco, Vale was powers, such as Australia, China and Russia, which invested US$22 expanding across the globe. billion, US$16 billion and US$18 billion, respectively.8 Vale played a From that point onward, Vale changed its name and logo. The major role in Brazil’s high position in the UN ranking, as the company logo shows a stylized letter “V” that can represent either a mining accounted for more than 50% of that year’s investment. This was pit or a heart. The easy-to-read brand reinforced Vale’s image as a largely due to the acquisition of Canadian company Inco, the world’s global company. No longer were different brands and images used fifth biggest takeover in 2006. It was also the largest transaction ever in different areas.2 Vale – modern and plural – was unified. made by a Latin American company.9 As it changed its brand, Vale was a company that would The UN report diagnosed the new times being experienced end 2007 with net income of US$11.8 billion – up 62.9% from by Brazil. The economy had not been dynamic in the 1980s and the previous year – and new records in all sectors.3 Vale was now 1990s, with growth rates below the world average, but this had 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 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 1 - “Simplesmente Vale,” IstoÉ Dinheiro, December 5, 2007. Available at
Vale Our History Vale Our History Photo at start of Chapter 10: Vale’s global headquarters in Rio de Janeiro, 2011.
336 changed. In the 2000s, Brazil’s annual GDP growth rate increased of Vale Inco, which was very strong, with revenue from nickel 337 from 1.7% to around 4% in 2006.10 The rise in GDP that year was activities reaching US$11.78 billion. This amount was four times a foretaste of what was to come in 2007, when growth hit 6.1%.11 higher than the previous year’s figure of US$2.8 billion, due to Vale’s share of the total volume traded by Brazil on the seaborne the fact that Vale Inco’s results were only incorporated in the last market in 2007 reached approximately 32.5%.12 The company quarter of 2006. In 2007, 60.3% of total nickel sales were delivered confirmed its vocation as a growth driver of the Brazilian economy, to customers in Asia, 26.5% in North America, 11.6% in Europe and and this would become even more palpable with the results it 1.6% in other locations.15 would achieve year after year. Over the course of 2007, Vale’s shares were the most traded among In 2007, Vale’s gross operating revenues increased by 62.6% all foreign companies on the New York Stock Exchange, surpassing to US$33.11 billion. Segmented investments, the pursuit of even those of BHP Billiton, the global leader in the mining sector.16 excellence in work methods and the good moment the country was Average daily trading volumes were around US$725.5 million. This experiencing made it possible to predict an even better future for was partly related to the company’s strong performance in iron the company. ore production in Brazil and its sales arrangements with Asian The former “country of the future,” as Brazil had been described steelmakers, which in February 2008 agreed to an average price by Austrian writer Stefan Zweig, was now joining the list of increase of 68%.17 emerging countries that were leading global growth. As declared As a consequence of its expansion program, in April 2008 Vale by the UN report, “external investment by Brazilian companies is announced a partnership with Columbia University to establish a to some extent part of an expansion and consolidation process research and technical training center.18 A program for training that is also occurring at home. Brazilian companies are looking to young geologists and engineers developed professionals to conduct consolidate their industries, such as mining and steel, by buying work in locations such as Kazakhstan.19 foreign competitors in order not to lose markets or become Vale’s presence outside Brazil was not restricted to commercial targets themselves.”13 investments. In May 2008, an earthquake measuring 7.9 on the The investment made by purchasing the Canadian company Richter scale hit southwest China, killing around 90,000 people.20 marked Vale’s entry into the international nickel market, making Hundreds of houses, schools and hospitals collapsed in less than it the world’s second biggest producer of the metal.14 For the first a minute. That same month, Vale donated US$1.4 million to the time, the 2007 figures encompassed the annual performance
15 - See Vale’s 2007 Form 20-F Report. 10 - See Brazil, Finance Ministry. “Economia brasileira em perspectiva.” Special year 2010 16 - “Vale é a ação estrangeira mais negociada na Bolsa de Nova York,” Folha de S.Paulo, edition. Available at
Vale Our History Vale Our History Right: Cateme Elementary School in Moatize, 2011.
338 International Red Cross to help the victims of the tragedy. In strategic objectives and reward performance, among various other 339 addition to this direct donation, Vale undertook to build three improvements implemented. “Vale Hope Schools” in Sichuan Province, through a contribution of US$400,000. African expansion: Moatize, Mozambique On June 4, 2010, Vale’s Executive Director of Ferrous Metals, Mozambique was the first place outside Brazil to receive a José Carlos Martins and China Country Manager, Michael Zhu, branch of the Vale Foundation, whose purpose is to contribute to leading a group of company employees, attended the opening integrated development in the regions where Vale operates. The ceremony of the Vale Hope School in Yongxing Town, the last Foundation’s investments in the African country have prioritized of the three schools handed over in Sichuan. The 6,500-m² projects in the areas of health, farming, infrastructure, sport elementary school has ten classrooms on three floors and is and education. In addition, an initial 1,108 families were designed for 200 students.21 resettled in Moatize, Tete Province, the coal-rich central region of Mozambique.22 This process was finalized in 2010 with the Strike in Canada resettling of 1,365 families. By 2008, Vale had more than 62,000 employees across the world. Seeking better results for the local community, Vale’s investment The Human Resources Department, with the support of the Legal in the resettlement involved building schools, health centers and Department, faced the challenge of administrating and conciliating police stations, enabling the creation of functional neighborhoods various types of labor relations existing in different countries. for the new residents. The projects included the refurbishment of Relations between employees and companies differ from one Tete Provincial Hospital, Moatize Health Center and the Moatize country to another, and multinationals are subject to the rules of Intermediate Institute of Geology and Mines, as well as the the countries where they operate. development of local farming.23 The company worked in a range A significant number of employees at Vale’s Canadian nickel of areas to integrate the social, cultural and economic life of the operations in Sudbury and Port Colborne, Ontario went on strike from region. For example, Vale organized a training course in Moatize for July 2009 to July 2010. Some mining operation employees in Voisey’s Mozambican teachers and school principals, which was completed Bay, Newfoundland and Labrador also went on strike, from August by around 1,000 participants. 2009 to January 2011. To enable the coal mine to be developed in Moatize, families were Collective agreements lasting five years were made with the unions moved from the communities of Malabwe, Chipanga, Bagamoio representing the striking employees, offering incentives to improve and Mithete. Based on various studies and a socioeconomic census these operations’ long-term productivity and competitiveness, as well conducted to identify the people to be resettled, two areas were as their capacity to continue generating value. These agreements selected to receive the families: the rural area of Cateme, and the include a defined-contribution pension plan for new employees and urban neighborhood of 25 de Setembro. The process of producing adjustments to variable pay programs to enable Vale to achieve
22 - See Vale press release “Vale realiza primeira exportação da Mina Carvão Moatize,” 21 - “Vale entrega a terceira ‘Escola da Esperança’ na China.” Available at
Vale Our History Vale Our History Left: a Vale train at sunset in Moatize, 2011.
340 341 a Resettlement Action Plan involved extensive public engagement In Tete, Vale has participated in meetings held at the foot of a and participation. Before resettlement began, three public baobab tree – locally considered the “tree of life” due its water storage hearings were conducted, as well as 20 theater performances in capacity. The tree is found in various parts of Africa and many the predominant local language (Nyungwe), 110 meetings with specimens reach 40 meters in height and 10 meters in diameter. communities and their leaders using illustrated materials, 4,927 In a tradition arising in ancient African tribes, many community home visits to families and leaders for mobilization and social decisions are taken around this tree. When the Vale Foundation assistance purposes, and 639 social consultations. During the arrived in Mozambique, this traditional custom became part of the process, alternative solutions were considered to avoid or minimize company’s community relationship practices.24 Knowing how to physical or economic displacement. incorporate local culture into its operating methods was essential The following infrastructure was built or modernized for the to a company seeking to expand around the world. communities in both the new Cateme and 25 de Setembro areas: In March 2008, Vale laid the foundation stone of the Moatize houses, an elementary school, a high school, a library, houses for Project. A little over two years later, in September 2010, it bought school principals and teachers, information technology rooms, a 51% stake in Sociedade de Desenvolvimento do Corredor do laboratories, a health and maternity center, a police station, streets, Norte S.A. (SDCN), a company controlling two railroad systems and electric power facilities along main roads. on the east coast of Africa. The amount paid was US$21 million. Equipped with 18 classrooms and a library, Cateme Elementary Through two subsidiaries, SDCN participated in two railroad School is designed for around 1,200 students. Armando Emílio systems in Africa, extending for a total of approximately 1,600 Guebuza High School, in the same neighborhood, is designed for kilometers, in Mozambique and Malawi. It will also be necessary 650 students. It has 12 classrooms, a library, accommodations to construct some additional stretches of track, as well as a new for 270 boarding students, an information technology room and port in the Nacala region.25 The acquisition of SDCN was designed one hectare for practical classes on horticulture, composting and to permit expansion in Moatize and the creation of logistics processing of cassava flour. Both schools are administered by the infrastructure, supporting the company’s operations in central Mozambican government’s District Education Department. and eastern Africa.26 After constructing these new stretches, the Improvements are made regularly to the infrastructure in the two systems will be interconnected at a point near the Moatize resettled people’s communities and Vale is taking measures to mineral province. support families, together with the government authorities, to The first batch of coal from Moatize Mine left Mozambique on meet their demands. Examples of such improvements include September 14, 2011, on board the ship Orion Express, which sailed 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, 24 - See Vale Foundation, Atuação Internacional. Available at
Vale Our History Vale Our History 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.
to Lebanon. The shipment of 35,000 metric tons of thermal coal For the strategy to succeed, ideal conditions would be needed in 342 was taken for 575 kilometers along the Sena-Beira Railroad, which order for the products to be ready for export at a reasonable cost. 343 links Moatize to the Port of Beira in Sofala, central Mozambique.27 Part of the response to this need was provided in September 2011, The railroad had previously been closed for 28 years due to the when an iron terminal at the Port of Sohar was completed, for use civil war. Mining operations began in May 2011 and the project’s by Vale. Sohar’s favorable location, next to deep waters outside implementation has contributed to the dynamism of the Mozambican the Persian Gulf, enabled Vale to take Valemax vessels, capable of economy, generating jobs and income. transporting 400,000 metric tons, from Brazil to the Omani port. From there, the iron ore would be transferred onto smaller ships Oman and taken to nearby locations. In addition to Sohar, only nine ports At the same time that it was laying the foundation stone in Moatize, in across the world are currently capable of receiving bulk carriers of 2008 Vale also began constructing a pelletizing plant and distribution Valemax size.31 center in the Middle East, at the Port of Sohar Industrial Complex in Together with direct actions for exporting its products, Vale Oman, a country on the Arabian Peninsula. The facility was opened offered a series of reciprocal benefits to Omani society. One in March 2012.28 example is an agreement forged by Vale, between the government The Middle East as a whole was a growing purchaser of the of Oman and the Federal University of Viçosa in Minas Gerais, company’s products, especially pellets, due to the type of furnace Brazil, to attempt to solve pest problems affecting fruit crops. predominantly used by steel plants in the region. In May 2008, Vale Signed in October 2010, the agreement provided for an investment announced a strategic partnership with the government of Oman of around R$10 million over four years. Vale brokered the through the sale of a 30% stake in Vale Oman Pelletizing Company agreement through the Vale Institute of Technology (Instituto LLC (VOPC) for US$125 million.29 Tecnológico Vale, or ITV).32 Oman covers slightly more than 300,000 square kilometers and Created in 2009, ITV has the objective of coordinating science it has a vast coastline, enormous oil reserves and frontiers with and technology actions, with an emphasis on long-term research Saudi Arabia and the United Arab Emirates, two major commercial carried out in partnership with scientific communities on a national powers in the region. Under the plans drawn up by Vale, ore and international scale.33 Within a short period of activity, ITV had processed in two pelletizing plants (each capable of producing 4.5 signed 97 research and development agreements and provided million metric tons of pellets per year)30 would be transported from more than 50 research scholarships. ITV’s participation in foreign an iron ore and pellet distribution center in Oman (able to store initiatives has not been restricted to Oman. The Institute has also 40 million metric tons) to customers in Asia and the Middle East. established partnerships with 36 institutions in Brazil and other
31 - Available at
Vale Our History Vale Our History countries, such as Brazilian agricultural research agency Embrapa, Australia 344 the National Council for Scientific and Technological Development Vale also expanded into Australia and, as in Mozambique, coal 345 (CNPq), the Massachusetts Institute of Technology (MIT), and École was once more the point of entry. In April 2007, Vale paid US$656 Polytechnique Fédérale de Lausanne (EPFL) in Switzerland.34 million to acquire 100% of AMCI Holdings Australia Pty. The company, which operated assets and possessed projects in the area of coal Guinea and Zambia exploration, was renamed Vale Australia.35 The acquisition of AMCI, In Guinea, West Africa, Vale is investing in an iron mining project. which had nominal production capacity of 8 million metric tons per In 2010, the company unveiled the Simandou Project, which will year and reserves of 103 million metric tons, was another step in involve developing one of the best untapped world-class iron ore Vale’s new mining policy. It also confirmed the company’s efforts to deposits on the planet. Simandou is also the biggest integrated become a global player in coal – especially metallurgical coal, which is iron ore mining and infrastructure project in the whole of fundamental to steel production.36 Africa, and it also involves education and human and economic Once the AMCI deal and the creation of Vale Australia had been development programs. finalized, in 2007 the company was capable of producing 10 million The first phase of the project involves developing Zogota mine metric tons of coal per year, including its joint ventures in China in southern Simandou. Its planned total production capacity is 15 (which contributed up to 2 million metric tons per year). Around million metric tons per year and total investment will be US$1.260 80% of the coal produced by Vale’s new Australian operations was billion. The aim of the Simandou Project is to replicate in Africa the of the metallurgical type, the remainder being thermal coal. At that successful mine-railroad-port model developed in Brazil for iron time, of global annual coal production of 5 billion metric tons, just ore operations. 15% was metallurgical coal.37 In 2010, Vale launched the Konkola North copper project in the Two years later, in September 2009, mining began using the Zambian Copper Belt, through a joint venture with African Rainbow longwall method (in which the machinery itself functions as Minerals (ARM). The project’s estimated nominal production excavation tunnels)38 at Carborough Downs coal mine. Using this capacity is 45,000 metric tons per year of copper in concentrate. method significantly reduced the work accident risk and enabled Start-up is planned for 2013 and maximum capacity should be higher output – it was estimated that the project would increase reached in 2015. Construction work began in August 2010. the nominal annual production capacity considerably to 4.8 million At first, the South and East Limb mines will be developed, and metric tons in 2011.39 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 35 - See Vale’s 2007 Form 20-F Report. and manganese). 36 - See Vale’s 2006 and 2007 Form 20-F Reports. 37 - See “Vale compra produtora australiana de carvão,” O Globo, February 27, 2007. Available at
Vale Our History Vale Our History 346 347
Previous page: Integra coal mine, Australia. Above: Tres Valles copper plant, Chile. Left: Carborough Downs coal mine, Australia.
Vale Our History Vale Our History Employee handling copper plates at Tres Valles, Chile, 2011.
349
Chile and Colombia Good performance in Asia – boosted by sales in China – was In the fourth quarter of 2010, production began at the Tres Valles repeated, though to a lesser extent, in the rest of the world. copper unit.40 Located in Salamanca in the Coquimbo region of European customers, for example, accounted for 22.1% of the Chile, the operation includes mines and a plant producing copper company’s sales in 2007.44 cathode (metal plate). There are two copper oxide mines: the Don Vale’s commercial relationship with China grew even closer with Gabriel open-pit mine and the Papomono underground mine. In all, the completion of the Dalian nickel processing plant in northeast the company invested US$140 million in the project.41 China. Operations at the plant, capable of producing 35,000 metric In December 2008, Vale acquired 100% of the coal assets tons of refined nickel per year, started up in April 2008. of Cementos Argos S.A. (Argos), in Colombia, for a total sum of US$306 million.42 Presence on five continents In 2012, in line with its continuous efforts to optimize its Growing trade with China contributed to the expansion in Vale’s portfolio of assets, Vale sold its coal operations in Colombia to CPC international transactions. At the start of 2008, the company had SAS, an affiliate of Colombian Natural Resources SAS, for US$407 operations, offices and joint ventures spread across five continents. million in cash. By 2011, the company had a presence in more than 35 countries and had 136,000 employees and long-term contractors. China: international challenge After 70 years, Vale was now present in Angola, Argentina, By the start of 2008, China had become the world’s main consumer Australia, Austria, Barbados, Canada, Chile, China, the Democratic of mineral resources. In 2007, the country alone was responsible Republic of Congo, France, Gabon, Guinea, India, Indonesia, Japan, for approximately 49% of global demand for seaborne iron ore, Kazakhstan, Liberia, Malawi, Malaysia, Mongolia, Mozambique, 24.2% of global nickel demand, 33% of aluminum demand, and New Caledonia, Oman, Paraguay, Peru, the Philippines, Singapore, 26.3% of copper demand.43 The percentage of Vale’s total gross South Africa, South Korea, Switzerland, Taiwan, Thailand, the revenue arising from sales to Chinese customers was 17.7% United Arab Emirates, the United Kingdom, the United States in 2007. Adding in the percentage of total gross revenue from and Zambia. Asian countries other than China, which was 23.3% in the Notwithstanding its numerous achievements as its same year, Asia therefore accounted for 41% of Vale’s sales. international trade expanded, the company also faced occasional difficulties and surprises. The main setback was triggered in the second half of 2008.
40 - Idem, p. 23. 41 - “Vale inaugura projeto de cobre no Chile e amplia meta de produção,” O Globo, December 2, 2010. 42 - See Vale’s 2009 Form 20-F Report. 43 - Idem. 44 - Idem.
Vale Our History Vale Our History 350 351
Iron ore processing at Carajás Mine, Pará, 2008.
Vale Our History Vale Our History 352 353 10.3 Results of the recession of 2008-2009 million to US$802 million, due to a 4.7% rise in average sales prices. Aluminum revenues expanded by 14.3%.47 In 2008, the global economy was shaken by a crisis rated by Manganese sales rose by 40% in 2007, reflecting a 52% leap in specialists as on a par with the crash of 1929. In an ever more average sales prices and a 9.1% decline in volume. This reduction globalized world in which businesses are interconnected, crossing was caused by a temporary shutdown at Azul Mine in Carajás frontiers, crises spread like waves. A crisis that began in the real between July and December 2007. Vale’s ferroalloy business saw estate market in the United States expanded in a relatively steady revenue growth of 40%, due to a 47.9% increase in average sales manner over the course of 2007 and became a global problem the prices and a 6.5% fall in volumes, which was largely the result of following year. a shutdown at the company’s ferroalloy plant in France between Before experiencing the effects of the recession, Vale had been August and September 2007, due to technical problems.48 growing rapidly. In 2007, all of the company’s business areas The excellent results obtained in 2007 continued into 2008, performed strongly. Gross revenue from iron ore sales grew by 18.8% despite the sudden slowdown in the economy, particularly in the in relation to 2006, thanks to an average rise of 13.3% in sales prices fourth quarter of the year. The global crisis took some time to affect and a 4.8% increase in the volume sold. The same occurred in the Vale’s performance. In 2008, the good results attained in previous iron ore pellet area, where gross revenue rose by 38.4%, largely due years were maintained, and indeed Vale’s revenues, operating to a 32.8% increase in the volume sold.45 profit and net profit all rose for a sixth consecutive year.49 Gross In January 2007, in Carajás, Pará, work on expanding the annual operating revenue rose by 16.3% to US$38.5 billion, while operation’s annual iron ore production capacity to 100 million net operating revenue grew by 16.1%. The following sales records metric tons was finalized. After this, the Board of Directors approved were also set in 2008: 264 million metric tons of iron ore; 276,000 a new project to increase output to 130 million metric tons per year. metric tons of nickel; 320,000 metric tons of copper; 4.2 million In 2007, iron ore production in Carajás reached 91.7 million metric metric tons of alumina; 3,000 metric tons of cobalt; 2.4 million troy tons, up from 81.8 million the previous year. Brucutu Mine in Minas ounces (unit of measurement used for precious metals, equivalent Gerais, opened in September 2006, produced 22 million metric tons to 31.1 grams) of precious metals; 411,000 troy ounces of platinum of iron ore in the year following its inauguration.46 group metals; and 4.1 million metric tons of coal. New markets Potash, kaolin, copper and aluminum grew at a similar pace in made a fundamental contribution to these results, enabling Vale 2007. Gross potash revenue rose by 24.5%, driven by a 35.4% rise to minimize the effects of the crisis. in average sales prices. Kaolin sales expanded by 9.2%, thanks to China accounted for 28.7% of iron ore and pellet shipments in an 18.9% increase in average prices. Meanwhile, profits from copper 2008, and the figure for Asia as a whole was 47.8%. After this came concentrate rose by 3% between 2006 and 2007, from US$779 Europe (24.4%) and Brazil (19%). During the year, 56.2% of total
Stockyard and embarkation 47 - Idem. facilities at Brucutu Mine, 45 - See Vale’s 2007 Form 20-F Report. 48 - Idem. São Gonçalo do Rio Abaixo, 46 - Idem. 49 - See Vale’s 2008 Form 20-F Report. Minas Gerais, 2009.
Vale Our History Vale Our History Right: Vale’s CEO, Murilo Ferreira, in 2011. 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
354 355 nickel sales went to Asia, 27.2% to North America, 11.6% to Europe South Mine in the Sudbury mining area of Ontario, Canada, whose Vale was not immune from the crisis. Its share of the seaborne and 5% to other destinations.50 annual refined nickel production capacity was 8,000 metric tons, iron ore market fell from 30.2% to 24.9%, reflecting the strong Achieving these results, however, was no easy task. The was shut down for an indefinite period.56 impact of the global recession on the European steel industry, one deterioration of the international financial crisis in the fourth As a further effect of the crisis, in April 2008 the Valesul plant of the company’s major iron ore markets.61 That wasn’t all: the quarter reduced demand for iron ore and pellets, and also led in Rio de Janeiro was reconfigured from an aluminum smelter recession hit practically all areas of Vale. Murilo Ferreira to large falls in the prices of non-ferrous minerals.51 China’s – producing metal through primary reduction of alumina – to a The company’s gross operating revenue fell by 37.8%, from economic growth slowed after 10 years of continuous expansion plate mill using primary aluminum bars and scrap metal as raw US$38.5 billion in 2008 to US$23.9 billion in 2009. Net income When Murilo Pinto de Oliveira Ferreira (Uberaba, Minas in its steel production and iron ore imports. This slowdown was materials. In October of the same year, its production was reduced declined from US$13.2 billion to US$5.3 billion. Likewise, the Gerais, 1953) was appointed Vale’s CEO in May 2011, people the result of strict internal credit controls and a reduction in the to 40% of its annual nominal capacity of 95,000 metric tons.57 benchmark prices of iron ore fines and pellets fell by 28.2% and in the mining industry knew exactly who he was: before country’s exports.52 Due to weak demand for kaolin, Vale subsidiary Caulim da 44.5%, respectively.62 In 2009, gross iron ore revenue shrank by To stay competitive and retain healthy cash levels, Vale needed Amazônia S.A. (Cadam), in Pará, cut its output by around 30%. 27.8%, due to a 13.2% decline in sales volumes and a reduction in reaching the top job, Ferreira had built up nearly 30 years to restructure. In line with changes in global economic conditions, The kaolin production of another subsidiary, Pará Pigmentos S.A. average prices. Gross revenue from iron ore pellets fell by 68.6% as of experience in the sector, having joined the company in the company adjusted its production plans as of November, (PPSA), was also reduced by 200,000 metric tons per year.58 These a result of price reductions caused by lower demand.63 1988 as Director of Vale do Rio Doce Alumínio (Aluvale). shutting down some iron ore mines in the South and Southeast drastic measures to bring production into line with demand were A 45.5% fall in gross manganese ore revenue mainly occurred After then, he held various management positions before 53 systems in Minas Gerais. Just three of Vale’s 10 pelletizing plants necessary in 2008, and the situation grew even worse the next year. due to price declines in 2009, although this was partially offset being appointed CEO of Vale Inco (now Vale Canada), where 64 remained in operation during the crisis: the company closed five In 2009, Vale – like everyone else – experienced difficult times. by a rise in sales volumes due to strong Chinese demand. Gross he remained until 2008.1 of its seven plants at Tubarão Complex in Vitória (Espírito Santo), revenue from ferroalloy operations fell by 69.3%, thanks to a 48.5% Murilo Ferreira has an undergraduate degree in one in São Luís (Maranhão) and another in Fábrica (Minas Gerais). Vale in the challenging year of 2009 decrease in average sales prices and a 36.1% drop in sales volumes. Four pelletizing plants at Tubarão Complex belonging to Vale’s joint The year 2009 began with concern for the brutal fall in demand There was a 49.6% decline in gross nickel product revenue and a Business Administration from Fundação Getulio Vargas in ventures were also closed.54 in 2008 and the need to make adjustments, and it ended with a 32.6% fall in gross revenue in the aluminum sector.65 São Paulo, a postgraduate diploma in Administration and Also due to the crisis, the company shut down its manganese rare annual decline in global GDP.59 The Brazilian economy shrank Kaolin and copper also registered declines in 2009. Sales of Finance from Fundação Getulio Vargas in Rio de Janeiro, ore and ferroalloy operations in Brazil between December 2008 and by 0.6%, according to IBGE figures, while the USA, Japan and the kaolin fell by 17.2%, mainly due to a 25.8% decrease in volumes, and a specialist diploma in M&A from the International 60 January 2009. Its ferroalloy plant in Dunkirk, France, was closed European Union contracted by 2.4%, 5% and 4.2%, respectively. partially offset by an 11.6% rise in average sale prices. Sales of Institute for Management and Development (IMD) in until April 2009, and in Mo i Rana, Norway, a planned stoppage to do copper concentrate were down 23.6%, due to a 5.3% decline in Lausanne, Switzerland.2 Since taking over as Vale’s maintenance work on the plant’s furnace was extended until June volumes and a 19.3% drop in the average sales price.66 CEO, he has prioritized the responsible execution of the of the same year.55 In the nickel area, Vale stopped using its thermal 56 - Idem. Over the course of the year, China accounted for approximately power plants in Indonesia for a time. In January 2009, Copper Cliff 57 - Idem. 68% of global demand for seaborne iron ore, 44% of global demand company’s investments, employee training, and health 58 - Idem. and safety initiatives. 59 - See Vale’s 2009 Form 20-F Report. 50 - Idem. 61 - See Vale’s 2009 Form 20-F Report. 60 - See Fiesp, “A política de desenvolvimento produtivo,” Competitiveness 51 - Idem. and Technology Department, Decomtec, November 2009. Available at
Vale Our History Vale Our History for nickel, 39% of global aluminum demand, and 40% of global copper 10.4 The art of overcoming crises: 356 demand. The percentage of Vale’s operating revenues generated by investments and disinvestments 357 sales to Chinese customers was 38%. China bought 56.8% of the company’s iron ore and pellet shipments, while Asia as a whole After selling a stake in Usiminas in 2008, Vale continued with received 72.7%. After this came Europe (13.4%) and Brazil (10.2%).67 its restructuring policy, disposing of its remaining 2.93% interest As of the second half of 2009, the figures showed a gradual in the company in the second quarter of 2009. The US$273 recovery in the global economy and an upturn in demand for million transaction made a positive contribution in 2009. As a minerals. As a result, Vale resumed operations at its iron ore result of a strategic review of its nickel refining and distribution mines in the South System and increased the pace of production operations, in December 2009 Vale sold its American subsidiary, in Carajás. The pelletizing plants at Tubarão Complex in Vitória the International Metals Reclamation Company (INMETCO), for (Espírito Santo) belonging to Itabrasco and Hispanobras were US$38.6 million.70 Also in the nickel sector, Vale disposed of its started up once more in July and August 2009, respectively. Vale’s 65% interest in Chinese company Jinco Nonferrous Metals Co. Fábrica plant in Congonhas (Minas Gerais) and the plant in São Ltd. (Jinco) for US$6.5 million. The same month, Vale entered into Luís (Maranhão) resumed operations in the first quarter of 2010. an agreement to sell its 76.7% stake in Inco Advanced Technology By the start of that year, all the company’s pelletizing plants were Materials (Dalian) and its 77% interest in Inco Advanced operating once more.68 Technology Materials (Shenyang), which operates nickel foam In the third quarter of 2009, Vale also restarted part of its plants in China, for US$7 million, to affiliate companies of other manganese and ferroalloy operations. In general, the figures show shareholders.71 a return to growth by the end of the year, but the company’s In January of that year, Vale reached an agreement to sell its full-year results were poor in almost all sectors, in line with the manganese and iron ore exploration rights (as well as related weak Brazilian economy. An exception was potash, used to make properties) in Bahia for a total sum of US$16 million. It also sold fertilizers, which performed excellently in 2009. Vale’s gross potash three small hydroelectric plants, used to supply some of the revenues expanded by 40% as a result of the strong performance of power consumed by the company’s ferroalloy plants in Minas the agriculture sector in Brazil.69 Gerais, for US$20 million.72 At the same time, wholly owned subsidiary Valesul made an agreement to sell its aluminum assets to Alumínio Nordeste S.A., a Metalis group company. Among the assets included in the deal were an anode plant, a reduction facility, industrial and administrative service areas, a foundry and inventories.73
70 - Idem.
Ore reclaimer in 71 - Idem. stockyard at Ponta 72 - Idem. 67 - See Vale’s 2009 Form 20-F Report. da Madeira Maritime 73 - “Vale vende US$ 31,2 milhões em ativos da Valesul para a Alumínio Nordeste S.A.,” Terminal in São 68 - Idem. O Globo, January 22, 2010. Available at
Vale Our History Vale Our History Left: alumina being shipped from Alunorte in Barcarena, Pará, 2008.
358 359 The disinvestment program continued in July 2010, when Vale The company made an important acquisition in September the Santa Cruz neighborhood in the West Zone of Rio de Janeiro. sold its 86.2% stake in Pará Pigmentos S.A. (PPSA), as well as other 2009, when it completed its purchase of 100% of Rio Tinto’s iron ore As a strategic partner of ThyssenKrupp, Vale was TKCSA’s sole and kaolin mining rights in Pará, to Imerys S.A. for US$74 million.74 operations in Corumbá, Mato Grosso do Sul. The US$750 million exclusive iron ore supplier.82 Finally, in February 2011, all of the aluminum operations of deal included associated logistics assets.79 In 2009, Vale defined In November 2007, Vale signed a memorandum of understanding Albras, Alunorte and Companhia de Alumina do Pará (CAP) were Corumbá iron ore mine as “a world-class asset characterized by with Dongkuk Steel, one of South Korea’s largest steel producers, transferred to Norwegian company Norsk Hydro.75 According its high grade reserves, rich in lump ore, convertible by a direct to build a steel plate mill in the Brazilian state of Ceará, at the to the terms of the agreement, Vale, through its wholly owned reduction process. Its logistics assets meet 70% of the operation’s Pecém Industrial and Port Complex in São Gonçalo do Amarante. subsidiaries, transferred to Hydro a 51% stake in Albras, a 57% transportation needs.”80 In 2008, Corumbá Mine produced 2 million Called the Pecém Steel Company (Companhia Siderúrgica do interest in Alunorte and 61% of CAP.76 Through this transaction, metric tons of iron ore.81 Pecém), the operation will have an initial production capacity of Vale received US$503 million in cash and 22% of Norsk Hydro’s The purchase of these assets in Corumbá brought yet another 2.5 million metric tons per year.83 outstanding common shares.77 country onto Vale’s map: Paraguay. In the logistics area, the acquisition Elsewhere in Brazil, Vale invested in expanding the production included a contract for transporting goods along a 42-kilometer capacity of Carajás Complex in Pará. As of the first quarter of 2010, Investments: new equity stakes and operations railroad – whose concession belongs to América Latina Logística (ALL) the company began operating new facilities there that added 20 While it was willing to dispose of businesses that were no longer – and an iron ore loading port to ship products down the Paraná and million metric tons to the site’s annual iron ore production capacity.84 priorities, Vale also perceived that, to resume its growth, it could Paraguay rivers to Paraguayan and Argentinean customers. Two more not give up on its diversification and investment drive. In 2009, the river ports were leased and, through a port in Buenos Aires Province, Vale and MBR company began to see the results of its investment in constructing the ore reaches the seaborne market. In May 2007, Vale increased its stake in Minas Gerais-based subsidiary the Carajás Hydrometallurgical Plant. Located at the Sossego In 2010, the iron and manganese mines of Corumbá – under Vale’s Minerações Brasileiras Reunidas S.A. (MBR). The company, whose mining unit in Pará and completed in December 2008, the plant control as of 1994, when it acquired a 100% stake in Urucum Mineração direct stake in MBR was 49%, considered the subsidiary’s iron was designed to test industrial-scale processing of complex copper S.A. – were transformed into the Center-West System. The company ore assets “among the best in the world.”85 The other 51% of the ores to produce copper cathode. now has four integrated mine-railroad-port systems in Brazil: South, company belonged to Empreendimentos Brasileiros de Mineração Vale’s Vargem Grande pelletizing plant in Nova Lima, Minas Southeast, North and Center-West. S.A. (EBM). As of May 2007, Vale had an 80% interest in EBM’s Gerais was completed in the first half of 2009. This plant, built with In the third quarter of 2009, Vale entered into an agreement capital. Through new transactions, the company acquired a further the capacity to produce 7 million metric tons of iron ore per year, with German group ThyssenKrupp Steel Europe AG in order to 6.25% of EBM’s equity and signed an agreement guaranteeing now operates with an annual production capacity of 10 million raise its stake in ThyssenKrupp CSA Siderúrgica do Atlântico Ltda. it the use of the remaining 13.75% stake for the next 30 years.86 metric tons.78 (TKCSA) from 10% to 26.87%, for an investment of US$1.42 billion. TKCSA was building an integrated steel plate mill, with nominal production capacity of 5 million metric tons of plate per year, in 74 - See Vale’s 2010 Form 20-F Report. 75 - Idem. 82 - See Vale’s 2009 and 2010 Form 20-F Reports. 76 - See Vale press release “Vale conclui gestão de portfólio de ativos de alumínio,” February 79 - Idem. 83 - See Vale’s 2007 Form 20-F Report. 28, 2011. Available at
Vale Our History Vale Our History Previous page: convoy of 16 barges transporting iron ore on the Paraguay River in 2011; and itabirite ore processing facility in Itabirito, Minas Gerais. Left: train on the Carajás Railroad (EFC) in 2012.
360 MBR was the second largest iron ore producer and exporter in Vale, as a large Brazilian exporter, played a major role in TABLE 1 361 Brazil, with a strong presence in the seaborne market. It sold to improving the country’s solvency and sustainability indicators, VALE’S ExportS comparED WITH OTHER SELECTED produCts (US$ milLION) practically all iron ore consuming markets in the world, exporting particularly in terms of international reserves and the external around 90% of its output.87 It had been growing steadily, and its debt. Brazil’s large trade surpluses and ample liquidity in reserves exceeded 1.4 billion metric tons of hematite and 4.4 international financial markets helped the country to improve its VALE’S SoYBEANS* SUGAr* MEAT* AutomOBILES* COFfEE* AIRCRAFT billion metric tons of high-grade itabirite. Operating in the Iron external debt indicators, and allowed the Central Bank to dispense EXPORTS Quadrangle region of Minas Gerais, MBR exported its goods from with International Monetary Fund (IMF) support in 2005.90 its own maritime terminal on Guaíba Island in Sepetiba Bay, Rio 2001 3,297 5,206 2,279 2,629 4,239 1,393 2,839 de Janeiro State.88
2002 3,173 5,906 2,094 2,879 4,510 1,362 2,335
10.5 The boom of 2010 2003 4,229 7,935 2,140 3,729 5,827 1,516 1,939
Vale’s commercial leap forward in 2010, a year in which the company attained its best ever results, can be summed up by its 2004 5,534 9,822 2,640 5,648 7,307 2,025 3,269 export volumes. That year, Vale’s net Brazilian exports (its total exports from the country minus its total imports) were around 2005 7,021 9,232 3,919 7,391 9,189 2,879 3,168 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 2006 9,656 8,911 6,167 7,701 10,366 3,311 3,241 Vale’s net exports are compared with those of products such as automobiles (including passenger vehicles, tractors, engines, 2007 12,492 10,888 5,100 9,559 10,396 3,829 4,719 parts and components) and aircraft, which together amounted to less than US$15 billion.89 Vale’s 2010 exports were therefore almost twice as large as automobile and aircraft exports 2008 17,606 17,300 5,483 12,046 11,109 4,697 5,495 combined. Although 2010 was a record year, Vale’s importance as a major Brazilian exporter was apparent throughout the decade 2009 13,719 17,058 8,378 9,602 7,122 4,222 3,860 (Table 1).
2010 29,090 16,953 12,762 11,375 10,348 5,717 3,972 87 - See Vale press release about Caemi Mineração e Metalurgia S.A., October 8, 2003. Available at
Vale Our History Vale Our History GRAPH 1 BRAZILIAN INTERNATIONAL RESERVES (US$ billions)
288.575 In 2010, Vale experienced its best ever annual results, 300 with record operating revenue, operating margin and 238.52 250 net income. Operating revenue reached US$46.5 billion, 180.334 193.783 while operating profit measured by EBIT (earnings before 200 interest and taxes) amounted to US$21.7 billion 150
85.839
100 362 363 35.866 37.823 49.296 52.935 53.799 50
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Central Bank of Brazil.
Brazil was experiencing a new situation, as it cut its total external End of the storm In the light of the emerging economies’ strong performance, alongside In December of the same year, the Central Bank announced debt and expanded its international reserves (Graph 1) in a context of Driven by strong results in emerging economies – major generators the continued economic crisis in rich countries, the IMF decided new measures, this time to reduce credit, further slowing down growing exports. The result was an overall improvement in indicators. of demand for minerals and metals – the global economy saw fast to reassign more than 6% of its voting quotas from developed to the economy in order to control inflation. These measures included The direct effect of this was strengthened solvency in the face of growth in 2010, rising above the low levels recorded in late 2008 and developing countries, increasing their influence in the institution’s an increase in banks’ compulsory deposits (with the Central Bank) external financial commitments and greater credibility in international early 2009.92 The Brazilian economy followed the same path, ending decision making. China then became the third largest member of the to remove R$61 billion from the economy, restrictions on long- markets, reflected by the country’s investment grade rating.91 2010 with annual growth of 7.5%, according to IBGE data. In current Fund, whose executive committee has 24 member countries.95 term loans to individuals, and removal of support from the Credit By analyzing Brazil’s main external economic data, one can values, the sum of all income produced in the country came to R$3.67 The overheating Brazilian economy then began to present Guarantee Fund (Fundo Garantidor de Crédito, or FGC) to small perceive that at the end of the millennium’s first decade, Vale trillion. Per capita GDP reached R$19,016.93 It was a firm response to side effects, and in May 2010, public spending cuts of R$10 billion banks.97 By the end of the year, the Brazilian economy had created was a fundamental company for the development of the country, the crisis experienced since mid-2008. were announced by the Brazilian government. The idea was to 2.86 million formal jobs, according to the Ministry of Work. This capable of harnessing favorable international circumstances, Brazil’s rate of expansion was surpassed by China (which contain inflation and respect the domestic economy’s production was a new record, surpassing the previous record of 1.6 million new with higher demand and prices, to consolidate its contribution to experienced growth of 10.3%) and India (8.6%), but it exceeded the capacity. Two months previously, the federal government had jobs set in 2007.98 domestic growth. growth seen in South Korea (6.1%), Japan (3.9%), the USA (2.8%) and already announced a R$21.8 billion reduction in the 2010 budget.96 the euro zone region (1.7%).94
95 - See “Países emergentes ganham influência e FMI duplica cotas,”Folha de S.Paulo, 97 - See “BC anuncia medidas para segurar crédito e tira R$ 61 bi da economia,” Folha de 92 - See IBGE, “Em 2010, PIB varia 7,5% e fica em R$ 3,675 trilhões,” published on March 3, October 23, 2010. Available at
Vale Our History Vale Our History 364 365
The biggest net profit in the history of mining In terms of diversification, Vale also enjoyed results that In 2010, Vale experienced its best ever annual results, with record consolidated its position following its major resumption of operating revenue, operating margin and net income. Operating investment. Gross manganese revenue grew by 77.9%, due to revenue reached US$46.5 billion, while operating profit measured a 56.5% rise in the average price and a 13.3% increase in sales by EBIT (earnings before interest and taxes) amounted to US$21.7 volumes. Ferroalloy revenues expanded by 78.5%, due to a 60.7% billion. The company’s operating margin, measured as operating increase in volumes and a 10.9% rise in average sales price.103 profit as a proportion of net operating revenue, was 47.9%. The In the coal sector, revenues increased by 52.5%, mainly due to year’s net profit came to US$17.3 billion. Vale also allocated the consolidation of Vale’s sales in Colombia. The average selling more resources than any other mining company to fund the price also rose in line with better market conditions.104 construction of new platforms for growth and value creation. The Nickel production, which had been weak since the workers’ company invested US$12.7 billion in new growth opportunities strike in Canada beginning in July 2009, also started to grow again. and the maintenance of existing assets. Another US$6.7 billion In July 2010, a new five-year collective agreement was signed by financed acquisitions, mainly of fertilizer assets in Brazil.99 representatives of production and maintenance employees at Less than a year after facing the biggest crisis in its history, Vale the striking mines, bringing an end to the dispute.105 Gross nickel overcame its problems and had enough power to continue growing. revenue rose by 19.4% during the year. Due to strong demand and economic recovery across the world, Gross revenue from copper increased by 37%, caused by a 40.5% the company’s gross revenue from iron ore sales rose by 105.6% in increase in the average sales price. Gross revenues from sales of 2010. This growth in revenue was mainly caused by an 84.9% aluminum and related products rose by 24.6%. On the other hand, increase in average sales prices, as well as an 11.2% rise in the potash revenues fell by 32.2%, caused by a 21.2% fall in average volume sold.100 Making greater use of its production capacity, sales prices and a 13.9% decline in the volume sold in 2010.106 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. 103 - Idem. Aerial view of iron 100 - See Vale’s 2010 Form 20-F Report. 104 - Idem. ore processing plant 101 - Idem. 105 - Idem. at Carajás Mine in 102 - Idem. 106 - Idem. Pará, in 2010.
Vale Our History Vale Our History Energy in 2010 operations in Voisey’s Bay were completely supplied using diesel In 2010, Vale produced 65.3% of the electric power consumed in generators.115 In Brazil, Vale’s main electricity suppliers are its operations in the Brazilian Southeast System and 63.3% of the Eletronorte, Centrais Elétricas de Minas Gerais (Cemig) and Espírito 366 power used in the South System. Through stakes in hydroelectric Santo Centrais Elétricas (Escelsa). Together, these companies 367 plants – currently Igarapava, Porto Estrela, Funil, Candonga, Eliezer supplied 36% of Vale’s electricity purchases in 2010.116 Batista, Amador Aguiar I, Amador Aguiar II, Estreito, Machadinho, In April of the same year, Vale Energia Limpa S.A. was established Glória, Ituerê, Mello and Nova Maurício, the latter four small hydro to operate in the field of clean synthetic fuels, which emit less plants – the company had implemented its plan to produce and greenhouse gas emissions.117 In December, Vale received an use a cheaper and cleaner energy form. As in previous years, all operating license for the Estreito Hydroelectric Plant in Maranhão, of the electric power consumed by the North System was obtained the company’s first hydro project in Brazil’s North region. This plant at market prices from regional electricity companies. In all, began generating power in March 2011. hydroelectric power plants supplied 23% of the electricity demand of Vale’s Brazilian operations.107 Vale and the capital markets Over the course of 2010, the company’s total electric power usage A major step forward was taken in terms of Vale’s position in the was 22 TWh.108 Its activities in Brazil accounted for 73.3% of this global markets when the company listed its shares on the Hong Kong total,109 corresponding to 3.9% of the electricity consumed in the Stock Exchange.118 By listing on one of the most important stock country.110 This is more than the amount used by the city of Rio de exchanges in Asia, investors across the world were now able to trade Janeiro in the same year.111 In Canada, Vale’s power plants in Sudbury in the company nearly 24 hours a day, in the Americas, Europe and met 9% of local operations’ electricity needs, while in Indonesia, self- Asia, strengthening Vale’s position as a global company.119 generation supplied 90% of the company’s demand.112 Between 2000 and 2010, Vale produced US$154.5 billion of value The remainder of Vale’s electricity demand in Sudbury was for its shareholders and distributed US$17.4 billion in dividends. met through purchases from utility companies in the province of Total shareholder returns were 38.2% per year between 2001 and Ontario,113 while the Thompson operations bought low-cost power 2010 – the highest rate among the largest mining companies.120 from the local hydroelectric power plant.114 Finally, the company’s 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. 107 - See Vale’s 2010 Annual Report. Consequently, Vale had resumed “its long-term upward trend 108 - Idem. in the prices of its shares, which began at the start of 2000 and 121 109 - Idem. accelerated significantly over the past ten years.” 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
Vale Our History Vale Our History Following page: pile of potash at Taquari-Vassouras Mine in Rosário do Catete, Sergipe, Brazil, 2002.
10.6 Vale in the fertilizer market In 2010, Vale acquired the phosphate operations of Fosfertil and Bunge Participações e Investimentos for US$5.82 billion. In nature, fertilizers are distributed into three groups of Subsequently, on February 1, 2011, Vale Fosfatados merged with Vale Fertilizantes.125 368 nutrients: nitrogen (used by plants in photosynthesis, contributing 369 to fast plant growth), phosphorus (which helps the development of In Brazil, Vale now has fertilizer operations in five states. In the roots) and potassium (fundamental to the quality of fruits and the state of São Paulo, in Cajati the company produces phosphate rock internal circulation of liquids in plants). and dicalcium phosphate, used to make animal food; in Guará it In the late 2000s, after a period of retraction arising from the produces phosphate fertilizers, used to enrich the soil for farming; crisis of 2008, Vale’s investment strategy in the fertilizer sector in Cubatão it produces phosphate and nitrogen fertilizers; and in represented a new stage in the diversification of the company, Santos it operates a maritime terminal that handles ammonia, which now served the food production market. sulfur and bulk fertilizers, with the capacity to process 2.3 million Vale’s investment in fertilizers was based on the belief that metric tons per year.126 In Minas Gerais, the company’s facilities Brazilians’ growing per capita income and demand for biofuels in Tapira, Uberaba, Patos de Minas and Araxá produce phosphate would raise fertilizer demand in the country. Brazil would play an rock and phosphate fertilizers. Also in Minas Gerais, the company important role in this market because of its position as a leading is implementing the Salitre Project, which consists of developing a agricultural producer and its growth potential, especially due to mine capable of producing an estimated 2.2 million metric tons of its access to water and arable land. The country is currently the phosphate concentrates per year. In the state of Goiás, the Catalão world’s fifth largest importer of fertilizers.122 unit was created to produce phosphate rock and phosphate The Rio Colorado fertilizer production project, located in the fertilizers. In Paraná, the company produces nitrogen fertilizers Argentinean province of Mendoza, originally belonged to the Anglo- in Araucária, while in Sergipe, the Carnalita potash project in the Australian company Rio Tinto, which sold it to Vale. The project municipality of Rosário do Catete has been initiated.127 entails developing a mine with an initial nominal potash production Outside Brazil, besides Argentina and Canada, the company capacity of 2.4 million metric tons per year and the potential to also operates in Peru and is developing a project in Mozambique. expand output to as much as 4.35 million metric tons per year. A In Peru, in 2010 operations began at Bayóvar Mine, which sits 350-kilometer railroad, port facilities and a power plant will also be on one of the largest phosphate rock deposits in South America built.123 Elsewhere in Argentina, the Neuquén Project, designed to and is capable of producing 3.9 million metric tons per year.128 In produce 1 million metric tons of potash per year, entered the final Mozambique, the Evate Project is designed to produce phosphate study phase in 2012. rock in the province of Nampula. 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.124 125 - See Vale’s 2010 Form 20-F Report. 126 - Available at
Vale Our History Vale Our History 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.
143 370 10.7 Logistics their enormous transport capacity cut the number of trips that The North-South Railroad: for its customers; the following year, using the same fleet, the 371 need to be made.133 a new general freight transport corridor company transported 1.16 billion metric ton-kilometers for its The crisis of 2008, when Vale’s goods arrived at ports but Vale also invested US$74 million134 in the purchase of four used Continuing with its plans to expand its railroad network in Brazil, customers.144 there were not enough ships for them, led to a radical change Capesize ships and entered into a number of long-term shipping in October 2007 Vale won a bid for a sub-concession to operate a in the company’s shipping strategy. To become free from supply contracts.135 Three Capesize ships that were already being operated 720-kilometer stretch of the North-South Railroad (Ferrovia Norte- Logistics figures in 2010 reductions and rising shipping prices caused by market volatility, by Vale continued to sail on the Brazil-China route, exclusively Sul, or FNS) between Açailândia in the state of Maranhão and Vale sought to develop initiatives to permit economies of scale Vale decided to buy and build its own vessels. In August of the carrying iron ore. “We have 35 ships in our portfolio and we want Palmas, Tocantins. Vale thereby became responsible for operating, and logistics solutions for its customers. Log-In, in which Vale same year, it signed a contract with Rongsheng Shipbuilding and to have long-term shipping contracts. We bought these ships at conserving, maintaining, monitoring, upgrading and adjusting this has a 31.3% stake, is a logistics company established in order to Heavy Industries in China to construct 12 Very Large Ore Carriers the time because we could not find competitive shipping prices stretch of the FNS for the following 30 years.139 provide intermodal services based on integrated door-to-door (VLOCs), each one capable of transporting 400,000 metric tons, in the market,” explained José Carlos Martins, Vale’s Executive These tracks were already well known to Vale. Since the railroad solutions for port, shipping and railroad container transportation, making them the largest ore carriers in the world. The company’s Director of Iron Ore and Strategy.136 The company’s decision to was founded in 1996, Vale had been operating a 225-kilometer complemented by short-distance road freight transportation and total investment in this was US$1.6 billion.129 The era of the build its own ships also lay in the growing shift in market growth stretch of it between the municipalities of Açailândia and Estreito, the storage of containers at land freight terminals.145 Valemax had begun. toward Asia. Until the year 2000, 50% of the company’s output both in Maranhão. In the city of Açailândia, the FNS connects to the Part of the general cargo transportation industry, intermodal Seven VLOCs were also ordered from South Korean shipyard had been sold in the West, but 10 years later this figure was just Carajás Railroad (EFC), giving access to Ponta da Madeira Maritime logistics specializes in the transport, handling and storage of Daewoo Shipbuilding & Marine Engineering Co. Vale received the 30%. “In the long term, we will depend increasingly on the Asian Terminal in São Luís.140 goods stored in containers. Log-In does not transport ore, but first one in May 2011 and christened the world’s biggest ore carrier market, so we have to be efficient in shipping. To give you an idea The purpose of this new operation was to create and utilize a new just general cargo. Its activities are not therefore part of Vale’s Vale Brasil. Vale’s total investment in the seven South Korean of the figures, the cost of delivering one metric ton of ore to Asia corridor for transporting general freight produced in the Center- main logistics businesses, which involve the transport, handling ships was US$748 million.130 Measuring 362 meters in length and is about US$50. Of this sum, less than US$10 is the mining cost, North region, in particular stimulating exports of soybeans, rice and storage of its products, especially iron ore, and bulk goods for 65 meters in width, and able to carry up to 400,000 metric tons, and the rest is the logistics cost. If you do not have an appropriate and corn. Costing approximately R$1.47 billion, the sub-concession third parties.146 Vale Brasil was more efficient than smaller ships at transporting logistics strategy, you lose the competitiveness of your business,” strengthened Vale’s portfolio of logistics services.141 The new Between 2009 and 2010, Vale’s gross logistics service revenues ore from Brazil to Asia and had 35% lower carbon emissions per said Martins.137 operation was in line with the company’s strategy of participating grew by 32.7%. Railroad revenues expanded by 32.1% (due to ton transported.131 In 2009, long-term shipping contracts were also signed to effectively in general freight transportation in Brazil.142 higher volumes of agricultural goods, steelmaking inputs and steel In September and October 2011, two more Valemaxes were transport pellet feed from Brazil to Oman, where Vale was building The figures show the success of the strategy of using the products), and revenues from port operations increased by 33.7%.147 delivered: Vale Rio de Janeiro and Vale Itália.132 The design of these a direct reduction pelletizing plant with a nominal production North-South Railroad corridor efficiently to carry general freight. vessels received a Nor-Shipping Clean Ship Award, for significantly capacity of 9 million metric tons per year and a distribution center In 2008, Vale operated a fleet of six locomotives and 370 cars on reducing carbon emissions per ton of ore transported, given that able to store 40 million metric tons of iron ore or pellets.138 the FNS, transporting 0.9 billion metric ton-kilometers of freight
133 - See Vale press release “Vale Brasil, o maior navio mineraleiro do mundo, realiza 129 - See Vale press release “Vale estabelece linha de transporte dedicada à rota Brasil- primeiro descarregamento em Taranto.” Available at
Vale Our History Vale Our History 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
151 372 In 2010, the EFVM transported 78.9 billion metric ton- of bulk liquids. Intense port activity was one indication of a very 373 kilometers of iron ore and other freight – 16.8 billion metric successful year for Vale. ton-kilometers (21.3%), including iron ore, exclusively for What happened at the Tubarão terminals was repeated in other Brazilian third parties. The EFVM, whose fleet consisted of 331 parts of Brazil. Ponta da Madeira Maritime Terminal in Maranhão locomotives and 18,967 cars, also carried 1 million passengers handled 94.2 million metric tons of iron ore for Vale and 5.4 million in 2010.148 The EFC transported 90.4 billion metric ton-kilometers metric tons of goods for third parties. At the Sepetiba Bay Port of iron ore and other goods, of which 3 billion metric ton- Company Terminal in Itaguaí, Rio de Janeiro, operated by subsidiary kilometers were for external customers. The EFC also CPBS, 22.6 million metric tons of iron ore were shipped out.152 transported 341,583 passengers in 2010, using its fleet of 220 Guaíba Island Terminal in Rio de Janeiro exported 37.9 million locomotives and 10,701 cars.149 metric tons of iron ore in 2010. Meanwhile, at Inácio Barbosa The FNS carried 1.52 billion metric ton-kilometers of goods Maritime Terminal in Sergipe, belonging to Petrobras and operated for third parties, using its fleet of six locomotives and 440 cars, by Vale, 600,000 metric tons of fuels, agricultural products and while the Centro-Atlântica Railroad (Ferrovia Centro-Atlântica, or steel were handled.153 To the south, Santos Maritime Terminal FCA) transported 11.4 billion metric ton-kilometers of freight for on the coast of São Paulo State, operated by subsidiary Vale customers, using its fleet of 500 locomotives and 12,000 cars. The Fertilizantes, handled 2.1 million metric tons of ammonia and bulk FCA, an important logistics corridor for general freight, extending solids, up 10.2% from 2009, reflecting Vale’s growing investments for 8,023 kilometers, passes through 316 municipalities in seven in fertilizers.154 Brazilian states (Minas Gerais, Espírito Santo, Rio de Janeiro, The good results achieved in 2010 spurred on even more Sergipe, Goiás, Bahia and São Paulo) and the Federal District. investment the following year. In 2011, the company announced Finally, MRS carried a total of 144.9 million metric ton-kilometers more than US$5 billion of investments in logistics, with the aim of goods, including 60.8 million metric ton-kilometers of iron ore of reaching 522 million metric tons of products shipped in 2015.155 and other Vale products.150
Ports and terminals Over 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
151 - Idem. 152 - Idem. 148 - Idem. 153 - Idem. Tubarão Complex in Vitória, 149 - Idem. 154 - Idem. Espírito Santo, 2008. 150 - Idem. 155 - See Especial Logística, published by Vale.
Vale Our History Vale Our History 374 375
Panoramic view of quay at Tubarão Complex in Vitória, Espírito Santo, 2007.
Vale Our History Vale Our History 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.
376 10.8 Innovation and Belo Horizonte. At that time, the need to use more technology with universities and research centers in Brazil and other countries, 377 was already clear.”157 The success of the process encouraged other including the United States, Germany, China and Japan.162 “It’s not enough to have ore; it’s important to have the technology subsequent initiatives. Another characteristic of CTF is its use of advanced mathematical to facilitate its exploration at a reasonable cost,” argues economist An important company research center was opened in models to simulate steelmaking processes for its customers. These João Furtado.156 For this reason, Vale has for a long time allocated October 2008. The new Ferrous Metals Technology Center models are capable of predicting the behavior of the varieties of iron around 2% of its revenues to research and development. (Centro de Tecnologia de Ferrosos, or CTF), built in Nova Lima ore available on the market. This analysis enables Vale to calculate Since the 1960s, when it established a small ore treatment in the metropolitan region of Belo Horizonte, Minas Gerais, was performance in different processes and to help develop integrated laboratory in Santa Luzia, near Belo Horizonte, Minas Gerais, Vale exclusively dedicated to iron ore-related technologies. The aim furnace feed solutions for its customers.163 has demonstrated its concern for technological innovation. It was to improve and expand production by running simulations opened its Mineral Development Center (Centro de Desenvolvimento in world-class laboratories of the entire mining and steelmaking Vale Institute of Technology (ITV) Mineral, or CDM) in 1965 in order to try to make better use of the process.158 CTF was equipped with advanced apparatus such as The most ambitious project developed by Vale in recent years in the ore extracted from Cauê Mine in Itabira, Minas Gerais. a softening and melting furnace enabling metallurgical tests at research field is the Vale Institute of Technology (Instituto Tecnológico CDM was created with the mission to design mine temperatures of up to 1,700 degrees Celsius.159 Using this furnace, Vale, or ITV). The Institute’s activities began in 2009. Its goal is to development plans, ranging from the feasibility study phase it is possible to simulate different conditions for using iron ore coordinate Vale’s science and technology actions, emphasizing long- to best practices for harnessing reserves. In the center’s study in blast furnaces. Another useful piece of equipment at CTF is term research projects conducted in partnership with the national rooms and laboratories, information is processed about mine a Mössbauer spectrometer, which investigates the chemical and international scientific community. Through this initiative, Vale profiles, mineral quality and concentration, the type of mining and physical characteristics of iron compounds using nuclear aims to expand scientific research output and technology-based technology to be employed, transportation of output, waste resonance.160 This cutting-edge technology is also used in space economic development in Brazil, as well as generating and sharing planning and disposal, and mine closure. exploration missions: a Mössbauer spectrometer was sent to knowledge to spur socioeconomic, environmental and mining When CDM was established, Cauê Mine’s remaining hematite Mars by the U.S. National Aeronautics and Space Administration industry-related development. reserves were to be found at ever deeper levels, making operations (NASA) to study the planet’s soil.161 Since it was established, the Institute has entered into 97 less feasible. It was then necessary to create a technology to enable CTF has a multidisciplinary team composed of metallurgical research and development agreements, provided more than the extraction and usage of high-grade ore, at a lost cost, while engineers, chemists, geologists and physicians, among other 50 research scholarships, and created partnerships with 36 also processing low-grade itabirite. Vale opted for the pioneering professionals. The Center has entered into strategic partnerships Brazilian and international institutions, including Brazil’s use of magnetic separators. agricultural research institute, Embrapa, the National Council “The hematite was thinning out and the ore then available, for Scientific and Technological Development (CNPq), the containing iron, but in another form and in lower concentrations, Massachusetts Institute of Technology (MIT) and the École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland. was itabirite. By implementing the use of high-intensity magnetic 157 - Luiz Mello, CEO of ITV: “Para pensar o futuro,” Revista Pesquisa, Fapesp, no. 177, separators, Vale could process the itabirite. This innovative process November 2010. Available at
Vale Our History Vale Our History 378 379
Both centers will focus on a specific theme: the mining of operations’ power needs. VSE’s goal was to develop sustainable the future in Minas Gerais and sustainable development in Pará. processes for generating energy from renewable sources.165 They will each accommodate an average of 300 professionals, Under the terms of the deal, Vale owned 51% of VSE’s equity, including professors and students. The ITV research centers while BNDESpar, the arm of BNDES that administers the bank’s will be landmarks in terms of their cutting-edge architectural equity stakes, owned 44%. Sygma Tecnologia, Engenharia, Indústria design, offering an inclusive, stimulating and safe workplace. e Comércio Ltda. held the remaining 5% stake. Both centers will feature efficient energy generation and usage VSE’s planned investment program would feature “research systems, reduced water use, rainwater collection, and materials in the areas of thermal coal and biomass gasification, and the with a low environmental impact. production of gas-powered turbines and heavy multi-fuel motors.” From the very start, ITV has had an international mindset, The company would also enter into “cooperation agreements with arranging for researchers in Brazil and other countries to work universities and research institutions such as the University of São together as part of a network of international research institutes. Paulo (USP) and the Aeronautical Technology Institute (Instituto The idea is to involve a broad range of actors, bringing benefits Tecnológico da Aeronáutica, or ITA), as well as hiring its own team for society, since local development will be promoted, and for of scientists and researchers.”166 Vale, given that value will be added to its business as it develops VSE’s head office is in Rio de Janeiro and it has subsidiaries its network of relationships with the domestic and international in the United Kingdom and United States, as well as a Product scientific communities. Development Center (Centro de Desenvolvimento de Produtos, The ITV centers will also offer postgraduate courses and invest or CDP) in São Paulo. CDP, located on a site covering more than in the creation of technology-based enterprises, focusing on 100,000 square meters at the São José dos Campos Technology the development of entrepreneurs and the creation of business Park, has state-of-the-art laboratories to support research incubators. This will enable the technologies and research activities, from the development of prototypes and products to developed at the Institute to be transformed into businesses with their manufacture.167 high potential for growth and innovation.164
Energy solutions When 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 165 - See “Vale e BNDES criam empresa de pesquisa de energia,” Agência Estado, January Capable of generating 1,000 kW, enough power to 7, 2008. Available at
Vale Our History Vale Our History Previous page: aerial view of a Vale Florestar eucalyptus plantation in Maranhão.
10.9 Environment This initiative is particularly important given that a large share of Brazilian emissions of greenhouse gases arise from deforestation, During its 70-year history, one of Vale’s biggest challenges has forest burning and other land use changes.172 been to find solutions to minimize the impact of its activities. ITV’s sustainable development center in Belém, Pará – one of the Vale Fund company’s boldest investments – is committed to this. Vale has Established by Vale in 2009, the Vale Fund for Sustainable Development long supported projects designed to generate prosperity while works in partnership with public and third sector organizations to protecting the environment. The Vale Florestar Project, launched pursue a shared goal: to leave a positive, strategic legacy for future in 2007, is one such initiative. In May 2010, through a partnership generations by promoting sustainable development. with BNDES and the employee pension funds of Caixa Econômica A nonprofit institution, the Vale Fund participates in wide- Federal (FUNCEF) and Petrobras (Petros), the project evolved into a ranging, transformational projects, balancing conservation and the sustainable use of natural resources with improvements in regional 380 company, Vale Florestar S.A. 381 Vale Florestar S.A.’s purpose is to restore and regenerate socioeconomic conditions. deforested or degraded areas of native Amazon Rainforest while Its projects are carried out by organizations with proven also establishing commercial plantations; however, the company’s experience in the field, providing effective responses to the key activities are not restricted to the environment. Vale Florestar also issues of macro-sustainability. seeks to stimulate the sustainable socioeconomic development of eastern Pará, in municipalities situated in the “Arc of Deforestation,” Rational use of water and to contribute to ordered regional land use.168 In 2010, Vale’s investments in environmental control and protection Vale, BNDES, FUNCEF and Petros are all members of a amounted to US$737 million, up 27% from the previous year. Reforestation Fund with assets of R$605 million. Initial resources Of this total, US$529 million was spent in Brazil. Some of these were invested in Vale Florestar S.A., which is focused on developing resources were spent on water usage and availability management, forestry businesses in Brazil.169 The goal is to cover a total area preventing water waste, saving energy and securing supplies of of 450,000 hectares by 2022 – 150,000 hectares for commercial water for future projects.173 plantations and 300,000 hectares for protecting and restoring Water is an essential input for mining activities, demanding native forest.170 human intervention in surface and underground water resources. The idea is for projects to also spread a tradition of sustainable It is used most intensively in the following areas: in water table- silviculture, helping to reduce pressure on native forest. Vale lowering activities, to enable mining in saturated areas; in Florestar is active in the municipalities of Dom Eliseu, Ulianópolis, plants, where it is used in ore processing and cooling; and in the Paragominas, Rondon do Pará, Abel Figueiredo and Bom Jesus do sprinkling of access roads and stockyards of raw materials and Tocantins, which according to an ecological and economic mapping products. Water is also consumed in pelletizing processes, in ore study (Macrozoneamento Ecológico-Econômico, or MZEE) of the state transportation and in the washing of equipment and components.174 of Pará, are located in a zone featuring consolidation and expansion of Accordingly, in 2010 Vale intensified its research to make its productive activities in territory that is already deforested.171 water use and reuse more efficient. By using the resource more By means of its direct actions – reforestation, replanting and rationally, the company’s water recirculation and reuse rate reached regeneration of degraded areas – Vale Florestar promotes carbon an impressive 79% that year. This means that of the 1.2 billion liters dioxide sequestration through the natural photosynthesis of trees. required by Vale’s operations in 2010, 269 million liters were removed from nature, and all the rest was supplied by water recycling.
168 - See BNDES, “BNDESPAR participará do Fundo Vale Florestar com aporte de R$ 121 milhões,” Press Office, May 5, 2010. Available at
Vale Our History Vale Our History Previous page: wind fence at Tubarão Complex in Vitória, Espírito Santo. Left: construction site at Carajás S11D Iron Project, in 2012.
382 383 At the start of 2010, Vale ran a unique experiment at its Carajás organization specializing in environmental control solutions, One of the most innovative projects in global mining, S11D project’s industrial facilities will be located on pasture land outside operations, testing a technology for screening ore using only its which calculated the barriers’ ideal dimensions and layout, in line will allow 90 million metric tons of iron ore to be extracted Carajás National Forest. The outcome of five years of environmental natural moisture in order to reduce water use in the region.175 with the type of stockyard.179 per year just three years after it starts operating. To put this and engineering studies, the S11D Project brings together all the main In the operations where it has been implemented, this new After that, the plans were made and work began at Tubarão into perspective, the world’s largest open-pit iron ore mine, in lessons Vale has learned in Carajás. processing technique has cut water use by the same amount Complex. During the installation work, four 23-meter-high towers Serra dos Carajás, only reached this output level three decades “One of the most disturbing issues in the sustainable development consumed by a city of 430,000 inhabitants. It has also reduced were built around the stockyards, to which instruments were after it began functioning.183 S11D has been designed to set the process in Brazil is the imbalance between the living conditions electricity consumption by 18,000 MW per year and eliminated the attached for continually monitoring particulate matter levels and benchmark for intelligent mining, with lower costs, lower water of the inhabitants of its different regions” argues Professor Paulo need to build new tailings ponds.176 the wind direction and speed. After four months of monitoring, the consumption and less pollution. Haddad in the document A importância do Projeto Ferro Carajás S11D results showed that the wind fences had reduced dust emissions “Truckless” systems reduce operating costs and produce lower para o processo de desenvolvimento nacional da Região Norte do Brasil Wind fences by 77.4%.180 carbon emissions. If the S11D mine were completely operated using (“The importance of the Carajás S11D Iron Project for the national The first time that Vale put into practice the idea of building In addition to wind fences, Vale has invested in a number of off-highway trucks, there would be more than 100 vehicles circulating, development process in Brazil’s North region”). “When one observes artificial wind barriers, called wind fences, was in 2009, at other improvements to cut particulate emissions. One of the most consuming 65 million liters of diesel per year. Using conveyor belts, the geographical distribution of new investment projects in the Tubarão Complex in Espírito Santo. Wind fences are designed to significant was the shielding of iron ore and pellet conveyor belt diesel consumption will be 15 million liters per year, a saving of 77%. country’s mining sector, at the implementation or technical design stop the wind from blowing dust particles into the air, and are transfer houses in 57 places, in order to prevent dust from dispersing Finally, the need to replace 174 very large truck tires (each one over phase, initially estimated at US$54 billion, it is notable that the therefore an important instrument in controlling atmospheric at points where the material is transferred from one belt to another.181 three meters high) every year will be eliminated.184 overwhelming majority are located in the traditional periphery pollution. They are ingenious structures, made of a metal frame Another way of capturing dust is by using electrostatic In Canaã dos Carajás, a total of 37 kilometers of conveyor or dynamic periphery, helping to attenuate Brazil’s regional and polypropylene screens, and they can contain winds of up to precipitators. These tools are now employed at 21 pelletizing facilities. belts will be installed within the mining area, including development imbalances. This is the case with the Carajás S11D 120 kilometers per hour.177 They are capable of filtering out 99% of dust emissions produced branches that will connect to a main 9.5-kilometer trunk line Iron Project, located in a region of the country that needs to make Wind fences have been installed around Vale’s stockyards at in pelletizing furnaces. Unlike wind fences, which are physical to the processing plant. Between the area where the ore will be economic and social progress,” says Haddad. Tubarão to permit greater control over atmospheric emissions structures, electrostatic precipitators work by creating a field to extracted and the site where the processing plant will be built, Another consequence of the S11D Project is that the Carajás of iron ore, pellet and coal particles. In all, 9 kilometers of the capture pollutants, releasing clean gas into the atmosphere.182 there is a difference of altitude of 450 meters. This is another Railroad, used to take iron ore to the coast, will be extended for barriers have been erected. The fences are one and a half times advantage of the truckless system, as conveyor belts can more 100 kilometers, to Canaã dos Carajás. At the same time, Ponta da the height of the piles of products they shield, resulting in an Carajás: S11D Project easily cope with such slopes than trucks. Madeira Maritime Terminal, where the ore is loaded onto ships average height of 24 meters.178 Right from the start, Vale’s most ambitious mining project in the The technological innovation being applied at S11D is in line with for export, will gain an extra pier. By 2015, the terminal’s loading In 2005, Vale began research at the Federal University of Rio 2010s has been designed with sustainability in mind. S11D, in Canaã the sustainable model adopted by Vale, which calls for significant capacity will have increased to 230 million metric tons per year, Grande do Sul (UFRGS) to develop its wind fences. In 2007, the dos Carajás, Pará, will use iron ore conveyor belts on a large scale reductions in water use (through processing using natural ore moisture), almost twice its present capacity.185 company hired the Midwest Research Institute (MRI), an American rather than off-highway trucks. Belts will move ore from various the elimination of tailings ponds and lower carbon emissions. The parts of the S11D site to the plant quickly, cleanly and cheaply.
175 - See Vale press release “Vale desenvolve tecnologia que reduz o consumo de água de suas operações em Carajás,” March 19, 2010. Available at
Vale Our History Vale Our History 384 385
Aerial view of passenger train on the Vitória-Minas Railroad (EFVM), 2009.
Vale Our History Vale Our History More preservation actions restoration and regeneration of native forest. By 2011, it had already At the largest open-pit iron ore mine in the world, Vale is reusing planted 18,400 hectares of palm oil trees.189 the ultrafine ore particles deposited in tailings ponds after All areas used to grow palm trees must first be mapped and processing. This system for recovering fines is being used at demarcated by the federal government as degraded areas. As part Carajás Mining Complex and Azul Mine, in Parauapebas, Pará, of Vale’s strategy, Biopalma will contribute to preserving green where manganese is mined, and also in iron ore mines in Minas areas and restoring degraded areas.190 In addition, a family farming 386 Gerais. This new technology reduces the need for tailings dams program has been designed to cover 2,000 families in the Vale do 387 and piles of waste rock.186 Acará and Baixo Tocantins regions, who will produce palm oil on Another environmental advantage of this process is that it their land. The company will monitor the farmers’ agricultural does not generate any waste, and it basically only requires the use practices and has guaranteed to purchase their output. of dredgers with pipes, compartments and a rescreening plant. At In this context, the Small Farmers Project was launched in February Azul Mine, for example, more than 5 million metric tons of fines 2010 and now involves 24 families, who are growing palm trees on 240 were recovered in 2011 alone, in the first year that the system hectares. The farmers participating in this project receive technical was implemented. As a result, Vale was awarded an international assistance from Biopalma and credit from Pronaf Dendê, a federal certification by consultancy Pincock & Runge, formally recognizing government funding program administered by Banco da Amazônia, the tailings pond at Azul as a mineral reserve. In the same year, for the purchase of saplings, crop maintenance and subsistence needs using the same process, 8 million metric tons of iron ore were in the first three years of planting until harvesting begins.191 recovered at Geladinho Mine in Carajás.187 In a different field, Vale renewed its efforts to gradually start using natural gas and biodiesel as replacements for diesel and fuel Biodiesel oil in its operations. In February 2011, the company launched the In yet another step associating diversified investments with Green Train project, which involves using a blend of natural gas environmental actions, on February 1, 2011, Vale announced its and diesel to power its locomotives. The project is conducting trials purchase of Biopalma da Amazônia S.A., a palm oil producing on the Vitória-Minas Railroad (EFVM). It is estimated that using
company in Pará. Vale’s plan is to use most of the palm oil natural gas on the EFVM will cut emissions of CO2 equivalent by produced by Biopalma to manufacture “B20,” a blend of 20% 73,000 metric tons per year.192 biodiesel and 80% regular diesel, to power its fleet of locomotives on the Carajás Railroad and large machinery and equipment in its São Paulo Stock Exchange Corporate Sustainability Index Brazilian operations.188 As part of the process of continuously improving its sustainability Vale’s investments in biodiesel production are part of its management, Vale made a number of advances in 2010. It was strategic priority to be a global sustainability agent, making ever the first mining company to join the São Paulo Stock Exchange’s greater use of renewable fuels in its energy supply. Biopalma has Corporate Sustainability Index (Índice de Sustentabilidade six production clusters under development in the Vale do Acará and Empresarial, or ISE), and it further developed its Sustainability Baixo Tocantins areas of Pará. By 2013, it will have planted 60,000 Action Plan (Plano de Ação em Sustentabilidade, or PAS), whose hectares with oil palm trees and allocated 75,000 hectares for the targets were adopted as one of the criteria for employees’
186 - See Vale press release “Vale adota no Brasil projeto pioneiro de reaproveitamento de 189 - Idem. minério de ferro,” July 26, 2010. Available at
Vale Our History Vale Our History Right: iron ore processing plant using natural moisture In 2009, out of all major mining companies, Vale had the lowest at Carajás Mine, Pará. 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
388 variable pay. Sustainability issues received growing attention A nonprofit institution based in London, the Carbon Disclosure its impacts on vegetation, agriculture, biodiversity and energy 389 from investors and were seen as key factors in companies’ long- Project produces an annual report on climate change-related generation capacity in the states of Pará and Maranhão, where the term financial success. This trend was confirmed in the Brazilian activities undertaken by major global companies. The organization company has a major presence. market, with the ISE rising 5.8% during 2010, while the main presently represents more than 3,000 investors, who together control In 2009, out of all major mining companies, Vale had the Ibovespa index only increased by 1.04%.193 US$57 trillion in assets.196 lowest intensity of greenhouse gas emissions per unit of revenue, In this context, various banks, research institutions and investor Vale’s inclusion in the Carbon Disclosure Project’s ranking according to a survey conducted by the Carbon Disclosure Project. support organizations requested a wide range of information that, was the result of the Vale Carbon Program, whose foundations The company was also rated among the top five in a multi-sector together with a strengthened GRI methodology,194 could serve as were created in 2007. The program is an action plan set out in ranking in Goldman Sachs’ GS-Sustain Report – Focus List,201 which a guide to continuous improvement actions and the pursuit of the company’s Corporate Guidelines on Climate Change and analyzed opportunities and challenges related to climate change. best practices. Having joined the ISE index in 2010, Vale remained Carbon, published in September 2009 at the Sustainability Forum According to the same report, Vale was one of the four most in it in 2011, underscoring the company’s commitment and the organized by the Rio de Janeiro Federation of Industry (FIRJAN).197 sustainable global mining companies, in accordance with factors success of the measures taken by it in the area of sustainability In 2008, Vale’s greenhouse gas emissions amounted to 16.8 million such as return on capital, industrial issues and sustainability. In
and environmental management. metric tons of CO2 equivalent – up 10% from 2007. This increase its traditional assessment of companies designed for investors, was mainly due to the incorporation of operations in Australia and covering financial, strategic and sustainability issues, the GS- Carbon Disclosure Leadership Index refinements to the emission calculation methodology used.198 Sustain Report rated Vale among the five best companies in the In 2008, Vale was the only Latin American company to feature in Since 2008, when it published its Corporate Guidelines on world in the basic materials sector (industrial metals, precious the Carbon Disclosure Leadership Index. The ranking, published Climate Change and Carbon,199 the company has taken measures in metals, steel and chemicals).202
in September of that year, rated the largest companies in the New many areas, year after year, to cut its CO2 emissions and minimize The GS-Sustain Report produced sector rankings based on York Stock Exchange’s Global 500 Index. Of these companies, 67 the environmental impact of its operations. In 2010, Vale emitted three dimensions: Quality of Management and Sustainability were chosen, including both carbon intensive and non-intensive 0.65 metric tons of ozone-depleting substances, similar to the 2009 (environmental, social and corporate governance); Industry companies, as setting examples in transparency and the adoption of figure. This result also reflects the company’s efforts to improve its Position (access to profitable growth, and low-cost operations); and practical measures to cut their emissions. Among the six companies data collection in relation to the previous year.200 Return on Capital (cash return on capital invested and return on in the Raw Materials, Mining, Paper and Packaging sector listed as The Vale Carbon Program encompassed an agreement with the equity).203 Vale’s position in a ranking that combined sustainability, leaders, Vale registered the lowest greenhouse gas emission intensity National Space Research Institute (Instituto Nacional de Pesquisas quality and dividends made it clear that the company had excellent in 2007, in terms of emissions per unit of revenue.195 Espaciais, or INPE) signed in April 2009. This agreement provided prospects at the end of 2010. for the publication of three reports about climate change and
193 - See Vale’s 2010 Sustainability Report. 196 - Idem. 194 - The most widely used methodology across the world for producing sustainability 197 - Idem. 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 198 - See Vale press release “Vale aumenta para 76% o índice de reaproveitamento de água an instrument for promoting sustainability rather than merely a tool for producing em suas operações no mundo,” August 20, 2009. Available at
Vale Our History Vale Our History Iron ore processing plant at Carajás Mine, Pará, in 2011.
390 10.10 One of the best mining of this is the use of the Strait of Malacca, to the west of Malaysia, 391 companies in the world 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 In May 2011, Vale gained a new CEO: Murilo Ferreira. Before an equal footing with its Australian rivals. To this end, Vale will being appointed, Ferreira had already developed a successful benefit from a new port terminal and distribution center capable career at Vale. He was made a director of Vale do Rio Doce Alumínio of storing 30 million metric tons of iron ore in Teluk Rubiah, in the (Aluvale) in 1988, and later worked as Vale’s Executive Director of Malaysian state of Perak.206 Nickel and Base Metals Sales, before being appointed CEO of Vale In March 2011, expanding its foreign presence – especially in Asia – Inco (now Vale Canada), where he remained until 2008. In his first Vale began to construct its first pelletizing plant at the Sohar Industrial speech as Vale’s CEO, Murilo Ferreira stressed that employees Complex in the Sultanate of Oman. The company has invested a total were the company’s most important asset: “I strongly believe in of US$1.35 billion there in two pelletizing plants and a distribution the people working with me. I strongly believe we achieve better center, which will act as a hub to meet growing demand for iron ore results by working as an integrated team, capable of overcoming products in the Middle East, North Africa and India.207 any difficulties caused by global economic instability.” In the same way that it saw Asia as a market to be prioritized, Vale had ended the previous year with new records in all sectors, the company also invested heavily in Africa. On May 8, 2011, with a profit of US$30.1 billion, up 42.6% on its previous record, mining operations began at Moatize Coal Mine in Tete Province, set in 2008.204 The final results for 2011 were even better. The year Mozambique. Shortly afterward, in July, the mine’s processing ended with three new annual production records: 322.6 million plant was activated. This project is Vale’s biggest investment in metric tons of iron ore, 51.8 million metric tons of pellets, and 7.3 the coal sector.208 In the mine’s first year of operations, it produced million metric tons of coal.205 275,000 metric tons of metallurgical coal and 212,000 metric tons The company’s results were in line with the good overall of thermal coal.209 performance of Brazil, which that year had risen to seventh in the In March 2011, Vale began producing nickel in Onça Puma, Pará, ranking of the world’s largest economies. In 2011, Vale was more Brazil. The mine and processing plant have a nominal production international, diversified and focused on social and environmental capacity of 53,000 metric tons per year of nickel contained in 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 logistics Vale’s investment in Valemax vessels was accompanied by 206 - “Vale aposta na Malásia para bater BHP Billiton e Rio Tinto,” Brasil Econômico, July 21, 2011. Available at
Vale Our History Vale Our History Next page: city of Itabira, Minas Gerais, in 2005.
ferronickel. Onça Puma lies over a deposit of laterite/saprolite Through this initiative, Vale was beginning a pioneering industrial- nickel, and the operation’s output in 2011 was 7,000 metric tons.210 scale project at its iron mines in Brazil, which could extend the 392 lifespan of reserves and reduce environmental impacts.214 393 Upgrade in Vale’s Standard & Poor rating to A- The aim of the project is to reuse ultrafine iron and manganese Vale’s investments, diversification, good results and social and particles left over from previous mining activities and deposited environmental commitments – as well as its proven ability to tackle on waste rock piles or in tailings ponds. Piles store all waste rock crises – were acknowledged by the international ratings agencies. collected in mining areas, while tailings ponds store waste produced On November 23, 2011, Standard & Poor’s Ratings Services raised during ore processing in processing plants.215 the global scale ratings of Vale S.A. (“Vale”) and its subsidiary Vale Conceição-Itabiritos is an innovative project based on Canada Ltd. from BBB+ to A-, and confirmed the company’s brAAA technologies developed by Vale, which will make it possible to rating on the Brazilian national scale.211 transform waste materials, until recently considered economically Standard & Poor’s analyzes the performance of companies worthless, into valuable market products. Accordingly, Vale expects listed on international stock markets, giving them risk scores that to perfect technology for processing low-grade itabirite ore (with range from AAA (the best) to D (the worst). According to the agency, iron content of around 40%) that can be applied at other mines. Vale’s rating was due to its “demonstrated commitment to financial Seventy years have now passed since Companhia Vale do Rio prudence and a level of flexibility that enables it to adapt to the Doce was established in 1942 by a decree signed by the President of harshest global conditions.”212 the Republic, Getúlio Vargas. By 2010, Itabira, which 70 years before had been a quiet town exclusively dependent on mining, was now a Long life in Itabira modern city and the fourth highest ranking municipality in Minas Nearly 70 years after Companhia Vale do Rio Doce was established Gerais in terms of quality of life, and it continued to be a major there, the city of Itabira in Minas Gerais played host to one of the focus of Vale’s activities.216 company’s most innovative projects. New technology would be used In 70 years, currencies changed name, wars started and ended, new to expand the mining horizon there. In June 2011, Vale announced technologies appeared and disappeared, countries were created and a R$3.8 billion investment (to be spent by 2014) to implement the left the map, and the world became globalized – and meanwhile, the Conceição-Itabiritos project, launched in March of the previous year.213 former CVRD moved to the private sector and is now called just Vale. The project entailed constructing an ore treatment facility Over the course of its history, the company has learned to tackle the capable of producing 12 million metric tons per year of pellet feed. 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. 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
Vale Our History Vale Our History Below: workers restoring the Christ the Redeemer Restoration of Christ the Redeemer Statue statue in Rio de Janeiro.
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 394 maintenance work on the entire belvedere surrounding the statue, 395 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
Vale Our History Vale Our History GLOSSARY
Banded iron formation (BIF) | Finely Capesize ships | Capesize ships are Cored wire | The process of injecting Firebreak | Area of land cleared of Iron and steel production | Branch of Metric ton-kilometers | The weight stratified sedimentary, chemical not able to fit through the Panama and alloys with cored wire is used in vegetation around or through a forest to metallurgy dedicated to the processes of of goods transported, in metric tons, meta-sedimentary or igneous rock, Suez canals, but instead are obliged to metallurgical applications in which prevent the propagation of fires. obtaining and refining iron and its alloys. excluding the train’s weight, multiplied presenting layers of iron oxides, go around Cape Horn and the Cape of strict control of chemical elements in by the kilometers for which the goods FOB (Free on board) | Arrangement Iron ore fines (sinter feed) | Iron ore carbonates or silicates alternating with Good Hope, hence their name. steels is essential. were carried. whereby the purchaser pays for the particles that vary from 0.15 mm to quartz, amphibole or quartz-chlorite Car dumper | An automatic system Crushing | The first mechanical stage shipment, the insurance and all costs 6.35 mm in diameter. Used in sintering. Mine | Deposit in the process of layers. Banded iron-bearing layers operated by the stockyard control in ore comminution. Crushing reduces associated with the transportation of being extracted, whose output is may develop economically extractable Iron ore ultrafines | Fine particles center that rotates railroad cars 180 blocks or particles of mined ore to sizes the goods until the destination. mainly characterized by chemical or iron deposits, as occur in Brazil in the of iron ore (smaller than 0.15 mm) degrees to dump their ore. suitable for milling operations. mineralogical properties. itabirite deposits of Minas Gerais, for Gangue | Economically valueless generated by mining and milling. This 396 example. Coke | Coal processed in a coke oven, Deadweight tonnage (dwt) | A ship’s mineral material. material is turned into pellets through Mineral | Natural, solid inorganic 397 used as a reducing agent in blast capacity to store and transport an agglomeration process. compound, with a defined chemical Billet | A cast metal product with a Geology | Science that studies furnaces and smelters to transform iron cargo, fuel oil, water, supplies and composition and characteristic round cross-section, used to produce the Earth – its origin, structure, Iron Quadrangle | A region in the ore into pig iron. crew members, measured in tons. physical properties (such as crystalline pipes, bars or other forged products. composition and evolution, as well as Brazilian state of Minas Gerais that is A ship’s deadweight tonnage structure, color, hardness, luster, Coke blast furnaces | Reactors that use the causes and processes that gave rise rich in various minerals, especially iron, Blast furnace | Reactor with a corresponds to the total weight appearance, cleavage pattern, etc.). coke as a fuel. to its current state. gold and manganese. It is one of the variable circular cross-section, with that it can contain when it is loaded most important mineral provinces on Mineral reserve | Portion of a given a high height-diameter ratio, used to Comminution | Fragmentation, grinding. up to its waterline. Grade | Mass of an element or pure Reduction in size of mineral particles. substance in relation to the total mass the planet. researched area that has an ore body manufacture pig iron. Deposit | An individualized mass of of the material in question. Usually with grades and volumes calculated Concentration | Physical, chemical or mineral (or fossil) substance on the Itabirite | A banded rock with hematite Blue dust | Term used when iron ore is expressed as a percentage. based on geological studies, with biological process to increase metal or layers measuring between millimeters found as very fine and soft hematite. ground surface or under the Earth’s varying degrees of uncertainty. mineral content. Gravel | Rocky outcrop on river beds or and centimeters in thickness (with or As hematite grains are often grayish- crust, of economic value. in diamond mining areas. without magnetite), containing silica, Mineralogy | Branch of geology that metallic in color, fine powders of this Containerize | Term used to express Direct reduction | Processes of obtaining generally quartz. It is a metamorphosed studies minerals, their genesis mineral are called blue dust. the unitization of cargo in containers. Greenstone belt | Precambrian metallic iron by reducing its oxides banded iron formation (see entry). and evolution. It is a dispatch method in which belt characterized as containing Break bulk | Maritime transportation without changing its state (solid). It normally contains low iron products are placed in containers metamorphic rocks of one or more Mining | Set of operations required for system for general cargo, carried loose Docks | Port area; jetty where ships dock concentrations. and, after initial loading, are not igneous and sedimentary sequences of the industrial extraction of mineral or and in individual volumes, unlike in for repairs or to load or unload cargo. moved during the dispatch economic interest, such as rocks that Jetty | A coastal hydraulic engineering fossil substances in a deposit; economic container transportation. operation until unloading at Dredging | Service involving excavating presumably originated from volcanic structure similar to a pontoon, built at sea activity related to the harnessing of Bucket wheel | One of the biggest land- the destination. channels at ports to maintain or metallic deposits. ports to protect them from rough waters. mineral deposits. based machines in the world, used to increase their depth. Conveyor belt | Device consisting of a Hematite fines | Iron ore product used Lump crushing | Crushing of ore Mining Code | Set of laws governing remove large quantities of ore. continuous flexible belt, assembled in a Drilling rig | A machine equipped with in small charcoal-fed blast furnaces. In into lumps. the discovery, geological research and Bulk carrier ships | Vessels with their structure, pulled by rollers, and used to a drill bit with which to drill a hole in Brazil, they are mainly used by companies mining of minerals in Brazil. Lump ore | Iron ore or manganese ore own holds for stowing and transporting transport bulk goods. the ground. in the pig iron industry. Their grain size in lump format, whose biggest particles Mining concession | Authorization solid bulk cargo. ranges between 6 mm and 19 mm. Copper cathode | Copper plate of at Exhaustion | Final phase in a mine’s life vary from 6.35 mm to 50 mm in granted by the National Mineral Bulk solids | Soy, iron ore and coal, least 99.9% purity, produced using an cycle, when there are no more reserves Ingot | Metal or solid alloy in the shape diameter, with small variations between Production Department (DNPM) for a among other goods. electrolytic process. left that can be mined economically. of the mold into which it was poured. different mines and ores. company to mine a given mineral good.
Vale Our History Vale Our History Mtpa | Million tons per annum. Ore reduction | Opposite reaction to Pellets (pellet feed) | Agglomerated with the minerals either suitable for Run of mine (ROM) | Raw (unprocessed) from metal in liquid state, by solidifying oxidation. Chemical process in which balls of iron ore ultrafines, of a size further processing or direct use. ore obtained directly from a mine, it in a mold. Multipurpose ships | Ships built to an element goes from a more oxidized and quality appropriate for specific without going through any kind of transport various types of cargo. Proven (measured) reserves | Reserves Spot market | The term spot is used in condition to a less or non-oxidized steelmaking processes. Vale’s pellets processing. whose quantity is computed using the financial markets to refer to deals Nickel matte | An intermediate smelting condition (for example, iron’s transition vary from 8 mm to 18 mm in size. the dimensions revealed in outcrops, Sample | Cylindrical piece of rock or executed with cash payments and product that needs to be further refined from oxide to metal). Pig iron | Raw iron produced in liquid trenches, galleries, underground soil obtained from a drilling operation, immediate delivery of goods. In this in order to obtain pure nickel. Ore/oil carrier ships | Combination bulk state in blast furnaces. workings and drilling. Grade and described and analyzed in a laboratory. case, delivery does not mean physical Open-pit mine | Open-pit mining carriers, designed to transport solid quality are determined from detailed delivery, but rather the delivery of a Pitch | Sticky black resin obtained by Screening | Separation based on methods are classified into two and liquid bulk goods. In addition to sampling results, and the inspection, given quantity of money corresponding distilling tar or turpentine. particle size. groups: mechanical and hydraulic. conventional bulk carrier facilities, they sampling and measuring points to the quantity of goods traded. 398 are closely spaced. The geological Secondary refining | Process of 399 The first method, more frequent have a pumping system and respective Plant | Industrial establishment Storage silo | Hangar or large modern character of the reserves is so well purifying metals and alloys outside in the exploitation of ores (such as networks for treating liquid cargo, equipped with machines, in which raw granary used to store grains and cereals. iron, coal, bauxite and kaolin), uses as well as an appropriate system for materials are transformed into final or defined that the mineral substance’s a main reactor. In steelmaking, secondary refining encompasses Tailings | Waste product of concentration mechanical equipment in mining cleaning and degasifying tanks. The semi-finished products. dimensions, shape and grade can be various operations conducted after operations, largely containing valueless operations featuring benches and same as combined carriers. determined perfectly. Precious metals | Metals that, due to refining in an oxygen converter or minerals in an ore (gangue). strips. Quarries producing gravel and Railroad ties | Pieces of wood or metal Panamax ships | A Panamax ship has their color, malleability and rarity, have electric furnace. ornamental rocks, such as marble, Tertiary crushing | Fragmentation the maximum acceptable dimensions to a high economic value, not only for that, spaced out side by side, cross a granite and slate, also use mechanical railroad bed, and onto which the tracks Ship loader | Tower or funnel used to obtained in a third crushing stage. pass through the Panama Canal. practical use in industry, but also as an methods. Hydraulic methods use water are fixed. load bulk goods directly from terminals investment. The most traded are gold, Tinplate | Sheet steel with low carbon or solutions in mining operations. This Particle size | The dimensions of sets into ship holds. silver, platinum and palladium. Refining | Process of purifying metals content, coated on both sides with a second methodology encompasses the of particles of different sizes, based and alloys. In steelmaking, it is the Siliceous ore | An economically layer of tin. on conventional scales of openings Probable mineral reserves | Reserves following mining methods: hydraulic important mineral occurring in nature through which such particles can pass. stage involving the transformation of excavation; dredging; boreholes; whose quantity, grade and quality can Vein | Portion of sought-after mineral in pig iron into steel. such as quartz, flint, opal, etc. rock, generally found between valueless leaching (a technique using chemical Pelletizing | Iron ore pelletizing is be estimated using similar information Sinter | Aggregate produced in the rock layers. solvents); and even the use of bacteria. a process to agglomerate ultrafines to that used for proven reserves. Riprap | Set of blocks made of stone (or another material such as sintering process. produced in iron ore mining and However, their inspection, sampling Very large ore carriers (VLOCs) | The Ore | Any mineral substance from which cement) piled up on top of one in concentration stages. There are and measuring locations are more Sintering | Process of agglomerating biggest bulk carriers in the world, each one can economically extract one or another in the water to serve as three basic stages in the process: remote or spatially arranged in a less particles by heating and fusing one capable of transporting 400,000 more metals. The term is commonly used ballast for the foundations of (i) preparation of ore (to obtain the appropriate manner. Although the level them together. metric tons (dwt) of cargo. to designate any mineral raw material. hydraulic works that stick out suitable degree of fineness); (ii) of certainty is lower than for proven of the water or are very extensive, Small-scale prospecting | Activity of Waste rock | Soil or rock with no Ore exploitation | Set of coordinated blending in of additive and formation (measured) reserves, it is sufficiently such as breakwaters or barriers exploiting minable mineral substances, mineral content, or less mineral content operations with the aim of making of spheres; and (iii) firing (to obtain high to assume that there is continuity against wave erosion. executed in areas established for this than is economically feasible to extract. industrial use of a deposit, from the ceramic alloy and resistance). between the observation points. purpose, under a small-scale mining extraction of useful mineral substances Rolling mills | Series of rollers for Pelletizing disk | A device composed Processing | A variety of processes permit regime. to their processing. large-scale steel plate production. of a rotating inclined plate, designed through which ore extracted from Each mill produces a different Smelting | Metallurgical process that Ore exploration | Phase of prospecting to agglomerate wet mixtures of ore, mines is reduced to particles that can reduction in thickness. consists of obtaining a solid product for and researching natural resources. forming raw pellets. be separated into minerals and waste,
Vale Our History Vale Our History BibliograPHY
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Vale Our History Vale Our History PHOTO CREDITS
INTRODUCTION Page 90 - National Archives, 1958 | Page 92 - Jornal da Vale archives, 1959 Page 191 A - Vale News Agency, September 3, 1984 | Page 191 B - Jornal da 2004 | Page 286 - Vale archives, May 10, 2012 | Page 288 - Karen Kasmauski. | Page 93 - Jornal da Vale archives, 1959 | Page 94 - Jornal da Vale archives, Vale archives, March 1, 1984 | Page 192 A - Dario Zalis. Vale archives, 2003 Science Faction / Corbis, August 30, 1990 | Page 290 - Lucas Pupo. Vale archives, Pages 4-5 - Jornal da Vale archives, 1972 | Pages 10-11 - Hebert Fernandes. n.d. | Page 96 - Jornal da Vale archives, n.d. | Page 97 - Jornal da Vale | Page 192 B - Luis Veiga. Vale archives, December 1987 | Page 193 - Jorge December 2011 | Pages 292-293 - Julien Thomazo. Vale archives, July 4, 2007 | Vale archives, May 24, 2011 | Page 12 - Jornal da Vale archives, 1970s | Pages archives, 1959 | Page 99 A - Mozart. Jornal da Vale archives, n.d. | Page 99 Sagrilo. Vale archives, July 1990 | Page 195 A - Vale archives, n.d. | Page 195 Page 294 A - Leonardo Silva Tavares. Vale archives, n.d. | Page 294 B - Leonardo 14-15 - Prinz von Maximilian Alexander Philipp Wied-Neuwied. National B - Jornal da Vale archives, n.d. | Page 100 - Erno Schneider. Vale archives, B - Brazilian Central Bank Museum of Currencies, 1972 | Page 197 - Jornal da Silva Tavares. Vale archives, June 25, 2006 | Page 296 - Márcio Dantas. Vale Library Foundation, 1820-1821 n.d. | Page 101 A - Luis Veiga. Vale archives, 1989 | Page 101 B - Luiz Claudio Vale archives, 1978 | Page 199 - Erno Schneider. Jornal da Vale archives, 1986 archives, 2011 | Pages 298-299 - Vanessa Bernardo. Vale archives, July 22, 2011 | Marigo. Vale archives, 1991 | Page 200 - Vale archives, May 1979 | Page 202 A - Vale archives, January Page 301 - Vale News Agency, n.d. | Page 302 A - Octavio Cardoso. Vale archives, 9, 1984 | Page 202 B - Jornal da Vale archives, March 1986 | Page 205 - Beto June 2003 | Page 302 B - Felipe Varanda. Vale archives, 2005 | Page 304 - Vale CHapTER 1 Felício. Vale archives, 1993 | Page 206 - Luiz Claudio Marigo. Vale archives, News Agency, n.d. | Page 305 - Vantoen Pereira Jr. Vale archives, 2005 | Page 306 - CHaptER 4 n.d. | Page 210 - Erno Schneider. Jornal da Vale archives, 1993 | Page 211 - Vantoen Pereira Jr. Vale archives, June 2005 | Page 308 A - Rogério Reis / Tyba. Vale Page 16 - National Archives [192-] | Pages 18-19 - Vale archives, 1899 | Page Beto Felício. Vale archives, n.d. | Page 212 - Beto Felício. Vale archives, n.d. archives, April 16, 2009 | Page 308 B - Vantoen Pereira Jr. Vale archives, 2005 | Page 21 - Marc Ferrez. Moreira Salles Institute archives, 1888 | Page 22 - João Page 102 - Jornal da Vale archives, n.d. | Page 105 - Jornal da Vale archives, 309 - Vantoen Pereira Jr. Vale archives, 2005 | Page 310 - Dario Zalis. Vale archives, Victor Magalhães Gomes. National Library Foundation, 1881 | Page 24 - O. n.d. | Page 105 - Jornal da Vale archives, 1965 | Page 108 A - Vale archives, October 2001 | Page 312 - Paulo Arumaa. Vale archives, 2002 | Page 315 - Gisela Belém. Historical archives of National History Museum / IBRAM / MINC July 1965 | Page 108 B - Jornal da Vale archives, November 4, 1964 | Page 109 CHapTER 7 Scheinpflug. Vale archives, February 2010| Page 316 - Claudia Kamergorodski. [1925] | Page 25 A - O. Belém. Historical archives of National History Museum A - Jornal da Vale archives, August 13, 1964 | Page 109 B - Brazilian Central Vale archives, March 2, 2003 | Page 318 - Dario Zalis. Vale archives, 2000 | Page / IBRAM / MINC [1925] | Page 25 B - O. Belém. Historical archives of National Bank Museum of Currencies, 1978 | Page 111 - Jornal da Vale archives, n.d. Page 214 - Sidney Waismann. Vale archives, June 4, 1997 | Page 219 - Vitor 321 - Vale News Agency, n.d. | Page 322 - Vantoen Pereira Jr. Vale archives, 2005 | History Museum / IBRAM / MINC [1925] | Page 26 A - Jean-Baptiste Debret. | Page 112 - National Archives, October 3, 1962 | Page 113 - Carlos Dufriche Nogueira. Jornal da Vale archives, March 1986 | Page 220 - Beto Felício. Vale Page 324 - Paulo Arumaa. Vale archives, 2002 | Page 325 - Maria do Socorro. Vale National Library Foundation, 1827 | Page 26 B - National Library Foundation Collection, February 20, 1970 | Page 114 - Al Fenn. Time Life Pictures / archives, n.d. | Page 222 - Antonio Ribeiro. Gamma-Rapho via Getty Images, archives, 2002 | Page 327 - Vantoen Pereira Jr. Vale archives, 2005 | Page 328 - [187-] | Page 27 A - National Library Foundation, 1908 | Page 27 B - Brazilian Getty Images, March 1, 1955 | Page 116 - Vale archives, 1963 | Pages 118- June 3, 1992 | Page 223 A - Beto Felício. Vale archives, n.d. | Page 223 B - Dario Zalis. Vale archives, 2002 | Page 329 - Dario Zalis. Vale archives, 2002 | Page 406 Institute of History and Geography, 1913 | Page 28 - National Archives, 119 - Jornal da Vale archives, n.d. | Page 120 - José Medeiros. Moreira Salles Jorge Sagrilo. Vale archives, n.d. | Page 225 - Beto Felício. Vale archives, n.d. | 331 - Celso Brando. Vale archives, n.d. | Page 332 A - Jornal da Vale archives, n.d. | 407 [192-] | Page 30 - Brazilian Central Bank Museum of Currencies, 1911 | Page Institute archives, 1963 | Page 121 - Jornal da Vale archives, n.d. | Page 122 Page 226 A - Beto Felício. Vale archives, 1993 | Page 226 B - Beto Felício. Vale Page 332 B - François Lochon. Gamma-Rapho via Getty Images, April 2, 2011 31 - Erich Hess. Vale archives, n.d. | Page 33 - Geological and Mineralogical - Vale archives, 1964 | Page 124 - José Medeiros. Moreira Salles Institute archives, 1994 | Pages 228-229 - Beto Felício. Vale archives, 1994 | Page 231 - Service. National Library Foundation, 1929 | Pages 34-35 - Jornal da Vale archives, 1963 | Page 127 - Jornal da Vale archives, n.d. | Page 128 - National Antonio Andrade. Jornal da Vale archives, 1990 | Page 232 - Cristina Zappa. archives, 1935 | Page 36 A - National Library Foundation [1939-1942] | Page Archives, April 1, 1966 | Page 130 - José Clóvis Ditzel Collection, 1966 | Pages Vale archives, n.d. | Page 233 A - Dario Zalis. Vale archives, 2000 | Page 233 B CHaptER 10 36 A - National Archives [192-] | Page 38 - Historical archives of National 132-133 - José Medeiros. Moreira Salles Institute archives, 1963 | Page 134 - - Jorge Sagrilo. Vale archives, 1995 | Page 234 - Juca Martins. Pulsar Imagens, History Museum / IBRAM / MINC [192-] | Page 39 - National Archives [192-] Jornal da Vale archives, n.d. | Page 135 A - Carlos Nunes de Lima Collection | 1993 | Pages 236-237 - Portos e Navios magazine archives, 1990 | Page 238 Page 334 - J. L. Bulcão. Pulsar Imagens, February 2011 | Page 337 - Vale Page 135 B - Itabirano Train Service archives - Dario Zalis. Vale archives, 2002 | Page 239 - Luis Veiga. Vale archives, n.d. archives, 2007 | Page 338 - Tiago Bortolin Maciel. Vale archives, February | Page 240 - Jornal da Vale archives, n.d. | Page 243 - Paulo Santos. Vale 15, 2011 | Page 339 - Don Johnston. All Canada Photos / Corbis, n.d. | Page CHaptER 2 archives, February 20, 2006 | Pages 244-245 - Eduardo Perini. Vale archives, 340 - Vanessa Bernardo. Vale archives, July 22, 2011 | Page 342 - Vale News CHAPTER 5 2011 | Page 247 A - Brazilian Post and Telegraph Company, 1966 | Page 247 Agency, March 3, 2012 | Page 343 - Vale News Agency, April 2011 | Page 344 Page 40 A - Vale archives, 1944 | Page 40 B - National Library Foundation, B - Brazilian Post and Telegraph Company, 1972 | Page 247 C - Brazilian Post - Eny Miranda / Cia. da Foto. Vale archives, July 14, 2011 | Page 346 - Vale 1942 | Page 42 A - Acervo Iconographia, October 24, 1930 | Page 42 B - Peter Page 136 - Breno Augusto dos Santos Collection, August 11, 1967 | Page 138 and Telegraph Company, 1982 | Page 247 D - Brazilian Post and Telegraph News Agency, n.d. | Page 347 A - Vale News Agency, n.d. | Page 347 B - Vale Lange. CPDOC / FGV [1938-1945] | Page 44 - National Library Foundation, A - Breno Augusto dos Santos Collection, July 22, 1967 | Page 138 B - Breno Company, 1985 | Page 248 A - Vale archives, 2008 | Page 248 B - Vale archives, News Agency, n.d. | Page 348 - Ricardo Ortiz. Vale archives, November 2011 August 2, 1931 | Page 45 A - Cinemateca Brasileira [194-] | Page 45 B - Peter Augusto dos Santos Collection, September 17, 1967 | Page 139 - Breno 2008 | Page 248 C - Vale archives, 2008 | Page 248 D - Vale archives, 2008 | | Pages 350-351 - Salviano Machado. Vale archives, August 18, 2008 | Page Lange. CPDOC / FGV [1938-1945] | Page 47 - Mazzei. Jornal da Vale archives, Augusto dos Santos Collection, 1967 | Page 140 A - Breno Augusto dos Santos Page 248 E - Vale archives, 2008 | Page 248 F - Vale archives, 2008 | Page 248 353 - Rogério Reis / Tyba. Vale archives, April 23, 2009 | Page 355 - Vantoen June 1940 | Page 48 A - National Library Foundation [193-] | Page 48 B - Collection, 1967 | Page 140 B - Breno Augusto dos Santos Collection, July G - Vale archives, 2008 | Page 248 H - Vale archives, 2008 | Page 248 I - Vale Pereira Jr. Vale archives. May 2011 | Page 356 - Dario Zalis. Vale archives, n.d. Mazzei. CPDOC / FGV [194-] | Page 49 A – CPDOC / FGV [1934-1945] | Page 49 25, 1967 | Page 141 - Jornal da Vale archives, 1970 | Page 142 - Vale archives, archives, 2008 | Page 358 - Paulo Santos, September 30, 2008 | Page 360 A - Lucas Nuñez. B - Cinemateca Brasileira [194-] | Page 51 A - Mazzei. Jornal da Vale archives, 1970 | Page 147 - Jornal da Vale archives, n.d. | Page 148 - Jornal da Vale Vale archives, June 18, 2011 | Page 360 B - Marcelo Araújo. Vale News Agency, n.d. | Page 51 B - Erich Hess. Vale archives, 1940 | Pages 52-53 - Erich Hess. archives, n.d. | Page 149 A - Jornal da Vale archives, 1970s | Page 149 B - n.d. | Page 361 - Ismar Ingber. Tyba, May 2012 | Page 365 - Rogério Reis. Tyba, Vale archives, September 1943 | Page 54 - Jean Manzon. Jornal da Vale CPDOC / FGV, September 15-21, 1976 | Page 150 - Jornal da Vale archives, CHaptER 8 October 2010 | Page 366 - Vale News Agency, n.d. | Page 369 - Dario Zalis. Vale archives, 1942 | Page 55 - Jornal da Vale archives [1942-1945] | Page 56 A - 1974 | Page 152 - Vale archives, 1971-1972 | Page 153 - Jornal da Vale archives, archives, 2002 | Page 370 - Ricardo Teles. Pulsar Imagens, March 2011 | Page National Archives, July 1942 | Page 56 B - Jornal da Vale archives, n.d. | Page 1972 | Pages 154-155 - Vale archives, n.d. | Page 156 A - Maria do Socorro. Page 248 - Beto Felício. Vale archives, 1994 | Page 251 - Erno Schneider. Vale 371 - Pietro Allevato. Vale archives, April 2011 | Page 372 - Edu Simões. Vale 57 A - Jornal da Vale archives, n.d. | Page 57 B - Jornal da Vale archives, n.d. Vale archives, 2000 | Page 156 B - Jornal da Vale archives, September 1978 | archives, 1992 | Page 252 - Beto Felício. Vale archives, 1995 | Page 253 A - archives, 2008 | Pages 374-375 - Cleriston Boechat de Oliveira. Vale archives, | Page 58 A - Vale archives, 1944 | Page 58 B - National Archives, April 1942 | Page 159 - Jornal da Vale archives, August 1974 | Page 160 - Adonias Dias de Ricardo Elkind. Vale archives, n.d. | Page 253 B - National Library Foundation November 2007 | Page 376 A - Paulo Arumaa. Vale archives, July 13, 2002 | Page 60 A - Jornal da Vale archives, n.d. | Page 60 B - Jornal da Vale archives Abreu Collection, 1974 | Page 161 A - Vale archives, n.d. | Page 161 B - Breno [1997] | Page 254 - Dario Zalis. Vale archives, August 2008 | Page 255 A - Page 376 B - Élcio Paraíso. Vale archives, July 6, 2010 | Page 377 - Vale News [194-] | Page 61 - Vale archives, 1944 | Page 62 - Vale archives, 1944 | Page Augusto dos Santos Collection, September 17, 1967 | Pages 162-163 - Vale Paulo Arumaa. Vale archives, February 9, 1999 | Page 255 B - Beto Felício. Agency, May 2011 | Page 379 - Guto Muniz. Vale archives, November 27, 2009 64 - Jean Manzon Photo Agency. Jornal da Vale archives, n.d. | Page 65 - Jean archives, January 14, 1985 | Page 164 - Vale archives, July 1978 | Page 167 Vale archives, 1991 | Page 257 - Daniel Rosa. Vale archives, March 2006 | | Page 380 - Luiz Frota. Vale archives, April 2, 2006 | Page 382 - Vale News Manzon Photo Agency. Jornal da Vale archives, n.d. | Page 66 A - Jornal da - Vale archives, June 25, 1985 | Page 168 - Magnólia Corrêa. Jornal da Vale Pages 258-259 - Vale archives, n.d. | Page 260 - Flávio Santos. Vale archives, Agency, 2011 | Page 383 - Salviano Machado. Vale archives, January 2012 | Vale archives, n.d. | Page 66 B - National Archives, July 17, 1947 | Page 67 - archives, 1960s | Page 170 - Vale archives, 1968 | Page 171 - Vale archives, 1999 | Page 261 A - Dario Zalis. Vale archives, 2002 | Page 261 B - Márcio Pages 384-385 - Eugênio Sávio. Vale archives, September 15, 2009 | Page 387 Jean Manzon. Jornal da Vale archives, n.d. | Pages 68-69 - Studio Quintas. 1976 | Page 172 - Jornal da Vale archives, n.d. | Page 175 - Jornal da Vale Dantas Valença. Vale archives, February 25, 2012 | Page 262 - Vantoen - Octávio Cardoso. Vale archives, 2010 | Page 389 - Vale News Agency, n.d. | National Library Foundation [19--] | Page 70 - Vale archives, 1944 | Page 72 - archives, December 1978 Pereira Jr. Vale archives, April 2004 | Page 265 - Beto Felício. Vale archives, Page 390 - Christian Knepper. Vale archives, 2011 | Page 393 - Dario Zalis. Jean Manzon Photo Agency. Jornal da Vale archives, n.d. n.d. | Pages 266-267 - Marcelo Prates. Vale archives, 1999 | Page 269 - Beto Vale archives, March 2005 | Page 394 A - Vale News Agency, n.d. | Page 394 B - Felício. Vale archives, 1994 | Page 270 A - Vale archives, 1999 | Page 270 B Vale News Agency, n.d. | Page 395 - Danny Lehman. Corbis, n.d. CHaptER 6 - Dario Zalis. Vale archives, 2001 | Page 272 - Flávio Santos. Vale archives, CHapTER 3 2000 | Page 275 - Robert Rosamilio. NY Daily News via Getty Images, All efforts were made to properly credit the holders of copyrights to the Page 176 - Dario Zalis. Vale archives, 2000 | Page 179 - Rogério Reis. Jornal September 17, 2000 | Page 276 - Paulo Arumaa. Vale archives, November 25, images used in this book. Any omissions or inaccurate credits were not Page 74 - Jornal da Vale archives, n.d. | Page 76 A - Jornal da Vale archives, da Vale archives, February 28, 1985 | Page 180 A - Beto Felício. Vale archives, 1998 | Page 277 - Octávio Cardoso. Vale archives, 2010 intentional and will be corrected in future editions following contact 1950 | Page 76 B - Jornal da Vale archives, n.d. | Page 77 A - Mozart. Jornal da 1993 | Page 180 B - Dario Zalis. Vale archives, 2000 | Page 181 - Beto Felício. with the editors. Vale archives, n.d. | Page 77 B - Lacand. CPDOC / FGV, 1950 | Page 78 - Jean Vale archives, 1993 | Page 182 - Paulo Arumaa. Vale archives, April 29, 1987 Manzon. Jornal da Vale archives [195-] | Page 80 A - Tibor Jablonsky. IBGE | Page 185 A - Jornal da Vale archives, n.d. | Page 185 B - Jornal da Vale CHaptER 9 archives, 1952 | Page 80 B - Tibor Jablonsky. IBGE archives, 1952 | Page 82 - archives, 1991 | Page 186 - Arthur Cavalieri. Jornal da Vale archives, April Tibor Jablonsky. IBGE archives, 1952 | Page 83 - Jornal da Vale archives, n.d. | 1986 | Page 187 A - Jornal da Vale archives, September 1978 | Page 187 B Page 278 - Vale News Agency | Page 280 - Frederic J. Brown. AFP / Getty Images, Page 84 - Jornal da Vale archives, n.d. | Pages 86-87 - Jornal da Vale archives, - Jornal da Vale archives, May 21, 1976 | Page 188 - Marcelo Prates. Jornal October 27, 2003 | Pages 282-283 - Vale archives, November 8, 2010 | Page 285 1953 | Page 88 - IBGE archives, n.d. | Page 89 - National Archives [196-] | da Vale archives, November 1991 | Page 190 - Jornal da Vale archives, n.d. | A - Vale archives, n.d. | Page 285 B - Vantoen Pereira Jr. Vale archives, July 17,
Vale Our History Vale Our History Index
11th International Geological Alcoa Inc., 241 Armando Emílio Guebuza Bertran, Paulo, 246, 247 Bureau Veritas Quality 311, 361, 371, 373, 383, 386 Gerais (Cemig), 131, 313, 367 Companhia Agrícola de Minas Congress, 27, see also Alegrete, ship, 41 High School, Moatize, 341 BHP Billiton Metais S.A., International (BVQI), 254, 271 Export Corridor Project, 186, 204 Central do Brasil Railroad, 26n, Gerais (Camig), MG, 131 Stockholm Congress Alegria Complex, MG, 261 Armour Research Australia, 260, 297, 303, 337, 391n Buriticupu Reserve, MA, 224 Carajás Region Mosaic of 38, 49, 50, 89, 107, 121, 130, 151 Companhia Agro-Pastoril, MG, 63 1891 Constitution, 20, 27, 43 Foundation, USA, 94 Conservation Units, 244 Alkmin, José Maria, 88 Biopalma da Amazônia Centro-Atlântica Railroad (FCA), Companhia Auxiliar de Empresas 1934 Constitution, 43, 44, 77 Arthur G. Mckee, 115 S.A., PA, 277, 386 Carajás S11D Iron 231, 305, 307, 308, 309, 311, 373 de Mineração (Caemi), 125, 281, 303 Almeida, Erasto B. de, 140n C 1937 Constitution, 44, 46 Assurini, indigenous people, 137 Blanchard, Bernard A., 63 Project, PA, 382, 383 Century HC, 326 Companhia Bozano, Simonsen Almeida, José Américo de, 44 Caetés, deposit, 194 1946 Constitution, 67, 77, 126 Atalaia Quay, ES, 60, 63, 76, 83, 190 Bley, João Punaro, 48, 56, 63 Carajás Zoo and Botanical Century S, 326 Comércio e Indústria, 142 Almeida, José Fernando de, 252n Café Filho, João, 77 Park, 209, 223 Companhia Brasileira de 1967 Constitution, 126, 129 Augusto Ruschi Municipal Park, 225 BNDESpar, 253, 378, 381n CAFL, France, 125 Cerrados Project, 186 Almeirim, deposit, 171 Carajás-Itaqui Railroad, 164 Alumínio (CBA), 240 1988 Constitution, 204, 250 Australian Mineral Industries Book Donkey, project, 263n Caixa Econômica Federal Charles, Noel, 56 Alto Turiaçu, indiginous land, 211 Carbon Disclosure Companhia de Alumina 1989-2000 Strategic Plan, 186 Research Association Bradesco S.A., 257 (CEF), 95, 171, 252 Charles, prince of Alumínio Nordeste S.A., 223n, 357 Limited (AMIRA), 326 Leadership Index, 388 do Pará (CAP), 358 1992 United Nations Rio Earth Braga, Roberto Saturnino, 123 California Steel Industries (CSI), 326 Wales, 185, 186, 223 Aluminium Company of Australian Nuclear Carbon Disclosure Project Companhia de Mineração de Summit, 217, 221, 222, 223, Branco, Humberto de Alencar Calmon, Miguel, 23 Charlton, Thomas, 34-35 Canada Ltd. (Alcan), 239, 240 Science and Technology (CDP), 388, 389 Ferro e Carvão Ferteco (Ferteco), 1994-1999 Environment Castelo, 103, 121, 122, 123, 125 Chateaubriand, Assis, 34 104, 107, 110, 122, 130, 140, 146, 408 Alunorte, PA, 239-243, 254, Organization (ANSTO), 326 Cals, César, 246 Cardoso, Fernando Henrique 409 Program, 264 “Brasil batizou, O: Vale”, Chemical Bank, 158 151, 187, 190, 203, 261, 263, 310 256, 302, 325, 330, 358 Awá, indigenous land, 211, 315 Cambucal, Itabira, MG, 223 (FHC), 217, 227, 232, 250, 281, 324 2008 Olympic Games, 280 advertising campaign, 336 Chico Mendes Institute for Companhia de Mineração Alves Filho, João, 233 Azevedo Antunes, group, 120n Campaign to Train Cardoso, Ruth, 246, 247 Brasil Mineração Ltda., 300 Biodiversity Conservation Novalimense, MG, 120 Amazon, district 171 Geologists (Cage), 169 Carlos Drummond de Andrade Azeredo, Eduardo, 227 (ICMBio), 186, 244 A Brazil – United States Economic Memorial Center, Itabira, MG, 263 Companhia Ferro Brasileiro, MG, 48 Amazônia Mineração S.A. (AMZA), Campos, Luiz Felipe Development Commission, 80n Christ the Redeemer, RJ, 394, 395 Companhia Ferro e Aço de Itabira, Acadêmicos do Grande Rio, 148, 161, 164, 165, 171, 178, 218 Gonzaga de, 23, 27 Carnalita Project, SE, 297, 368 samba school, 279, 316, 317 B Brazil’s Central Bank, 148, 171, 360, 363 Cidade Vale Mais, program, 315 63, 73; see also Companhia Aços Campos, Roberto, 89, 121, 123, 125 Caru, indigenous land, 211 AMCI Holdings Australia Pty, Especiais Itabira (Acesita) Açominas, 189, 190, 203 Bahia Sul Celulose S.A., 220, 254, 302 Brazilian Agricultural Research Citizenship Train, 264 297, 345; see also Vale Australia Canico Resource Corp, Castello Branco, Roberto, 291, 303 Companhia Forjas e Estaleiros, 26n Aços Finos Piratini, RS, 148, 203 Baixo Tocantins, PA, 277, 386 Agency (Embrapa), 345, 377 Canada, 281, 295 Cleveland Cliffs Iron AMCI International, 297, 345 Castro, Álvaro Mendes Banco da Amazônia, 386 Brazilian Coffee Institute, 240 Company, EUA, 98 Companhia Hispano-Brasileira Adachi, Yoshihide, 233 Cantanhede, Plínio, 49 de Oliveira, 46, 48 América Latina Logística (ALL), 359 de Pelotização (Hispanobras), Banco do Brasil, 66, 95, 158 Brazilian Hematite Syndicate, 17, 29 Coimbra, Arthur Antunes Aeronautical Technology American Depositary Capacitação Solidária, Cateme Elementary School, 190, 196, 198, 200, 357 (Zico), 279, 333 Institute / Instituto Tecnológico Banco do Cidadão, 317 Brazilian Institute of Forest Project, IDB, 263 Moatize, 338, 341 Receipts (ADRs), 274 Companhia Matogrossense de da Aeronáutica (ITA), 378 Development (IBDF), 221n Cold War, 67, 80 American Metals and Coal Banco do Estado de São Capitão Eduardo – Costa Lacerda, Cateté, indigenous land, 211, 315 Mineração (Metamat), 238 Agenda 21, 222 Paulo (Banespa), 171 Brazilian Mining and Steel branch line, 188, 189, 230, 257 Colombian Natural Resources International, 297 Catholic University of Minas Companhia Meridional de Company / Companhia Brasileira SAS, Colombia, 349 Agnelli, Roger, 257, 281,302, Andrada, Antônio Carlos Baoshan Steel, 227, 256 Caraça Ferro e Aço S.A., 157 Gerais (PUC Minas), 317 Mineração, 137, 161, 170 de Mineração e Siderurgia 305, 325n, 333, 335 Ribeiro de, 37, 38 Barão de Mauá Building, Carajás – Igarapé Gelado, Columbia University, 337 S.A. (CBMS), 41, 46, 48, 50, 56 Cauê Plant, 156 Companhia Paulista de Agripino, João, 105, 117, 120, 125 Andrade, deposit, 26n Rio de Janeiro, RJ, 251 conservation unit, 210 Comandante Lira, ship, 41 Ferro-Ligas (CPFL), 303 Brazilian Navy’s arsenal, RJ, 236-237 Caulim da Amazônia S.A. Akrãtikatêjê, indigenous people, 213 Anglo American, 302 Barbosa, Denis Desiderato Horta, 56 Carajás Complex, 137, 140, 169, (Cadam), PA, 326, 328, 354 Commerzbank AG, 158 Companhia Pernambucana de Brazilian Postal Service / 181, 184, 185, 186, 187, 209-211, 234, Al Futaisi, Ahmed, 342 Antunes, Augusto Trajano Barra Mansa Plant / Siderúrgica Ceará Steel Mill / Usina Commission on the Export Borracha Sintética (Coperbo), 131 Empresa Brasileira de Correios 235, 253, 279, 302, 307, 320, 321, 330, Al Wahaibi, Ahmed, 342 de Azevedo, 125 de Barra Mansa, RJ, 48-49 Siderúrgica do Ceará (USC), 303 of Strategic Materials, 104 Companhia Raymond-Morrison e Telégrafos (ECT), 246 333, 352, 357, 359, 382, 383, 386 Alberto Luiz Coimbra Institute Applied Economic Research Basic Scientific and Technological Celmar S.A., 302 Commission to Review the Knudsen do Brasil S.A., EUA, 58, 59 British & European Sales Ltd., 98 Carajás Hydrometallurgical of Post Graduate Engineering Institute (Ipea), 217 Development Plan, 170 Itabira Contract, 45n Companhia Siderúrgica Belgo- Brito, Antonio de Oliveira, Plant, 358 Celulose Nipo-Brasileira (Cenibra), Studies and Research at the Batista da Silva, Eliezer, 73, Commonwealth Scientific Mineira, 49, 60, 107, 112, 151, 260 Aquila Resources Limited, 297 105, 117, 120 142, 193, 223, 227, 254, 256 UFRJ (Coppe/UFRJ), 326 85, 101, 103, 105, 112, 117, 121, Carajás Iron Project, PA, 112, and Industrial Research Aracruz Celulose, 302 Cementos Argos S.A. Companhia Siderúrgica da 130, 131, 142, 161, 166, 178, 186, Brito, Raimundo, 227 143, 161, 164, 165, 166, 174, 178, 183, Organization (CSIRO), 326 Albras, 210, 241, 314, 328, 358 (Argos), Colombia, 349 Guanabara (Cosigua), 125 Aranha, Oswaldo, 41n, 49, 56 193, 194, 204, 207, 209, 211, 246 194, 246, 273, 277, 333, 367 Brumer, Wilson Nélio, 185, Communist Conspiracy, 45 Albras Project, Barcarena, PA, 193 Center-East, district, 171 Companhia Siderúrgica de Araripe, Delecarliense Alencar, 63 186, 194, 230, 231, 261 Carajás National Forest, PA, Beluco, Marco, 342 Community Relations Tubarão (CST), 190, 203, 252, 303 Albras/Alunorte (1978), 184, 186, 244-245, 268, 383 Center-East Corridor, 230, 231 Arbed Group, Luxembourg, 107, 256 Bulhões, Octávio Gouvêa de, 121, 125 agreement, 164 Beneficiamento de Itabirito Department in Belém, 213 Companhia Siderúrgica Carajás Railroad (EFC), 164, 166, 177, Center-North Corridor, 308 Arcelor Mittal, 303 S.A. (Benita), 114, 131, 173n Bunge Fertilizantes S.A., 297 Community Relations Mineira, MG, 26 Alcindo Vieira, private 179-184, 203, 210, 211, 221, 232, 233, Bernardes, Arthur, 29, 32, 34, 37, 46 Bunge Participações e Center-West System, 359 Management Unit, 261 brazilian group, 238 Archdiocese of Rio de Janeiro, 394 235, 253, 255, 256, 270, 271, 308, 309, Companhia Siderúrgica Paulista Investimentos, 368 Centrais Elétricas de Minas
Vale Our History Vale Our History (Cosipa), 83, 125, 131, 148, 203 D Economic Development Eschwege, W.L. von, 91n Ferreira, E.C., 140n Fuji Steel, Japan, 333 Report – Focus List, 388, 389 Hong Kong Stock Exchange, 249, 367 Companhia Vale do Rio D. Pedro II, emperor, 22, 25 Council, 46, 166, 178 Esperança Plant see Ferreira, José Inácio, 264 Funaro, Dilson, 177 Gomes, Francisco de Magalhães, 46 Horn, cape, 274n Doce Employee Investment Dabreé, Augusto, 25 economic plans: Queiroz Júnior Plant Ferreira, Murilo Pinto de FUNCEF (employee pension Gomes, Severo, 178 Hugo Gouthier, private Club (InvestVale), 253 Bresser, 215 Daewoo Shipbuilding & Espírito Santo Centrais Elétricas Oliveira, 242, 342, 355, 391 funds of CEF), 381 Gomez, Delcídio, 233 Brazilian group, 157 Collor, 215 Compañia Minera Marine Engineering Co., 370 S.A. (Escelsa), 131, 250, 367 Ferrous Metals Technology Fund for Studies and Research Hydro, Norway, 241 Cruzado, 177, 215 Good Hope, cape, 274n Latinoamericana (CMLA), 303 Estação Natureza Pantanal, Center / Centro de Tecnologia to Make Use of the Itabirite Danielli, Italy, 303 Cruzado II, 215 Gorceix, Claude Henri, 25 hydroelectric plants: Company of the Year in the exhibition, 315 de Ferrosos (CTF), MG, 377 of Minas Gerais, 95 Dauster [Magalhães e Real, 217, 249, 250 Aimorés, MG, 313, 314 Mining Sector, award, 252 Gotto, Murly, 29 Silva], Jório, 240, 256, 264 Sarney, 215 Evandro Chagas Institute, 209-210 Ferrous Superintendent’s Fund for the Improvement Amador Aguiar I, MG, 277, 313, Conceição Complex, 29, 85, Verão, 215 Office (Sufer),227 and Development of the Doce Goulart, João, 103, 105, 314, 367 DCNDB Overseas S.A., 308 Evate Project, Mozambique, 368 130, 157, 158, 186, 218, 225 River Zone (FMDZRD), 98, 131 116, 117, 120-123, 126 Amador Aguiar II, MG, 277, 314, Ecotech (1992), 222, 223 Ferrovia Paulista S.A. (Fepasa) Derby, Orville, 23, 27 Executive Commission of the Conceição Project, 157, 186 see Ferrovias Bandeirantes Fund to Improve and Develop the Government Economic Action 366, 367 Eletronorte, 314, 367 National Coal Plan, 104 Desportiva Ferroviária, Program (PAEG), 123, 130 Balambano, 277 Conceição, stream, 225 S.A. (Ferroban) Doce River Valley (FMDVRD), 261 soccer team, 135 Eletrosiderúrgica Brasileira Executive Commission of the Candonga, MG, 277, 313, 314, 367 Ferrovias Bandeirantes S.A. Fundação Getulio Vargas Greater Carajás Program, Conceição-Itabiritos, project, 392 S.A. (Sibra), 303, 325 National Steel Making Plan, 49 Eliezer Batista, 277, 367 410 Det Norske Veritas (DNV), 271 (Ferroban), 260, 305, 307 (FGV), 256, 355 178, 193, 204 411 Congress’ Budget Commissions, 204 Elizabeth, queen of England, 291 Eximbank (Export-Import Bank), 49, Estreito, TO/MA, 277, 313, 367 Diana, princess of Greater Carajás Project, 164, 166 50, 56, 59, 66, 67, 79, 95, 98, 142, 158 Fertilizantes Fosfatados Fundação Mineira de Educação Foz do Chapecó, SC/RS, 314 Congress of Stockholm, 25, 27, 29 Elizabeth II, queen of England, 291 Wales, 185, 186, 223 S.A. (Fosfertil), 297, 368 e Cultura (Fumec-MG), 231 Greater Vitória Region Sources Funil, ES, 277, 313, 314, 367 Conselho de Segurança Expo Brazil, event, 222 Directorate General of Elkem Rana, Norway, 303 Fiat, 231 Furtado, João, 376 Inventory (2010), 270 Glória, 277, 367 Nacional, 129 Export Development Mineral Production, 43 Emílio Goeldi Museum, Green Train, project, 386 Igarapava, SP/MG, 276, 277, 313, Corporation (EDC), 158 Figueiredo, João, 164, Consórcio Brasil, 250, 253 Belém, PA, 209 314, 367 Doce River Sugar Company, MG, 63 166, 174, 177, 183 Grosse, dr., 34-35 G Itaipu, 143 Consultec, 123n Doce River System, 165, 166 Empreendimentos Brasileiros Figueiredo, Marcelo, 342 Gavião Parkatêjê, indigenous Grupo Paranapanema, 303 Ituerê, 277, 367 Convap S.A., 238 de Mineração S.A. (EBM), 359 F Doce River Valley, 29, 31, Finsider, Italy, 198 people, 212, 213, 315 Grupo Votorantim, 171, 240 Karebbe, 277 Faraco, Daniel, 121 Copper Cliff Refinery South 46, 63, 115, 130, 131, 263 Encouraged Dismissal Program, 253 Larona, 277 First National Development Gavião people of the Mãe Guaíba Island Terminal, Sepetiba (CC South), Canada, 290, 354 Engenheiro Alencar Farquhar, Percival, 17, 32, Machadinho, SC, 277, 313, 367 Doce River Zone Development Plan (PND), 170, 250 Maria Indigenous Land, 211 Bay, RJ, 126, 261, 310, 311, 360, 373 Corporación Nacional del Reserve Fund (RDZRD), 204 Araripe, stadium, 135 34-35, 37, 41, 46, 48, 156 Mello, 277, 367 First Three Year Plan for Geological Gazolla, Guilherme Almeida, 238 Guajá, indigenous people, 211, 213 Cobre de Chile (Codelco), 274 Fazenda Alegria-Fábrica, Nova Maurício, 277, 367 Doceangra, ship, 236-237 Ensidesa, Asturias, 198 Prospecting (1972-1975), 170 branch line, 118-119, 130 Geisel, Ernesto, 121, 143, 148, 149 Guajajara, indigenous Porto Estrela, 277, 312, 313, 314, 367 Corporate Social Responsibility Docecanyon, ship, 146, 154-155, 191 Environment and Forest Products First World War, 26, 29 General Shareholder’s Meetings, 131 people, 211, 213, 315 Tucuruí, 207, 241 Department, 213 Superintendent’s Office (Sumaf), 207 Federal Audit Court, 37 Docepar S.A., 273; see also Vale do Fishing Development Guanhães Project, 157 Corporate Sustainability Federal Foreign Trade Council, 46 Geological and Mineralogical Rio Doce Navegação S.A. (Docenave) Environment Program, 225, 254 Superintendent’s Office Service of Brazil (SGMB), 23, 27, Guatimosin, Gil, 26n I Index (ISE), 386, 388 Federal Public Prosecution Docepolo, ship, 183 Environmental Education (Sudepe), 221n 29, 43n; see also National Mineral Corretive Operating License, 268 Ministry (MPF), 213 Guimarães, Cristiano, 26n Ibama (Instituto Brasileiro do Center, 223 Fitch, 304 Production Department (DNPM) Docevale, ship, 113 Meio Ambiente e dos Recursos Corus (a merger of British Environmental Impact Plan, 224 Federal Railroad Network. (RFFSA), Guinle, Guilherme, 49 Document 18, 88, 89, 91, 120 Florestas Rio Doce S.A. (FRDSA), Geological Commission of Brazil, 23 Renováveis), 221, 224, 264, 268 Steel with dutch company 121, 123, 126, 130, 151n, 189, 230, 231 Environmental Impact 115, 173, 186, 211, 223, 254, 302 Gulf Industrial Investment Hoogovens), 256 Dominion Bond, 304 Geology School of Porto IBGE (Instituto Brasileiro de Report (Rima), 194 Federal University of Minas Company E.C. (GIIC), 274, 303 Flower of Carajás (Franz Alegre, RS, 169 Geografia e Estatística),215, 354, 362 Costa Lacerda-Fábrica, Dongkuk Steel Co., South Gerais (UFMG), 148, 207, 326 Environmental Management Weissmann), sculpture, 270, 271 Gulf Investiment Korean, 303, 359 George VI, king of England, 291 Igarapé Bahia Project, 194 branch line, 122, 130, 151 Federal University of Ouro Corporation (GIC), 274 System (SGA), 210 Foreign Trade Association Costa Lacerda-Fazenda Dutra, Eurico Gaspar, Preto (UFOP), 25, 326 Gerdau S.A., 303 Ilva, Italy, 256 Environmental Master Plan, 209 of Brazil, 281n Alegria, branch line, 130 63, 66, 67, 75, 77, 80n Federal University of Gerspacher, Alberto, 26n Imai, Takashi, 333 Environmental Normalizations Forest Clusters, project, 222 H Costa, Heitor da Silva, 394 Pará (UFPA), 326 Global Forum, 222 Imerys S.A., 358 Support Group (Gana), 224 Fourth National Development Haddad, Paulo, 216, 383 CPC SAS, Colombia, 349 E Federal University of Rio de Goiás-Minas-Espírito Santo Environmental Quality Plan (1985), 177 Hanna Mining Company, 91, Immortal Brazilian Awards Credit Garantee Fund / Fundo East Montains, deposit, 178 Janeiro (UFRJ), 105, 326 Export Corridor Program, 186 (2008), 246, 247 Management System of Sutec, 255 Francisco Leal, coal importer, 27 117, 120, 121, 122, 123, 125, 126 Garantidor de Crédito (FGC), 363 Eastern Amazon, PA, 193, 232 Federal University of Rio Grande Gold Fields of South Africa, “Importance of the Carajás S11D Environmental Study and Advisory Franco, Afrânio de Mello, 48 Hazen, copper pyrometallurgy, 326 Cultural Center of Gavião do Sul (UFRGS), 326, 382 South Africa, 157 Iron Project for the National École Polytechnique Fédérale Group (Geamam), 207, 209 Hirata, 171 Kyikatêjê, 213 Fernandes Filho, Anastácio, 225 Franco, Itamar, 217, 232 Gold Project,193 Development Process in Brazil’s de Lausanne (EPFL), 345, 377 Environmental Superintendent’s Frigorífico Mucuri S.A.,131 Hitler, Adolf, 46 North Region, The” (Haddad), 383 Culture Network, project, 316 Ecology Technical Council, 207 Office (Sumei),207 Fernandes, Francisco do Rego, 165 Goldman Sachs’ GS Sustain
Vale Our History Vale Our History Inácio Barbosa Maritime Terminal ISO 14000 (International Jinco Nonferrous Metals Co. Lehman Brothers, banco Massachusetts Institute of Mineral Development Center Itabira, 59, 157 Mitsui & Co. Ltd., 158, 308 (TMIB), SE, 233, 254, 307, 373 Environmental Quality Ltd. (Jinco), China, 357 de investimentos, 286 Technology (MIT), 345, 377 / Centro de Desenvolvimento Itabiruçu, 50 Mo i Rana, Norway, 302, 354 Certification), 224 Mineral (CDM), MG, 115, 239, 376 Jangada, 310 Inco Advanced Technology Joãosinho Trinta, 279, 317 Leite Jr., Antônio Dias, 105, 169, 246 Master Plan for the Moatize Health Center, João Coelho, 50 Materials (Dalian), 349, 357 ISO 14001 (Environmental Jobim, Tom, 246, 247 Lemos, Athos de, 46 Linhares Forest, ES, 264 Mineral Research Superintendent’s Mozambique, 338 Maria Preta, BA, 218 Inco Advanced Technology Management System), Master Plan for the Protected Office (Supem),170 Junqueira, José Monteiro Ribeiro, 46 Lenin, 34 MMN, 325 Moatize Intermediate Institute Materials (Shenyang), 357 252, 254, 271, 320 Green Areas of Itabira, 268 Mineral Resources Research Lessa, Francisco de Sá, 75, 89, 99 Moatize Coal, 338, 341, 391 of Geology and Mines, 338 Inco Limited, 279, 291, 294 Itabira Canada Inc., 291 Maximilian Alexander Philipp Company (CPRM), 169 K Light Metal Smelters Morro Velho, 91, 239 Moatize Project, 341 Information Technology Itabira de Mineração S.A, 41, 56 Wied-Neuwdied, engraving, 14-15 Mineral Technology N4E, 181 Kaiser Steel, USA, 199 Associations (LMSA), 241 Moatize, Tete Province, Democratization Committee Itabira Eisenerz GmbH, McCandless, 171 Center (Cetem), 326 Onça, 50, 186, 218 Light S.A., 250 Mozambique, 279, 281, 297, 298- / Comitê de Democratização Germany, 107, 131, 146 Kawasaki Steel Corporation, Papomono, Chile, 349 McNamara, Robert, 166 Mines / North System 299, 315, 317, 338, 340, 341, 342 143n, 158, 186, 199, 326 Lima, João de Mendonça, 41n, 46, 49 da Informática (CDI), 263 Itabira International Corporation Superintendent’s Office (Sumic),227 Periquito, 130, 157, 158, 186, 187 Médici, Emílio Garrastazu, 143 Monte Simandou, Guinea, 344 Institute of Development (Itaco), 107, 130, 146, 148, 274 Kayapó, indigenous people, 211 Lima, Zeneida, 246, 247 mines: Piçarrão, MG, 130, 156, 157, 186, 187 Meeting with Leaders, project, 316 Pico, MG, 310 Moody’s, 304 in Education, Culture and Itabira Iron Ore Company, 17, Keidanren – Japan’s Linz-Donawitz (LD), Almas, TO, 157, 239 Mello, Fernando Collor de, Riacho dos Machados, MG, 218 412 Community Action (Ideca), 316 23n, 27, 29, 31, 32, 34-35, 37-38, 41, Federation of Industry, 223 furnaces, 104, 114 Abóboras, 310 Morais, Aminthas Jacques de, 46, 48 413 186, 215, 217, 221, 231 Rio do Peixe, 50 Inter-American Development 44, 46, 48, 50, 51, 63, 117, 126 Kennedy, John F., 166 Lisboa, Joaquim Arrojado, 49 Areão, Itabira, MG, 57 Morro da Mina, MG, 320, 325 S11D, 383 Bank (IDB), 131, 158, 263 Melo, Licínio de, 246 Azul, 238, 318-319, 325, 352, 386 Itabira Mines Department, 59, 63 Kobe Steel, 333 Lobato, Francisco Sayão, 140n 210, 239, 240 Morro do Atalaia, ES, 46-48, 51, 60, 85 Bayóvar, Peru, 297, 304, 317, 368 Salobo, PA, Internal Environment Mercantile & Future 29 Itabira Mines Superintendent’s Korean War, 77, 80, 95 Log-In Logística Intermodal Borrachudo, 50 Santa Ana, mountains: Commission (CIMAs), 207, 209 Office (Sumin),223, 224, 226, 227 Exchange (BM&F), 218 Santana, 50 Korean-Brazilian Pelletizing S.A. (Log-In), 311, 371 Brucutu, MG, 352, 353 Andorinhas, 171 International Bank for Metalis, group, 223n, 357 Sapecado, MG, 310 Itabira Mining Company Company (Kobrasco), 227, 256, 271 Lolita (Nabokov), 240 Campestre-Manuel Anastácio, 50 Jacadigo, MS, 238 Reconstruction and Development / Companhia Itabira de Midleton, 171 Semidouro, 50 Jutaí, PA, 171 Krenak, indigenous people, 213 London Stock Exchange, 91 Capanema, MG, 158, 186 (IBRD), 165, 166, 177, 211, 225, 254, 264 Serra da Conceição, 50 Carajás, 137n, 148, 160, 161, 165, Mineração, 48, 50 Midwest Research Capão Xavier, 310 Krigsner, Miguel, 246, 247 Lopes, Edmundo de Castro, 48 Sossego, PA, 261, 262, 300, 301, 359 166, 171, 177, 178, 181, 184, 187, 194, International Institute for Itabira Mining Complex, 268 Institute (MRI), 382 Capitão do Mato, 310 Management and Development Krohokrenhum, Topramre, 213 Lopes, Lucas, 89 Caraça, 157, 186 Tamanduá, 157, 310 201, 202, 211, 213, 218, 223, 224, 232, Itabira Special Steel Company Miltônia Plateaus, PA, 326 (IMD), Switzerland, 355 Carajás, PA, 162-163, 166, 167, 168, Taquari-Vassouras, SE, 296, 297, 239, 383 (Acesita), MG, 34, 60, 83, 130, 151, Kronau, Canada, 368 Mimura, Akio, 333 176, 180, 210, 213, 218, 226, 227, 238, 325, 328, 329, 369 Pelada, PA, 170, 171, 184, 224 International Metals Reclamation 157, 186, 203, 231, 303; see also Krupp, Germany, 125 M Minas d’El Rey Dom Pedro, 157 252, 256, 350-351, 365, 389, 390 Timbopeba, MG, 130, 157, 158, 239, São Félix, 178 Company (Inmetco), USA, 357 Companhia Ferro e Aço de Itabira Kubitschek, Juscelino, 51, Machamer, G.C., 140n Carborough Downs, Australia, 266-267, 313 Sereno (Serra Rica), 137, 161 International Monetary Fund Minas Gerais Development Itabira Water Master Plan, 315 77, 85, 88, 90, 91, 104, 117 Urucum, MS, 192, 235, 238, 320, 325 Urucum, MS, 238 Madeira-Mamoré Bank, 63n, 158 345, 346-347 (IMF), 281, 304, 360, 363 Voisey’s Bay, Canada, 277, 278, Itabira’s Project, 46 Kuwait Petroleum Railroad, AC, 17, 34 Cauê, MG, 29, 36, 39, 41, 50, 52-53, MRS Logística S.A., 261, 310, 311, 373 International Nickel Co., USA, 291 Minas Gerais Society 338, 367 Itabirite Ore Processing Corporation (KPC), 274 Magalhães, Juracy, 75, 79, 94, 95, 246 55, 56, 59, 60-61, 80, 83, 85, 91, 95, of Engineers, 46 Zhaolou, China, 289 MRS System, 310 International Nickel Company Facility, MG, 360, 392 Kyikatêjê, indigenous 124, 156, 157, 159, 175, 186, 207, 218, Malacca, Strait of, 391 Minas Gerais Technology Center Municipal Park, Belo of Canada Limited, 291 people, PA, 213 224, 252, 376 Mining Code, 34, 42-44, 46, 117, Itabiruçu Ecological Park, 223 Mangabeira, João, 105, 117 Foundation (Cetec), 326 Horizonte, MG, 223 International Red Cross, 338 Chacrinha, 130, 157, 186, 218, 224 120, 121, 122, 125, 126, 129,161 Italian-Brazilian Pelletizing Marabá Reserve, PA, 224 Mineração Águas Claras, 120 Corumbá, 359 MZEE (Macrozoneamento International Waterfowl Mining Consortia / Mining Company (Itabrasco), L Creighton, Canada, 291, 338 Ecológico-Econômico), PA, 381 Marabá-Ponta da Madeira, Mineração Andirá, MG, 311 Groupings, 129 Research Bureau, 210 190, 196, 198, 233, 357 Lacerda, Carlos, 123, 125 branch line, 164 Del Rey, 268 Mineração Morro Velho, 194, 239 Mining School of Paris, 25 Iron Ore Export Group / Grupo Itavale Ltda., 157, 158, 186 Dirão, 50 Lanari, Amaro, 26n Maranhão Telephone Company, 235 N de exportação de Minério Mineração Rio do Norte (MRN), Dois Córregos, MG, 50, 82, 85, 120, Ministry of Agriculture, Itochu Corporation, Japan, 279, 289 Lancaster, José, 297 de Ferro (GEMF), 91 Margaret Mee Botanical PA, 193, 240, 241, 242, 256, 302, 329 130, 157, 158, 186, 218 Industry and Trade, 43 Nascimento, Dulce, 246 Landowski, Paul, 394 Foundation, 246 Iron Quadrangle, region, 23, Mineração Serra Geral Don Gabriel, Chile, 349 Ministry of Education and National Aeronautics and Space J 31, 91, 94n, 114, 117, 120, 125, 140, Latibex (eletronic stock Exchange Maria Preta Project, BA, 194 (MSG), 158, 186, 187 Esmeril, 186, 218 Culture (MEC), 223 Administration (NASA), 377 151, 157, 158, 165, 171, 186, 227, Jambuaçu, quilombola land, 213 for Latin American shares), 274 Fazenda Brasileiro, BA, 193, 218 Martins, José Carlos, 338, 342, 370 Mineração Tacumã, 231 Ministry of Mines and National Congress, 27, 37, 38, 252, 261, 303, 310, 311, 360 Japan Brazil Paper and Pulp Latin American Culture Center, 315 Galinheiro, MG, 310 Maruípe Garden see Augusto Mineração Vera Cruz S.A. Energy (MME), 104, 105, 117, 66, 79, 91, 104, 123, 174, 204 ISO 9000, 221, 226 Geladinho, PA, 386 Resources Development Latin American Miners’ Ruschi Municipal Park 120, 121, 125, 129, 170, 289 (MVC), PA, 303, 326 Gongo Soco, 261, 320 National Constituent Assembly, 94 ISO 9001, 271 Co. (JBP), 227 Congress, 121 Mascarenhas, Raymundo Minerações Brasileiras Igarapé Bahia, PA, 194, 218, 255, Ministry of Planning and National Council for Jesus, Renato de, 264 ISO 9002, 226, 227, 271 Lawrenson, C. Alvin, 56 Pereira, 142, 186, 194, 246 Reunidas S.A. (MBR), 110, 302 Economic Coordination, 123 Scientific and Technological JFE, Japan, 333 146, 303, 310, 311, 359, 360 Integra, Australia, 346 Mintek, South Africa, 326 Development (CNPq), 345, 377
Vale Our History Vale Our History National Council of Water National Treasury, 56, 59, 66, 178, 281 O Pecém Steel Company / Companhia Port / North System Q Rio Doce Europa (RDE), 146, 173 Ruber Superintendent’s and Eletric Power, 104 Navegação Rio Doce Ltda., 148 Oliveira Castro, 59 Siderúrgica do Pecém, CE, 359 Superintendent’s Office (Supoc),227 Quadros, Jânio, 104, 105, Rio Doce Geologia e Mineração Office (Sudhevea), 221n National Department of Neuquén Project, 300, 368 Oliveira, Clodomiro de, 29, 32, 37 Pelletizing and Metallic Goods Port / South System 117, 120, 126, 217 S.A. (Docegeo), 169, 170, 171, Rural Family House, project, 317 Industry and Trade, 56n Department, 256, 271 Superintendent’s Office (Supot),227 173, 193, 218, 239, 241 Neves, Tancredo, 177 Oliveira, Francisco de Paula, 23 Queiroz Júnior Plant, MG, 26n Rural University of Minas National Economic and Social Pelletizing Superintendent’s Port Colborn, Ontario, Canada, 338 Rio Doce Housing and Gerais State, 186; see also New Caledonia, project, Oliveira, Oscar de, 105, 123, 130, 246 Queiroz Júnior, J.J., 26n Development Bank / Banco Office (Supel),227, 235 Port of Sohar Industrial Social Development University of Viçosa, MG 279, 291, 292-293 Oman Oil Company, 342 Queiroz, Rachel de, 246, 247 Nacional de Desenvolvimento Pena Júnior, Afonso, 48 Complex, Oman, 342, 391 Foundation, 255, 261, 263 Econômico e Social (BNDES), New Regulatory Framework of Onça Puma Project, PA, Pereira, Francisco F., 48 Port Support Service, 273 Rio Doce Internacional S.A., 203 S 210, 226, 239, 250, 253, 255, the Eletricity Sector (2004), 314 281, 294, 295, 391 R Rio Doce International Finance 277, 281, 303, 326, 378, 381 Pessoa, Epitácio, 32, 37 Porteirinha Project, 157 S.A. Mineração da Trindade New York Stock Exchange Ordinances of Manuel, 20 Rache, Pedro Demóstenes, 46 Ltd. (RDIF), Guyana, 173 (Samitri), 104, 107, 109, 110, 122, 130, National Economic Development (NYSE), 274, 275, 291, 337, 388 Petrobras S.A., 104, 112, 121, Portobras, 190 Orion Express, ship, 341 Railroad Study Center, 73 Rio Doce Madeiras S.A. 140, 146, 151, 187, 190, 203, 260, 261 Bank / Banco Nacional de Nibrasco, 190, 196, 197, 198, 233, 256 143n, 146, 164, 233, 297, 373, 381 ports: (Docemade), 173 Desenvolvimento Econômico Oswald, Carlos, 394 Ramos, Nereu, 99 Sabará Tunnel, MG, 188 Niemeyer, Oscar, 263 Petros, 381 Beira, Mozambique, 342 (BNDE), 89, 91, 158, 166n, 170; see Ouro Fino, deposit, 194 Rauber, Joel Marciano, 246 Rio Doce Manganèse Europe Phelps Dodge, 300 Belém, PA, 242 Salitre Project, 368 Nippon Kokan K.K., (RDME), France, 303, 325, 326 414 also National Economic and Ouro Preto Mining School Capuaba, ES, 232, 257, 309 Red Dragon of Itabira, 415 shipyard, Japan, 113, 146 Piçarrão Project, 157 Salobo Metais S.A., 239, 302 Social Development Bank / Banco (EMOP), 23, 24, 25, 26n, 29, 51, 60 Espadarte, PA, 164 soccer team, 135 Rio Doce Manganèse Norway Samarco Mineração, 260, 261 Nacional de Desenvolvimento Nippon Steel, Japan, 175, Pico Complex, MG, 310 Ijmuiden, Netherlands, 76 (RDMN), Norway, 302, 303 Rede Cidadã, 316 Econômico e Social (BNDES) 209, 233, 256, 288, 332, 333 San Martin de Sechura Rural Pimenta, Dermeval José, Itaguaí, 261, 373 Rio Doce Moçambique Limitada, 297 P Rede Mineira de Viação, 63n National Indian Foundation Nisshin Steel, 333 25, 60, 63, 66, 67 Laguna, SC, 49 Community, Peru, 317 Rio Pindaré, indigenous land, 211 Panamá, canal, 273n Paul, ES, 230 Regina Project (now called Kronau) (Funai), 211, 213, 315 Nissho-Iwai Co. Ltd., 158, 233, 302 Pincock & Runge, 386 Santos, Breno dos, 137,138, 140, 161 Prony, Oceania, 292-293 Rio Tinto, anglo-australiam, National Land Transport Agency / Pará Pigmentos S.A. (PPSA), Reis, Fernando Roquete, 148, 165, 246 São Francisco Hydroeletri NKK Switches, Japan, 256 Pinheiro, Israel, 25, 41, 241, 297, 359, 368 326, 328, 354, 358 Rio de Janeiro, 89, 157 Agência Nacional de Transportes 50, 51, 56, 63, 135, 156 Rennó, Joel Mendes, 164, 233 Company (Chesf), 104 Noble Metals Superintendent’s Santa Cruz (now called Aracruz), Rio Verde Mineração, MG, 303 Terrestres (ANTT), 307 Paragominas, deposit, 171, 241, 242 Office (Sumen),193, 218 Pinheiro, João Batista, 91 ES, 32, 45 Republic Steel, USA, 95 São João, engage, 285 Rio, José Pires do, 32 National Mines and Paraopeba Complex, MG, 310 Non-Ferrous Metals Pinto, João Batista da Costa, 49 Santos, 307, 373 Reserve for the Development of São João de Ipanema Metallurgy Council, 104 Ritter, João E., 140n Paraopeba River Valley, MG, Trombetas, PA, 241 the Regions Influenced (RDRI),255 Iron Factory, 26 Department (Denf), 271 Pinto, Magalhães, 123 National Mining Fund, 129 Tubarão, 31, 107, 151, 157, 173, 230 rivers: 89, 91, 117, 120, 121, 123, 125 Reserve Mining Company, 142 São José dos Campos Norilsk Nickel, Russia, 291 Pinto, Mário da Silva, 89 National Nuclear Energy Vitória, ES, 29, 46, 47, 48, 50, Araguaia, 137, 211 Technology Park, SP, 378 Paraprint, 326 Revolution of 1930, 38, 42, 44, 94 Normanton, Robert, 29 Piracicaba River Valley, 130 51, 52-53, 56, 60, 68-69, 76, 86- Araguari, 314 Commission, 104 São Luís Railroad Station, MA, 235 Parliamentary Commission of 87, 91, 94, 99, 107, 232 Reynolds, C.D., 140n Colorado, Argentina, 300 Nor-Shipping Clean Pires, Antônio Olynto dos Santos, 23 National Petroleum Council, 104 Inquiry / Comissão Parlamentar São Marcos Bay, MA, 164, 178, 183 Ship Award, 370 Praia Mole Project, 190 Riacho do Machado Project, 194 Doce, 14, 31, 61, 101 de Inquérito (CPI), 123, 125, 178 Pohang Iron & Steel Company National Privatization Itacaiunas, 136, 137n, 139, 140, 160, São Paulo State Environment Norsk Hydro, Norway, 358 (Posco), South Korea, 227, 256, 257 Presidential Planning Ribeiro, José Hamilton, 246, 247 Program (1990), 217, 250 Parsons, Klapp, Brinckerhoff 164, 209 Company, 209n Secretariat (Seplan), 193 North Mountains, deposit, 178 & Douglas (PKBD), 56, 63 Pohang Steel, South Korea, 199 Ribeiro, José Monteiro, 46, 48 Itajucu, 209 National Privatization São Paulo Stock Exchange North System, Carajás, 177, 187, Prestes, Luís Carlos, 45n Paraguay, 359 Program (1997), 217 Participatory master plan, 317 Polytechnic School of Bahia, 142 Rigon, 171 (Bovespa), 249, 274, 324, 386 201, 207, 209, 227, 230, 232, 233, 235, Privatizations Resources Regional Parauapebas, 137n, 160, 209 National Production Department Passos, Gabriel, 105, 117, 120 Polytechnic School of Rio Colorado Project, Sarney, José, 177, 215 239, 307, 310, 325, 328, 359, 367 Development Fund (FRD), 255 Pardo, 157 (DNPM), 23, 43, 89, 104, 120, Rio de Janeiro, 99 Argentina, 300, 368 Paths to development / Caminhos Santo Antônio, 67 Sarney Filho, José, 264 125, 126, 129, 157, 161 Northeast Railroad Company Producer’s Bank, 317 do desenvolvimento (Leite Jr.), 105 Ponta da Madeira Maritime Rio de Janeiro Stock Exchange, 250 / Companhia Ferroviária do Tocantins, 160, 164, 180, 181, 209, Sarney, Roseana, 235 National Railroads Department, 123 Terminal, MA, 177, 183, 199, 201, 210, Product Development Center / Nordeste (CFN), 253, 307 Paul Quay, ES, 76, 92, Rio de Janeiro Tramways, Light and 211, 233 Centro de Desenvolvimento de Schettino, Francisco José, National Space Research 94, 95, 97, 189, 305n 218, 227, 232, 233, 238, 305, 307, 308, Power, 32, 34; see also Light S.A. Trombetas, 239, 240 North-South Railroad 227, 232, 238, 252 Institute / Instituto Nacional de 309, 322, 324, 325, 327, 356, 371, 373, 383 Produtos (CDP), SP, 378, 388 Zambezi, Mozambique, 297 (FNS), TO, 371, 373 peaks: Rio Declaration on Environment Pesquisas Espaciais (INPE), 388 Pronaf Dendê (federal gorvenment Science Academy of Paris, 25 Amor, MG, 223, 263 Ponta da Madeira Railroad and Development, 221 River Terminal, MS, 320 “Nosso Brasil que Vale, funding program), 386 National Steel Company / Cauê, 16, 17, 34-35, 40, 48, 55, 57, 156 Terminal, 181 Seamar Shipping O”, samba song, 317 Rio do Peixe Reservoir, Rocha, Domingos Fleury da, 43 Companhia Siderúrgica Nacional Itapocu,65 Ponta do Ubu Maritime Provisional Government, 42, 43 Corporation, 130, 173, 273 Itabira, MG, 223, 225 Rongsheng Shipbuilding and (CSN), 41, 48-50, 77, 83, 85, 112, Nova Era Silicon, 303 Terminal, 260 Second Bulk Solids Peçanha, Nilo, 27 PT Inco, 294 Rio Doce América (RDA), 146, 203 Heavy Industries, China, 286, 370 122, 125, 131, 148, 198, 252 Pontal Basins, 207 Loading System, 233 Pecém Industrial and Port PT International Nickel Indonesia Rio Doce Engenharia e Rousseff, Dilma, 314 National Steel Making Second World War, 41, 46, 49, 50, Complex, CE, 359 Popular Week to Defend Mining, 121 Tbk (PTI), New Caledonia, 294 Planejamento (RDEP), 161n, 173 Commission, 45n 60, 63, 67, 77, 79n, 94n, 137n, 291
Vale Our History Vale Our History Secretariat of Agriculture, Industry, South System, Carajás, 177, 186, T Trans-Amazonian United Nations Convention Vale do Rio Doce Botanical Valeriodoce Esporte Clube, Voisey’s Bay, plant, 277, 278, 338 Trade and Public Works, 32 187, 190, 201, 207, 209, 230, 256, Tapirapé Biological Reserve, 210 Highway, 137n, 207 on Biological Diversity, 222 Park, ES, 320, 321 soccer team, 135 Volta Redonda Plant, 50 257, 260, 261, 271, 307, 308, 310, Sena-Beira, branch line, 342 Tapirapé-Aquiri National Tres Valles, Chile, 347, 348, 349 United Nations Framework Vale do Rio Doce Energia Valesul Alumínio S.A., 193, 195, 311, 314, 328, 354, 357, 359, 367 Convention on Climate Change, 222 S.A. (Vale Energia), 276 223, 224, 226, 228-229, 239, 242, Sepetiba Bay Port Company / Forest, 210, 268 Triângulo Mineiro, 305, 307 W Companhia Portuária Baía de Southeast System, 311, United Nations, 89, 221, 257, 335, 337 Vale do Rio Doce Environment 254, 256, 303, 313, 328, 354, 357 Target Program (JK), 85, 88, 89 Tsukada, Chihiro, 227 Washington Agreements, Sepetiba S.A. (CPBS), RJ, 261, 311, 373 314, 354, 359, 367 Institute (IAVRD), 320 Valuec Serviços Técnicos Távora, Juarez, 43, 121, 125 Tubarão, engage, 285 United States Geological 41, 48, 50, 51, 56, 59 Sepetiba Bay, RJ, 123, 125, 126 Southeast, district, 171 Survey (USGS), 137n Vale do Rio Doce Foundation Ltda., 161, 165 Teacher’s House, project, 263 Tubarão Complex, Vitória, ES, 190, Water Code, 43 Special Commission to Regulate (FVRD), 261, 263, 264, 315, 316, 338, 341 Vargas, Getúlio, 25, 41, 42, 45, 46, Sepetiba Tecon, RJ, 307 191, 202, 210, 214, 218, 223, 225-227, United States Steel Co. (US the Washington Agreement, 50 Technical Council on 49, 50, 67, 77, 88, 94, 95, 104, 117, 392 Weber, strip, 193 Service to Support Micro and 230, 231, 233, 248, 253, 254, 256, 264, Steel), 49, 137, 143, 148, 161, Vale do Rio Doce Navegação S.A. Economic and Finances, 46 Werneck, Dorothéa, 227 Small Companies (Sebrae), 315 Special Environment 268-270, 285, 305, 308, 309, 311, 313, 164, 165, 218, 235, 257 (Docenave), 104, 110, 112, 113, 114, Vasco Coutinho Station, ES, 65 Secretariat (Sema), 221 “Techno-Economic Study 131, 142, 143n, 146, 148, 186, 233, West, Robert K., 56, 63, 95 Shandong Yankuang International 320, 321, 328, 331, 354, 357, 372-374, 382 University of Itajubá, 164 Vasconcelos, Paulino Cícero de, 226 of Brazil’s Itabirite Iron Ore 236-237, 272, 273, 274, 308, 311 St. John d’El Rey Mining Whitehead, Gilbert, 63 Coking Company Limited, 279, 297 Deposits”, project, 95 Bulk Liquid Terminal, 373 University of São Paulo Vatu Steel Company / Company, 91, 117, 120 Vale do Rio Doce Railroad (USP), 137n, 326, 378 Companhia Siderúrgica Vatu, Wholesal Energy Market, 276 416 Shanghai Baosteel Group Technological Research Center, 170 Diverse Products Terminal 417 Standard & Poor’s Ratings Museum, Vila Velha, ES, 263 95, 110n, 115, 131, 173n Corporation, China, 289 (TPD), 230, 256, 260, 305, 308, 373 University of São Paulo Wigg, Carlos da Costa, 26n Technological Research Service, 304, 392 State (Unesp), 326 Vale Energia Limpa S.A., 367 Velloso, Vânia, 265 Siderbras, 190, 203 Department (Deteg), 171, 181n Effluent Collection and Williams, Howard, 95 State Basic Sanitation and Vale Fertilizantes, 368, 373 Siemens-Martin, furnaces, 91, 104 Treatment, project, 270 University of Viçosa, MG, 186, 342 Venâncio, Antônio Environmental Defense Technology Teluk Rubiah Terminal, Winner, ship, 242 Grain Terminal, 230, 256 Urubu Ka’apor, indigenous Vale Florestar Project, 210, 380, 381 Carlos de Lima, 213 Silva, Luiz Inácio Lula Company (Cetesb), 209 Malaysian, 391 World Business Council for people, 211, 213, 315 Vale Hope Schools, 338 Vereinigte Oesterreichische da, 215, 242, 281, 323 Tercam Intermodal Terminal, Pelletizing Complex, 320, 321 Sustainable Development, 264 State Environment Eisin-und Stahlwerke Ag Silveira, Amaro da, 26n Camaçari, BA, 311 Praia Mole Maritime Terminal, Urucum Mineração Vale Inco Ltd., 290, 291, 294, Foundation (Feam), 268 (VOEST), Austria, 158 World Environment Day, 221, 270 190, 202, 253, 258-259, 306, 373 S.A., 193, 238, 359 337, 339, 355, 391; see also Simandou Project, 345 State Environment Terraservice, consulting firm,170 World Health Organization Usina Siderúrgica da Bahia Vale Canada Limited Viana, Agripino Abranches, 186, 194 Single Minerals Tax, 129 Secretariat, ES, 270 Tete Provincial Hospital, Tubarão Maritime Terminal, ES, (WHO), 210 102-104, 106-109, 111, 112, 114, 122, (Usiba), 131, 148, 198, 203 Vale Institute of Technology Viana, Fernando de Melo, 37 Small Farmers Project, 386 State Environmental Moatize, 338 World Trade Organization 127, 128, 130, 131, 134, 141, 147, 149, Usinas Siderúrgicas de Minas / Instituto Tecnológico Vale Vieira, Paulo José de Regulator (IEMA), 321 The Chase Manhattan Bank, 158 (WTO), 280, 284 Small Farmes Project, 386 151, 152, 153, 154, 156, 172, 173, 177, Gerais (Usiminas), 60, 63, 83, 110, (ITV), 342, 377, 378, 381 Lima, 105, 122, 123 Statement of Forest Principles, 222 The Mitsubishi Bank Ltd., 158 Soares, Edmundo de Macedo, 49 189, 190, 196, 197, 209, 246, 307, 333 112, 131, 146, 148, 151, 151n, 181n, Vale Itália, ship, 370 Vila Técnica Areão, Itabira, MG, 108 Statute to Establish Companhia Thibau, Mauro, 121, 122, 123n, 125 190, 198, 203, 231, 252, 303, 357 X Soares, Raul, 37 Tubos de Acero de Vale Lima, ship, 286 Vila Velha Terminal, ES, Vale do Rio Doce, 42 México (Tamsa), 199 Usinor, 140, 143, 256 Xikrin, indigenous people, 137, Sociedade de Desenvolvimento do Third National Development Vale Natural Reserve, Linhares, 307, 308, 309, 311 Steinbruch, Benjamin, 252, 256 Plan (1979), 177 138, 184, 204, 211, 212, 213, 315 Corredor do Norte S.A. (SDCN), 341 USS Engineers & Consultants, 161n ES, 85, 100, 101, 206, 223-225, Vilela, Gastão de Azevedo, 46, 48 Stockholm Conference (1972), 221 Thompson, 367 246, 264, 265, 268, 320 Société Anonyme d’Importation U Vitória, island, 209 (Sadi), Switzerland, 98 Strong, R., 140n ThyssenKrupp CSA Siderúrgica Vale Network, program, 263, 316 Y U.S. Geological Survey, 89, 137n V Vitória - Minas Railroad (EFVM), do Atlântico Ltda. (TKCSA), 359 Société Européenne d’Alliages Sudo, Fumio, 333 Ueki, Shigeaki, 143, 164, 165, 241 Vale & Communities Vale Nouvelle-Calédonie SAS 17, 28-32, 38, 41, 46, 50, 56-60, 63, Yamada, Katshuhisa, 227 pour la Sidérurgie (Seas), 238 ThyssenKrupp Stahl AG (TKS), (VNC), New Caledonia, 294 Suez, canal, 274n Unesco (United Nations Integration Program, 255 65, 66, 73, 83, 84, 85, 86-87, 89, 94, Yankuang Group, 279, 289, 297 Germany, 107, 256, 260, 261 Socoimex, 261 Sumitomo Metal, Japan, 256, 333 Educational, Scientific and Cultural Vale Australia, 345; see also Vale Oman Pelletizing 96, 101, 107, 112, 118, 120, 130, 132, Yongcheng Coal & Electricity ThyssenKrupp Steel Europe Company LLC (VOPC), 342 146, 150, 151, 156, 157, 183, 186-189, Solidarity Community Supreme Federal Court, 120, 125 Organization), 85, 101, 223, 264 AMCI Holdings Australia Pty Group, 289, 297 AG, Germany, 359 199, 203, 207, 219, 221, 223, 230, 233, Council / Conselho da Union Carbide, 137, 161 Vale Brasil, ship, 370, 371 Vale Rio de Janeiro, ship, 370 Sustainability Action 253-255, 257, 260, 263, 270, 271, 305, Comunidade Solidária, 246 Tibiriçá, Mário W., 46, 48 Vale School, project, 263, 316 Plan / Plano de Ação em United Nation Environment Vale Canada Limited, 391; 308-311, 332, 371, 373, 384, 385, 386 Z Sooretama Biological Sustentabilidade (PAS), 386 Timber and Pulp Program (UNEP), 210, 221 see also Vale Inco Ltd. Vale Soluções em Energia Vitória Corridor, 309 Zero Residues Project, 225 Reserve, ES, 264, 265 Superintendent’s Office,207 Sustainable Development United Nations Conference Vale Carbon Program, 388 S.A. (VSE), SP, 277, 378, 379 Vitória Iron and Steel Company Zhu, Michael, 338 Sorocabana Railway Company, 34 Plan, 315, 316 Timbopeba Project, 158, 187, 268 on Trade and Development Valemax, class ship, Vale Community Program, 315, 316 / Companhia Ferro e Aço de Ziyang, Zhao, 160, 161, 285 (UNCTAD), 280, 335 342, 370, 371, 391 Sossego Complex, Canaã Sybetra, Belgium, 125 Timbopeba, deposit, 130, 158 Vitória (Cofavi), 63, 73, 83, 110 Vale do Acará, PA, 277, 386 Zweig, Stefan, 337 dos Carajás, PA, 281 Tolbert, Gene Edward, United Nations Conference Valepar S.A., 250, 253 Sygma Tecnologia, Engenharia, Vale do Rio Doce Alumínio Voisey’s Bay, Newfoundland Sossego Project, 261, 300 137, 140n, 161, 170 on Trade and Development Indústria e Comércio Ltda., 378 (Aluvale), 241, 302, 303, 355, 391 Valer (education and people and Labrador, 367 (UNCTAD), 280, 335 South Mountains, deposit, 178 development department), 317
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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
Vale Our History Vale Our History Vale Our History