You are on page 1of 44

2007

1931
1944

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 worlds
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 companys 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 Brazils 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 years investment. This was
pit or a heart. The easy-to-read brand reinforced Vales image as a largely due to the acquisition of Canadian company Inco, the worlds
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 Vales 2007 Sustainability Report.
5 - 2008 Press Book, produced by Vales Press Office.
6 - The United Nations annual investment report is published by the United Nations
1 - Simplesmente Vale, Isto Dinheiro, December 5, 2007. Available at <http://www. Conference on Trade and Development (UNCTAD), the UNs economic development arm.
istoedinheiro.com.br/noticias/7239_SIMPLESMENTE+VALE>. 7 - See Vales 2006 and 2007 Form 20-F Reports.
2 - Idem. 8 - See Brasil o 12o maior investidor no mundo, aponta ONU, O Estado de S.Paulo, October
3 - US GAAP 4Q07 Results. Available at <http://www.vale.com.br/pt-br/investidores/resultados- 16, 2007. Available at <http://www.estadao.com.br/noticias/economia,brasil-e-o-12-maior-
e-informacoes-financeiras/resultados-trimestrais/Documents/2007/4%C2%B0%20Trimestre/ investidor-no-mundo-aponta-onu,65706,0.htm>.
Press%20Releases/vale_usgaap_4t07p.pdf>. 9 - Idem.

Vale Our History Vale Our History


Photo at start of Chapter 10:
Vales global headquarters
in Rio de Janeiro, 2011.

336 changed. In the 2000s, Brazils 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 years figure of US$2.8 billion, due to
Vales share of the total volume traded by Brazil on the seaborne the fact that Vale Incos 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, Vales shares were the most traded among
In 2007, Vales 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 companys 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 Vales 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 Vales entry into the international nickel market, making Hundreds of houses, schools and hospitals collapsed in less than
it the worlds 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 Vales 2007 Form 20-F Report.
10 - See Brazil, Finance Ministry. Economia brasileira em perspectiva. Special year 2010 16 - Vale a ao estrangeira mais negociada na Bolsa de Nova York, Folha de S.Paulo,
edition. Available at <http://www.fazenda.gov.br/portugues/docs/perspectiva-economia- Mercado Aberto, January 30, 2008.
brasileira/edicoes/Economia-Brasileira-Em-Perpectiva-Especial-10.pdf>. 17 - O gol de placa da Vale, Carta Capital, February 20, 2008.
11 - Idem. 18 - Vale faz parceria com Columbia para criar centro de pesquisa, Valor Econmico, April
12 - See Vales 2007 Form 20-F Report. 30, 2008.
13 - The document was translated by BBC Brazil in Brasil bate recorde de investimentos no 19 - Vale lanar trs programas para contratao de recm-formados, O Globo, May 4,
exterior, diz UNCTAD, October 16, 2007. Available at <http://www.bbc.co.uk/portuguese/ 2008.
O Brasil Batizou: Vale! reporterbbc/story/2007/10/071016_unctadwir07_pu.shtml>. 20 - A tragdia das crianas, Veja, May 21, 2008. Available at <http://veja.abril.com.
advertising campaign (2007). 14 - See <http://nickel.vale.com>. br/210508/p_078.shtml>.

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, Vales Executive Director of Ferrous Metals, Mozambique was the first place outside Brazil to receive a
Jos 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 Foundations investments in the African country have prioritized
of the three schools handed over in Sichuan. The 6,500-m 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, Vales 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 Vales 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 Voiseys 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 exportao da Mina Carvo Moatize,
21 - Vale entrega a terceira Escola da Esperana na China. Available at <http://www. September 13, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna. View of Inco
vale.com/pt-br/sustentabilidade/destaques/paginas/vale-entrega-a-terceira-escola-da- asp?id=21027>. site in Sudbury,
esperanca-na-china.aspx>. 23 - Idem. Ontario, Canada.

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 companys 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 Emlio 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 companys operations in central
Mozambican governments 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 peoples 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, Atuao Internacional. Available at <http://www.fundacaovale.
and the development of solutions to support public transport. org/pt-br/a-fundacao-vale/atuacao-internacional/Paginas/default.aspx>.
Actions are also being implemented to establish alternative ways of 25 - Vale compra ferrovias no leste da frica, O Estado de S.Paulo, September 22, 2010.
Available at <www.economia.estadao.com.br/noticias/negcios,vale-compra-ferrovias-
generating income, such as poultry farming, beekeeping, agricultural no-leste-da-africa,36152,0.htm/>.
training, and vocational courses. 26 - Idem.

Vale Our History Vale Our History


Ceremony to open Vales distribution center
and pelletizing plant in Oman, 2012. Left to
right: Marco Beluco, Vales Country Manager
in Oman; Marcelo Figueiredo, Vales Director
of Projects in Oman and Malaysia; Ahmed
Al Wahaibi, CEO of the Oman Oil Company;
Jos Carlos Martins, Vales Executive Director
of Ferrous Metals and Strategy; Nasser
Al Jashmi, the Omani Sub-Secretary of
Oil and Gas; Murilo Ferreira, Vales 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 projects by Vale. Sohars 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 Viosa in Minas Gerais,
companys 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 Tecnolgico 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. ITVs 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 <http://www.vale.com.br/pt-br/o-que-fazemos/logistica/portos-e-
27 - Primeira exportao de carvo de Moatize parte hoje para Dubai, O Pas, September terminais/oma/paginas/default.aspx>.
14, 2011. Available at <http://www.opais.co.mz/index.php/economia/38-economia/16589-
primeira-exportacao-de-car-vao-de-moatize-parte-hoje-para-dubai.html>. 32 - Interview with Luiz Mello, CEO of the Vale Institute of Technology, given to Vale on
October 25, 2011; and the text Combate a pragas em Om, Portal Vale.com (Home -
28 - See Vales 2009 Form 20-F Report. Sustentabilidade - Destaques - Combate a pragas em Om). Available at <http://www.vale.
29 - Idem. com/pt-br/sustentabilidade/destaques/Paginas/combate-a-pragas-em-Oma.aspx>. Ship unloader at Vales
30 - See Vale no mundo, Available at <http://www.vale.com.br/pt-br/conheca-a-vale/ 33 - See <http://www.vale.com.br/pt-br/sustentabilidade/instituto-tecnologico-vale/ industrial complex
mundo-afora/paginas/default.aspx>. paginas/default.aspx>. in Oman, 2011.

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 cole was once more the point of entry. In April 2007, Vale paid US$656
Polytechnique Fdrale 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 Vales new mining policy. It also confirmed the companys 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 Vales 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 projects 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 Vales 2007 Form 20-F Report.
and manganese). 36 - See Vales 2006 and 2007 Form 20-F Reports.
37 - See Vale compra produtora australiana de carvo, O Globo, February 27, 2007.
Available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=17217>.
Mount Simandou 34 - See Vale press release Vale investe em cincia e tecnologia para garantir a minerao
in Guinea, home to do futuro, October 18, 2011. Available at <http://saladeimprensa.vale.com/pt/release/ 38 - See <http://www.pormin.gov.br/biblioteca/arquivo/metodos_de_lavra.pdf>.
iron ore reserves. interna.asp?id=21139>. 39 - See Vales 2009 Form 20-F Report.

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 companys sales in 2007. 44
cathode (metal plate). There are two copper oxide mines: the Don Vales 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 Vales
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 worlds 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 Vales 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 Vales 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 produo, O Globo,
December 2, 2010.
42 - See Vales 2009 Form 20-F Report.
43 - Idem. 44 - Idem.

Vale Our History Vale Our History


350 351

Iron ore processing


at Carajs Mine,
Par, 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 Carajs
frontiers, crises spread like waves. A crisis that began in the real between July and December 2007. Vales 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 companys 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 companys 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 Vales 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 Vales 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 Carajs, Par, work on expanding the annual operating revenue rose by 16.3% to US$38.5 billion, while
operations 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 Carajs 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 Vales 2007 Form 20-F Report. 48 - Idem. So Gonalo do Rio Abaixo,
46 - Idem. 49 - See Vales 2008 Form 20-F Report. Minas Gerais, 2009.

Vale Our History Vale Our History


Right: Vales CEO,
Murilo Ferreira, in 2011.

In 2008, the good results attained in previous years were


maintained, and indeed Vales 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 companys major iron ore markets.61 That wasnt 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 Chinas producing metal through primary reduction of alumina to a The companys 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 Vales 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
countrys 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 Amaznia S.A. (Cadam), in Par, 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, Par 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 Alumnio (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
systems in Minas Gerais.53 Just three of Vales 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
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.64 Gross he remained until 2008. 1
of its seven plants at Tubaro Complex in Vitria (Esprito Santo), revenue from ferroalloy operations fell by 69.3%, thanks to a 48.5%
Murilo Ferreira has an undergraduate degree in
one in So Lus (Maranho) and another in Fbrica (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 Tubaro Complex belonging to Vales 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 Fundao 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 So 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 Fundao 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
January 2009. Its ferroalloy plant in Dunkirk, France, was closed European Union contracted by 2.4%, 5% and 4.2%, respectively.60 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 Vales
maintenance work on the plants 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 companys investments, employee training, and health
58 - Idem. and safety initiatives.
59 - See Vales 2009 Form 20-F Report.
50 - Idem. 61 - See Vales 2009 Form 20-F Report.
60 - See Fiesp, A poltica de desenvolvimento produtivo, Competitiveness
51 - Idem. and Technology Department, Decomtec, November 2009. Available at <http:// 62 - Idem. 1 - Vale anuncia Murilo Ferreira como diretor-presidente, Vale, May 19, 2011.
52 - Idem. www.fiesp.com.br/competitividade/downloads/a%20pol%C3%ADtica%20de%20 63 - Idem. Available at <http://www.vale.com.br/pt-br/investidores/press-releases/paginas/
desenvolvimento%20proditivo%20-%20pdp%20ap%C3%B3s%20a%20crise.pdf>; vale-anuncia-murilo-ferreira-como-diretor-presidente.aspx>.
53 - Idem. 64 - Idem.
and BBC Brasil, Desempenho do PIB brasileiro foi 6 o melhor do G20 em 2009. 2 - Vale apresenta novo diretor-presidente, Murilo Ferreira, Exame.com, May 20,
54 - Idem. Published on March 11, 2010, available at <http://www.bbc.co.uk/portuguese/ 65 - Idem. 2011. Available at <http://exame.abril.com.br/negocios/empresas/noticias/vale-
55 - Idem. noticias/2010/03/100311_pib_brasil_g20_daniela_rw.shtml>. 66 - Idem. apresenta-novo-presidente-murilo-ferreira>.

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 Vales operating revenues generated by investments and disinvestments 357
sales to Chinese customers was 38%. China bought 56.8% of the
companys 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 Carajs. The pelletizing plants at Tubaro Complex in Vitria the International Metals Reclamation Company (INMETCO), for
(Esprito 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. Vales 65% interest in Chinese company Jinco Nonferrous Metals Co.
Fbrica plant in Congonhas (Minas Gerais) and the plant in So Ltd. (Jinco) for US$6.5 million. The same month, Vale entered into
Lus (Maranho) 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 companys 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 companys 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. Vales 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 companys 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 Alumnio 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 Vales 2009 Form 20-F Report.
da Madeira Maritime 73 - Vale vende US$ 31,2 milhes em ativos da Valesul para a Alumnio Nordeste S.A.,
Terminal in So 68 - Idem. O Globo, January 22, 2010. Available at <oglobo.globo.com/economia/mat/2010/01/22/vale-
Lus, Maranho. 69 - Idem. vende-us-31-2-milhoes-em-ativos-da-valesul-para-aluminio-nordeste-a-915688823.asp>.

Vale Our History Vale Our History


Left: alumina being
shipped from Alunorte in
Barcarena, Par, 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 Par Pigmentos S.A. (PPSA), as well as other 2009, when it completed its purchase of 100% of Rio Tintos iron ore As a strategic partner of ThyssenKrupp, Vale was TKCSAs sole and
kaolin mining rights in Par, to Imerys S.A. for US$74 million.74 operations in Corumb, 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 Par (CAP) were Corumb iron ore mine as a world-class asset characterized by with Dongkuk Steel, one of South Koreas 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 Cear, at the
to the terms of the agreement, Vale, through its wholly owned reduction process. Its logistics assets meet 70% of the operations Pecm Industrial and Port Complex in So Gonalo do Amarante.
subsidiaries, transferred to Hydro a 51% stake in Albras, a 57% transportation needs.80 In 2008, Corumb Mine produced 2 million Called the Pecm Steel Company (Companhia Siderrgica do
interest in Alunorte and 61% of CAP.76 Through this transaction, metric tons of iron ore.81 Pecm), the operation will have an initial production capacity of
Vale received US$503 million in cash and 22% of Norsk Hydros The purchase of these assets in Corumb brought yet another 2.5 million metric tons per year. 83
outstanding common shares.77 country onto Vales 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 Carajs Complex in Par. As of the first quarter of 2010,
Investments: new equity stakes and operations railroad whose concession belongs to Amrica Latina Logstica (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 Paran and million metric tons to the sites 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 Carajs Hydrometallurgical Plant. Located at the Sossego In 2010, the iron and manganese mines of Corumb under Vales Mineraes Brasileiras Reunidas S.A. (MBR). The company, whose
mining unit in Par and completed in December 2008, the plant control as of 1994, when it acquired a 100% stake in Urucum Minerao direct stake in MBR was 49%, considered the subsidiarys 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 Minerao
Vales 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 EBMs
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 EBMs equity and signed an agreement guaranteeing
now operates with an annual production capacity of 10 million raise its stake in ThyssenKrupp CSA Siderrgica do Atlntico 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$1.42 billion.
TKCSA was building an integrated steel plate mill, with nominal
production capacity of 5 million metric tons of plate per year, in
74 - See Vales 2010 Form 20-F Report.
75 - Idem.
82 - See Vales 2009 and 2010 Form 20-F Reports.
76 - See Vale press release Vale conclui gesto de portflio de ativos de alumnio, February 79 - Idem.
28, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20518>. 83 - See Vales 2007 Form 20-F Report.
80 - See Vales 2009 Form 20-F Report.
77 - Idem. 84 - See Vales 2010 Form 20-F Report.
81 - See also Vale prev investir US$ 2 bilhes em Corumb, O Estado de S.Paulo, September
78 - See <http://www.vale.com.br/pt-br/o-que-fazemos/mineracao/minerio-de-ferro-e- 19, 2009. Available at <www.estadao.com.br/noticias/impresso,vale-preve-investir-us-2- 85 - See Vales 2007 Form 20-F Report.
pelotas/projetos/Paginas/default.aspx>. bilhoes-em-corumba,437597,0.htm>. 86 - Idem.

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 Carajs
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 countrys solvency and sustainability indicators, VALES 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. Brazils 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 VALES
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 Guaba 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

Vales 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, Vales 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, Brazils 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
Vales 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 Vales 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, Vales 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 Minerao e Metalurgia S.A., October 8, 2003.
Available at <http://200.225.83.165/saladeimprensa/pt/releases/release.asp?id=11161>.
* Soybeans include grains, crushed soy, bran, oil, and oil extraction residues; sugar includes cane, raw and refined sugar; meat includes various processed forms of chicken, pork and
88 - Idem.
beef; automobiles include passenger cars, tractors, components, parts and engines; and coffee includes raw beans and instant coffee.
89 - In this comparison, imports are not subtracted, as before, but instead total export 90 - According to Cintra, Marco Antonio Macedo, Suave fracasso: a poltica macroeconmica
Source: Vale (Results, financial information and press releases), Central Bank of Brazil and MDIC/Secex.
data are analyzed. brasileira entre 1999 e 2005. Novos Estudos Cebrap, no. 73, 2005.

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 250


238.52

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

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 institutions 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 countrys 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 Brazils 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 Crdito, or FGC) to small
perceive that at the end of the millenniums 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, Brazils rate of expansion was surpassed by China (which contain inflation and respect the domestic economys 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 Pases emergentes ganham influncia e FMI duplica cotas, Folha de S.Paulo, 97 - See BC anuncia medidas para segurar crdito e tira R$ 61 bi da economia, Folha de
92 - See IBGE, Em 2010, PIB varia 7,5% e fica em R$ 3,675 trilhes, published on March 3, October 23, 2010. Available at <http://www1.folha.uol.com.br/mercado/819201-paises- S.Paulo, December 3, 2010. Available at <http://www1.folha.uol.com.br/mercado/840148-
2011. Available at <www.ibge.gov.br/home/presidencia/noticias/noticia_visualiza.php?id_ emergentes-ganham-influencia-e-fmi-duplica-cotas.shtml>. bc-anuncia-medidas-para-segurar-credito-e-tira-r-61-bi-da-economia.shtml>.
noticia=1830&id_pagina=1>.
96 - See Governo vai cortar gastos em R$ 10 bi para conter inflao, diz Mantega, 98 - See Brasil criou 2,86 milhes de vagas formais em 2010, O Estado de S. Paulo, May
93 - Idem. Folha de S.Paulo, May 13, 2010. Available at <www1.folha.uol.com.br/folha/dinheiro/ 11, 2011. Available at <www.economia.estadao.com.br/noticias/economia%20brasil,brasil-
91 - As attested to by ratings agencies Moodys Investors Service and Standard & Poors. 94 - Idem. ult91u734550.shtml>. criou-286-milhoes-de-vagas-formais-em-2010,66460,0.htm>.

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 companys 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
years net profit came to US$17.3 billion. Vale also allocated the consolidation of Vales 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 companys 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 companys 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 companys shipments of
iron ore and pellets, while Asia as a whole bought 60.7%. Europes
share was 20.7%, followed by Brazil, with 13.7%. 102

99 - See Vales 2010 Sustainability Report - Investors Summary. 103 - Idem.


Aerial view of iron
100 - See Vales 2010 Form 20-F Report. 104 - Idem.
ore processing plant
101 - Idem. 105 - Idem. at Carajs Mine in
102 - Idem. 106 - Idem. Par, in 2010.

Vale Our History Vale Our History


Energy in 2010 operations in Voiseys Bay were completely supplied using diesel
In 2010, Vale produced 65.3% of the electric power consumed in generators.115 In Brazil, Vales main electricity suppliers are
its operations in the Brazilian Southeast System and 63.3% of the Eletronorte, Centrais Eltricas de Minas Gerais (Cemig) and Esprito
366 power used in the South System. Through stakes in hydroelectric Santo Centrais Eltricas (Escelsa). Together, these companies 367
plants currently Igarapava, Porto Estrela, Funil, Candonga, Eliezer supplied 36% of Vales 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
Glria, Ituer, Mello and Nova Maurcio, 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 Maranho,
of the electric power consumed by the North System was obtained the companys first hydro project in Brazils 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 Vales Brazilian operations.107 Vale and the capital markets
Over the course of 2010, the companys total electric power usage A major step forward was taken in terms of Vales 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, Vales 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 Vales position as a global company.119
generation supplied 90% of the companys demand.112 Between 2000 and 2010, Vale produced US$154.5 billion of value
The remainder of Vales 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 companys 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 Vales 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
109 - Idem. accelerated significantly over the past ten years.121
110 - According to the EPEs Energy Bulletin for the fourth quarter of 2010, total electricity
consumption in Brazil in 2010 was 415 TWh (p. 7). Available at <http://www.epe.gov.br/
mercado/Documents/S%C3%A9rie%20Estudos%20de%20Energia/20110607_1.pdf>. 115 - Idem.
111 - Table no. 2257 Total, average, annual, monthly and daily electricity consumption 116 - See Vales 2010 CVM Reference Form.
per inhabitant Municipality of Rio de Janeiro (1980-2010). Available at <http://portalgeo.
rio.rj.gov.br/indice/flanali.asp?codpal=1521&pal=CONSUMO>. In 2010, the city of Rio de 117 - Idem.
Janeiro consumed 14.5 TWh. 118 - See Vales 2010 Form 20-F Report.
Aerial view of
112 - See Vales 2010 Form 20-F Report. 119 - Idem.
Amador Aguiar II
Hydroelectric Plant 113 - Idem. 120 - Idem.
in Minas Gerais. 114 - Idem. 121 - Idem.

Vale Our History Vale Our History


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

10.6 Vale in the fertilizer market In 2010, Vale acquired the phosphate operations of Fosfertil
and Bunge Participaes 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
nutrients: nitrogen (used by plants in photosynthesis, contributing Vale Fertilizantes.125
368 369
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 So Paulo, in Cajati the company produces phosphate rock
internal circulation of liquids in plants). and dicalcium phosphate, used to make animal food; in Guar 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, Vales investment strategy in the fertilizer sector in Cubato 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
Vales investment in fertilizers was based on the belief that metric tons per year.126 In Minas Gerais, the companys facilities
Brazilians growing per capita income and demand for biofuels in Tapira, Uberaba, Patos de Minas and Arax 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 Gois, the Catalo
worlds 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 Paran, the company produces nitrogen fertilizers
Argentinean province of Mendoza, originally belonged to the Anglo- in Araucria, while in Sergipe, the Carnalita potash project in the
Australian company Rio Tinto, which sold it to Vale. The project municipality of Rosrio 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 Bayvar 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 Neuqun 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 Vales 2010 Form 20-F Report.
126 - Available at <http://www.fosfertil.com.br/www/afosfertil/servicos.asp>.
127 - See Vale press release Vale pretende investir US$ 15 bilhes em fertilizantes at
122 - See Vales 2010 Form 20-F Report. 2020, September 29, 2011. Available at <http://saladeimprensa.vale.com/pt/release/
123 - See Vales 2009 Form 20-F Report. interna.asp?id=21085>.
124 - Idem. 128 - See Vales 2010 Form 20-F Report.

Vale Our History Vale Our History


Previous page: iron ore being
loaded onto a train on the
North-South Railroad (FNS) in
Guara, Tocantins, in 2011. Left:
Vale Brasil, a Valemax-class
ship, the biggest class of ore
carriers in the world, in 2011.

370 10.7 Logistics their enormous transport capacity cut the number of trips that The North-South Railroad: for its customers;143 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 Vales goods arrived at ports but Vale also invested US$74 million 134 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 companys 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 Aailndia in the state of Maranho 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 Jos Carlos Martins, Vales 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 companys Director of Iron Ore and Strategy. 136 The companys 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 Aailndia and Estreito, the storage of containers at land freight terminals.145
Valemax had begun. toward Asia. Until the year 2000, 50% of the companys output both in Maranho. In the city of Aailndia, 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 Carajs 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 So Lus.140 goods stored in containers. Log-In does not transport ore, but
first one in May 2011 and christened the worlds 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 Vales
Vale Brasil. Vales 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 Vales portfolio of logistics services.141 The new Between 2009 and 2010, Vales 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 companys 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 Itlia.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 rota Brasil- primeiro descarregamento em Taranto. Available at <http://saladeimprensa.vale.com/pt/ 139 - See Vales 2007 Form 20-F Report. The other railroad concession contracts also have a
sia. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=18361>. release/interna.asp?id=20854>. 30-year term and are renewable. The FCA and MRS concessions expire in 2026, while the
EFC and EFVM concessions expire in 2027. 143 - See Vales 2008 Form 20-F Report.
130 - See Vale press release Vale recebe o maior mineraleiro do mundo. Available at 134 - See Vales 2008 Form 20-F Report, p. 17.
<htp://saladeimprensa.vale.com/PT/release/interna.asp?id=20662>. 140 - See Vale arremata trecho da Ferrovia Norte-Sul, Folha de S.Paulo, October 4, 2007. 144 - See Vales 2009 Form 20-F Report.
135 - Idem, p. 49. Available at <http://www.sindlab.org/noticia02.asp?noticia=14597>. 145 - See Vale far oferta de aes de subsidiria de logstica, Vale, February 16, 2007,
131 - Available at <http://www.vale.com.br/pt-br/o-que-fazemos/logistica/navegacao/
paginas/default.aspx>. 136 - Vale press conference with Jos Carlos Martins in 2011. 141 - See CVRD vai operar a FNS, Vale, October 3, 2007. Available at <http://www.vale. available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=17193>.

132 - See Vale press release Vale realiza cerimnia de batismo de dois novos navios VLOC. 137 - Idem. com.br/pt-BR/investidores/press-releases/Paginas/cvrd-vai-operar-a-fns.aspx>. 146 - Idem.
Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=21056>. 138 - See Vales 2009 Form 20-F Report. 142 - Idem. 147 - See Vales 2010 Form 20-F Report.

Vale Our History Vale Our History


Intense port activity was one indication
of a very successful year for Vale. What
happened at Tubaro Complex was
repeated in other parts of Brazil

372 In 2010, the EFVM transported 78.9 billion metric ton- of bulk liquids.151 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 Tubaro terminals was repeated in other
Brazilian third parties. The EFVM, whose fleet consisted of 331 parts of Brazil. Ponta da Madeira Maritime Terminal in Maranho
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 Itagua, 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 Guaba 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 Incio 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-Atlntica Railroad (Ferrovia Centro-Atlntica, 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 So 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 Vales growing investments
for 8,023 kilometers, passes through 316 municipalities in seven in fertilizers.154
Brazilian states (Minas Gerais, Esprito Santo, Rio de Janeiro, The good results achieved in 2010 spurred on even more
Sergipe, Gois, Bahia and So 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 Tubaro
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.
Tubaro Complex in Vitria, 149 - Idem. 154 - Idem.
Esprito Santo, 2008. 150 - Idem. 155 - See Especial Logstica, published by Vale.

Vale Our History Vale Our History


374 375

Panoramic view of quay at


Tubaro Complex in Vitria,
Esprito 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 Belm, Par.

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
Its not enough to have ore; its 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
Joo 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 Cau Mine in Itabira, Minas Gerais. a softening and melting furnace enabling metallurgical tests at research field is the Vale Institute of Technology (Instituto Tecnolgico
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 Institutes 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 Vales science and technology actions, emphasizing long-
to best practices for harnessing reserves. In the centers 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 Mssbauer 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 Mssbauer spectrometer was sent to knowledge to spur socioeconomic, environmental and mining
When CDM was established, Cau Mines 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 planets 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 Brazils
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 cole
was itabirite. By implementing the use of high-intensity magnetic Polytechnique Fdrale de Lausanne (EPFL) in Switzerland.
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 <http://www.vale.com/pt-br/sustentabilidade/destaques/ In addition to its research partnerships, ITV is building a series
is considered to be the first major technological advance that led Paginas/luiz-eugenio-mello-para-pensar-o-futuro-parte-6.aspx>. of facilities across Brazil to be staffed by world-class researchers.
to the creation of the companys first research and development 158 - See Vales 2008 Form 20-F Report. Initially, the Institute will invest R$350 million in two research
center, in the municipality of Santa Luzia, halfway between Itabira 159 - See Vale press release Vale desenvolve pesquisa para agregar valor cadeia centers in Ouro Preto (Minas Gerais) and Belm (Par).
siderrgica mundial. Available at <http://saladeimprensa.vale.com/pt/release/interna.
asp?id=20352>.
160 - Idem. 162 - Idem.
156 - Joo Furtado, economist, in a speech given at Vales auditorium in September 2011. 161 - Idem. 163 - Idem.

Vale Our History Vale Our History


378 379

Both centers will focus on a specific theme: the mining of operations power needs. VSEs goal was to develop sustainable
the future in Minas Gerais and sustainable development in Par. 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 VSEs equity,
including professors and students. The ITV research centers while BNDESpar, the arm of BNDES that administers the banks
will be landmarks in terms of their cutting-edge architectural equity stakes, owned 44%. Sygma Tecnologia, Engenharia, Indstria
design, offering an inclusive, stimulating and safe workplace. e Comrcio Ltda. held the remaining 5% stake.
Both centers will feature efficient energy generation and usage VSEs 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 So
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 Tecnolgico da Aeronutica, 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 VSEs 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 So Paulo. CDP, located on a site covering more than
in the creation of technology-based enterprises, focusing on 100,000 square meters at the So Jos 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 Brazils national development bank, BNDES,
announced the establishment of Vale Solues 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, Agncia Estado, January Capable of generating 1,000 kW, enough power to
7, 2008. Available at <http://www.estadao.com.br/noticias/economia,vale-e-bndes-criam- supply a town of 3,000 to 4,000 people, the gas
empresa-de-pesquisa-de-energia,105393,0.htm>.
turbine developed by Vale Solues em Energia (VSE)
164 - See Vale press release Vale cria Instituto para incentivar pesquisa cientfica e 166 - Idem. in So Jos dos Campos, So Paulo State, emits 15%
tecnolgica, September 8, 2011. Available at <http://200.225.83.165/saladeimprensa/pt/ 167 - See <http://www.vale.com.br/pt-br/o-que-fazemos/energia/vale-solucoes-em- to 40% less pollution (depending on the power range)
releases/release.asp?id=20353>. energia/paginas/default.aspx>. than diesel turbines used in thermal power plants.

Vale Our History Vale Our History


Previous page: aerial view of
a Vale Florestar eucalyptus
plantation in Maranho.

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 Vales biggest challenges has forest burning and other land use changes.172
been to find solutions to minimize the impact of its activities.
ITVs sustainable development center in Belm, Par one of the Vale Fund
companys 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 Econmica 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
company, Vale Florestar S.A. sustainable use of natural resources with improvements in regional
380 socioeconomic conditions. 381
Vale Florestar S.A.s purpose is to restore and regenerate
deforested or degraded areas of native Amazon Rainforest while Its projects are carried out by organizations with proven
also establishing commercial plantations; however, the companys 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 Par, in municipalities situated in the Arc of Deforestation, Rational use of water
and to contribute to ordered regional land use.168 In 2010, Vales 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, Ulianpolis, plants, where it is used in ore processing and cooling; and in the
Paragominas, Rondon do Par, 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 Ecolgico-Econmico, or MZEE) of the state transportation and in the washing of equipment and components.174
of Par, 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 companys 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 Vales operations in 2010, 269 million liters were removed
from nature, and all the rest was supplied by water recycling.

168 - See BNDES, BNDESPAR participar do Fundo Vale Florestar com aporte de R$ 121
milhes, Press Office, May 5, 2010. Available at <http://www.bndes.gov.br/SiteBNDES/
bndes/bndes_pt/Institucional/Sala_de_Imprensa/Noticias/2010/meio_amb/20100505_
reflorestamento.html>.
169 - See Vale press release Vale, BNDES, Funcef e Petros se aliam para constituir um 172 - Idem.
dos maiores fundos de reflorestamento do Brasil, May 5, 2010. Available at <http:// 173 - See Vales 2010 Sustainability Report.
saladeimprensa.vale.com/pt/release/interna.asp?id=19768>.
174 - Idem. See also Vale press release Vale conclui 5a barreira de vento do Complexo
170 - Idem. de Tubaro, October 20, 2011. Available at <http://saladeimprensa.vale.com/pt/release/
171 - Idem. interna.asp?id=21145>.

Vale Our History Vale Our History


Previous page: wind fence at Tubaro
Complex in Vitria, Esprito Santo.
Left: construction site at Carajs
S11D Iron Project, in 2012.

382 383
At the start of 2010, Vale ran a unique experiment at its Carajs organization specializing in environmental control solutions, One of the most innovative projects in global mining, S11D projects 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 Carajs 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 Tubaro into perspective, the worlds largest open-pit iron ore mine, in lessons Vale has learned in Carajs.
processing technique has cut water use by the same amount Complex. During the installation work, four 23-meter-high towers Serra dos Carajs, 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 importncia do Projeto Ferro Carajs 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 Regio Norte do Brasil
Wind fences by 77.4%. 180 carbon emissions. If the S11D mine were completely operated using (The importance of the Carajs 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 Brazils 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
Tubaro Complex in Esprito 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%. countrys 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 Cana dos Carajs, a total of 37 kilometers of conveyor or dynamic periphery, helping to attenuate Brazils 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 Carajs 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 Vales 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.
Tubaro 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 Carajs
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 Cana dos Carajs. At the same time, Ponta da
the height of the piles of products they shield, resulting in an Carajs: 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, Vales 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 terminals loading
In 2005, Vale began research at the Federal University of Rio 2010s has been designed with sustainability in mind. S11D, in Cana 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 Carajs, Par, 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 gua
de suas operaes em Carajs, March 19, 2010. Available at <http://saladeimprensa.vale. 183 - See Vale press release Instituto Tecnolgico Vale promove debate sobre a minerao
com/pt/release/interna.asp?id=20358>. 179 - Idem. do futuro, December 6, 2010. Available at <http://saladeimprensa.vale.com/pt/release/
interna.asp?id=20348>.
176 - Idem. 180 - Idem.
184 - Vale importa tecnologia que tira caminhes de dentro das minas, Valor Econmico, 185 - Vale prepara maior expanso da histria em Carajs, iG Economia, July 26, 2010.
177 - See Vales 2009 Sustainability Report. 181 - Idem. March 3, 2011. Available at <http://www.valor.com.br/arquivo/875549/vale-importa- Available at <http://economia.ig.com.br/empresas/industria/vale+prepara+maior+expans
178 - Idem. 182 - Idem. tecnologia-que-tira-caminhoes-de-dentro-das-minas>. ao+da+historia+em+carajas/n1237726862142.html>.

Vale Our History Vale Our History


384 385

Aerial view of passenger


train on the Vitria-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
Carajs Mining Complex and Azul Mine, in Parauapebas, Par, of Vales 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 Acar 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 Dend, a federal
certification by consultancy Pincock & Runge, formally recognizing government funding program administered by Banco da Amaznia,
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 Carajs.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 Amaznia S.A., a palm oil producing on the Vitria-Minas Railroad (EFVM). It is estimated that using
company in Par. Vales 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 Carajs Railroad and large machinery and equipment in its So Paulo Stock Exchange Corporate Sustainability Index
Brazilian operations. 188 As part of the process of continuously improving its sustainability
Vales 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 So Paulo Stock Exchanges
greater use of renewable fuels in its energy supply. Biopalma has Corporate Sustainability Index (ndice de Sustentabilidade
six production clusters under development in the Vale do Acar and Empresarial, or ISE), and it further developed its Sustainability
Baixo Tocantins areas of Par. By 2013, it will have planted 60,000 Action Plan (Plano de Ao 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.
minrio de ferro, July 26, 2010. Available at <http://saladeimprensa.vale.com/pt/release/ 190 - Idem.
interna.asp?id=20354>. 191 - Idem.
187 - Idem. 192 - See Vale press release Vale aumenta para 76% o ndice de reaproveitamento de gua Palm tree plantation,
188 - See Vale press release Vale acelera investimentos em biodiesel, February 1, 2011. em suas operaes no mundo, August 20, 2009. Available at <saladeimprensa.vale.com/ producing palm oil used to
Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20445>. pt/release/interna.asp?id=19141>. make biodiesel, in 2010.

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 Carajs Mine, Par.

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 Par and Maranho, 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 Vales inclusion in the Carbon Disclosure Projects 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 companys 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 companys 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, Vales 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 Exchanges 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 companys 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 Vales 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 Vales 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 ndice de reaproveitamento de gua
an instrument for promoting sustainability rather than merely a tool for producing em suas operaes no mundo, August 20, 2009. Available at <http://saladeimprensa.vale. 201 - See press release Relatrios do Goldman Sachs colocam a Vale entre as corporaes
reports. See <http://www.gvces.com.br/index.php?r=site/conteudo&id=33>. com/pt/release/interna.asp?id=19141>. mais sustentveis do mundo, August 17, 2009. Available at <http://www.cvrdint.com/
199 - Read more at <http://www.vale.com.br/pt-br/sustentabilidade/mudancas-climaticas/ saladeimprensa/pt/releases/release.asp?id=19123>.
195 - See Vale press release Vale a nica empresa da AL listada no ranking do Carbon
Disclosure Project, September 26, 2008. Available at <http://saladeimprensa.vale.com/pt/ Documents/Diretrizes_Corp_sobre_Mudancas_Climaticas_Carbono.pdf>. 202 - Idem.
release/interna.asp?id=18426>. 200 - See Vales 2010 Sustainability Report. 203 - Idem.

Vale Our History Vale Our History


Iron ore processing
plant at Carajs
Mine, Par, 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
in order to optimize international logistics arrangements. The
companies in the world
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 Alumnio
of storing 30 million metric tons of iron ore in Teluk Rubiah, in the
(Aluvale) in 1988, and later worked as Vales 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 Vales CEO, Murilo Ferreira stressed that employees
Complex in the Sultanate of Oman. The company has invested a total
were the companys 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 mines processing
ended with three new annual production records: 322.6 million
plant was activated. This project is Vales biggest investment in
metric tons of iron ore, 51.8 million metric tons of pellets, and 7.3
the coal sector. 208 In the mines 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 companys 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 Ona Puma, Par,
ranking of the worlds 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
Vales investment in Valemax vessels was accompanied by 206 - Vale aposta na Malsia para bater BHP Billiton e Rio Tinto, Brasil Econmico, July 21,
2011. Available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=20872>.
strategies to better distribute iron ore exports to Asia. An example
207 - Vale inicia produo de pelotas em Om, Vale Press Office, April 30, 2011. Available
at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20651>.
208 - Vale inicia atividades de lavra na Mina de Moatize, Vale Press Office, May 8, 2011.
204 - See Vales 2011 Sustainability Report. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20669>.
205 - Idem. 209 - See Vales 2011 Production Report.

Vale Our History Vale Our History


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

ferronickel. Ona Puma lies over a deposit of laterite/saprolite Through this initiative, Vale was beginning a pioneering industrial-
nickel, and the operations 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 Vales Standard & Poor rating to A- The aim of the project is to reuse ultrafine iron and manganese
Vales 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 & Poors Ratings Services raised during ore processing in processing plants.215
the global scale ratings of Vale S.A. (Vale) and its subsidiary Vale Conceio-Itabiritos is an innovative project based on
Canada Ltd. from BBB+ to A-, and confirmed the companys 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 & Poors 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.
Vales 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, Getlio 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 Vales activities.216
companys 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
Conceio-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 Vales 2011 Form 20-F Report, p. 40.
211 - Ratings da Vale elevados de BBB+ para A- por slido desempenho e
comprometimento com polticas prudentes: perspectiva estvel, Standard & Poors.
Available at <http://www.standardandpoors.com/ratings/articles/pt/la/?articleType=HTM 214 - See Vale press release Vale adota no Brasil projeto pioneiro de reaproveitamento de
L&assetID=1245324742181>. minrio de ferro, July 26, 2010. Available at <http://saladeimprensa.vale.com/pt/release/
212 - Standard & Poors eleva nota de crdito da Vale, G1, November 23, 2011. Available at interna.asp?id=20354>.
<http://g1.globo.com/economia/negocios/noticia/2011/11/standard-poors-eleva-nota-de- 215 - Idem.
credito-da-vale.html>. 216 - Itabira a quarta cidade de Minas Gerais em qualidade de vida. Available at <http://
213 - Vale vai reaproveitar minrio descartado, Folha de S.Paulo, June 28, 2011. Available at www.itabira.mg.gov.br/novoportal/index.php/noticias/59-governo/245-itabira-e-a-quarta-
<http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=20766>. cidade-de-minas-gerais-em-qualidade-de-vida>.

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, Pels goals, the Brazilian soccer teams yellow
jerseys, Carmen Mirandas 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 dco
work in the world.4 During the restoration work, in order to maintain
the same appearance, soapstone was mined from the same region
of Caranda in Minas Gerais that provided the material when the
statue was built. More than 100 professionals worked directly on
the restoration, which lasted five months. The restored statue was
unveiled to the people of Rio and tourists on June 30, 2010.
To celebrate the occasion, Vale ran a contest to pick the 80 best
responses to the question Why would you like to have a permanent
reminder of the Christ the Redeemer monument? The company
website received more than 100,000 visitors from 84 countries,
and 9,000 people took part in the contest. Each winner received
a soapstone mosaic identical to those used to restore the statue,
engraved with their name. Since June 2010, 80 people have been
able to say, with pride, that they have a piece of one of the wonders
of the modern world in their home.

1 - The poll, which took place on the internet, was based on a list of 100 options produced by
the Hillman Wonders of the World website (http://www.hillmanwonders.com), featuring
the Peruvian city of Machu Picchu and the Great Wall of China, among other sites.
2 - Corcovado no Rio de Janeiro, available at <http://www.corcovado-rio.com/historia.htm>.
3 - Restaurao do Cristo comea esta semana e vai custar R$ 7 milhes, O Globo, January 26,
2010. Available at <http://g1.globo.com/Noticias/Rio/0,,MUL1463709-5606,00-RESTAURACAO
+DO+CRISTO+REDENTOR+COMECA+ESTA+SEMANA+E+VAI+CUSTAR+R+MILHOES.html>.
4 - Congresso de art dco resgata maior projeto de Landowski, Folha Ilustrada, August Aerial view of Christ
15, 2011. Available at: <http://www1.folha.uol.com.br/ilustrada/959592-congresso-de- the Redeemer statue
art-deco-resgata-maior-projeto-de-landowski.shtml>. in Rio de Janeiro.

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 trains 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 ships 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 ships 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
Comminution | Fragmentation, grinding. Grade | Mass of an element or pure most important mineral provinces on Mineral reserve | Portion of a given
a high height-diameter ratio, used to up to its waterline.
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 ground surface or under the Earths layers measuring between millimeters
found as very fine and soft hematite. varying degrees of uncertainty.
mineral content. crust, of economic value. Gravel | Rocky outcrop on river beds or and centimeters in thickness (with or
As hematite grains are often grayish-
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. metallic iron by reducing its oxides Greenstone belt | Precambrian
banded iron formation (see entry). and evolution.
It is a dispatch method in which without changing its state (solid). belt characterized as containing
Break bulk | Maritime transportation 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 mines 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. Vales pellets processing.
whose quantity is computed using the financial markets to refer to deals
Nickel matte | An intermediate smelting condition (for example, irons 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
in the exploitation of ores (such as networks for treating liquid cargo, equipped with machines, in which raw character of the reserves is so well purifying metals and alloys outside
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 substances a main reactor. In steelmaking,
cleaning and degasifying tanks. The dimensions, shape and grade can be secondary refining encompasses Tailings | Waste product of concentration
mechanical equipment in mining semi-finished products.
same as combined carriers. determined perfectly. various operations conducted after operations, largely containing valueless
operations featuring benches and
Precious metals | Metals that, due to refining in an oxygen converter or minerals in an ore (gangue).
strips. Quarries producing gravel and Panamax ships | A Panamax ship has Railroad ties | Pieces of wood or metal
their color, malleability and rarity, have electric furnace.
ornamental rocks, such as marble, the maximum acceptable dimensions to that, spaced out side by side, cross a Tertiary crushing | Fragmentation
a high economic value, not only for
granite and slate, also use mechanical pass through the Panama Canal. railroad bed, and onto which the tracks Ship loader | Tower or funnel used to obtained in a third crushing stage.
practical use in industry, but also as an
methods. Hydraulic methods use water are fixed. load bulk goods directly from terminals
Particle size | The dimensions of sets investment. The most traded are gold, Tinplate | Sheet steel with low carbon
or solutions in mining operations. This into ship holds.
of particles of different sizes, based silver, platinum and palladium. Refining | Process of purifying metals content, coated on both sides with a
second methodology encompasses the
and alloys. In steelmaking, it is the Siliceous ore | An economically layer of tin.
following mining methods: hydraulic on conventional scales of openings Probable mineral reserves | Reserves
stage involving the transformation of important mineral occurring in nature
through which such particles can pass. whose quantity, grade and quality can Vein | Portion of sought-after mineral in
excavation; dredging; boreholes; such as quartz, flint, opal, etc.
pig iron into steel.
leaching (a technique using chemical be estimated using similar information rock, generally found between valueless
Pelletizing | Iron ore pelletizing is
solvents); and even the use of bacteria. to that used for proven reserves. Riprap | Set of blocks made of Sinter | Aggregate produced in the rock layers.
a process to agglomerate ultrafines
However, their inspection, sampling stone (or another material such as sintering process.
produced in iron ore mining and 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

REPORTS ______. Ministry of Mines and Energy. Mineral Resources Research Carta Mensal. 1998. Veja. 2003-2008.
Company. Management reports. Braslia, 1980-1990. Conjuntura Econmica. Electronic version: <http://veja.abril.com.br>.
Brazil. Ministry of Agriculture, Industry and Trade. Reports, 1890, 1910- ______. Ministry of Mines and Energy. National Mineral Production Electronic version: <http://portalibre.fgv.br/main.jsp?lumChannelId=40288081 Wall Street Journal, The. 2005.
1911, 1913, 1919-1920, 1922-1928. Department. Annual reports. Braslia, 1980-1990. 1D8E34B9011D92CC23104342>. Available at: <http://online.wsj.com/home-page>.
Comisso de Valores Mobilirios (Brazilian Securities Commission). CVM ______. National Mineral Production Department. General registry of Dirio do Comrcio. 2006.
2010 Reference Form. Brazilian mines. Braslia: Mineral Production Promotion Division, 1982. Available at: <http://www.dcomercio.com.br>.
Companhia Vale do Rio Doce. Annual Reports. 1992-2005. ______. National Fund for Scientific and Technological Development. Basic Dirio do Legislativo de Minas Gerais. 1976. DICTIONARIES AND MANUALS
______. Annual Reports and Sustainability Reports. Available at: Scientific and Technological Development Plan. Braslia: FNDCT, 1973/1974. Economist, The. 2010.
<http://www.vale.com.br/pt-br/investidores/relatorios-anuais-e-de- ______. Planning Secretariat. I National Development Plan of the New Electronic version: <http://www.economist.com>. ABREU, Alzira Alves de et al. (Org.). Dicionrio histrico-biogrfico
sustentabilidade/Paginas/default.aspx>. Republic. Braslia: Seplan, 1985. Estado de S. Paulo, O. 2004-2011. brasileiro ps-1930. Rio de Janeiro: Fundao Getulio Vargas, 2001. 5 v.
______. Board of Directors Reports. 1942-1990. ______. Planning Secretariat. III National Development Plan. Braslia: Electronic version: <www.estadao.com.br>. Available at: <http://www.fgv.br/CPDOC/BUSCA/Busca/BuscaConsultar.aspx>.
______. BR GAAP 4Q 1999-4Q 2011 Results. Seplan, 1980. Estudos BNDES. 1987. ASSOCIAO Brasileira de Normas Tcnicas. Comit Brasileiro de
______. BR GAAP 4Q 2001 Report. ______. Superior Electoral Court. Available at: <http://www.tse.jus.br>. Exame. 2003-2011. Minerao e Metalurgia - CB-1. Minerao e metalurgia: terminologia. Rio de
______. Form 20-F Reports. 2006-2011. Brazilian Postal Service, Public Notice 13, 1982. Electronic version: <http://exame.abril.com.br>. Janeiro: ABNT, 1985. 128p.
______. Public Relations Service, Companhia Vale do Rio Doce. 1942-1967. COPAM Regulatory Deliberation. Minas Gerais State Environmental Policy Forbes. AULETE, Caldas. iDicionrio Aulete. Available at:
Council, no. 127, of November 27, 2008. Available at: <http://people.forbes.com>. <http://aulete.uol.com.br/site.php?mdl=aulete_digital>.
400 ______. SUMAN. Organizational Charts. 1976-1990. 401
Decree 2,486 of February 2, 1998. Folha de S. Paulo. 1987-2009. ENCICLOPDIA Povos Indgenas do Brasil. Available at:
International Monetary Fund (IMF). 2009 World Economic Outlook.
Decree 73,030 of October 30, 1973. Electronic version: <http://www.folha.uol.com.br>. <http://pib.socioambiental.org>.
Available at: <http://www.imf.org/external/pubs/ft/weo/2009/update/01>.
Decree-Law 938 of February 8, 1938. Globo, O. 1980-2009. FERREIRA, Jardel Borges. Dicionrio de geocincias. Belo Horizonte:
______. Sustainability Reports. 2006-2010.
Decree-Law 4,352 of June 1, 1942. Electronic version: <http://www.oglobo.com.br>. Armazm de Ideias, 1995.
______. US GAAP 1Q 2002-4Q 2011 Results.
Decree-Law 5,452 of May 1, 1943. Gazeta Mercantil. 1980-1990. GUERRA, Antonio Teixeira. Dicionrio geolgico/geomorfolgico. Rio de
Report of Joint Brazil-United States Commission. General Report, 1950.
Isto. 2011. Janeiro: IBGE, 1969.
Book II. Appendices. Decree-Law 7,491 of October 5, 1942.
Electronic version: <http://www.istoe.com.br>. INSTITUTO de Geocincias da Universidade de Braslia. Glossrio
Report of Parliamentary Commission of Inquiry to investigate and Federative Republic of Brazil. Collection of laws of 1981. Vol. V. Acts of the
Isto Dinheiro. 2004. geolgico ilustrado. Available at: <http://vsites.unb.br/ig/glossario/>.
evaluate Brazilian mining policy. Official Gazette of the National Congress. Legislative Branch. Legislative acts of the Executive Branch. Laws from July to
September. Braslia, 1981. Available at: <http://www.istoedinheiro.com.br>. INTELECT Gerenciamento Financeiro. Glossrio financeiro. Available at:
Braslia, 1978.
Jornal da Vale. 1982-2000. <http://www.igf.com.br/aprende/glossario/glo_Index.aspx>.
Report of Parliamentary Commission of Inquiry to study the problem of ______. Collection of laws of 1983. Vol. IV. Acts of the Executive Branch.
Decrees from April to June. Braslia, 1983. Jornal do Brasil. 2006. LEAL, Abinael Morais. Compndio de termos do comrcio internacional e
iron ore, its exploration, transportation and export, as well as the activities
Available at: <http://www.jb.com.br/>. transporte martimo. So Paulo: Aduaneiras, 1992.
of the Hanna Group in Brazil through its subsidiaries. Braslia, 1965. In: ______. Constitution of 1988.
PEREIRA, Osny Duarte. Ferro e independncia. Rio de Janeiro: Civilizao Jornal do Commercio. 2009. RAZZOLINI FILHO, Edelvino. Glossrio de geologia: termos tcnicos
Law 7,735 of February 22, 1989.
Brasileira, 1967. Electronic version: <http://www.jornaldocommercio.com.br/>. utilizados em Logstica, Comrcio Exterior, Informtica e em Administrao.
Law 9,985 of July 18, 2000.
Liberal, O. 2010. Available at: <http://pessoal.onda.com.br/razzolini/glolog.html>.
World Trade Organization (WTO). 2003 and 2005 Reports.
Electronic version: <http://www.orm.com.br/oliberal>.
Minerao e Metalurgia. 1972.
ARCHIVES BOOKLETS, ARTICLES AND BOOKS
Available at: <http://www.bndes.gov.br/SiteBNDES/bndes/bndes_pt/
LEGISLATION
Institucional/Publicacoes/Consulta_Expressa/Setor/Mineracao_e_Metalurgia>.
Fund/Collection: Development Council. Iron Ore Export Group (Grupo de New York Times, The. 2004. ABRANCHES, Sergio. Empresa estatal e capitalismo, uma anlise
Brazil. Collection of Brazilian laws, 1934 and 1939. Exportao de Minrio de Ferro, or GEMF) Folder. National Archives. comparada. In: MARTINS, C. E. Estado e capitalismo no Brasil. So Paulo:
Electronic version: <http://www.nytimes.com>.
______. Constitution. Constitutions of Brazil, accompanied by Mauro Thibau Collection. CVRD. Hucitec/Cebrap, 1977.
Observador Econmico e Financeiro. 1943.
constitutional amendments and drafts. Rio de Janeiro, National Press, 1948. National Archives, Development Council Fund, CD-0/104/57 ______; DAIN, Sulamis. A empresa estatal no Brasil: padres estruturais e
Opinio. 1975-1976.
______. Federal Senate. Parliamentary Commission of Inquiry to study the (correspondence from the secretary-general of the Development Council, estratgias de ao. Rio de Janeiro: Finep, 1978. Unpublished academic paper.
Pas online, O.
problem of iron ore, its exploration, transportation and export, as well as the Lucas Lopes, to the president of CVRD, Francisco de S Lessa). ______. Governo, empresa estatal e poltica siderrgica no Brasil. Rio de
Electronic version: <http://www.opais.co.mz>.
activities of the Hanna Group in Brazil through its subsidiaries. 1964. Janeiro: CEP/Finep, 1977.
Portal G1. 2011
______. Ministry of Agriculture. Mining Code and related legislation. Rio de ANDRADE, Maria Lcia Amarante de et al. Minrio de Ferro no mundo:
Available at: <http://g1.globo.com>.
Janeiro, 1940. retomada de crescimento. Revista Minerao e Metalurgia, no. 36, September
PERIODICALS, MAGAZINES AND NEWSLETTERS Projetos 04. 1979.
______. Ministry of Agriculture. Mining Code and subsequent laws. Rio de 2000. Available at: <www.bndes.gov.br/SiteBNDES/export/sites/default/bndes_
Janeiro, 1937. Revista Acadmica do Rio de Janeiro. 1938. pt/Galerias/Arquivos/conhecimento/setorial/is_g3_36.pdf>.
Agncia Brasil. 2009. Revista Bovespa. 2006.
______. Ministry of Agriculture. National Mineral ANTONINI, Giorgio de. O Programa Piloto para Proteo das Florestas
Available at: <http://agenciabrasil.ebc.com.br>. Available at: <http://www.bmfbovespa.com.br>.
Production Department. Mining Code and subsequent laws. Rio de Janeiro, Tropicais do Brasil (PPG-7) e a globalizao da Amaznia. Revista Ambiente &
BBC Brasil. Revista Cultura Poltica. 1942.
1937, Section 6. Sociedade, v. XIII, no. 2, pp. 299-313, July-December 2010. Available at:
Available at: <http://www.bbc.co.uk/portuguese>.
______. Ministry of Mines and Energy. II Ten-Year Mining Plan: basic Revista do BNDES. 2008. <http://www.scielo.br/pdf/asoc/v13n2/v13n2a06.pdf>.
Business News Americas. 2004.
guidelines (1981-1990). Braslia: MME, 1980. Sina. AURELIANO, Liana Maria. No limiar da industrializao. So Paulo:
Available at: <http://www.bnamericas.com>.
______. Ministry of Mines and Energy. Legislation. V. II: Jurisdictional Available at: <http://english.sina.com/index.html>. Brasiliense, 1981.
Carta Capital. 2008.
Entities, February 1967. Valor Econmico. 2009. AZEVEDO, Elisabeth; GORAYEB, Jos. BNDES: 50 anos de desenvolvimento.
Electronic version: <http://www.cartacapital.com.br>.
Electronic version: <http://www.valor.com.br>. So Paulo: DBA Artes Grficas, 2002.

Vale Our History Vale Our History


BAER, Werner. A industrializao e o desenvolvimento econmico no CAJAZEIRA, Jorge Emanuel Reis; BARBIERI, Jos Carlos. A nova verso da ______. Presidncia, subsdios para o comparecimento do presidente da GALENO, Paranhos. A misso Abbink: consideraes em torno do
Brasil. Rio de Janeiro: Fundao Getulio Vargas, 1963. Norma ISO 14001: as influncias presentes no primeiro ciclo revisional e as CVRD CPI do caso Hanna. [S.l.]: CVRD, [19--]. Relatrio da Comisso Mista Brasileiro-Americana de Estudos Econmicos.
BANCO Nacional de Desenvolvimento Econmico e Social. Crise mudanas efetuadas. REAd, So Paulo, v. 11, no. 6, Nov/Dec 2005. ______. Projeto Ferro Carajs. Rio de Janeiro: Setep, 1981, 1985. Rio de Janeiro: National Press Department, 1949.
na siderurgia mundial: a viso da OCDE. Informe Setorial Minerao e CALGERAS, Joo Pandi. Aspectos da economia nacional. So Paulo: COMISSO Mundial sobre Meio Ambiente e Desenvolvimento. Nosso GOMES, Celso de Barros. Geologia USP: 50 Anos. So Paulo: Published by
Metalurgia, no. 22, December 1998. Sociedade brasileira de Estudos Econmicos, 1926 (conference held at the So futuro comum. Rio de Janeiro: Fundao Getulio Vargas, 1991. the University of So Paulo / USP Geosciences Institute, 2007.
BANDEIRA, Moniz. O governo Joo Goulart: as lutas sociais no Brasil Paulo Historical and Geographical Institute). CRUZ, Adelina Alves Novaes et al. Impasse na democracia brasileira. Rio GOMES, Francisco de Magalhes. Histria da siderurgia no Brasil. Belo
(1961-1964). Rio de Janeiro: Civilizao Brasileira, 1983. ______. As minas do Brasil e sua legislao. Rio de Janeiro: National Press, de Janeiro: Fundao Getulio Vargas, 1983. Collection of documents. Horizonte/So Paulo: Itatiaia/USP, 1983.
______. Presena dos Estados Unidos no Brasil: dois sculos de histria. 1905. 2 v. DAIN, Sulamis. Empresa estatal e capitalismo contemporneo. Campinas: GOMES, Severo. Companhia Vale do Rio Doce: uma investigao truncada.
Rio de Janeiro: Civilizao Brasileira, 1978. CANDIDO, Antonio. A Revoluo de 1930 e a cultura. So Paulo: Ed. Unicamp, 1987. Thesis series. Rio de Janeiro: Paz e Terra, 1987.
BARANTE, Itagyba. Economia rural brasileira. Rio de Janeiro: National Cebrap, 1984. DARAJO, Maria Celina. O segundo governo Vargas (1951-1954): GRIGATO, Rosemay B.; RIBEIRO, Luiz C. M. Poltica ambiental e
Press, 1946. ______. O significado de Razes do Brasil. So Paulo: Cia. das Letras, 1995. democracia, partidos e crise poltica. Rio de Janeiro: J. Zahar, 1982. responsabilidade social empresarial da CVRD. gora, Vitria, no. 4, 2006.
______. Siderurgia e desenvolvimento brasileiro. Rio de Janeiro: CARONE, E. A Repblica liberal: instituies e classes sociais (1945-1964). DEAN, Warren. A industrializao durante a Repblica Velha. In: FAUSTO, GUIMARES, Jos Epitcio Passos. Eptome da histria da minerao. So
J. Zahar, 1970. So Paulo: Difel, 1985. Boris (Org.). Histria geral da civilizao brasileira. So Paulo: Difel, 1975. Paulo: Art Editora, 1981. p. 102-120.
BARROS, Jos Raymundo Mendes. Projeto Ferro Carajs e outros bens ______. A Repblica Velha: instituies e classes sociais. So Paulo: Book III, v. 1. GUINLE, Guilherme. A grande siderurgia e a exportao de minrio de
minerais na rea. Speech given at the Federal University of Ouro Preto in Difel, 1970. DINIZ, Cllio Campolina. Estado e capital estrangeiro na industrializao ferro brasileiro em larga escala. Rio de Janeiro: Ministry of Finance, 1938.
402 May 1974. ______. A Segunda Repblica. So Paulo: Difel, 1973. mineira. Belo Horizonte: Printed at UFMG, 1981. HAGUENAUER, Lia et al. Evoluo das cadeias produtivas brasileiras na 403
BASTOS, Glaucia Felipe. Programa de responsabilidade social da CARVALHO, Jos Murilo de. A Escola de Minas de Ouro Preto: o peso da DINIZ, Eli. O ps-Consenso de Washington: a globalizao e o dcada de 90. Braslia: IPEA, 2001.
Valesul Alumnio: uma receita de sucesso. Rio de Janeiro: FGV, 2006. Course glria. Rio de Janeiro: Finep / Cia. Editora Nacional, 1978. desenvolvimento revisitados. Res Pvblica, Revista de Polticas Pblicas e HOBSBAWN, Eric. A era do capital: 1848-1875. Rio de Janeiro: Paz e
completion paper presented at the Center of Research and Documentation of CASTRO, Antnio Barros de. Sete ensaios sobre a economia brasileira. So Gesto Governamental, v. 5, p. 9-27, 2006. Terra, 1996.
Contemporary Brazilian History (CPDOC), to obtain an MA in Cultural Goods Paulo: Forense, 1971. DRAIBE, Snia. Rumos e metamorfoses: um estudo sobre a constituio ______. As origens da Revoluo Industrial. So Paulo: Global Editora, 1979.
and Social Projects, Rio de Janeiro, Fundao Getulio Vargas, 2006. do Estado e as alternativas da industrializao no Brasil (1930-1960). Rio de
CASTRO, Maurcio Barros de. A reciclagem do alumnio no Brasil. Rio de ______. Da Revoluo Industrial inglesa ao imperialismo. Rio de Janeiro:
BENEVIDES, Maria Vitria de M. O governo Jnio Quadros. So Paulo: Janeiro: Editora Desiderata, 2006. Janeiro: Paz e Terra, 1985. Coleo Estudos Brasileiros, v. 84. Forense Universitria, 2003.
Brasiliense, 1981. Coleo Tudo Histria. DREIFUSS, Ren. 1964: a conquista do Estado; ao poltica, poder e golpe
CENTRO da Memria da Eletricidade no Brasil. Panorama do setor de HOLANDA, Srgio Buarque de. Razes do Brasil. So Paulo: Cia. das
______. O governo Kubitschek: desenvolvimento econmico e estabilidade energia eltrica no Brasil. Rio de Janeiro: Eletrobras, 1988. de classe. Petrpolis: Vozes, 1981. Letras, 1995.
poltica. Rio de Janeiro: Paz e Terra, 1979. ECKERT, Cornlia. Os homens da mina. Porto Alegre: UFRGS, 1985. Masters
CHIARIZIA, Martha M. de Azevedo. Itabira Iron Ore Company Limited. IGLSIAS, Francisco. Ideias polticas de Pandi Calgeras. Braslia: Federal
BONELLI, Rgis. As estratgias dos grandes grupos industriais brasileiros Niteri: UFF, 1979. Masters dissertation Postgraduate History Program, dissertation. Federal University of Rio Grande do Sul, Porto Alegre, 1985. Senate; Rio de Janeiro: Fundao Casa de Rui Barbosa, 1987.
nos anos 90. Textos para Discusso, Rio de Janeiro, IPEA, no. 569, July 1998. Federal University of Rio de Janeiro State (UFF), Niteri, 1979. FARO, Luis Cesar; POUSA, Carlos; FERNANDEZ, Claudio. Conversas com INSTITUTO Histrico e Geogrfico Brasileiro. Concluses do I Congresso
BRANDI, Paulo. Vargas: da vida para a histria. Rio de Janeiro: CINTRA, Marco Antonio Macedo. Suave fracasso: a poltica Eliezer. Rio de Janeiro: Ed. Insight Engenharia de Comunicao, 2005. Brasileiro de Carvo e Outros Combustveis. Rio de Janeiro: IHGB, 1922.
J. Zahar, 1982. macroeconmica brasileira entre 1999 e 2005. Novos Estudos Cebrap, FARQUHAR, Percival. Contrato Itabira. Rio de Janeiro: Ed. Mendes KOIFMAN, Fbio (Org.). Presidentes do Brasil. Rio de Janeiro: Editora
BRAZIL. Ministry of Education. Secretariat of Continued Education, no. 73, 2005. Jnior, 1937. Rio, 2001.
Literacy, Diversity and Inclusion. Um pouco da histria ambiental. Braslia: COHEN, Marleine. JK, o presidente bossa-nova. Rio de Janeiro: Editora FAUSTO, Boris. Histria do Brasil. So Paulo: Edusp, 1995. KULAIF, Yara. A indstria de fertilizantes fosfatados no Brasil: perfil
MME, [20--]. Available at: Globo, 2001. ______. A Revoluo de 1930: historiografia e histria. So Paulo: empresarial e distribuio regional. Rio de Janeiro: CEPEM/CNPq, 1999.
<http://portal.mec.gov.br/secad/arquivos/pdf/educacaoambiental/historia.pdf>.
COHN, Gabriel. Petrleo e nacionalismo. So Paulo: Difel, 1968. Brasiliense, 1972. KURY, Mrio da Gama. A Companhia Vale do Rio Doce: 40 anos. Rio de
______. Ministry of Finance. Economia brasileira em perspectiva. Special
COMPANHIA Vale do Rio Doce. Africa [unspecified location and FERNANDES, Francisco do Rego (Org.). Os maiores mineradores do Brasil: Janeiro: Nova Fronteira, 1982.
edition. Braslia: Ministry of Finance, 2010. Available at:
publisher], 2011. perfil empresarial do setor mineral brasileiro. So Paulo: EMEP, 1982. LEME, Marisa Saenz. A ideologia dos industriais brasileiros: 1919-1945.
<http://www.fazenda.gov.br/portugues/docs/perspectiva-economia-brasileira/
______. frica prioridade no plano de investimentos da Vale. Rio de ______. Quem quem no subsolo brasileiro. Braslia: National Council for Petrpolis: Vozes, 1978.
edicoes/Economia-Brasileira-Em-Perpectiva-Especial-10.pdf>.
Janeiro: Corporate Communications Department [20--]. Scientific and Technological Development (CNPq) / Planning and Management LEMOS, Haroldo Mattos de. A Agenda 21 no Brasil. Rio de Janeiro: Instituto
______. Ministry of Mines and Energy. Ao governamental de Minas e
______. Companhia Vale do Rio Doce: 50 anos de histria. Rio de Janeiro: Department, 1987. Brasil PNUMA, 2010. Available at:
Energia. Braslia: MME, 1984. Unpublished academic paper.
CVRD, 1992. FERRAZ, Francisco Csar. Os brasileiros e a Segunda Guerra Mundial. Rio <http://www.brasilpnuma.org.br/2010/03/empresas-e-sustentabilidade.html>.
______. Planning Secretariat. Programa Grande Carajs. Braslia:
______. Curso de minerao bsica. [S.l.]: Valer - Educao Vale, [20--]. de Janeiro: J. Zahar, 2005. ______. A Conferncia de Estocolmo em 1972, O Clube de Roma e outros
Seplan, [1980].
Modules I-VI. FERREIRA, Jorge; DELGADO, Luclia de Almeida Neves (Org.). O Brasil modelos mundiais. [S.l.: s.n., 20--].
______. Programa Grande Carajs. Braslia: CVRD, 1981.
______. Guia bibliogrfico para a histria da minerao no Brasil. Rio de Republicano. O tempo do nacional-estatismo: do incio da dcada de 1930 ao LIGA Naval Brasileira. Parecer sobre o contrato da Itabira Iron Ore, sua
______. Technical Council on Economics and Finance (Conselho Tcnico apogeu do Estado Novo. Rio de Janeiro: Civilizao Brasileira, 2007. v. 2.
Janeiro: CVRD, 1993. repercusso na economia brasileira em geral, sobre o desenvolvimento da
de Economia e Finanas). Exportao de minrio de ferro em grande escala,
______. Horizontes. Rio de Janeiro: Sucem, 1991. FONTOURA, Joo Neves da. Depoimentos de um ex-ministro: peronismo, indstria siderrgica nacional em particular. Rio de Janeiro: Ed. C.
estabelecimento da grande siderurgia nacional. Rio de Janeiro: Ed. Conselho
______. Investimentos da Vale em logstica nos ltimos 6 anos de US$ minerais atmicos, poltica externa. Rio de Janeiro: Simes Editora, 1957. Mendes, 1937.
Tcnico de Economia e Finanas, 1938.
9 bi: em 2011, sero mais US$ 5 bi para atingir meta de 522 milhes de FOOT, Francisco et al. Histria da indstria e do trabalho no Brasil. So LIMA, Alceu Amoroso. A segunda Revoluo Industrial. Rio de Janeiro:
______. Trs anos de Revoluo no Ministrio de Minas e Energia. Braslia:
toneladas em 2015. Especial Logstica, February 2011. Paulo: Global, 1982. Agir, 1960.
MME, 1968.
______. Marco de uma trajetria: investimentos sociais e realizao da Vale FREITAS, Maria de Lourdes Davies de. A propsito de meio ambiente: a LIMA, Heitor Ferreira. Histria do pensamento econmico no Brasil. 2nd
BUARQUE, Paulo Jorge. O governo presidencial do Brasil, 1889-1930:
[Milestones in our history: Vales social investment and achievements], 2011. estratgia ambiental da CVRD. Conference organized for the Brazil-Germany edition. So Paulo: Companhia Editora Nacional, 1978.
guia administrativo da Primeira Repblica, Poder Executivo. Rio de Janeiro:
______. Meio ambiente e desenvolvimento econmico: a experincia da Chamber of Commerce, p. 11, March 3, 1990. ______. Histria poltico-econmica e industrial do Brasil. So Paulo:
Fundao Casa de Rui Barbosa / Fundao Pr-Memria; Braslia: National
CVRD. Rio de Janeiro: Sucem, 1986. FURTADO, Celso. Formao econmica do Brasil. So Paulo: Companhia Brasiliense, 1972.
Congress / Federal Senate, 1985.
______. Parque Municipal: crnica de um sculo. Belo Horizonte: CVRD, 1992. Editora Nacional, 1967. ______. Trs industrialistas brasileiros: Mau, Rui Barbosa, Roberto
BURNS, E. M. Histria da civilizao ocidental: o drama da raa humana.
______. O porto de Tubaro. Rio de Janeiro: Sucem, 1987. Simonsen. So Paulo: Alfa-Omega, 1976.
Porto Alegre: Editora Globo, 1948. v. 2.

Vale Our History Vale Our History


LINHARES, Maria Yedda Leite (Org.). Histria geral do Brasil. Rio de OZAWA, Terutomo. Multinationalism, Japanese style: the political SIFFERT FILHO, Nelson Fontes et al. O papel do BNDES na expanso do Caixa Econmica Federal. Available at: <http://www.caixa.gov.br>.
Janeiro: Ed. Campus, 1990. economy of outward dependency. Princeton: Princeton University Press, 1982. setor eltrico nacional e o mecanismo de Project Finance. BNDES Setorial, Rio Center of Research and Documentation of Contemporary Brazilian History
LOPES, Lucas. Memrias do desenvolvimento. Rio de Janeiro: Centro da PAIVA, Glycon de. O Servio Geolgico e Mineralgico do Brasil (1907-1933) de Janeiro, no. 29, p. 3-36, March 2009. (CPDOC-FGV). Available at: <http://cpdoc.fgv.br>.
Memria da Eletricidade, 1992. como antecessor do DNPM. Minerao e Mineralogia, Rio de Janeiro, v. 48, no. SILVA, Edmundo de Macedo Soares e. O ferro na histria e na economia Eletrobras. Available at: <http://www.eletrobras.gov.br>.
LUZ, Ncia Vilela. A luta pela industrializao do Brasil. 2nd edition. So 453, 1984. do Brasil. Rio de Janeiro: Biblioteca do Sesquicentenrio, 1972. Federal University of Ouro Preto. Available at: <www.ufop.br>.
Paulo: Alfa-Omega, 1975. PEREIRA, Diamantino et al. Geografia, cincia e espao: o espao SINGER, Paul. O Brasil no contexto do capitalismo internacional (1889- Federal University of Par. Available at: <http://www.portal.ufpa.br>.
MACHADO, Iran F. Recursos minerais: poltica e sociedade. So Paulo: Ed. brasileiro. So Paulo: Atual, 1993. 1930). In: FAUSTO, Boris (Org.). Histria geral da civilizao brasileira. So
Hydro. Available at:
Edgard Blcher Ltda., 1989. PEREIRA, Lia Valls; FERRAZ FILHO, Galeno Tinoco. O acesso da China OMC: Paulo: Difel 1975. Book III, v. 1.
<http://www.hydro.com/pt/Aluminio/A-Hydro-no-Brasil>.
MAGALHES, Juracy. Minhas memrias provisrias. Rio de Janeiro: implicaes para os interesses brasileiros. Estudos CNI, no. 5, December 2005. ______. A crise do milagre: interpretao crtica da economia brasileira.
IBGEs Wide-Ranging Consumer Price Index (ndice de Preos ao
Civilizao Brasileira, 1981. p. 131. PEREIRA, Osny Duarte. Ferro e independncia: um desafio dignidade Rio de Janeiro: Paz e Terra, 1980.
Consumidor Amplo, or ICPA). Available at: <www.portalbrasil.net/ipca.htm>.
______; GUEIROS, Jos Alberto. O ltimo tenente. So Paulo: Record, 1996. nacional. Rio de Janeiro: Civilizao Brasileira, 1967. SKIDMORE, Thomas. Brasil: de Getlio a Castelo (1930-1964). Rio de
International Organization of Standardization. Available at:
MALAN, Pedro Sampaio et al. Poltica externa e industrializao do Brasil: ______. Poltica mineral do Brasil: dois ensaios crticos. Braslia: CNPq, Janeiro: Ed. Saga, 1969.
<www.iso.org>.
1939-1952. Rio de Janeiro: IPEA, 1977. Assessoria Editorial e Divulgao Cientfica, 1987. SODR, Nelson Werneck. Histria da burguesia brasileira. Rio de Janeiro:
Laboratrio Industrial Sindical. Available at: <http://www.sindlab.org>.
MARANHO, Ricardo. O governo JK. So Paulo: Brasiliense, 1981. Coleo PIMENTA, Dermeval Jos. O minrio de ferro na economia nacional: o vale Civilizao Brasileira, 1964.
Mineral Technology Center. Available at: <http://www.cetem.gov.br>.
Tudo Histria. do rio Doce. Belo Horizonte: Ed. Vega, 1981. SIQUEIRA, Victorio. Alunorte: uma histria de sucesso. Barcarena, PA:
National Mineral Distribution Department. Available at:
______ et al. Brasil histria: texto e consulta, Repblica Velha. So Paulo: ______. A Vale do Rio Doce e sua histria. Belo Horizonte: Ed. Vega, 1981. Alunorte, 2010. p. 15.
404 <http://www.dnpm.gov.br>. 405
Brasiliense, 1981. PINHEIRO, Armando Castelar; GIAMBIAGI, Fbio; MOREIRA, Maurcio SUZIGAN, Wilson. Indstria brasileira: origem e desenvolvimento. So
National Register of Conservation Units. Available at:
MARGUILIS, Srgio. O desempenho do governo brasileiro e do Banco Mesquita. O Brasil na dcada de 90: uma transio bem-sucedida? Textos Paulo: Brasiliense, 1986.
<http://www.mma.gov.br/sitio/index. php?ido=conteudo.
Mundial com relao questo ambiental do Projeto Ferro Carajs. Rio de para Discusso, Rio de Janeiro, BNDES, no. 91, November 2001. TOLBERT, Gene Edward. Geology of the Raposos gold mine, Minas Gerais,
monta&idEstrutura=119>.
Janeiro: IPEA, 1990. Available at: PINTO, Mario da Silva. Brasil: desafios geoeconmicos. Rio de Janeiro: Brazil. Economic Geology, no. 59, p. 775-798, 1964. Presented at Harvard
Nilo Dias Reprter. Available at:
<http://www.dominiopublico.gov.br/download/texto/td_0193.pdf>. Fundao Getulio Vargas, 1991. University in 1956.
<http://nilodiasreporter.blogspot.com.br/2011/06/os-orfaos-da-mineradora>.
MARKWALD, Ricardo. O impacto da abertura comercial sobre a indstria PRADO JR., Caio. Histria econmica do Brasil. So Paulo: Brasiliense, 1970. UNIVERSIDADE de Ouro Preto. A economia mineral chinesa e sua
Portal Brasil. Available at: <http://www.portalbrasil.net>.
brasileira: balano de uma dcada. Revista Brasileira de Comrcio Exterior, PUGA, Fernando et al. O comrcio Brasil-China: situao atual e influncia no comrcio Brasil-China. Study commissioned by the Ministry of
Rio de Janeiro, FUNCEX, 2001. Available at: <http://www.funcex.org.br/ Mines and Energy, March 2009. Reserve Bank of Australia. Available at: <http://www.rba.gov.au>.
potencialidades de crescimento Textos para Discusso, Rio de Janeiro, BNDES,
publicacoes/rbce/material/rbce/68-Integra%C3%A7ao-RM.pdf>. no. 104, April 2004. VAZQUEZ DE PRADA, Valentin. Histria econmica mundial. Porto: Samarco. Available at: <www.samarco.com.br>.
MARTINS, Luciano. Politique et dvloppement conomique: structure RANGEL, Orlando. A Companhia Vale do Rio Doce e o mercado de Livraria Civilizao Editora, 1977-1978. v. 2. So Paulo State Federation of Industry. Available at:
de pouvoir et systme de dcisions au Brsil. Paris: Universit Ren minrio de ferro. Speech given at the Augusto Barbosa Center of Metallurgical VENNCIO FILHO, Alberto. A interveno do Estado no domnio <http://www.fiesp.com.br>.
Descartes, 1973. Studies at the Federal Mining School of Ouro Preto, on June 11, 1966. econmico. Rio de Janeiro: Fundao Getulio Vargas, 1968. Scientific Electronic Library Online (SciELO). Available at: <www.scielo.br>.
MAYRINK, Geraldo. Histrias da Vale. So Paulo: Museu da Pessoa, 2002. Unpublished academic paper. VERSIANI, Flvio Rabelo. A dcada de 20 na industrializao brasileira. Small Miners Support Portal. Available at: <http://www.pormin.gov.br>.
MELLO, Joo Manoel Cardoso de. Capitalismo tardio. So Paulo: RENGER, Friedrich E. O quadro geognstico do Brasil de Wilhelm Ludwig Rio de Janeiro: IPEA/INPES, 1987. Standard & Poors. Available at: <http://www.standardandpoors.com>.
Brasiliense, 1982. von Eschwege: comentrios sua viso da geologia no Brasil. Revista VILLELA, Annibal V.; SUZIGAN, Wilson. Poltica do governo e crescimento Sustainability Studies Center (GVces), Business Administration School at
MENDONA, Snia Regina de. Estado e economia no Brasil: opes de Geonomos, UFMG, no. 13, p. 91-95, 2005. da economia brasileira: 1889-1945. Rio de Janeiro: IPEA/INPES, 1973. Fundao Getulio Vargas (FGV-EAESP). Available at:
desenvolvimento. Rio de Janeiro: Graal, 1985. RIBEIRO, Luclio Rocha. Pequena contribuio histria da Estrada de Monograph no. 10. <http://www.gvces.com.br/index.php?r=site/conteudo&id=33>.
MILAR, dis. Direito do ambiente. 3rd edition. So Paulo: Revista dos Ferro Vitria a Minas. Vitria: Self-published, 1986. VIVACQUA, Attlio. A nova poltica do subsolo e o regimento legal das United Nations Development Program. Available at:
Tribunais, 2004. RIO DE JANEIRO (municipal government). PortalGeo. Table no. 2257: Total, Minas. Rio de Janeiro: Ed. Panamericana, 1942. <http://www.pnud.org.br/atlas/tabelas/index.php>.
MINAYO, Maria Ceclia. Os homens de ferro: estudo sobre os average, annual, monthly and daily electricity consumption per inhabitant WIRTH, John D. A poltica do desenvolvimento na era de Vargas. Rio de UOL Economia. Available at: <http://economia.uol.com.br>.
trabalhadores da indstria extrativa de minrio de ferro da Companhia Vale Municipality of Rio de Janeiro (1980-2010). Available at: <http://portalgeo.rio. Janeiro: Fundao Getulio Vargas, 1973. U.S. Department of the Treasury. Available at:
do Rio Doce em Itabira, Minas Gerais. Rio de Janeiro: Dois Pontos, 1986. rj.gov.br/indice/flanali.asp?codpal=1521&pal=CONSUMO>. <http://www.treasury.gov/Pages/default.aspx>.
MONTEIRO, Norma de Ges (Org.). Ideias polticas de Artur Bernardes. SAINT-HILAIRE, Auguste de. Voyages dans les provinces de Rio de Janeiro U.S. Geological Survey. Available at: <http://www.usgs.gov/>.
Braslia: Federal Senate; Rio de Janeiro: Casa de Rui Barbosa, 1984. v. 2. et de Minas Gerais. Paris: Gibret et Darez, 1830. v. 1, p. 270. WEBSITES CONSULTED Vale. Available at: <http://www.vale.com>.
MOURA, Gerson. O alinhamento sem recompensa: a poltica externa do SAMPAIO, Theodoro. O Tupi na geographia nacional: memoria lida Vale Fertilizantes S/A. Available at:
governo Dutra. Rio de Janeiro: Fundao Getulio Vargas, 1990. no Instituto Historico e Geographico de S. Paulo. So Paulo: Typ. da Casa <http://www.fosfertil.com.br/www/afosfertil/servicos.asp>.
Agncia Cmara de Notcias. Available at:
______. A campanha do petrleo. So Paulo: Brasiliense, 1986. Coleo Eclectica, 1901. Available at:
<http://www2.camara.gov.br/agencia>. Vale Foundation. Available at:
Tudo Histria. <http://biblio.wdfiles.com/local--files/sampaio-1901-tupi/sampaio_1901_tupi.pdf>.
Almanaque da Folha. Available at: <http://almanaque.folha.uol.com.br>. <http://www.fundacaovale.org/pt-br/Paginas/default.aspx>.
NEUHAUS, Paulo. Economia brasileira: uma viso histrica. Rio de Janeiro: SANDER, Roberto. O Brasil na mira de Hitler: a histria do afundamento
BM&FBovespa Ibovespa. Time series. Available at: Vale School program. Available at: <http://escolaquevale.org.br>.
Campus, 1980. de navios brasileiros pelos nazistas. Rio de Janeiro: Editora Objetiva, 2007.
<http://www.bmfbovespa.com.br/indices/ResumoEvolucaoDiaria. Valeriodoce Esporte Clube. Available at: <www.clubevaleriodoce.com.br>.
NODARI, Ariadne da Silva Rocha (Coord.). A poltica mineral na SANTOS, Breno Augusto dos. Amaznia: potencial mineral e perspectivas
aspx?Indice=IBOVESPA&idioma=pt-br>. World Steel Association. Statistics Archive. Available at:
Constituio de 1967. 2nd edition. Braslia: MCT/CNPq, 1987. Srie Recursos de desenvolvimento. So Paulo: TA Queirz Editora Ltda., 1983.
Brazils national development bank (Banco Nacional de Desenvolvimento <http://www.worldsteel.org/statistics/statistics-archive.html>.
Minerais, Estudos e Documentos, no. 2. ______. Recursos minerais da Amaznia. Estudos Avanados, So Paulo, v.
Econmico e Social, or BNDES). Available at: <www.bndes.gov.br>.
OLIVEIRA, Clodomiro de. A concesso da Itabira Iron Ore. Belo Horizonte: 16, no. 45, May/August 2002.
Brazils national statistics agency (Instituto Brasileiro de Geografia e
Official Press, 1934. SCHWARTZMAN, Simon (Org.). Estado Novo: um autorretrato. Braslia:
Estatstica, or IBGE). Available at: <http://www.ibge.gov.br/home>.
OLIVEIRA, Francisco. A economia da dependncia imperfeita. Rio de CPDOC/FGV, published by the University of Braslia, 1983. Arquivo Gustavo
Capanema. Coleo Temas Brasileiros; v. 24. Brazilian Energy Research Company (Empresa de Pesquisa Energtica, or
Janeiro: Graal, 1980. EPE). Available at: <http://www.epe.gov.br>.
SCOFIELD JR., Gilberto. Um brasileiro na China. Rio de Janeiro: Ediouro, 2007.

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 - Mrcio 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 Felcio. 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 - Rogrio Reis / Tyba. Vale
Page 16 - National Archives [192-] | Pages 18-19 - Vale archives, 1899 | Page Beto Felcio. Vale archives, n.d. | Page 212 - Beto Felcio. 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 - Joo 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 Magalhes 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
Belm. 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. Belm. 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. Belm. 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 Felcio. 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 Felcio. 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 - Jos Medeiros. Moreira Salles Jorge Sagrilo. Vale archives, n.d. | Page 225 - Beto Felcio. 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 Felcio. Vale archives, 1993 | Page 226 B - Beto Felcio. Vale Page 332 B - Franois 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 - Jos Medeiros. Moreira Salles Institute archives, 1994 | Pages 228-229 - Beto Felcio. 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 - Jos Clvis 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 - Jos 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. Bulco. 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 - Rogrio 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 Nuez.
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 Arajo. 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 - Rogrio 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 Felcio. Vale archives, 1994 | Page 251 - Erno Schneider. Vale 371 - Pietro Allevato. Vale archives, April 2011 | Page 372 - Edu Simes. 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 Felcio. 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 - lcio Paraso. 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 Felcio. 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 - Magnlia Corra. Jornal da Vale Pages 258-259 - Vale archives, n.d. | Page 260 - Flvio 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 - Mrcio Pages 384-385 - Eugnio Svio. 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 Valena. Vale archives, February 25, 2012 | Page 262 - Vantoen - Octvio 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 Felcio. 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 -
Felcio. 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 - Flvio 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 - Rogrio 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 Felcio. Vale archives, 1998 | Page 277 - Octvio 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 Felcio. 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 Emlio Guebuza Bertran, Paulo, 246, 247 Bureau Veritas Quality 311, 361, 371, 373, 383, 386 Gerais (Cemig), 131, 313, 367 Companhia Agrcola 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 Armour Research Australia, 260, 297, 303, 337, 391n Buriticupu Reserve, MA, 224 Carajs Region Mosaic of 38, 49, 50, 89, 107, 121, 130, 151 Companhia Agro-Pastoril, MG, 63
Alegria Complex, MG, 261
1891 Constitution, 20, 27, 43 Foundation, USA, 94 Biopalma da Amaznia Conservation Units, 244 Centro-Atlntica Railroad (FCA), Companhia Auxiliar de Empresas
Alkmin, Jos Maria, 88
1934 Constitution, 43, 44, 77 Arthur G. Mckee, 115 S.A., PA, 277, 386 C Carajs S11D Iron 231, 305, 307, 308, 309, 311, 373 de Minerao (Caemi), 125, 281, 303
Almeida, Erasto B. de, 140n
1937 Constitution, 44, 46 Assurini, indigenous people, 137 Blanchard, Bernard A., 63 Project, PA, 382, 383 Century HC, 326 Companhia Bozano, Simonsen
Almeida, Jos Amrico de, 44 Caets, deposit, 194
1946 Constitution, 67, 77, 126 Atalaia Quay, ES, 60, 63, 76, 83, 190 Bley, Joo Punaro, 48, 56, 63 Carajs Zoo and Botanical Century S, 326 Comrcio e Indstria, 142
Almeida, Jos Fernando de, 252n Caf Filho, Joo, 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 Carajs-Itaqui Railroad, 164 Alumnio (CBA), 240
1988 Constitution, 204, 250 Australian Mineral Industries Book Donkey, project, 263n Caixa Econmica Federal Charles, Noel, 56
Alto Turiau, 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
Alumnio Nordeste S.A., 223n, 357 Limited (AMIRA), 326 Leadership Index, 388 do Par (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 Minerao 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 Carvo Ferteco (Ferteco),
408 1994-1999 Environment Castelo, 103, 121, 122, 123, 125 Cals, Csar, 246 Chateaubriand, Assis, 34 104, 107, 110, 122, 130, 140, 146, 409
Alunorte, PA, 239-243, 254, Organization (ANSTO), 326 Cardoso, Fernando Henrique
Program, 264 Brasil batizou, O: Vale, Chemical Bank, 158 151, 187, 190, 203, 261, 263, 310
256, 302, 325, 330, 358 Aw, 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 Minerao
Alves Filho, Joo, 233 Azevedo Antunes, group, 120n Campaign to Train Cardoso, Ruth, 246, 247
Brasil Minerao 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
Amaznia Minerao S.A. (AMZA), Campos, Luiz Felipe
Acadmicos do Grande Rio, Development Commission, 80n Gonzaga de, 23, 27 Christ the Redeemer, RJ, 394, 395 Companhia Ferro e Ao de Itabira,
148, 161, 164, 165, 171, 178, 218 Carnalita Project, SE, 297, 368
samba school, 279, 316, 317 B Brazils Central Bank, 148, 171, 360, 363 Cidade Vale Mais, program, 315 63, 73; see also Companhia Aos
AMCI Holdings Australia Pty, Campos, Roberto, 89, 121, 123, 125 Caru, indigenous land, 211
Bahia Sul Celulose S.A., 220, 254, 302 Especiais Itabira (Acesita)
Aominas, 189, 190, 203 297, 345; see also Vale Australia Brazilian Agricultural Research Canico Resource Corp, Citizenship Train, 264
Castello Branco, Roberto, 291, 303
Baixo Tocantins, PA, 277, 386 Agency (Embrapa), 345, 377 Companhia Forjas e Estaleiros, 26n
Aos Finos Piratini, RS, 148, 203 AMCI International, 297, 345 Canada, 281, 295 Cleveland Cliffs Iron
Castro, lvaro Mendes
Banco da Amaznia, 386 Brazilian Coffee Institute, 240 Company, EUA, 98 Companhia Hispano-Brasileira
Adachi, Yoshihide, 233 Amrica Latina Logstica (ALL), 359 Cantanhede, Plnio, 49 de Oliveira, 46, 48
de Pelotizao (Hispanobras),
Aeronautical Technology Banco do Brasil, 66, 95, 158 Brazilian Hematite Syndicate, 17, 29 Capacitao Solidria, Coimbra, Arthur Antunes
American Depositary Cateme Elementary School, 190, 196, 198, 200, 357
Institute / Instituto Tecnolgico Banco do Cidado, 317 Brazilian Institute of Forest Project, IDB, 263 (Zico), 279, 333
Receipts (ADRs), 274 Moatize, 338, 341
Companhia Matogrossense de
da Aeronutica (ITA), 378 Banco do Estado de So Development (IBDF), 221n Capito Eduardo Costa Lacerda, Cold War, 67, 80
American Metals and Coal Catet, indigenous land, 211, 315 Minerao (Metamat), 238
Agenda 21, 222 International, 297 Paulo (Banespa), 171 Brazilian Mining and Steel branch line, 188, 189, 230, 257 Colombian Natural Resources
Catholic University of Minas Companhia Meridional de
Agnelli, Roger, 257, 281,302, Baoshan Steel, 227, 256 Company / Companhia Brasileira Caraa Ferro e Ao S.A., 157 SAS, Colombia, 349
Andrada, Antnio Carlos Gerais (PUC Minas), 317 Minerao, 137, 161, 170
305, 325n, 333, 335 de Minerao e Siderurgia Columbia University, 337
Ribeiro de, 37, 38 Baro de Mau Building, Carajs Igarap Gelado, Cau Plant, 156 Companhia Paulista de
S.A. (CBMS), 41, 46, 48, 50, 56
Agripino, Joo, 105, 117, 120, 125 Andrade, deposit, 26n Rio de Janeiro, RJ, 251 conservation unit, 210 Comandante Lira, ship, 41 Ferro-Ligas (CPFL), 303
Brazilian Navys arsenal, RJ, 236-237 Caulim da Amaznia S.A.
Akrtikatj, indigenous people, 213 Anglo American, 302 Barbosa, Denis Desiderato Horta, 56 Carajs 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 / Siderrgica Cear Steel Mill / Usina Commission on the Export Borracha Sinttica (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 Siderrgica do Cear (USC), 303 of Strategic Materials, 104 Companhia Raymond-Morrison
e Telgrafos (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 Carajs Hydrometallurgical
of Post Graduate Engineering Institute (Ipea), 217 Development Plan, 170 Itabira Contract, 45n Companhia Siderrgica Belgo-
Brito, Antonio de Oliveira, Plant, 358 Celulose Nipo-Brasileira (Cenibra),
Studies and Research at the Aquila Resources Limited, 297 Batista da Silva, Eliezer, 73, 142, 193, 223, 227, 254, 256 Commonwealth Scientific Mineira, 49, 60, 107, 112, 151, 260
105, 117, 120 Carajs Iron Project, PA, 112,
UFRJ (Coppe/UFRJ), 326 85, 101, 103, 105, 112, 117, 121, and Industrial Research Companhia Siderrgica da
Aracruz Celulose, 302 Brito, Raimundo, 227 143, 161, 164, 165, 166, 174, 178, 183, Cementos Argos S.A.
Albras, 210, 241, 314, 328, 358 130, 131, 142, 161, 166, 178, 186, Organization (CSIRO), 326 Guanabara (Cosigua), 125
193, 194, 204, 207, 209, 211, 246 (Argos), Colombia, 349
Aranha, Oswaldo, 41n, 49, 56 194, 246, 273, 277, 333, 367 Brumer, Wilson Nlio, 185,
Albras Project, Barcarena, PA, 193 Communist Conspiracy, 45 Companhia Siderrgica de
186, 194, 230, 231, 261 Carajs National Forest, PA, Center-East, district, 171
Araripe, Delecarliense Alencar, 63 Beluco, Marco, 342
Albras/Alunorte (1978), Community Relations Tubaro (CST), 190, 203, 252, 303
Bulhes, Octvio Gouva de, 121, 125 184, 186, 244-245, 268, 383 Center-East Corridor, 230, 231
Arbed Group, Luxembourg, 107, 256 Beneficiamento de Itabirito Department in Belm, 213
agreement, 164 Companhia Siderrgica
S.A. (Benita), 114, 131, 173n Bunge Fertilizantes S.A., 297 Carajs Railroad (EFC), 164, 166, 177, Center-North Corridor, 308
Arcelor Mittal, 303 Community Relations Mineira, MG, 26
Alcindo Vieira, private 179-184, 203, 210, 211, 221, 232, 233,
Bernardes, Arthur, 29, 32, 34, 37, 46 Bunge Participaes 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 Siderrgica Paulista
Investimentos, 368 Centrais Eltricas 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 Esperana Plant see Ferreira, Jos Incio, 264 Funaro, Dilson, 177 Gomes, Francisco de Magalhes, 46 Horn, cape, 274n
Doce Employee Investment Dabre, Augusto, 25 economic plans: Queiroz Jnior Plant Ferreira, Murilo Pinto de FUNCEF (employee pension Gomes, Severo, 178 Hugo Gouthier, private
Club (InvestVale), 253 Bresser, 215 Esprito Santo Centrais Eltricas Oliveira, 242, 342, 355, 391 funds of CEF), 381 Brazilian group, 157
Daewoo Shipbuilding & Gomez, Delcdio, 233
Compaia Minera Collor, 215 S.A. (Escelsa), 131, 250, 367
Marine Engineering Co., 370 Ferrous Metals Technology Fund for Studies and Research Good Hope, cape, 274n Hydro, Norway, 241
Latinoamericana (CMLA), 303 Cruzado, 177, 215
Danielli, Italy, 303 Estao Natureza Pantanal, Center / Centro de Tecnologia to Make Use of the Itabirite hydroelectric plants:
Cruzado II, 215 Gorceix, Claude Henri, 25
Company of the Year in the exhibition, 315 de Ferrosos (CTF), MG, 377 of Minas Gerais, 95 Aimors, MG, 313, 314
Dauster [Magalhes e Real, 217, 249, 250
Mining Sector, award, 252 Gotto, Murly, 29
Silva], Jrio, 240, 256, 264 Sarney, 215 Evandro Chagas Institute, 209-210 Ferrous Superintendents Fund for the Improvement Amador Aguiar I, MG, 277, 313,
Conceio Complex, 29, 85, Vero, 215 Office (Sufer), 227 and Development of the Doce Goulart, Joo, 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 Executive Commission of the Ferrovia Paulista S.A. (Fepasa)
Derby, Orville, 23, 27 Government Economic Action 366, 367
Conceio Project, 157, 186 National Coal Plan, 104 see Ferrovias Bandeirantes Fund to Improve and Develop the
Eletronorte, 314, 367 Balambano, 277
Desportiva Ferroviria, S.A. (Ferroban) Doce River Valley (FMDVRD), 261 Program (PAEG), 123, 130
Conceio, stream, 225 Executive Commission of the
soccer team, 135 Eletrosiderrgica Brasileira Candonga, MG, 277, 313, 314, 367
Ferrovias Bandeirantes S.A. Fundao Getulio Vargas Greater Carajs Program,
Conceio-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 Fertilizantes Fosfatados Fundao Mineira de Educao Greater Carajs Project, 164, 166 Foz do Chapec, SC/RS, 314
Congress of Stockholm, 25, 27, 29 50, 56, 59, 66, 67, 79, 95, 98, 142, 158
Wales, 185, 186, 223 Elizabeth II, queen of England, 291 S.A. (Fosfertil), 297, 368 e Cultura (Fumec-MG), 231 Greater Vitria Region Sources Funil, ES, 277, 313, 314, 367
Conselho de Segurana Expo Brazil, event, 222
Directorate General of Elkem Rana, Norway, 303 Fiat, 231 Furtado, Joo, 376 Inventory (2010), 270 Glria, 277, 367
Nacional, 129 Mineral Production, 43 Export Development Igarapava, SP/MG, 276, 277, 313,
Emlio Goeldi Museum, Figueiredo, Joo, 164, Green Train, project, 386
Consrcio Brasil, 250, 253 Corporation (EDC), 158 314, 367
Doce River Sugar Company, MG, 63 Belm, PA, 209 166, 174, 177, 183 G Grosse, dr., 34-35
Consultec, 123n Itaipu, 143
Doce River System, 165, 166 Empreendimentos Brasileiros Figueiredo, Marcelo, 342 Gavio Parkatj, indigenous Grupo Paranapanema, 303 Ituer, 277, 367
Convap S.A., 238 de Minerao S.A. (EBM), 359 F
Doce River Valley, 29, 31, Finsider, Italy, 198 people, 212, 213, 315 Grupo Votorantim, 171, 240 Karebbe, 277
Copper Cliff Refinery South 46, 63, 115, 130, 131, 263 Encouraged Dismissal Program, 253 Faraco, Daniel, 121
First National Development Gavio people of the Me Larona, 277
Guaba Island Terminal, Sepetiba
(CC South), Canada, 290, 354 Doce River Zone Development Engenheiro Alencar Farquhar, Percival, 17, 32, Machadinho, SC, 277, 313, 367
Plan (PND), 170, 250 Maria Indigenous Land, 211 Bay, RJ, 126, 261, 310, 311, 360, 373
Corporacin 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 Guaj, indigenous people, 211, 213
Cobre de Chile (Codelco), 274 Ensidesa, Asturias, 198 Fazenda Alegria-Fbrica, Nova Maurcio, 277, 367
Doceangra, ship, 236-237 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 Shareholders Meetings, 131 people, 211, 213, 315 Tucuru, 207, 241
Department, 213 Superintendents Office (Sumaf), 207 Federal Audit Court, 37
Docepar S.A., 273; see also Vale do Fishing Development Guanhes Project, 157
Corporate Sustainability Federal Foreign Trade Council, 46 Geological and Mineralogical
Rio Doce Navegao S.A. (Docenave) Environment Program, 225, 254 Superintendents Office
Index (ISE), 386, 388 Service of Brazil (SGMB), 23, 27, Guatimosin, Gil, 26n I
Docepolo, ship, 183 Environmental Education Federal Public Prosecution (Sudepe), 221n 29, 43n; see also National Mineral
Corretive Operating License, 268 Center, 223 Ministry (MPF), 213 Guimares, Cristiano, 26n Ibama (Instituto Brasileiro do
Docevale, ship, 113 Fitch, 304 Production Department (DNPM)
Guinle, Guilherme, 49 Meio Ambiente e dos Recursos
Corus (a merger of British Environmental Impact Plan, 224 Federal Railroad Network. (RFFSA),
Document 18, 88, 89, 91, 120 Florestas Rio Doce S.A. (FRDSA), Geological Commission of Brazil, 23 Renovveis), 221, 224, 264, 268
Steel with dutch company 121, 123, 126, 130, 151n, 189, 230, 231 Gulf Industrial Investment
Environmental Impact 115, 173, 186, 211, 223, 254, 302 Geology School of Porto
Hoogovens), 256 Dominion Bond, 304 Company E.C. (GIIC), 274, 303 IBGE (Instituto Brasileiro de
Report (Rima), 194 Federal University of Minas
Flower of Carajs (Franz Alegre, RS, 169 Geografia e Estatstica), 215, 354, 362
Costa Lacerda-Fbrica, Dongkuk Steel Co., South Gerais (UFMG), 148, 207, 326 Gulf Investiment
Environmental Management Weissmann), sculpture, 270, 271 George VI, king of England, 291
branch line, 122, 130, 151 Korean, 303, 359 Corporation (GIC), 274 Igarap Bahia Project, 194
System (SGA), 210 Federal University of Ouro
Foreign Trade Association Gerdau S.A., 303
Costa Lacerda-Fazenda Dutra, Eurico Gaspar, Preto (UFOP), 25, 326 Ilva, Italy, 256
Environmental Master Plan, 209 of Brazil, 281n
Alegria, branch line, 130 63, 66, 67, 75, 77, 80n Gerspacher, Alberto, 26n Imai, Takashi, 333
Federal University of H
Environmental Normalizations Forest Clusters, project, 222
Costa, Heitor da Silva, 394 Par (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 Gois-Minas-Esprito Santo Immortal Brazilian Awards
Environmental Quality Plan (1985), 177 Hanna Mining Company, 91,
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 Crdito (FGC), 363 Eastern Amazon, PA, 193, 232 Federal University of Rio Grande Gold Fields of South Africa, Importance of the Carajs S11D
Environmental Study and Advisory Franco, Afrnio de Mello, 48 Hazen, copper pyrometallurgy, 326
Cultural Center of Gavio do Sul (UFRGS), 326, 382 South Africa, 157 Iron Project for the National
cole Polytechnique Fdrale Group (Geamam), 207, 209 Hirata, 171
Kyikatj, 213 Fernandes Filho, Anastcio, 225 Franco, Itamar, 217, 232 Gold Project,193 Development Process in Brazils
de Lausanne (EPFL), 345, 377 Environmental Superintendents
Frigorfico 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


Incio 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 Itabiruu, 50 Mo i Rana, Norway, 302, 354
Inco Advanced Technology Certification), 224 Joosinho Trinta, 279, 317 Leite Jr., Antnio Dias, 105, 169, 246 Master Plan for the Mineral (CDM), MG, 115, 239, 376 Jangada, 310
Moatize Health Center,
Materials (Dalian), 349, 357 ISO 14001 (Environmental Linhares Forest, ES, 264 Mineral Research Superintendents Joo Coelho, 50
Jobim, Tom, 246, 247 Lemos, Athos de, 46 Mozambique, 338
Management System), Office (Supem), 170 Maria Preta, BA, 218
Inco Advanced Technology Junqueira, Jos Monteiro Ribeiro, 46 Lenin, 34 Master Plan for the Protected Moatize Intermediate Institute
252, 254, 271, 320 MMN, 325
Materials (Shenyang), 357 Green Areas of Itabira, 268 Mineral Resources Research of Geology and Mines, 338
Lessa, Francisco de S, 75, 89, 99 Moatize Coal, 338, 341, 391
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 Minerao 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 Ona, 50, 186, 218
Light S.A., 250 Mozambique, 279, 281, 297, 298-
/ Comit de Democratizao Germany, 107, 131, 146 Kawasaki Steel Corporation, Mines / North System Papomono, Chile, 349
McNamara, Robert, 166 299, 315, 317, 338, 340, 341, 342
da Informtica (CDI), 263 143n, 158, 186, 199, 326 Lima, Joo de Mendona, 41n, 46, 49 Superintendents Office (Sumic), 227 Periquito, 130, 157, 158, 186, 187
Itabira International Corporation Mdici, Emlio Garrastazu, 143
Piarro, MG, 130, 156, 157, 186, 187 Monte Simandou, Guinea, 344
Institute of Development (Itaco), 107, 130, 146, 148, 274 Kayap, indigenous people, 211 Lima, Zeneida, 246, 247 mines:
in Education, Culture and Meeting with Leaders, project, 316 Pico, MG, 310 Moodys, 304
Itabira Iron Ore Company, 17, Keidanren Japans Linz-Donawitz (LD), Almas, TO, 157, 239
Community Action (Ideca), 316 Federation of Industry, 223 furnaces, 104, 114 Mello, Fernando Collor de, Abboras, 310 Riacho dos Machados, MG, 218 Morais, Aminthas Jacques de, 46, 48
412 23n, 27, 29, 31, 32, 34-35, 37-38, 41,
Rio do Peixe, 50 413
186, 215, 217, 221, 231 Areo, Itabira, MG, 57
Inter-American Development 44, 46, 48, 50, 51, 63, 117, 126 Kennedy, John F., 166 Lisboa, Joaquim Arrojado, 49 Morro da Mina, MG, 320, 325
Azul, 238, 318-319, 325, 352, 386 S11D, 383
Bank (IDB), 131, 158, 263 Itabira Mines Department, 59, 63 Melo, Licnio de, 246
Kobe Steel, 333 Lobato, Francisco Sayo, 140n Salobo, PA, 210, 239, 240 Morro do Atalaia, ES, 46-48, 51, 60, 85
Mercantile & Future Bayvar, Peru, 297, 304, 317, 368
Internal Environment Itabira Mines Superintendents Santa Ana, 29
Korean War, 77, 80, 95 Log-In Logstica Intermodal Borrachudo, 50 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 Itabira Mining Company Metalis, group, 223n, 357 Sapecado, MG, 310 Jacadigo, MS, 238
Company (Kobrasco), 227, 256, 271 Lolita (Nabokov), 240 Campestre-Manuel Anastcio, 50
Reconstruction and Development / Companhia Itabira de Midleton, 171 Capanema, MG, 158, 186 Semidouro, 50 Juta, PA, 171
(IBRD), 165, 166, 177, 211, 225, 254, 264 Krenak, indigenous people, 213 London Stock Exchange, 91 Serra da Conceio, 50
Minerao, 48, 50 Capo Xavier, 310 Carajs, 137n, 148, 160, 161, 165,
Midwest Research
International Institute for Krigsner, Miguel, 246, 247 Lopes, Edmundo de Castro, 48 Sossego, PA, 261, 262, 300, 301, 359 166, 171, 177, 178, 181, 184, 187, 194,
Itabira Mining Complex, 268 Institute (MRI), 382 Capito do Mato, 310
Management and Development Krohokrenhum, Topramre, 213 Lopes, Lucas, 89 Caraa, 157, 186 Tamandu, 157, 310 201, 202, 211, 213, 218, 223, 224, 232,
Itabira Special Steel Company Miltnia Plateaus, PA, 326 Taquari-Vassouras, SE, 296, 297,
(IMD), Switzerland, 355 Kronau, Canada, 368 Carajs, PA, 162-163, 166, 167, 168, 239, 383
(Acesita), MG, 34, 60, 83, 130, 151, Mimura, Akio, 333 325, 328, 329, 369
International Metals Reclamation 176, 180, 210, 213, 218, 226, 227, 238, Pelada, PA, 170, 171, 184, 224
157, 186, 203, 231, 303; see also Krupp, Germany, 125 M Timbopeba, MG, 130, 157, 158, 239, So Flix, 178
Company (Inmetco), USA, 357 Minas dEl Rey Dom Pedro, 157 252, 256, 350-351, 365, 389, 390
Companhia Ferro e Ao de Itabira Kubitschek, Juscelino, 51, Machamer, G.C., 140n 266-267, 313
Carborough Downs, Australia, Sereno (Serra Rica), 137, 161
International Monetary Fund Minas Gerais Development
Itabira Water Master Plan, 315 77, 85, 88, 90, 91, 104, 117 Madeira-Mamor 345, 346-347 Urucum, MS, 192, 235, 238, 320, 325 Urucum, MS, 238
(IMF), 281, 304, 360, 363 Bank, 63n, 158
Itabiras Project, 46 Kuwait Petroleum Railroad, AC, 17, 34 Cau, MG, 29, 36, 39, 41, 50, 52-53, Voiseys Bay, Canada, 277, 278,
MRS Logstica S.A., 261, 310, 311, 373
International Nickel Co., USA, 291 Minas Gerais Society 338, 367
Itabirite Ore Processing Corporation (KPC), 274 Magalhes, 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 Kyikatj, 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,
Itabiruu Ecological Park, 223 Mangabeira, Joo, 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 Marab Reserve, PA, 224 Minerao guas Claras, 120 Corumb, 359 MZEE (Macrozoneamento
International Waterfowl Mining Consortia / Mining
Company (Itabrasco), L Creighton, Canada, 291, 338 Ecolgico-Econmico), PA, 381
Research Bureau, 210 Marab-Ponta da Madeira, Minerao Andir, MG, 311 Groupings, 129
190, 196, 198, 233, 357 Lacerda, Carlos, 123, 125 Del Rey, 268
branch line, 164 Minerao Morro Velho, 194, 239 Mining School of Paris, 25
Iron Ore Export Group / Grupo Itavale Ltda., 157, 158, 186 Diro, 50
Lanari, Amaro, 26n Maranho Telephone Company, 235 N
de exportao de Minrio Minerao Rio do Norte (MRN), Dois Crregos, MG, 50, 82, 85, 120, Ministry of Agriculture,
Itochu Corporation, Japan, 279, 289 Lancaster, Jos, 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
Iron Quadrangle, region, 23, Landowski, Paul, 394 Foundation, 246 Don Gabriel, Chile, 349 Ministry of Education and National Aeronautics and Space
Minerao Serra Geral
31, 91, 94n, 114, 117, 120, 125, 140, J 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, Jambuau, quilombola land, 213 for Latin American shares), 274 Martins, Jos Carlos, 338, 342, 370 Fazenda Brasileiro, BA, 193, 218
Minerao Tacum, 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
Marupe Garden see Augusto Minerao Vera Cruz S.A. Energy (MME), 104, 105, 117, 66, 79, 91, 104, 123, 174, 204
ISO 9000, 221, 226 Resources Development Geladinho, PA, 386
Latin American Miners Ruschi Municipal Park (MVC), PA, 303, 326 120, 121, 125, 129, 170, 289 National Constituent Assembly, 94
Co. (JBP), 227 Gongo Soco, 261, 320
ISO 9001, 271 Congress, 121 Ministry of Planning and
Mascarenhas, Raymundo Mineraes Brasileiras Igarap Bahia, PA, 194, 218, 255, National Council for
ISO 9002, 226, 227, 271 Jesus, Renato de, 264 Lawrenson, C. Alvin, 56 Pereira, 142, 186, 194, 246 Economic Coordination, 123
Reunidas S.A. (MBR), 110, 302 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 Pecm Steel Company / Companhia Port / North System Q Rio Doce Europa (RDE), 146, 173 Ruber Superintendents
and Eletric Power, 104 Navegao Rio Doce Ltda., 148 Oliveira Castro, 59 Siderrgica do Pecm, CE, 359 Superintendents Office (Supoc), 227 Quadros, Jnio, 104, 105, Rio Doce Geologia e Minerao Office (Sudhevea), 221n
National Department of Neuqun 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 Superintendents Office (Supot), 227 Queiroz Jnior Plant, MG, 26n 173, 193, 218, 239, 241 Rural University of Minas
Neves, Tancredo, 177 Oliveira, Francisco de Paula, 23
National Economic and Social Pelletizing Superintendents Port Colborn, Ontario, Canada, 338 Queiroz Jnior, J.J., 26n Rio Doce Housing and Gerais State, 186; see also
New Caledonia, project, Oliveira, Oscar de, 105, 123, 130, 246
Development Bank / Banco Office (Supel), 227, 235 Port of Sohar Industrial Social Development University of Viosa, MG
279, 291, 292-293 Oman Oil Company, 342 Queiroz, Rachel de, 246, 247
Nacional de Desenvolvimento Pena Jnior, Afonso, 48 Complex, Oman, 342, 391 Foundation, 255, 261, 263
Econmico e Social (BNDES), New Regulatory Framework of Ona 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
Pessoa, Epitcio, 32, 37 Porteirinha Project, 157 Rio Doce International Finance S.A. Minerao da Trindade
277, 281, 303, 326, 378, 381 New York Stock Exchange Ordinances of Manuel, 20 Rache, Pedro Demstenes, 46 Ltd. (RDIF), Guyana, 173
(NYSE), 274, 275, 291, 337, 388 Petrobras S.A., 104, 112, 121, Portobras, 190 (Samitri), 104, 107, 109, 110, 122, 130,
National Economic Development
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:
Oswald, Carlos, 394 Ramos, Nereu, 99 (Docemade), 173 Sabar Tunnel, MG, 188
Desenvolvimento Econmico Petros, 381 Beira, Mozambique, 342
Niemeyer, Oscar, 263
(BNDE), 89, 91, 158, 166n, 170; see Ouro Fino, deposit, 194 Belm, PA, 242 Rauber, Joel Marciano, 246 Rio Doce Manganse Europe Salitre Project, 368
Nippon Kokan K.K., Phelps Dodge, 300
414 also National Economic and Capuaba, ES, 232, 257, 309 (RDME), France, 303, 325, 326 415
Ouro Preto Mining School Red Dragon of Itabira, Salobo Metais S.A., 239, 302
Social Development Bank / Banco shipyard, Japan, 113, 146 Piarro Project, 157
(EMOP), 23, 24, 25, 26n, 29, 51, 60 Espadarte, PA, 164 soccer team, 135 Rio Doce Manganse Norway
Nacional de Desenvolvimento Nippon Steel, Japan, 175, Pico Complex, MG, 310 Samarco Minerao, 260, 261
Ijmuiden, Netherlands, 76 (RDMN), Norway, 302, 303
Rede Cidad, 316
Econmico e Social (BNDES) 209, 233, 256, 288, 332, 333 Pimenta, Dermeval Jos, Itagua, 261, 373 San Martin de Sechura Rural
Rio Doce Moambique Limitada, 297
National Indian Foundation Nisshin Steel, 333
P 25, 60, 63, 66, 67 Laguna, SC, 49 Rede Mineira de Viao, 63n Community, Peru, 317
Rio Pindar, indigenous land, 211
(Funai), 211, 213, 315 Panam, canal, 273n Paul, ES, 230 Regina Project (now called Kronau) Santos, Breno dos, 137,138, 140, 161
Nissho-Iwai Co. Ltd., 158, 233, 302 Pincock & Runge, 386
Prony, Oceania, 292-293 Rio Tinto, anglo-australiam,
National Land Transport Agency / Par Pigmentos S.A. (PPSA), Reis, Fernando Roquete, 148, 165, 246 So Francisco Hydroeletri
NKK Switches, Japan, 256 Pinheiro, Israel, 25, 41, Rio de Janeiro, 89, 157 241, 297, 359, 368
Agncia Nacional de Transportes 326, 328, 354, 358 Renn, Joel Mendes, 164, 233 Company (Chesf), 104
Noble Metals Superintendents 50, 51, 56, 63, 135, 156 Santa Cruz (now called Aracruz),
Terrestres (ANTT), 307 Rio Verde Minerao, MG, 303
Paragominas, deposit, 171, 241, 242 Republic Steel, USA, 95 So Joo, engage, 285
Office (Sumen), 193, 218 Pinheiro, Joo Batista, 91 ES, 32, 45
National Mines and Rio, Jos Pires do, 32
Paraopeba Complex, MG, 310 Santos, 307, 373 Reserve for the Development of So Joo de Ipanema
Non-Ferrous Metals Pinto, Joo Batista da Costa, 49
Metallurgy Council, 104 Trombetas, PA, 241 Ritter, Joo E., 140n Iron Factory, 26
Department (Denf), 271 Paraopeba River Valley, MG, the Regions Influenced (RDRI), 255
Pinto, Magalhes, 123
National Mining Fund, 129 89, 91, 117, 120, 121, 123, 125 Tubaro, 31, 107, 151, 157, 173, 230 rivers: So Jos dos Campos
Norilsk Nickel, Russia, 291 Reserve Mining Company, 142
Pinto, Mrio da Silva, 89 Vitria, ES, 29, 46, 47, 48, 50, Araguaia, 137, 211
National Nuclear Energy Paraprint, 326 Technology Park, SP, 378
Normanton, Robert, 29 51, 52-53, 56, 60, 68-69, 76, 86- Revolution of 1930, 38, 42, 44, 94 Araguari, 314
Commission, 104 Piracicaba River Valley, 130
Parliamentary Commission of So Lus Railroad Station, MA, 235
Nor-Shipping Clean 87, 91, 94, 99, 107, 232 Reynolds, C.D., 140n Colorado, Argentina, 300
National Petroleum Council, 104 Inquiry / Comisso Parlamentar Pires, Antnio Olynto dos Santos, 23
Ship Award, 370 Doce, 14, 31, 61, 101 So Marcos Bay, MA, 164, 178, 183
Praia Mole Project, 190 Riacho do Machado Project, 194
National Privatization de Inqurito (CPI), 123, 125, 178 Pohang Iron & Steel Company Itacaiunas, 136, 137n, 139, 140, 160,
Norsk Hydro, Norway, 358 So Paulo State Environment
Program (1990), 217, 250 (Posco), South Korea, 227, 256, 257 Presidential Planning Ribeiro, Jos Hamilton, 246, 247
Parsons, Klapp, Brinckerhoff 164, 209 Company, 209n
North Mountains, deposit, 178 Secretariat (Seplan), 193 Ribeiro, Jos Monteiro, 46, 48
National Privatization & Douglas (PKBD), 56, 63 Pohang Steel, South Korea, 199 Itajucu, 209
So Paulo Stock Exchange
Program (1997), 217 North System, Carajs, 177, 187, Prestes, Lus Carlos, 45n Rigon, 171 Paraguay, 359
Participatory master plan, 317 Polytechnic School of Bahia, 142 (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, Jos, 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 Antnio, 67 Sarney Filho, Jos, 264
125, 126, 129, 157, 161 Northeast Railroad Company Producers Bank, 317
do desenvolvimento (Leite Jr.), 105 Ponta da Madeira Maritime Rio de Janeiro Stock Exchange, 250 Tocantins, 160, 164, 180, 181, 209,
/ Companhia Ferroviria do Sarney, Roseana, 235
National Railroads Department, 123 Terminal, MA, 177, 183, 199, 201, 210, Product Development Center / Rio de Janeiro Tramways, Light and 211, 233
Nordeste (CFN), 253, 307 Paul Quay, ES, 76, 92,
218, 227, 232, 233, 238, 305, 307, 308, Centro de Desenvolvimento de Schettino, Francisco Jos,
National Space Research 94, 95, 97, 189, 305n Power, 32, 34; see also Light S.A. Trombetas, 239, 240
North-South Railroad 309, 322, 324, 325, 327, 356, 371, 373, 383 Produtos (CDP), SP, 378, 388 227, 232, 238, 252
Institute / Instituto Nacional de Rio Declaration on Environment Zambezi, Mozambique, 297
(FNS), TO, 371, 373 peaks:
Pesquisas Espaciais (INPE), 388 Ponta da Madeira Railroad Pronaf Dend (federal gorvenment Science Academy of Paris, 25
Amor, MG, 223, 263 and Development, 221 River Terminal, MS, 320
Nosso Brasil que Vale, Terminal, 181 funding program), 386 Seamar Shipping
National Steel Company / Cau, 16, 17, 34-35, 40, 48, 55, 57, 156 Rio do Peixe Reservoir, Rocha, Domingos Fleury da, 43
O, samba song, 317 Corporation, 130, 173, 273
Companhia Siderrgica Nacional Itapocu,65 Ponta do Ubu Maritime Provisional Government, 42, 43 Itabira, MG, 223, 225
Nova Era Silicon, 303 Rongsheng Shipbuilding and
(CSN), 41, 48-50, 77, 83, 85, 112, Terminal, 260 PT Inco, 294 Second Bulk Solids
Peanha, Nilo, 27 Rio Doce Amrica (RDA), 146, 203 Heavy Industries, China, 286, 370
122, 125, 131, 148, 198, 252 Loading System, 233
Pecm Industrial and Port Pontal Basins, 207 PT International Nickel Indonesia Rio Doce Engenharia e Rousseff, Dilma, 314
National Steel Making Tbk (PTI), New Caledonia, 294 Second World War, 41, 46, 49, 50,
Complex, CE, 359 Popular Week to Defend Mining, 121 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, Carajs, 177, 186, T Trans-Amazonian United Nations Convention Vale do Rio Doce Botanical Valeriodoce Esporte Clube, Voiseys Bay, plant, 277, 278, 338
Trade and Public Works, 32 187, 190, 201, 207, 209, 230, 256, Tapirap Biological Reserve, 210 Highway, 137n, 207 on Biological Diversity, 222 Park, ES, 320, 321 soccer team, 135 Volta Redonda Plant, 50
Sena-Beira, branch line, 342 257, 260, 261, 271, 307, 308, 310, Tres Valles, Chile, 347, 348, 349 United Nations Framework Vale do Rio Doce Energia Valesul Alumnio S.A., 193, 195,
Tapirap-Aquiri National
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 Tringulo Mineiro, 305, 307 W
Companhia Porturia Baa 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 Servios Tcnicos
Tvora, Juarez, 43, 121, 125 Tubaro, 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
Teachers House, project, 263 Tubaro Complex, Vitria, ES, 190, Water Code, 43
Sepetiba Tecon, RJ, 307 Special Commission to Regulate United States Steel Co. (US (FVRD), 261, 263, 264, 315, 316, 338, 341 Vargas, Getlio, 25, 41, 42, 45, 46,
Technical Council on 191, 202, 210, 214, 218, 223, 225-227, Weber, strip, 193
the Washington Agreement, 50 Steel), 49, 137, 143, 148, 161, Vale do Rio Doce Navegao S.A. 49, 50, 67, 77, 88, 94, 95, 104, 117, 392
Service to Support Micro and Economic and Finances, 46 230, 231, 233, 248, 253, 254, 256, 264,
Special Environment 164, 165, 218, 235, 257 (Docenave), 104, 110, 112, 113, 114, Vasco Coutinho Station, ES, 65 Werneck, Dorotha, 227
Small Companies (Sebrae), 315 268-270, 285, 305, 308, 309, 311, 313,
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 Itajub, 164 Vasconcelos, Paulino Ccero de, 226
of Brazils Itabirite Iron Ore 236-237, 272, 273, 274, 308, 311
Coking Company Limited, 279, 297 St. John dEl Rey Mining Bulk Liquid Terminal, 373 University of So Paulo Vatu Steel Company / Whitehead, Gilbert, 63
Deposits, project, 95
Company, 91, 117, 120 (USP), 137n, 326, 378 Vale do Rio Doce Railroad Companhia Siderrgica Vatu,
416 Shanghai Baosteel Group Diverse Products Terminal Wholesal Energy Market, 276 417
Technological Research Center, 170 Museum, Vila Velha, ES, 263
Corporation, China, 289 Standard & Poors Ratings (TPD), 230, 256, 260, 305, 308, 373 University of So Paulo 95, 110n, 115, 131, 173n
Wigg, Carlos da Costa, 26n
Service, 304, 392 Technological Research Vale Energia Limpa S.A., 367
Siderbras, 190, 203 Effluent Collection and State (Unesp), 326 Velloso, Vnia, 265
Department (Deteg), 171, 181n Williams, Howard, 95
State Basic Sanitation and Treatment, project, 270 University of Viosa, MG, 186, 342 Vale Fertilizantes, 368, 373 Venncio, Antnio
Siemens-Martin, furnaces, 91, 104 Teluk Rubiah Terminal, Winner, ship, 242
Environmental Defense Technology Vale Florestar Project, 210, 380, 381 Carlos de Lima, 213
Silva, Luiz Incio Lula Malaysian, 391 Grain Terminal, 230, 256 Urubu Kaapor, indigenous
Company (Cetesb), 209 World Business Council for
da, 215, 242, 281, 323 Pelletizing Complex, 320, 321 people, 211, 213, 315 Vale Hope Schools, 338 Vereinigte Oesterreichische
State Environment Tercam Intermodal Terminal, Sustainable Development, 264
Urucum Minerao Vale Inco Ltd., 290, 291, 294, Eisin-und Stahlwerke Ag
Silveira, Amaro da, 26n Foundation (Feam), 268 Camaari, BA, 311 Praia Mole Maritime Terminal, World Environment Day, 221, 270
S.A., 193, 238, 359 337, 339, 355, 391; see also (VOEST), Austria, 158
Simandou Project, 345 Terraservice, consulting firm, 170 190, 202, 253, 258-259, 306, 373
State Environment Vale Canada Limited Viana, Agripino Abranches, 186, 194 World Health Organization
Tubaro Maritime Terminal, ES, Usina Siderrgica da Bahia
Single Minerals Tax, 129 Secretariat, ES, 270 Tete Provincial Hospital, (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 Siderrgicas de Minas / Instituto Tecnolgico Vale Vieira, Paulo Jos de
Regulator (IEMA), 321 The Chase Manhattan Bank, 158 (ITV), 342, 377, 378, 381 (WTO), 280, 284
Small Farmes Project, 386 151, 152, 153, 154, 156, 172, 173, 177, Gerais (Usiminas), 60, 63, 83, 110, Lima, 105, 122, 123
Statement of Forest Principles, 222 The Mitsubishi Bank Ltd., 158 189, 190, 196, 197, 209, 246, 307, 333 112, 131, 146, 148, 151, 151n, 181n, Vale Itlia, ship, 370
Soares, Edmundo de Macedo, 49 Vila Tcnica Areo, Itabira, MG, 108
Statute to Establish Companhia Thibau, Mauro, 121, 122, 123n, 125 Tubos de Acero de 190, 198, 203, 231, 252, 303, 357 Vale Lima, ship, 286 X
Soares, Raul, 37 Vila Velha Terminal, ES,
Vale do Rio Doce, 42 Mxico (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 USS Engineers & Consultants, 161n ES, 85, 100, 101, 206, 223-225, 138, 184, 204, 211, 212, 213, 315
Corredor do Norte S.A. (SDCN), 341 Vilela, Gasto de Azevedo, 46, 48
Stockholm Conference (1972), 221 Thompson, 367 U 246, 264, 265, 268, 320
Socit Anonyme dImportation Vitria, island, 209
(Sadi), Switzerland, 98 Strong, R., 140n ThyssenKrupp CSA Siderrgica U.S. Geological Survey, 89, 137n V Vale Network, program, 263, 316 Y
Vitria - Minas Railroad (EFVM),
Socit Europenne dAlliages Sudo, Fumio, 333 do Atlntico Ltda. (TKCSA), 359 Vale Nouvelle-Caldonie SAS Yamada, Katshuhisa, 227
Ueki, Shigeaki, 143, 164, 165, 241 Vale & Communities 17, 28-32, 38, 41, 46, 50, 56-60, 63,
pour la Sidrurgie (Seas), 238 Suez, canal, 274n ThyssenKrupp Stahl AG (TKS), Integration Program, 255 (VNC), New Caledonia, 294 65, 66, 73, 83, 84, 85, 86-87, 89, 94, Yankuang Group, 279, 289, 297
Unesco (United Nations
Socoimex, 261 Germany, 107, 256, 260, 261 Vale Oman Pelletizing 96, 101, 107, 112, 118, 120, 130, 132, Yongcheng Coal & Electricity
Sumitomo Metal, Japan, 256, 333 Educational, Scientific and Cultural Vale Australia, 345; see also
ThyssenKrupp Steel Europe Organization), 85, 101, 223, 264 AMCI Holdings Australia Pty Company LLC (VOPC), 342 146, 150, 151, 156, 157, 183, 186-189, Group, 289, 297
Solidarity Community Supreme Federal Court, 120, 125
AG, Germany, 359 Vale Rio de Janeiro, ship, 370 199, 203, 207, 219, 221, 223, 230, 233,
Council / Conselho da Union Carbide, 137, 161 Vale Brasil, ship, 370, 371
Sustainability Action 253-255, 257, 260, 263, 270, 271, 305,
Comunidade Solidria, 246 Tibiri, Mrio W., 46, 48 Vale School, project, 263, 316
Plan / Plano de Ao 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 Solues em Energia
Vitria Corridor, 309 Zero Residues Project, 225
Reserve, ES, 264, 265 Superintendents Office, 207 S.A. (VSE), SP, 277, 378, 379
Sustainable Development United Nations Conference Vale Carbon Program, 388 Zhu, Michael, 338
Vitria Iron and Steel Company
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 Ao de Ziyang, Zhao, 160, 161, 285
Sossego Complex, Cana Sybetra, Belgium, 125 Timbopeba, deposit, 130, 158 (UNCTAD), 280, 335 342, 370, 371, 391
Vale do Acar, PA, 277, 386 Vitria (Cofavi), 63, 73, 83, 110
dos Carajs, PA, 281 Zweig, Stefan, 337
Sygma Tecnologia, Engenharia, Tolbert, Gene Edward, United Nations Conference Valepar S.A., 250, 253
Vale do Rio Doce Alumnio Voiseys Bay, Newfoundland
Sossego Project, 261, 300 Indstria e Comrcio Ltda., 378 137, 140n, 161, 170 on Trade and Development Valer (education and people
(Aluvale), 241, 302, 303, 355, 391 and Labrador, 367
(UNCTAD), 280, 335 development department), 317
South Mountains, deposit, 178

Vale Our History Vale Our History


418 419

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

V243

Vale : our history / Vale. - Rio de Janeiro : Verso Brasil, 2012.


420 p. : ill. ; 28 cm

Translation of: Vale : nossa histria


Includes bibliography and index
ISBN 978-85-62767-06-7

1. Vale (Firma) - Histria. 2. Minas e recursos minerais -


Histria. 3. Indstria mineral - Histria. 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

You might also like