Beruflich Dokumente
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CHAPTER 10
Vale: Constructing a Brand
10.1 An international brand copper, manganese ore, iron ore, nickel, bauxite, phosphate, potash, 335
coal, uranium, diamonds and platinum group metals.4 The sum of
For 65 years, the CVRD logo was spread out across the four all the results obtained in the year made the company the 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.
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>.
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.
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.
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.
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.
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
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>.
70 - Idem.
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.
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
10.5 The boom of 2010 2003 4,229 7,935 2,140 3,729 5,827 1,516 1,939
288.575
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
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>.
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
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.
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.
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
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.
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.
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>.
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>.
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.
In 2009, out of all major mining companies, Vale had the lowest at Carajs Mine, Par.
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
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.
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>.
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.
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.
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.
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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,
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
CIP-BRASIL. CATALOGAO-NA-FONTE
SINDICATO NACIONAL DOS EDITORES DE LIVROS, RJ
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