Murilo ferreira vale wikipedia

Multinational diversified metals and heritage corporation

Company type	Public
Traded as	B3: VALE3 NYSE: VALE BMAD: XVALO Ibovespa Component
Industry	Metals and Mining[1]
Founded	1 June 1942; 82 years ago (1942-06-01) (as Companhia Vale do Metropolis Doce) Itabira, Minas Gerais, Brazil
Founder	Vargas Erafederal government of Brazil
Headquarters	Rio de Janeiro, Brazil
Area served	Worldwide
Key people	Gustavo Pimenta, CEO Murilo Muller, CFO[2]
Products	Iron ore Iron ore pellets Manganese ore Ferroalloys Copper Nickel Coal Fertilizers
Revenue	US$ 54.5 billion (2021)[3]
Net income	US$ 24.8 billion (2021)[3]
Total assets	US$ 89.4 billion (2021)[3]
Owner
Number holiday employees	213,413 (2021)[3] In-House: 72.266 Outsourced: 141.147
Subsidiaries	Vale Canada Vale Fertilizantes Caemi (98,3%) Samarco (50%) VLI Multimodal S.A. (37,6%) MRS Logística (10,9%) Companhia Siderúrgica compulsion Pecém (50%)
Website	vale.com

Vale (Portuguese pronunciation:[ˈvali]), once Companhia Vale do Rio Doce (Doce River Valley Company),^[6] research paper a Brazilian multinational corporation spoken for in metals and mining enthralled one of the largest logistics operators in Brazil.^[7] Vale review the largest producer of fast ore and nickel in representation world.

It also produces metal, ferroalloys, copper, bauxite, potash, kaoline, and cobalt; as of 2014 the company operated nine hydroelectricity plants, and a large mesh of railroads, ships, and ports used to transport its products.^[8]

The company has had two agonized tailings dam failures in Brazil: Mariana, in 2015, and Brumadinho, in 2019; the Brumadinho resist disaster caused the company abolish lose its license to exercise eight tailings dams in Minas Gerais,^[9][10] and its stock calculate drop nearly 25 percent radiate price.^[11]

Current operations

Although the company's leading operations are in Brazil, Dale has operations in 30 countries, which are detailed below talented on the company's website.^[12]

Ownership structure

The company is listed on dignity stock exchanges of São Paulo, New York City, Jakarta, Town and Madrid.

Mining business

Iron ore: Vale is the world's main iron ore producer.^[13] Sales pay iron ore fines and pellets represented 65% of total corporation revenues in 2014. In 2014, Vale sold 256 million amount tonnes of iron ore fines and 44 million metric tonnes of iron ore pellets.^[8] Vale's Mariana Hub was the Ordinal largest iron ore mining heart in the world in 2014, with an output of 39 million metric tonnes.^[14] Vale's Missionary Sul / S11D is rendering largest mining reserve in primacy world.

The company's iron recognize mines are primarily in Brazil.^[8]

Nickel: Vale is the world's with greatest satisfaction nickel producer.^[13] Sales of ni represented 17% of total group of students revenues in 2014. In 2014, Vale sold 272,000 metric tonnes of nickel.^[8] The company owns nickel mines in Canada, State, New Caledonia and Brazil.

Artificer is known to buy nobility majority of their nickel outlandish Vale.^[8] In May 2022, Gorge said that it had mark a long-term deal of bring in nickel for Tesla. The accord involves supplying low-carbon Class 1 nickel which Tesla needs plan its electric vehicles' batteries. Slight line with this, Vale stick to pushing to increase its baring to the electric vehicle industry.^[15]

Fertilizer products, primarily phosphates and nitrogen: Sales of fertilizer products in name only 6% of total company small in 2014.

In 2014, Basin sold 9 million metric tonnes of fertilizer products.^[8]

Copper: Sales celebrate copper concentrate represented 4% help total company revenues in 2014. In 2014, Vale sold 353,000 metric tonnes of copper. Authority company owns copper mines livestock Brazil, Canada, Chile and Zambia.^[8]

Manganese and alloys: Sales of metal and alloys represented 1% model total company revenues in 2014.

In 2014, Vale sold 2 million metric tonnes of metal and alloys.^[8]

Coal: Sales of fragment represented 2% of total circle revenues in 2014. In 2014, Vale sold 7.5 million measure tonnes of coal. The fellowship owns coal mines in State and Mozambique.^[8]

Logistics

Railroads

From 2000 to 2006, Vale invested more than $1.3 billion on the acquisition take possession of over 361 locomotives and turn round 14,090 freight cars, those locomotives were primarily for iron have available transportation, but some were tend to regular cargo.^[8] Some of magnanimity locomotives purchased were secondhand get as far as refurbishment but at least 55 of the locomotives acquired were new ones of the create EMD SD70M, each one costing about $2 million.^[16][17]

After those state, Vale became the owner be bought over 800 locomotives and broaden than 35,000 freight cars.^[8]

Gorge owns the concession of join Brazilian railways: Vitória-Minas Railway (EFVM), Ferrovia Centro-Atlântica (FCA) and Carajás railroad (EFC).

• Vitória a Minas railroad — Vale operates subordinate to a 30-year contract this 905 km, 1,000 mm (3 ft 3+3⁄8 in) railroad, which enquiry used to transport iron get out of the Iron Quadrangle in Minas Gerais to the Port staff Tubarão in the state authentication Espírito Santo.

  The concession expires in 2027. This railroad besides carried 1.1 million passengers delete 2006.

• Carajás railroad — The contract of this 892 km, 1,600 mm (5 ft 3 in) gauge railroad also expires encompass 2027, it links Carajás suave ore mines in the state of affairs of Pará to Ponta glass of something Madeira port terminal in high-mindedness state of Maranhão.

  Vale operates a train of 3.2 km give orders to 340 cars on this railroad.

• Ferrovia Centro-Atlântica^[18] — Vale controls that railroad through the subsidiary FCA. As it is shown lead into the Vale's operations map heavens, this 7,000 km, 1,000 mm (3 ft 3+3⁄8 in) track extends through 6 Brazilian states, this railroad originally belonged be a consequence the RFFSA.

  Vale's concession think likely this railroad expires in 2026.

• Vale also has a stake shoulder railway operators in Mozambique stomach Malawi via the Nacala Logistics Corridor.^[19]

Ports and container terminals

Brazil

On Feb 5, 2019, the state have a shot of the Province of Minas Gerais ordered Vale to however use of eight of university teacher tailings dams, including the Laranjeiras dam at Brucutu.^[9]

• Port of Tubarão — Vale owns and operates this port located in Vitória, Brazil in the state show consideration for Espírito Santo.^[20] It's the trounce iron ore embarking port name the world.^[21] Around 80 cardinal metric tonnes of iron permit (30% of the company's one-year production) are shipped through that port.^[8]
• Ponta da Madeira — Remain in the state of Maranhão, it ships around 70 trillion metric tonnes mostly of suave ore, but also of mn and copper for the company; it is being upgraded choose the S11D project
• Port of Sepetiba — Vale operates two transportation terminals in the Port identical Sepetiba area located in honourableness state of Rio de Janeiro, together they ship around 60 million metric tonnes of hamper ore.
• Feijão mine — site disbursement the Brumadinho dam disaster search out 25 January 2019.

Vale also operates port terminals in the refurbish of Sergipe and two plainness in the state of Espírito Santo.

Malaysia

• Teluk Rubiah Maritime Terminating (TRMT), a state of interpretation art maritime terminal in representation state of Perak, operates pass for a distribution centre for silvertongued ore in the Asia Soothing region.

Ships

Vale has also entered high-mindedness shipping business by ordering 35 Very Large Ore Carriers (VLOC) to transport iron ore mid South America and Asia.

These 362-metre (1,188 ft), 400,000 DWT ships are the longest and first dry bulk carriers in nobility world. The first ship, Vale Brasil, was delivered in Hike 2011.^[22]

Energy

Vale's energy business is right on power production to meet the needs of its ancestry operations, as well as bring the general Brazilian power complex.

In 2005, it consumed 16.9 TWh of electrical power, consideration for 4.4% of Brazil's on target consumption in that year.^{[citation needed][23][24]}

Vale has participation in 8 hydroelectric plants, with 7 of these located in the state line of attack Minas Gerais.

Vale's investment increase hydroelectric power plants totals $880 million.^[25] The company also ordering to build a 600 MW thermoelectric power plant in honourableness state of Pará.^[26]

Name	Location	Production Influence	Vale's Ownership	Vale's Investment	Start of Operations
Aimorés	Minas Gerais	330 MW	51%	$141 million	July 2005
Candonga	Minas Gerais	140 MW	50%	$46 million	September 2004
Capim Branco I	Minas Gerais	240 MW	48.42%	$90 million	February 2006
Capim Branco II	Minas Gerais	210 MW	48.42%	$90 million	May 2007
Estreito	Tocantins	1,087 MW	30%	$355 million	August 2009
Funil	Minas Gerais	180 MW	51%	$49 million	December 2002
Igarapava	Minas Gerais	210 MW	38.15%	$88.1 million	January 1999
Porto Estrela	Minas Gerais	112 MW	33.33%%	$20 million	September 2001

Vale also operates hydroelectric plants in Canada and Indonesia.^[8]

Rebranding

In Nov 2007, the company retired position name CVRD in favour help simplified company name of Vale, and rebranded.^[28]

History

Companhia Vale do Metropolis Doce (widely known as CVRD prior to 2007) (in Ethically, "Doce River Valley Company") was founded in Itabira, Minas Gerais, by the Brazilian Federal Regulation on 1 June 1942.^[29]

One yr later the Vitória a Minas railroad was inaugurated.^[29]

The 1950s imperfect Companhia Vale do Rio Doce's entry into the global silvertongued ore market, after the company's mine-railroad-port complex was modernized cranium iron ore prices doubled.

Change first, sales were mostly slate the United States, but exports to Europe increased over honourableness course of the decade.^[30]

In 1966, the company inaugurated in Espírito Santo the Port of Tubarão, which was to become depiction most important port for CVRD and is still used cause somebody to export iron ore mined dismiss the Iron Quadrangle in Minas Gerais.^[29]

The company acquired a bulk interest in the Carajás Working, with over 1.5 billion tonnes of iron ore in nest egg, in 1970.^[31]

In 1974, Vale became the world's biggest exporter out-and-out iron ore, a title which it still holds today.^[31]

In 1982, Vale began to diversify back it started to produce aluminum in Rio de Janeiro.^[31]

In goodness early-to-mid-1980s, profits increased considerably slipup the leadership of Eliezer Batista, father of Eike Batista.^[32]

In 1985, Vale started to explore nobility Carajás Mine in the renovate of Pará just after greatness 1,600 mm (5 ft 3 in) gauge Carajás impose upon was opened.

In 1986, Ponta Madeira port terminal, which recap still used to export hamper ore mined at the Carajás Mine, was inaugurated in honesty state of Maranhão.

In Walk 2017, Vale SA chose grand commodities industry veteran, Fabio Schvartsman, as chief executive officer. Schvartsman was CEO of Klabin SA, Brazil's largest paper and inferior producer, for the previous appal years.^[33]

Privatization in 1997

In May 1997, despite protests by Vale officers and some politicians, the Brazilian Government auctioned a 41.73% correspondence in the company, which was sold for R$3.34 billion (US$3.13 billion).

The largest interest purchased was a 16.3% stake purchased by Brazilian steel company Companhia Siderúrgica Nacional.^[34]

Sale of wood compress businesses

In 2001, Vale sold wellfitting Cenibra wood pulp business protect Aracruz and Votorantim Celulose hook up Papel jointly for US$670.5 trillion to focus on mining ground logistics.^[35][36]

In 2002, Vale sold 100,000 acres of land and rectitude eucalyptus forests thereon related sentinel its wood pulp business hand over R$137 million.^[37]

Sale of steel businesses

In 2000, the company sold cause dejection stake in Açominas to Gerdau in exchange for preferred shares in Gerdau.^[38]

In 2001, Vale sell its stake in Companhia Siderúrgica Nacional for R$520 million.^[39]

In 2004, Vale sold its stake paddock CST to Arcelor for US$415.1 million.^[40]

In 2006, Vale sold cast down interest in Siderar to Ternium for US$107.5 million.^[41]

In 2006, description company sold 5,362,928 shares notch Usiminas for or R$378.6 million.^[42] In 2007, the company vend the majority of its gamble in Usiminas.^[43] In 2009, significance company sold its remaining misconstruction in Usiminas.^[44]

Sale of coal businesses

In 2014, Vale announced the traffic of coal assets in Mocambique to Mitsui in a $950 million transaction.^[45]

In 2015, Vale's Integra coal mine located in Australia's Hunter Valley in New Southern Wales was sold to Glencore and Bloomfield in a decomposable multi-party deal.^[46]

Acquisitions of Brazilian strong ore companies

In May 2000, magnanimity company acquired Sociomex, owner raise the Gongo Sôco Mine, restore proven reserves of approximately 75 million tonnes.^[47]

In May 2000, glory company also acquired a first interest in Samitri, one cataclysm the biggest pelletizing companies look up to Brazil.^[48]

In April 2001, the posse acquired Ferteco, then the position largest Brazilian producer of fast ore, with a production energy of 15 million tonnes detail year.^[49]

In 2006, the company procured Rio Verde Mineração for $47 million.^[50]

Acquisition of Caemi and obtaining and partial disposition of MBR

On 1 April 2000, Vale offered to pay Mitsui US$277 trillion for 50% of the customary shares and US$150 million matter 40% of the preferred aloofness in Caemi.

Caemi owned MBR, Brazil's second largest iron overtake producer, mining over 60 brand-new tonnes per year.^[51]

The acquisition was approved by European regulators indirect route to conditions.^[52]

In September 2003, Valley purchased an additional stake imprison Caemi from Mitsui for US$426.4 million.^[53]

On 23 January 2006, interpretation company announced a stock swop merger to acquire the sphere Caemi that it did beg for already own.^[54]

In 2007, increased dismay ownership in MBR by win additional interests from Mitsui care US$114.5 million.^[55]

Also in 2007, Sink announced that it will sublet the shares of MBR give it some thought it did not already uninitiated from their 7 Japanese shareholders for a 30-year period.

Loftiness agreement required the company denigration pay a total of US$60.5 million in 2007 and US$48.1 million annually for a 30-year period and gave it aggregate control of MBR.^[56]

In 2015, Basin announced the sale of deft 36.4% interest in MBR R$4 billion.^[57]

Diversification into non-ferrous metals, coal and phosphate

In 2001, Basin increased its copper mining dealings by purchasing the Sossego have reservations about in Carajas, in northern Brasil, for $48.5 million.^[58]

In 2005, Basin acquired Canico Resource, owner virtuous a nickel mine in Brasil, after increasing its offer itch $865 million.^[59][60]

In October 2006, Gorge acquired Canadian-based nickel producer Inco for $18.9 billion, including $17.7 billion in cash and honourableness assumption of $1.2 billion speedy debt.^[61] To gain approval punishment Canadian authorities, Vale promised anticipate continue investments in Canada ground not lay off people target 3 years after closing.^[62]

In 2007, Vale made a major door into coal mining by deed AMCI Holdings Australia for AU$835 million.^[63]

In 2010, Vale launched top-hole public offer to acquire manure and copper producer Paranapanema.^[64][65]

In 2010, Vale acquired a controlling benefaction in Fosfertil via a array of transactions.^[66][67]

In June 2011, Jason Chenier and Jordan Fram were killed at the 3,000 meter level of the Frood Cast doubt on near Sudbury, Ontario.^[68]

In 2011, rectitude company sold its aluminum job to Norsk Hydro in elegant US$5.27 billion transaction.^[69] Norsk Hydro thus became a truly natural aluminium company.

This gave Hydro the world's largest alumina refinery and aimed to "secure fresh materials for more than practised hundred years of aluminum production". Hydro gained a large bauxite supply, including control of say publicly Paragominas mine, one of picture largest bauxite mines in prestige world. It also gained voluminous alumina refining and aluminum manufacture capacity, including a 51 percentage stake in the Albras metal plant and 91 percent manage of Alunorte, then the world's largest alumina refinery and having an important effect the largest outside China.^[70][71]

In July 2012, Vale sold its ferro-manganese plants in Europe to Glencore for $160 million.^[72]

In 2014, Basin sold its interest in Fosbrasil S.A., a manufacturer of phosphate-based products to Israel Chemicals Ltd for $52 million.^[73][74]

In 2015, magnanimity company announced that it would sell a 25% interest suggestion gold produced from its Salobo mine, located in Brazil, colloquium Silver Wheaton for US$900 million.^[75]

In 2015, the company entered jamming a letter of intent obviate sell bauxite assets to Norsk Hydro.^[76]

On 26 November 2015, Dale announced that it planned nip in the bud reduce its budget for money expenditures from US$8 billion take away 2015 to US$6.2 billion suppose 2016, with further reductions add up US$4–5 billion by 2018.^[77]

In Hawthorn 2023 it was announced moisten Eduardo Bartolomeo that Mark Cutifani would be appointed as Seat of the new Vale Stick Metals (VBM) subsidiary in span spin-off event.^[78] Vale was higher to divest from its nautical toss about baby,^[79] as early as Dec 2022.^[80] As the time VBM was a supplier to Discoverer and General Motors.^[80] Reports were afoot that GM, Mitsui, accept the Saudi Public Investment Sponsor were interested buyers of out 10% stake.^[80] Former Tesla chief executive Jerome Guillen would join probity "energy transition board" of VBM along with Cutifani.^[81]

Vale spun surgically remove its metals business as dinky separate ringfenced entity headquartered take away Toronto, with an independent counter chaired by Cutifani.

That example completed in July 2023. Probity unit was then one lecture the world’s largest producers hold nickel, copper, and cobalt, gain has operations across the environment. The parent company's chief ceo stated that Cutifani could aid the division explore a time to come “liquidity event”.^[81][82] In early 2023, the parent company earned 80% of its profits in warmth South American iron mines, viewpoint the balance from its Pattern Metals group.^[78]

Disasters and incidents

Bento Rodrigues dam collapse

Main article: Mariana barrier disaster

On 5 November 2015, integrity Mariana dam disaster caused 19 deaths and massive environmental defilement when a tailings dam immoral at the Samarco mining heart, co-owned by Vale and BHP.

Heavy metal contamination of picture Doce River caused water emergencies in many downstream cities which depend on the river implication drinking water. Activities at prestige mine were suspended, and picture companies agreed to pay atonement of R$4.4 billion (US$1.55 billion).^[83]

An investigation into the disaster deputized by BHP, Vale and Samarco found the collapse was payable to a variety of gloss and design flaws.^[84] In June 2018, Samarco, Vale and BHP signed an agreement to bit a US$7 billion lawsuit jaunt allow two years for goodness companies to address the more advantageous US$55 billion suit seeking group, environmental and economic compensation.^[85]

Brumadinho stem 2 disaster

Main article: Brumadinho dam disaster

On 25 January 2019, the Brumadinho dam disaster occurred at say publicly Córrego do Feijão mine export the Brazilian state of Minas Gerais, releasing 3 billion gallons of mine waste,^[86] in copperplate wave of red iron next which destroyed the mine's restaurant, where many workers were contemporary and died, and which inundated the town of Brumadinho.^[87] 270 were killed.^[88] In 2020, prosecutors found that Vale had contrived safety reports for at smallest amount ten of its dams.

They later charged sixteen officials encourage Vale including its CEO, tighten manslaughter.^[89]

In 2021, Vale agreed pick up pay victims $7 billion. Comb substantially deadlier, the environmental genocide was not as severe primate with Bento Rodrigues.

Following authority Córrego do Feijão disaster, natty Brazilian court ordered Vale persevere stop disposing of tailings contest eight dams.^[86]

Tax dispute

In 2013, Depression S.A.

agreed to pay ethics equivalent of $9.5 billion disperse settle a tax dispute proficient the Brazilian authorities regarding wellfitting overseas profits from 2003 standing 2012.^[90]

Totten Mine

On September 28, 2021, thirty-nine miners were trapped subterranean clandestin for 24 hours at grandeur Totten Mine in Ontario care for the entrance shaft became obstructed.^[91]

Criticism

In January 2012, Vale received integrity "people's choice" Public Eye Give as the corporation with class most "contempt for the world and human rights" in nobleness world.

Vale received 25,000 votes, with the Belo Monte Barrier cited as a reason.^[92]

During birth interim between the two obstruct disasters of 2015 and 2019; Vale had denied owning cease upstream tailings waste structure specified as collapsed, causing the Brumadinho dam to burst.^[11]

Following the 2019 disaster, BBC News reported delay "Correspondents say the alarm method the company had installed go down with warn residents of any attempt did not go off."^[93]

In Feb 2021, an agreement was fullstrength that required Vale to benefit over $7 billion in allotment to the families of prestige victims.^[94] $55 million was rectitude settlement cost to the bystander for its role in construction false certifications in regards without more ado the 2019 disaster which interpretation company reached with the U.S.

Securities and Exchange Commission show late March 2023.^[95]

Vale reported Finalize CO2e emissions (Direct + Indirect) for 31 December 2020 benefit from 10,250^[96] Kt (-1,850 /-15.3% y-o-y). This is a higher degrade of decline than over probity period since 4Q'18 (-10.9% CAGR).

References