Table of Contents

 

 

 

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

 

For the month of

 

February 2013

 

Vale S.A.

 

Avenida Graça Aranha, No. 26
20030-900 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 

 

(Check One) Form 20-F  x   Form 40-F  o

 

 

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))

 

 

(Check One) Yes  o   No  x

 

 

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))

 

 

(Check One) Yes  o   No  x

 

 

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

 

 

(Check One) Yes  o   No  x

 

 

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82-   .)

 

 

 



Table of Contents

 

Table of Contents:

 

Press Release

Signature Page

 



Table of Contents

 

4Q12 Production Report

 

A STRONG IRON ORE PERFORMANCE

 

Rio de Janeiro, February 1, 2013 — Vale S.A. (Vale) delivered a very good operational performance in 4Q12. Iron ore production reached the highest level for a fourth quarter, at 85.5 Mt, allowing for a larger exposure to the price rally of the final months of last year.

 

Due to seasonality, iron ore output in the last quarter of each year is normally lower than in the third quarter. This was the first time since 2003 that the performance in a fourth quarter was better than in 3Q, being 1.9% higher.

 

Two factors were instrumental to this achievement: (a) after the conclusion of the pre-stipping the operation of the N5 South mine in Carajás contributed not only to the output increase, but to better quality and lower costs; (b) below normal rainfall during the quarter.

 

Coal production also reached a quarterly all-time high mostly due to the successful  ramp-up of Carborough Downs, after the issues which determined its shutdown in 2Q12.

 

2012 was a challenging year in view of the adverse weather conditions which affected iron ore production in Brazil in the first quarter, and the stoppages of Sudbury, Carborough Downs, VNC and Onça Puma caused by safety and operational problems. With the exception of Onça Puma, all of them returned to operation.

 

Our iron ore production was 320.0 Mt in 2012, slightly lower than 2011. Nickel output, at 237,000 t, fell 1.9% in relation to the previous year.

 

On the other hand, three annual production records were achieved — pellets (55.1 Mt), coal (7.1 Mt) and phosphate rock (8.0 Mt).

 

At the moment, there are four operations ramping up:  Salobo I, copper and gold, Lubambe, copper, VNC, nickel oxide and Moatize, coal.

 

Salobo I and Lubambe are ramping up smoothly, according to the plans. VNC produced 1,200 t of its final product, nickel oxide, in December. Repairs to the acid plant and the installation of the refining columns of the solvent extraction circuit were concluded.  As planned, the output of VNC is processed at the Dalian refinery, in China, into finished nickel. Moatize delivered 3.768 Mt of coal in its first year of operation.

 

In 2H13, two iron ore projects will come on stream: Carajás Additional 40 Mtpy and Conceição Itabiritos, which will contribute to the enhancement of our iron ore operations, through production increase, higher average Fe grade and lower costs. These effects on our performance will be material from 2014 onwards.

 

The prospects of a moderate expansion of the global demand for minerals and metals over the medium-term do require a stricter discipline in capital allocation and a stronger focus on maximizing efficiency and minimizing costs.  Our growth plans reflect the priority shifting from the marginal volume to the capital efficient volume, a move that is expected to have significant positive implications for our operating and financial performance.

 

In this scenario, innovation, such as CORe, implemented in 4Q12 in our Sudbury operations, and truckless mining, to be employed in the Carajás S11D project, became an important driver of competitiveness in the mining industry.

 


Mt= million metric tons.

Kt = thousand metric tons

t = metric tons

 

1



Table of Contents

 

Production(1)

 

000’ metric tons

 

4Q11

 

4Q12

 

% change
4Q12/4Q11

 

2011

 

2012

 

% change
2012/2011

 

Iron ore(a)

 

82,944

 

85,498

 

3.1

%

322,632

 

319,960

 

-0.8

%

Pellets(a)

 

12,344

 

12,090

 

-2.1

%

53,817

 

55,067

 

2.3

%

Manganese

 

757

 

668

 

-11.8

%

2,556

 

2,365

 

-7.5

%

Coal

 

1,608

 

1,951

 

21.3

%

3,707

 

7,082

 

91.0

%

Nickel

 

69

 

64

 

-6.6

%

242

 

237

 

-1.9

%

Copper(b)

 

85

 

81

 

-4.6

%

302

 

292

 

-3.5

%

Potash

 

180

 

161

 

-10.6

%

625

 

549

 

-12.3

%

Phosphate rock

 

1,833

 

2,060

 

12.4

%

7,359

 

7,982

 

8.5

%

 


(a) Including Samarco’s attributable production.

(b) Including Lubambe’s attributable production.

 

(1) Rounded numbers.

 

2



Table of Contents

 

BULK MATERIALS

 

·        Iron ore

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRON ORE

 

82,944

 

83,926

 

85,498

 

322,632

 

319,960

 

1.9

%

3.1

%

-0.8

%

Northern System

 

30,232

 

27,635

 

30,078

 

109,795

 

106,786

 

8.8

%

-0.5

%

-2.7

%

Carajás

 

30,232

 

27,635

 

30,078

 

109,795

 

106,786

 

8.8

%

-0.5

%

-2.7

%

Southeastern System

 

29,635

 

30,144

 

30,389

 

120,153

 

115,587

 

0.8

%

2.5

%

-3.8

%

Itabira

 

9,508

 

10,302

 

10,041

 

40,007

 

37,682

 

-2.5

%

5.6

%

-5.8

%

Mariana

 

9,838

 

9,099

 

9,706

 

38,996

 

37,224

 

6.7

%

-1.3

%

-4.5

%

Minas Centrais

 

10,289

 

10,743

 

10,642

 

41,150

 

40,681

 

-0.9

%

3.4

%

-1.1

%

Southern System

 

18,778

 

21,485

 

20,405

 

76,253

 

80,300

 

-5.0

%

8.7

%

5.3

%

Minas Itabirito

 

7,635

 

7,938

 

8,497

 

30,420

 

31,774

 

7.0

%

11.3

%

4.4

%

Vargem Grande

 

5,015

 

6,308

 

5,551

 

21,425

 

22,609

 

-12.0

%

10.7

%

5.5

%

Paraopeba

 

6,128

 

7,239

 

6,357

 

24,408

 

25,917

 

-12.2

%

3.8

%

6.2

%

Midwestern System

 

1,610

 

1,871

 

1,836

 

5,583

 

6,376

 

-1.9

%

14.0

%

14.2

%

Corumbá

 

1,234

 

1,376

 

1,345

 

4,074

 

4,611

 

-2.3

%

9.0

%

13.2

%

Urucum

 

376

 

495

 

491

 

1,509

 

1,765

 

-0.8

%

30.6

%

16.9

%

Samarco(1)

 

2,689

 

2,791

 

2,791

 

10,847

 

10,912

 

0.0

%

3.8

%

0.6

%

 


(1)  Vale’s attributable production capacity of 50%.

 

Iron ore output in 4Q12, of 85.5 Mt, was the highest for a fourth quarter with year-over-year gains in almost all Systems. Production increased 1.9% on a quarter-on-quarter basis and 3.1% year-on-year.

 

Vale’s iron ore production was 320.0 Mt in 2012, slightly lower than 2011, primarily as a consequence of the abnormal heavy rainfall in the Brazilian states of Minas Gerais, Rio de Janeiro and Espírito Santo, which seriously constrained mining and logistics activity.

 

Carajás, a unique mining site given the size and quality of its reserves, produced 106.8 Mt in 2012, 2.7% below 2011. With the N5 South operation and the weaker impact of the rainy season, output in 4Q12 increased to 30.1 Mt, 8.8% above 3Q12. Rainfall in Carajás fell to its lowest level for a fourth quarter since 2008.

 

N5 South, with 1.025 billion metric tons of proven and probable reserves and an average Fe content of 67.1%, is estimated to provide some 25% of run-of-mine (ROM) ores to be extracted from Carajás in 2013, boosting quality while leading to lower operating costs.

 

The Southeastern System, which encompasses the Itabira, Mariana and Minas Centrais mining sites, produced 115.6 Mt in 2012, a decrease of 3.8% compared to 2011, given that it was severely impacted by the rainfall in the beginning of 2012. In a quarterly comparison, output in 4Q12 was in line with 3Q12 and 2.5% higher than the same period of the previous year.

 

The Southern System produced 80.3 Mt in 2012,  its best performance since 2008. Output in 4Q12 rose 8.7% versus 4Q11 helped by the start-up of new  mobile processing plants in Minas Itabirito, with crushing and screening capacity.  Production from Minas Itabirito in 4Q12 reached 8.5 Mt,  the highest mark for a fourth quarter.

 

However, Southern System output decreased 5.0% against 3Q12 as a result of corrective maintenance stoppages in Vargem Grande and a scheduled maintenance stoppage in Paraopeba in 4Q12.

 

3



Table of Contents

 

The Midwestern System, comprised of Urucum and Corumbá,  produced 6.4 Mt in 2012, 14.2% higher than 2011 due to the start-up of a new processing plant in Urucum in February and overall operational improvements.

 

·     Pellets

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PELLETS

 

12,344

 

14,962

 

12,090

 

53,817

 

55,067

 

-19.2

%

-2.1

%

2.3

%

Tubarão I and II

 

1,393

 

1,461

 

597

 

5,730

 

4,650

 

-59.1

%

-57.1

%

-18.9

%

Fábrica

 

971

 

945

 

826

 

3,943

 

3,634

 

-12.5

%

-14.9

%

-7.8

%

São Luís

 

1,046

 

1,131

 

46

 

5,060

 

3,511

 

-96.0

%

-95.6

%

-30.6

%

Vargem Grande

 

504

 

1,276

 

1,028

 

4,071

 

4,510

 

-19.4

%

103.9

%

10.8

%

Oman

 

607

 

1,845

 

1,763

 

2,097

 

6,616

 

-4.4

%

190.5

%

215.5

%

Nibrasco

 

2,123

 

2,335

 

2,260

 

9,337

 

8,829

 

-3.2

%

6.4

%

-5.4

%

Kobrasco

 

1,168

 

1,197

 

803

 

4,558

 

4,398

 

-32.9

%

-31.2

%

-3.5

%

Hispanobras(1)

 

832

 

1,022

 

1,067

 

4,064

 

4,261

 

4.4

%

28.3

%

4.8

%

Itabrasco

 

974

 

985

 

983

 

4,231

 

4,007

 

-0.2

%

0.9

%

-5.3

%

Samarco(2)

 

2,726

 

2,766

 

2,717

 

10,726

 

10,652

 

-1.8

%

-0.3

%

-0.7

%

 


(1) Production attributable to Vale on a pro forma basis. In July 2012, we entered into a leasing contract for the Hispanobras pelletizing operation. As a consequence, their production is being consolidated 100% on a pro forma basis.

(2)Vale’s attributable production capacity of 50%.

 

In 2012, pellet production reached 55.1 Mt, an all-time high figure, surpassing by 2.3% the previous record reached in 2011, chiefly due to the ramp-up of the Oman operations.

 

As released in the 3Q12 production report, in response to the steel cycle — global output grew only 1.2% and European steel consumption is estimated to have dropped by 10% - the pace of operating activity at all of our pellet plants  was moderated and three plants were shutdown, Tubarão I and II and São Luís, giving room to expand the availability of ROM to produce sinter feed.

 

Simultaneously, the profile of our production was changed, given the stronger demand for direct reduction (DR) pellets - driven by the Middle East and the US - versus blast furnace pellets. DR pellets accounted for 45.5% of our total pellet output, excluding Samarco, against 26.2% in the previous quarter.

 

The attributable production from the three Samarco plants was in line with the previous year, reaching 10.7 Mt.

 

4



Table of Contents

 

·      Manganese ore and ferroalloys

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MANGANESE ORE

 

757

 

629

 

668

 

2,556

 

2,365

 

6.2

%

-11.8

%

-7.5

%

Azul

 

628

 

497

 

523

 

2,065

 

1,863

 

5.3

%

-16.7

%

-9.8

%

Urucum

 

80

 

86

 

92

 

302

 

327

 

7.1

%

15.8

%

8.2

%

Other mines

 

50

 

46

 

52

 

189

 

176

 

14.0

%

4.7

%

-7.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FERROALLOYS

 

106

 

116

 

59

 

436

 

390

 

-49.2

%

-44.6

%

-10.6

%

Brazil

 

49

 

52

 

59

 

204

 

206

 

13.7

%

19.7

%

1.1

%

Dunkerque

 

30

 

40

 

0

 

131

 

104

 

 

 

-20.3

%

Mo I Rana

 

27

 

25

 

0

 

101

 

79

 

 

 

-21.6

%

 

In 2012, manganese ore production decreased 7.5% compared with 2011. On a quarter-on-quarter basis, output reached 668,000 t against 629,000 t in 3Q12.

 

In 4Q12, output of the Carajás manganese mine Azul was 5.3% higher than the previous quarter, reaching 523,000 t, influenced by the recovery from a maintenance stoppage in 3Q12.

 

Production from Urucum was the best performance since 1Q06, rising 7.1% over 3Q12, reflecting the arrival of new equipment. This contributed to an output increase of 8.2% versus 2011.

 

Morro da Mina output, which is part of “other mines”, was 14.0% above 3Q12, as a result of operational improvements.

 

Ferroalloy quarterly production was comprised of 32,000 t of ferrosilicon manganese alloys (FeSiMn), 22,100 t of high-carbon manganese alloys (FeMnHc) and 4,600 t of medium-carbon manganese alloys (FeMnMC).

 

In 2012, ferroalloy production from our Brazilian operations was in line with 2011. However, 4Q12 output was the best performance since 4Q08, being 13.7% higher than the previous quarter, due to the start-up of a fourth furnace at Simões Filho.

 

The sale of the European ferroalloys operations — Dunkerque and Mo I Rana — was concluded, as released on October 31, 2012. This was a step in  our continuous efforts to optimize the asset portfolio.

 

5



Table of Contents

 

·      Coal

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

METALLURGICAL COAL

 

1,174

 

1,209

 

1,471

 

2,766

 

5,083

 

21.7

%

25.3

%

83.8

%

Moatize

 

275

 

624

 

648

 

275

 

2,501

 

4.0

%

136.1

%

810.9

%

Carborough Downs

 

514

 

131

 

373

 

1,390

 

911

 

185.3

%

-27.4

%

-34.5

%

Integra Coal

 

169

 

285

 

286

 

467

 

962

 

0.3

%

68.9

%

106.1

%

Others

 

216

 

169

 

163

 

635

 

709

 

-3.7

%

-24.6

%

11.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THERMAL COAL

 

434

 

524

 

480

 

941

 

1,999

 

-8.2

%

10.8

%

112.4

%

Moatize

 

212

 

365

 

319

 

342

 

1,267

 

-12.6

%

50.1

%

270.4

%

Integra Coal

 

122

 

78

 

71

 

325

 

351

 

-8.5

%

-41.8

%

7.9

%

Others

 

99

 

81

 

91

 

274

 

381

 

11.8

%

-8.7

%

39.2

%

 

Vale achieved a new record for coal production in 2012, 7.1 Mt, of which 5.1 Mt was metallurgical coal and 2.0 Mt thermal coal. This was a consequence of the ramp-up of Moatize, and the significant improvement in the performance of Integra Coal and other mines in Australia.

 

In its first full year of operation Moatize produced 3.768 Mt, of which 2.501 Mt of met coal and 1.267 Mt of thermal coal.

 

The ramp-up of the first phase of the Moatize coal project, in Tete, Mozambique, is restricted by the availability of railroad and port capacity. Improvements in the Linha do Sena railroad, which is operated by a Mozambican state-owned company, expected from the conclusion of investments in signaling and higher efficiency will allow for some increase in the volumes of coal carried by our trains to the port of Beira.

 

Given these limitations, we have been concentrating our shipments on the higher priced Chipanga premium hard coking coal (HCC) and typical HCC.

 

Overall, the conclusion of the Nacala corridor project is critical for the extraction of maximum value from our coal assets in Mozambique, as it will eliminate the logistics bottleneck. The required licenses have already been granted by the governments of Mozambique and Malawi and construction is underway.

 

Production of Integra Coal rose 65.8% in 2012, with 962,000 t of coking coal and 351,000 t of thermal coal. Coking coal output doubled compared to 2011, due to continuous improvement in geological conditions in both the underground and open cut mines and the better performance of longwall operations.

 

Production of our other Australian mines was 1.344 Mt, rising 47.9% against 2011.

 

In 4Q12, our coal output totaled 2.0 Mt versus 1.7 Mt in the previous quarter due to the improved performance of Carborough Downs (CD).

 

CD, whose production is 100% coking coal, increased its output by 185.3% in 4Q12, to 373,000 t from 131,000 t in 3Q12. The sharp increase is a consequence of the successful ramp-up from the stoppage of operations  in 2Q12.

 

6



Table of Contents

 

BASE METALS

 

·      Nickel

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nickel

 

69

 

49

 

64

 

242

 

237

 

31.0

%

-6.6

%

-1.9

%

Sudbury

 

19

 

10

 

15

 

60

 

65

 

53.1

%

-20.4

%

9.6

%

Thompson

 

6

 

5

 

6

 

25

 

24

 

24.6

%

4.5

%

-3.2

%

Voisey’s Bay

 

21

 

14

 

18

 

69

 

62

 

29.7

%

-13.3

%

-10.2

%

Sorowako

 

15

 

17

 

23

 

68

 

69

 

36.2

%

51.6

%

1.8

%

VNC

 

1

 

0

 

0

 

5

 

4

 

 

 

-11.7

%

Onça Puma

 

3

 

0

 

0

 

7

 

6

 

 

 

-13.5

%

Others(1)

 

2

 

2

 

1

 

8

 

6

 

-66.9

%

-65.7

%

-25.8

%

 


(1) External feed purchased from third parties and processed into finished nickel in our operations

 

Total finished nickel production in 2012 was 237,000 t, 1.9% below the previous year, mainly as a consequence of a longer than expected temporary suspension of mining operations in Sudbury during 1Q12.

 

In 4Q12, finished nickel production totaled 64,000 t, significantly improving from 3Q12, after scheduled maintenances were performed in most of the Sudbury and Thompson mines during the summer in the Northern Hemisphere - when  the demand for nickel is seasonally weak.

 

Finished nickel production from Sudbury was 53.1% higher in 4Q12, at 15,500 t, against 10,100 t in the previous quarter, recovering from planned maintenance shutdowns.

 

Compared to 4Q11, output from Sudbury decreased by 4,000 t. This was caused by the challenges in integrating process enhancements in the Clarabelle mill. During the maintenance shutdown, the Challenging Ore Recovery (CORe) project was implemented. It involves a simpler flowsheet with lower operating costs, increasing nickel recovery by some 6,000 t per year, improving concentrate quality and reducing the variability for downstream smelter operations.

 

Clarabelle is fully operational, the implementation of CORe completed and its benefits will be delivered from 2013 onwards.  Investment in innovation has become an important driver of competitive advantage for mining companies. A project such as CORe contributes to operational excellence, as it reduces costs and raises efficiency.

 

The output of Thompson in 4Q12 returned to normal levels after the planned maintenance shutdown in 3Q12. Production was slightly above the same period of last year, at 6,400 t.

 

Voisey’s Bay production was 18,500 t in 4Q12, an increase of 29.7% t from 3Q12, when output was lower due to maintenance at the Thompson refinery. Nickel production was lower compared to 4Q11, as the basis for comparison was inflated by the decision to produce and sell nickel in nickel concentrates instead of shipping it to be refined at Sudbury, which involves a longer production cycle.

 

In 4Q12, finished nickel production sourced from our Indonesian operations at Sorowako totaled 23,000 t, an increase of 36.2% against 3Q12 as a result of process improvements. Output rose by 51.6% relative to 4Q11, when there was a metal cut-out.

 

The VNC integrated operation is running. The refinery is now operating using acid from our own acid plant. The main focus for 1Q13 will be achieving process stability and continuing to

 

7



Table of Contents

 

increase the throughput of the plant. Repairs to the acid plant and the installation of the refining columns of the solvent extraction circuit were concluded and we produced 1,200 t of nickel oxide in December. It is not accounted for as production until it is processed into utility nickel at the Dalian refinery.

 

The Onça Puma operations remain shut down, after issues with both furnaces were detected. After analyzing the case, we decided to rebuild one of the furnaces and plan to resume operations by the end of this year.

 

·      Copper

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COPPER

 

85

 

68

 

81

 

302

 

292

 

19.9

%

-4.6

%

-3.5

%

Sossego

 

32

 

29

 

28

 

109

 

110

 

-4.6

%

-14.4

%

1.2

%

Salobo

 

0

 

5

 

8

 

0

 

13

 

64.3

%

-

 

-

 

Sudbury

 

27

 

14

 

19

 

101

 

79

 

31.9

%

-30.2

%

-21.7

%

Thompson

 

0

 

0

 

0

 

1

 

3

 

26.0

%

1404.7

%

105.0

%

Voisey’s Bay

 

14

 

9

 

14

 

51

 

42

 

48.3

%

-1.0

%

-18.0

%

Tres Valles

 

3

 

3

 

4

 

9

 

14

 

16.8

%

14.7

%

59.7

%

Lubambe(1)

 

0

 

0

 

1

 

0

 

1

 

-

 

-

 

-

 

Others

 

8

 

6

 

7

 

31

 

29

 

11.7

%

-12.8

%

-5.6

%

 


(1)  Vale’s attributable production capacity of 40%.

 

In 2012, copper production was 291,531 t, decreasing by 3.5% against 2011, also reflecting the longer than expected temporary suspension of mining operations in Sudbury during 1Q12.

 

Copper output in 4Q12 totaled 81,000 t, 19.9% higher than 3Q12, primarily due to maintenance stoppages in the Sudbury and Thompson mines in the previous quarter, and the start-up of Salobo.

 

Production of copper in concentrates from the Sossego mine at Carajás totaled 27,800 t. The SAG mill underwent scheduled maintenance during 4Q12, which resulted in lower output relative to 3Q12 and 4Q11.

 

We received the operating license (LO) for Salobo on November 6, 2012. We are currently ramping up production to full capacity, and 4Q12 copper output reached 7,900 t while gold production was 13,000 troy ounces (oz).

 

Salobo II  is expected to come on stream in 1H14. Salobo I and II have an estimated total nominal capacity of 200,000 t of copper in concentrates. Gold, produced as a by-product, is expected to reach an average annual production of 286,000 oz over the next ten years, peaking in 2016 at 327,000 oz.

 

Lubambe, in Zambia, is also ramping up, delivering 3,221 t of copper in concentrates on a 100% basis (attributable production of 1,288 t. Lubambe has a nominal capacity of 45,000 t per year).

 

In 4Q12, production from our Canadian operations, excluding copper ores purchased from third parties, was 33,000 t, rising 38.1% on a quarter-on-quarter basis, as the scheduled maintenance shutdown in Sudbury and Thompson was concluded.

 

8



Table of Contents

 

Output at Tres Valles, in Chile, was 3,800 t of copper cathodes in 4Q12 and totaled 14,100 t in 2012, increasing by 16.8% quarter-over-quarter and 59.7% on a yearly basis, as a result of the ramp-up to nominal capacity.

 

·                        Nickel and copper by-products

 

 

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COBALT (metric tons)

 

787

 

409

 

579

 

2,675

 

2,343

 

41.7

%

-26.4

%

-12.4

%

Sudbury

 

247

 

112

 

105

 

593

 

589

 

-6.8

%

-57.6

%

-0.6

%

Thompson

 

31

 

29

 

22

 

158

 

96

 

-22.9

%

-28.4

%

-39.5

%

Voisey’s Bay

 

448

 

252

 

343

 

1,585

 

1,221

 

36.1

%

-23.5

%

-23.0

%

VNC

 

51

 

0

 

98

 

245

 

385

 

 

92.4

%

57.0

%

Others

 

10

 

15

 

11

 

93

 

52

 

-27.1

%

15.1

%

-44.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLATINUM (000’ oz troy)

 

41

 

35

 

22

 

174

 

134

 

-39.2

%

-47.5

%

-23.0

%

Sudbury

 

41

 

35

 

22

 

174

 

134

 

-39.2

%

-47.5

%

-23.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PALLADIUM (000’ oz troy)

 

64

 

71

 

55

 

248

 

251

 

-23.0

%

-14.3

%

1.3

%

Sudbury

 

64

 

71

 

55

 

248

 

251

 

-23.0

%

-14.3

%

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GOLD (000’ oz troy)

 

52

 

46

 

47

 

189

 

165

 

3.5

%

-9.6

%

-12.9

%

Sudbury

 

30

 

18

 

14

 

109

 

69

 

-25.8

%

-55.6

%

-37.0

%

Sossego

 

22

 

21

 

20

 

80

 

75

 

-0.7

%

-7.3

%

-6.5

%

Salobo

 

0

 

7

 

13

 

0

 

21

 

92.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SILVER (000’ oz troy)

 

683

 

461

 

390

 

2,535

 

2,012

 

-15.3

%

-42.9

%

-20.6

%

Sudbury

 

683

 

461

 

390

 

2,535

 

2,012

 

-15.3

%

-42.9

%

-20.6

%

 

Output of cobalt increased to 579 t, 41.7% above 3Q12, when we had a maintenance stoppage in Sudbury and Thompson. VNC cobalt production totaled 98 t. Compared to 4Q11, output was 26.4% lower, mainly due to integration issues faced in 4Q12 related to the process improvements made in the Clarabelle Mill in Sudbury. The improvements have been completed and the mill is fully operational.

 

Platinum output was 22,000 oz and palladium was 55,000 oz, 39.2%, and 23.0% below 3Q12, respectively.

 

Gold production was 47,000 oz in 4Q12, 3.5% higher than 3Q12. The beginning of Salobo operations more than offset lower output from Sudbury and Sossego. In 2012, gold production totaled 165,000 oz.

 

9



Table of Contents

 

FERTILIZER NUTRIENTS

 

·                        Potash

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

POTASH

 

180

 

141

 

161

 

625

 

549

 

14.2

%

-10.6

%

-12.3

%

Taquari-Vassouras

 

180

 

141

 

161

 

625

 

549

 

14.2

%

-10.6

%

-12.3

%

 

·                         Phosphates

 

 

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PHOSPHATE ROCK

 

1,833

 

2,078

 

2,060

 

7,359

 

7,982

 

-0.9

%

12.4

%

8.5

%

Brazil

 

1,120

 

1,235

 

1,188

 

4,815

 

4,772

 

-3.8

%

6.0

%

-0.9

%

Bayóvar

 

713

 

843

 

872

 

2,544

 

3,209

 

3.4

%

22.4

%

26.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MAP(1)

 

266

 

297

 

307

 

823

 

1,201

 

3.4

%

15.4

%

45.8

%

TSP(2)

 

205

 

212

 

247

 

811

 

913

 

16.5

%

20.8

%

12.5

%

SSP(3)

 

649

 

648

 

587

 

2,638

 

2,226

 

-9.5

%

-9.7

%

-15.6

%

DCP(4) 

 

111

 

119

 

113

 

580

 

511

 

-5.0

%

1.9

%

-11.8

%

 


(1)         Monoammonium phosphate

(2)         Triple superphosphate

(3)         Single superphosphate

(4)         Dicalcium phosphate

 

In 2012, production from the Taquari-Vassouras potash operation was 549,000 t. Fundamentally, the lower production level reflects the impact of low-grade ores, a phenomenon caused by ageing of the mine.

 

In 4Q12, production was 161,000 t, 14.2% higher than the previous quarter, after investment in infrastructure and equipment led to improvement in operations and a higher ore grade.

 

In 2012, total production of phosphate rock, which is used as feed for the production of phosphate nutrients, increased by 8.5% over 2011, achieving a new record, influenced by the ramp-up of Bayóvar.

 

Output from our Brazilian operations was slightly below the 2011 figures. Production in 4Q12 was 3.8% below the previous quarter due to a scheduled maintenance stoppage in December.

 

The production of MAP (monoammonium phosphate) totaled 1.2 Mt in 2012, 45.8% higher than 2011, and 307,000 t in 4Q12, rising 3.4% quarter-over-quarter, as a consequence of the start-up of Phase III of Uberaba.

 

TSP (triple superphosphate) production was 16.5% above 3Q12. In 2012, we produced 913,000 t of TSP.

 

In 4Q12, production of SSP (single superphosphate) was 9.5% lower than 3Q12, as a result of a scheduled stoppage for maintenance. Output was 2.2 Mt in 2012, decreasing 15.6% against 2011 due to the shutdown of the Vale Cubatão plant.

 

DCP (dicalcium phosphate) production was 5.0% below 3Q12. In 2012, output was 11.8% below 2011, reflecting production adjustments due to weaker demand.

 

10



Table of Contents

 

·                         Nitrogen

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMMONIA

 

157

 

99

 

143

 

619

 

475

 

45.3

%

-8.7

%

-23.3

%

UREA

 

159

 

90

 

143

 

628

 

483

 

59.9

%

-10.0

%

-23.0

%

NITRIC ACID

 

122

 

123

 

117

 

468

 

478

 

-4.7

%

-4.1

%

2.3

%

AMMONIUM NITRATE

 

127

 

128

 

120

 

458

 

490

 

-6.2

%

-6.0

%

6.9

%

 

In 4Q12, ammonia production increased 45.3% compared to 3Q12, after recovery from an equipment maintenance stoppage.

 

The output of urea was 59.9% higher than the previous quarter and also related to recovery from a scheduled stoppage for maintenance in the ammonia plant, which consequently affects urea production.

 

In 2012, output of nitric acid and ammonium nitrate rose 2.3% and 6.9%, respectively.

 

In December we signed an agreement to sell the Araucária operation as part of the optimization of our asset portfolio.

 

11



Table of Contents

 

BULK MATERIALS

 

Iron ore

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRON ORE

 

82,944

 

83,926

 

85,498

 

322,632

 

319,960

 

1.9

%

3.1

%

-0.8

%

Northern System

 

30,232

 

27,635

 

30,078

 

109,795

 

106,786

 

8.8

%

-0.5

%

-2.7

%

Carajás

 

30,232

 

27,635

 

30,078

 

109,795

 

106,786

 

8.8

%

-0.5

%

-2.7

%

Southeastern System

 

29,635

 

30,144

 

30,389

 

120,153

 

115,587

 

0.8

%

2.5

%

-3.8

%

Itabira

 

9,508

 

10,302

 

10,041

 

40,007

 

37,682

 

-2.5

%

5.6

%

-5.8

%

Mariana

 

9,838

 

9,099

 

9,706

 

38,996

 

37,224

 

6.7

%

-1.3

%

-4.5

%

Minas Centrais

 

10,289

 

10,743

 

10,642

 

41,150

 

40,681

 

-0.9

%

3.4

%

-1.1

%

Southern System

 

18,778

 

21,485

 

20,405

 

76,253

 

80,300

 

-5.0

%

8.7

%

5.3

%

Minas Itabirito

 

7,635

 

7,938

 

8,497

 

30,420

 

31,774

 

7.0

%

11.3

%

4.4

%

Vargem Grande

 

5,015

 

6,308

 

5,551

 

21,425

 

22,609

 

-12.0

%

10.7

%

5.5

%

Paraopeba

 

6,128

 

7,239

 

6,357

 

24,408

 

25,917

 

-12.2

%

3.8

%

6.2

%

Midwestern System

 

1,610

 

1,871

 

1,836

 

5,583

 

6,376

 

-1.9

%

14.0

%

14.2

%

Corumbá

 

1,234

 

1,376

 

1,345

 

4,074

 

4,611

 

-2.3

%

9.0

%

13.2

%

Urucum

 

376

 

495

 

491

 

1,509

 

1,765

 

-0.8

%

30.6

%

16.9

%

Samarco(1)

 

2,689

 

2,791

 

2,791

 

10,847

 

10,912

 

0.0

%

3.8

%

0.6

%

 


(1)  Vale’s attributable production capacity of 50%.

 

Pellets

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PELLETS

 

12,344

 

14,962

 

12,090

 

53,817

 

55,067

 

-19.2

%

-2.1

%

2.3

%

Tubarão I and II

 

1,393

 

1,461

 

597

 

5,730

 

4,650

 

-59.1

%

-57.1

%

-18.9

%

Fábrica

 

971

 

945

 

826

 

3,943

 

3,634

 

-12.5

%

-14.9

%

-7.8

%

São Luís

 

1,046

 

1,131

 

46

 

5,060

 

3,511

 

-96.0

%

-95.6

%

-30.6

%

Vargem Grande

 

504

 

1,276

 

1,028

 

4,071

 

4,510

 

-19.4

%

103.9

%

10.8

%

Oman

 

607

 

1,845

 

1,763

 

2,097

 

6,616

 

-4.4

%

190.5

%

215.5

%

Nibrasco

 

2,123

 

2,335

 

2,260

 

9,337

 

8,829

 

-3.2

%

6.4

%

-5.4

%

Kobrasco

 

1,168

 

1,197

 

803

 

4,558

 

4,398

 

-32.9

%

-31.2

%

-3.5

%

Hispanobras(1)

 

832

 

1,022

 

1,067

 

4,064

 

4,261

 

4.4

%

28.3

%

4.8

%

Itabrasco

 

974

 

985

 

983

 

4,231

 

4,007

 

-0.2

%

0.9

%

-5.3

%

Samarco(2)

 

2,726

 

2,766

 

2,717

 

10,726

 

10,652

 

-1.8

%

-0.3

%

-0.7

%

 


(1)  Production attributable to Vale on a pro forma basis. On July, 2012, we entered into a leasing contract for the Hispanobras pelletizing operation. As a consequence, their production is being consolidated 100% on a pro forma basis.

(2) Vale’s attributable production capacity of 50%.

 

12



Table of Contents

 

Manganese ore and ferroalloys

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

MANGANESE ORE

 

757

 

629

 

668

 

2,556

 

2,365

 

6.2

%

-11.8

%

-7.5

%

Azul

 

628

 

497

 

523

 

2,065

 

1,863

 

5.3

%

-16.7

%

-9.8

%

Urucum

 

80

 

86

 

92

 

302

 

327

 

7.1

%

15.8

%

8.2

%

Other mines

 

50

 

46

 

52

 

189

 

176

 

14.0

%

4.7

%

-7.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FERROALLOYS

 

106

 

116

 

59

 

436

 

390

 

-49.2

%

-44.6

%

-10.6

%

Brazil

 

49

 

52

 

59

 

204

 

206

 

13.7

%

19.7

%

1.1

%

Dunkerque

 

30

 

40

 

0

 

131

 

104

 

 

 

-20.3

%

Mo I Rana

 

27

 

25

 

0

 

101

 

79

 

 

 

-21.6

%

 

Coal

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

METALLURGICAL COAL

 

1,174

 

1,209

 

1,471

 

2,766

 

5,083

 

21.7

%

25.3

%

83.8

%

Moatize

 

275

 

624

 

648

 

275

 

2,501

 

4.0

%

136.1

%

810.9

%

Carborough Downs

 

514

 

131

 

373

 

1,390

 

911

 

185.3

%

-27.4

%

-34.5

%

Integra Coal

 

169

 

285

 

286

 

467

 

962

 

0.3

%

68.9

%

106.1

%

Others

 

216

 

169

 

163

 

635

 

709

 

-3.7

%

-24.6

%

11.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THERMAL COAL

 

434

 

524

 

480

 

941

 

1,999

 

-8.2

%

10.8

%

112.4

%

Moatize

 

212

 

365

 

319

 

342

 

1,267

 

-12.6

%

50.1

%

270.4

%

Integra Coal

 

122

 

78

 

71

 

325

 

351

 

-8.5

%

-41.8

%

7.9

%

Others

 

99

 

81

 

91

 

274

 

381

 

11.8

%

-8.7

%

39.2

%

 

BASE METALS

 

Nickel

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

Nickel

 

69

 

49

 

64

 

242

 

237

 

31.0

%

-6.6

%

-1.9

%

Sudbury

 

19

 

10

 

15

 

60

 

65

 

53.1

%

-20.4

%

9.6

%

Thompson

 

6

 

5

 

6

 

25

 

24

 

24.6

%

4.5

%

-3.2

%

Voisey’s Bay

 

21

 

14

 

18

 

69

 

62

 

29.7

%

-13.3

%

-10.2

%

Sorowako

 

15

 

17

 

23

 

68

 

69

 

36.2

%

51.6

%

1.8

%

VNC

 

1

 

0

 

0

 

5

 

4

 

 

 

-11.7

%

Onça Puma

 

3

 

0

 

0

 

7

 

6

 

 

 

-13.5

%

Others(1)

 

2

 

2

 

1

 

8

 

6

 

-66.9

%

-65.7

%

-25.8

%

 


(1)  External feed purchased from third parties and processed into finished nickel in our operations

 

13



Table of Contents

 

Copper

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

COPPER

 

85

 

68

 

81

 

302

 

292

 

19.9

%

-4.6

%

-3.5

%

Sossego

 

32

 

29

 

28

 

109

 

110

 

-4.6

%

-14.4

%

1.2

%

Salobo

 

0

 

5

 

8

 

0

 

13

 

64.3

%

 

 

Sudbury

 

27

 

14

 

19

 

101

 

79

 

31.9

%

-30.2

%

-21.7

%

Thompson

 

0

 

0

 

0

 

1

 

3

 

26.0

%

1404.7

%

105.0

%

Voisey’s Bay

 

14

 

9

 

14

 

51

 

42

 

48.3

%

-1.0

%

-18.0

%

Tres Valles

 

3

 

3

 

4

 

9

 

14

 

16.8

%

14.7

%

59.7

%

Lubambe(1)

 

0

 

0

 

1

 

0

 

1

 

 

 

 

Others

 

8

 

6

 

7

 

31

 

29

 

11.7

%

-12.8

%

-5.6

%

 


(1)  Vale’s attributable production capacity of 40%.

 

Nickel and copper by-products

 

 

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

COBALT (metric tons)

 

787

 

409

 

579

 

2,675

 

2,343

 

41.7

%

-26.4

%

-12.4

%

Sudbury

 

247

 

112

 

105

 

593

 

589

 

-6.8

%

-57.6

%

-0.6

%

Thompson

 

31

 

29

 

22

 

158

 

96

 

-22.9

%

-28.4

%

-39.5

%

Voisey’s Bay

 

448

 

252

 

343

 

1,585

 

1,221

 

36.1

%

-23.5

%

-23.0

%

VNC

 

51

 

0

 

98

 

245

 

385

 

 

92.4

%

57.0

%

Others

 

10

 

15

 

11

 

93

 

52

 

-27.1

%

15.1

%

-44.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLATINUM (000’ oz troy)

 

41

 

35

 

22

 

174

 

134

 

-39.2

%

-47.5

%

-23.0

%

Sudbury

 

41

 

35

 

22

 

174

 

134

 

-39.2

%

-47.5

%

-23.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PALLADIUM (000’ oz troy)

 

64

 

71

 

55

 

248

 

251

 

-23.0

%

-14.3

%

1.3

%

Sudbury

 

64

 

71

 

55

 

248

 

251

 

-23.0

%

-14.3

%

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GOLD (000’ oz troy)

 

52

 

46

 

47

 

189

 

165

 

3.5

%

-9.6

%

-12.9

%

Sudbury

 

30

 

18

 

14

 

109

 

69

 

-25.8

%

-55.6

%

-37.0

%

Sossego

 

22

 

21

 

20

 

80

 

75

 

-0.7

%

-7.3

%

-6.5

%

Salobo

 

0

 

7

 

13

 

0

 

21

 

92.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SILVER (000’ oz troy)

 

683

 

461

 

390

 

2,535

 

2,012

 

-15.3

%

-42.9

%

-20.6

%

Sudbury

 

683

 

461

 

390

 

2,535

 

2,012

 

-15.3

%

-42.9

%

-20.6

%

 

FERTILIZER NUTRIENTS

 

Potash

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

POTASH

 

180

 

141

 

161

 

625

 

549

 

14.2

%

-10.6

%

-12.3

%

Taquari-Vassouras

 

180

 

141

 

161

 

625

 

549

 

14.2

%

-10.6

%

-12.3

%

 

14



Table of Contents

 

Phosphates

 

 

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

PHOSPHATE ROCK

 

1,833

 

2,078

 

2,060

 

7,359

 

7,982

 

-0.9

%

12.4

%

8.5

%

Brazil

 

1,120

 

1,235

 

1,188

 

4,815

 

4,772

 

-3.8

%

6.0

%

-0.9

%

Bayóvar

 

713

 

843

 

872

 

2,544

 

3,209

 

3.4

%

22.4

%

26.1

%

MAP(1)

 

266

 

297

 

307

 

823

 

1,201

 

3.4

%

15.4

%

45.8

%

TSP(2)

 

205

 

212

 

247

 

811

 

913

 

16.5

%

20.8

%

12.5

%

SSP(3)

 

649

 

648

 

587

 

2,638

 

2,226

 

-9.5

%

-9.7

%

-15.6

%

DCP(4) 

 

111

 

119

 

113

 

580

 

511

 

-5.0

%

1.9

%

-11.8

%

 


(1) Monoammonium phosphate

(2) Triple superphosphate

(3) Single superphosphate

(4) Dicalcium phosphate

 

Nitrogen

 

000’ metric tons

 

4Q11

 

3Q12

 

4Q12

 

2011

 

2012

 

% Change
4Q12/3Q12

 

% Change
4Q12/4Q11

 

% Change
2012/2011

 

AMMONIA

 

157

 

99

 

143

 

619

 

475

 

45.3

%

-8.7

%

-23.3

%

UREA

 

159

 

90

 

143

 

628

 

483

 

59.9

%

-10.0

%

-23.0

%

NITRIC ACID

 

122

 

123

 

117

 

468

 

478

 

-4.7

%

-4.1

%

2.3

%

AMMONIUM NITRATE

 

127

 

128

 

120

 

458

 

490

 

-6.2

%

-6.0

%

6.9

%

 

For further information. please contact:

+55-21-3814-4540

Roberto Castello Branco: roberto.castello.branco@vale.com

Viktor Moszkowicz: viktor.moszkowicz@vale.com

Carla Albano Miller: carla.albano@vale.com

Andrea Gutman: andrea.gutman@vale.com

Christian Perlingiere: christian.perlingiere@vale.com

Marcelo Bonança Correa: marcelo.correa@vale.com

Marcio Loures Penna: marcio.penna@vale.com

Rafael Rondinelli: rafael.rondinelli@vale.com

Samantha Pons: samantha.pons@vale.com

 

This press release may include statements that present Vale’s expectations about future events or results.  All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM), the French Autorité des Marchés Financiers (AMF), and The Stock Exchange of Hong Kong Limited, and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F.

 

15



Table of Contents

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Vale S.A.

 

(Registrant)

 

 

 

By:

/s/ Roberto Castello Branco

Date: February 1, 2013

 

Roberto Castello Branco

 

 

Director of Investor Relations

 

16