Vale: Constructing a Brand
10.1 An international brand
For 65 years, the CVRD logo was spread out across the four
corners of the world: on train cars, on ships, on train stations, on
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,
shareholders, or passengers at a station – saw only one thing: Vale.
Popularly, CVRD was always Vale.
On November 29, 2007, at Copacabana Fort in Rio de Janeiro,
Vale CEO Roger Agnelli brought together around 500 employees to
announce one of the biggest changes in the company’s history.1 The
reasons for the modification may be summed up in just one word:
globalization. The word “Vale” is easily read throughout the world
and, as of 2006, when it acquired Canadian company Inco, Vale was
expanding across the globe.
From that point onward, Vale changed its name and logo. The
logo shows a stylized letter “V” that can represent either a mining
pit or a heart. The easy-to-read brand reinforced Vale’s image as a
global company. No longer were different brands and images used
in different areas.2 Vale – modern and plural – was unified.
As it changed its brand, Vale was a company that would
end 2007 with net income of US$11.8 billion – up 62.9% from
the previous year – and new records in all sectors.3 Vale was 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
copper, manganese ore, iron ore, nickel, bauxite, phosphate, potash,
coal, uranium, diamonds and platinum group metals.4 The sum of
all the results obtained in the year made the company the world’s
second largest miner.5
10.2 A global company
Vale and Brazil entered 2007 with good growth prospects. At
the start of the year, the United Nations issued its annual report,
in which the United Nations Conference on Trade and Development
(UNCTAD)6 ranked the country the 12th largest foreign investor in
the world in 2006. That year, a total of US$28 billion was invested by
Brazilian companies.7 Brazil had left behind companies in important
powers, such as Australia, China and Russia, which invested US$22
billion, US$16 billion and US$18 billion, respectively.8 Vale played a
major role in Brazil’s high position in the UN ranking, as the company
accounted for more than 50% of that year’s investment. This was
largely due to the acquisition of Canadian company Inco, the world’s
fifth biggest takeover in 2006. It was also the largest transaction ever
made by a Latin American company.9
The UN report diagnosed the new times being experienced
by Brazil. The economy had not been dynamic in the 1980s and
1990s, with growth rates below the world average, but this had now
4 - See Vale’s 2007 Sustainability Report.
5 - 2008 Press Book, produced by Vale’s Press Office.
1 - “Simplesmente Vale,” IstoÉ Dinheiro, December 5, 2007. Available at <http://www.
2 - Idem.
3 - US GAAP 4Q07 Results. Available at <http://www.vale.com.br/pt-br/investidores/resultadose-informacoes-financeiras/resultados-trimestrais/Documents/2007/4%C2%B0%20Trimestre/
6 - The United Nation’s annual investment report is published by the United Nations
Conference on Trade and Development (UNCTAD), the UN’s economic development arm.
7 - See Vale’s 2006 and 2007 Form 20-F Reports.
8 - See “Brasil é o 12o maior investidor no mundo, aponta ONU,” O Estado de S.Paulo, October
16, 2007. Available at <http://www.estadao.com.br/noticias/economia,brasil-e-o-12-maiorinvestidor-no-mundo-aponta-onu,65706,0.htm>.
9 - Idem.
Photo at start of Chapter 10:
Vale’s global headquarters
in Rio de Janeiro, 2011.
changed. In the 2000s, Brazil’s annual GDP growth rate increased
from 1.7% to around 4% in 2006.10 The rise in GDP that year was
a foretaste of what was to come in 2007, when growth hit 6.1%.11
Vale’s share of the total volume traded by Brazil on the seaborne
market in 2007 reached approximately 32.5%.12 The company
confirmed its vocation as a growth driver of the Brazilian economy,
and this would become even more palpable with the results it
would achieve year after year.
In 2007, Vale’s gross operating revenues increased by 62.6%
to US$33.11 billion. Segmented investments, the pursuit of
excellence in work methods and the good moment the country was
experiencing made it possible to predict an even better future for
The former “country of the future,” as Brazil had been described
by Austrian writer Stefan Zweig, was now joining the list of
emerging countries that were leading global growth. As declared
by the UN report, “external investment by Brazilian companies is
to some extent part of an expansion and consolidation process
that is also occurring at home. Brazilian companies are looking to
consolidate their industries, such as mining and steel, by buying
foreign competitors in order not to lose markets or become
targets themselves.” 13
The investment made by purchasing the Canadian company
marked Vale’s entry into the international nickel market, making
it the world’s second biggest producer of the metal.14 For the first
time, the 2007 figures encompassed the annual performance
of Vale Inco, which was very strong, with revenue from nickel
activities reaching US$11.78 billion. This amount was four times
higher than the previous year’s figure of US$2.8 billion, due to
the fact that Vale Inco’s results were only incorporated in the last
quarter of 2006. In 2007, 60.3% of total nickel sales were delivered
to customers in Asia, 26.5% in North America, 11.6% in Europe and
1.6% in other locations.15
Over the course of 2007, Vale’s shares were the most traded among
all foreign companies on the New York Stock Exchange, surpassing
even those of BHP Billiton, the global leader in the mining sector.16
Average daily trading volumes were around US$725.5 million. This
was partly related to the company’s strong performance in iron
ore production in Brazil and its sales arrangements with Asian
steelmakers, which in February 2008 agreed to an average price
increase of 68%.17
As a consequence of its expansion program, in April 2008 Vale
announced a partnership with Columbia University to establish a
research and technical training center.18 A program for training
young geologists and engineers developed professionals to conduct
work in locations such as Kazakhstan.19
Vale’s presence outside Brazil was not restricted to commercial
investments. In May 2008, an earthquake measuring 7.9 on the
Richter scale hit southwest China, killing around 90,000 people. 20
Hundreds of houses, schools and hospitals collapsed in less than
a minute. That same month, Vale donated US$1.4 million to the
15 - See Vale’s 2007 Form 20-F Report.
10 - See Brazil, Finance Ministry. “Economia brasileira em perspectiva.” Special year 2010
edition. Available at <http://www.fazenda.gov.br/portugues/docs/perspectiva-economiabrasileira/edicoes/Economia-Brasileira-Em-Perpectiva-Especial-10.pdf>.
16 - “Vale é a ação estrangeira mais negociada na Bolsa de Nova York,” Folha de S.Paulo,
Mercado Aberto, January 30, 2008.
11 - Idem.
18 - “Vale faz parceria com Columbia para criar centro de pesquisa,” Valor Econômico, April
12 - See Vale’s 2007 Form 20-F Report.
“O Brasil Batizou: Vale!”
advertising campaign (2007).
13 - The document was translated by BBC Brazil in “Brasil bate recorde de investimentos no
exterior, diz UNCTAD,” October 16, 2007. Available at <http://www.bbc.co.uk/portuguese/
14 - See <http://nickel.vale.com>.
17 - “O gol de placa da Vale,” Carta Capital, February 20, 2008.
19 - “Vale lançará três programas para contratação de recém-formados,” O Globo, May 4,
20 - “A tragédia das crianças,” Veja, May 21, 2008. Available at <http://veja.abril.com.
Right: Cateme Elementary
School in Moatize, 2011.
International Red Cross to help the victims of the tragedy. In
addition to this direct donation, Vale undertook to build three
“Vale Hope Schools” in Sichuan Province, through a contribution
On June 4, 2010, Vale’s Executive Director of Ferrous Metals,
José Carlos Martins and China Country Manager, Michael Zhu,
leading a group of company employees, attended the opening
ceremony of the Vale Hope School in Yongxing Town, the last
of the three schools handed over in Sichuan. The 6,500-m²
elementary school has ten classrooms on three floors and is
designed for 200 students. 21
Strike in Canada
By 2008, Vale had more than 62,000 employees across the world.
The Human Resources Department, with the support of the Legal
Department, faced the challenge of administrating and conciliating
various types of labor relations existing in different countries.
Relations between employees and companies differ from one
country to another, and multinationals are subject to the rules of
the countries where they operate.
A significant number of employees at Vale’s Canadian nickel
operations in Sudbury and Port Colborne, Ontario went on strike from
July 2009 to July 2010. Some mining operation employees in Voisey’s
Bay, Newfoundland and Labrador also went on strike, from August
2009 to January 2011.
Collective agreements lasting five years were made with the unions
representing the striking employees, offering incentives to improve
these operations’ long-term productivity and competitiveness, as well
as their capacity to continue generating value. These agreements
include a defined-contribution pension plan for new employees and
adjustments to variable pay programs to enable Vale to achieve
21 - “Vale entrega a terceira ‘Escola da Esperança’ na China.” Available at <http://www.
strategic objectives and reward performance, among various other
African expansion: Moatize, Mozambique
Mozambique was the first place outside Brazil to receive a
branch of the Vale Foundation, whose purpose is to contribute to
integrated development in the regions where Vale operates. The
Foundation’s investments in the African country have prioritized
projects in the areas of health, farming, infrastructure, sport
and education. In addition, an initial 1,108 families were
resettled in Moatize, Tete Province, the coal-rich central region
of Mozambique. 22 This process was finalized in 2010 with the
resettling of 1,365 families.
Seeking better results for the local community, Vale’s investment
in the resettlement involved building schools, health centers and
police stations, enabling the creation of functional neighborhoods
for the new residents. The projects included the refurbishment of
Tete Provincial Hospital, Moatize Health Center and the Moatize
Intermediate Institute of Geology and Mines, as well as the
development of local farming.23 The company worked in a range
of areas to integrate the social, cultural and economic life of the
region. For example, Vale organized a training course in Moatize for
Mozambican teachers and school principals, which was completed
by around 1,000 participants.
To enable the coal mine to be developed in Moatize, families were
moved from the communities of Malabwe, Chipanga, Bagamoio
and Mithete. Based on various studies and a socioeconomic census
conducted to identify the people to be resettled, two areas were
selected to receive the families: the rural area of Cateme, and the
urban neighborhood of 25 de Setembro. The process of producing
22 - See Vale press release “Vale realiza primeira exportação da Mina Carvão Moatize,”
September 13, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.
View of Inco
site in Sudbury,
23 - Idem.
Left: a Vale train at
sunset in Moatize, 2011.
a Resettlement Action Plan involved extensive public engagement
and participation. Before resettlement began, three public
hearings were conducted, as well as 20 theater performances in
the predominant local language (Nyungwe), 110 meetings with
communities and their leaders using illustrated materials, 4,927
home visits to families and leaders for mobilization and social
assistance purposes, and 639 social consultations. During the
process, alternative solutions were considered to avoid or minimize
physical or economic displacement.
The following infrastructure was built or modernized for the
communities in both the new Cateme and 25 de Setembro areas:
houses, an elementary school, a high school, a library, houses for
school principals and teachers, information technology rooms,
laboratories, a health and maternity center, a police station, streets,
and electric power facilities along main roads.
Equipped with 18 classrooms and a library, Cateme Elementary
School is designed for around 1,200 students. Armando Emílio
Guebuza High School, in the same neighborhood, is designed for
650 students. It has 12 classrooms, a library, accommodations
for 270 boarding students, an information technology room and
one hectare for practical classes on horticulture, composting and
processing of cassava flour. Both schools are administered by the
Mozambican government’s District Education Department.
Improvements are made regularly to the infrastructure in the
resettled people’s communities and Vale is taking measures to
support families, together with the government authorities, to
meet their demands. Examples of such improvements include
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,
and the development of solutions to support public transport.
Actions are also being implemented to establish alternative ways of
generating income, such as poultry farming, beekeeping, agricultural
training, and vocational courses.
In Tete, Vale has participated in meetings held at the foot of a
baobab tree – locally considered the “tree of life” due its water storage
capacity. The tree is found in various parts of Africa and many
specimens reach 40 meters in height and 10 meters in diameter.
In a tradition arising in ancient African tribes, many community
decisions are taken around this tree. When the Vale Foundation
arrived in Mozambique, this traditional custom became part of the
company’s community relationship practices.24 Knowing how to
incorporate local culture into its operating methods was essential
to a company seeking to expand around the world.
In March 2008, Vale laid the foundation stone of the Moatize
Project. A little over two years later, in September 2010, it bought
a 51% stake in Sociedade de Desenvolvimento do Corredor do
Norte S.A. (SDCN), a company controlling two railroad systems
on the east coast of Africa. The amount paid was US$21 million.
Through two subsidiaries, SDCN participated in two railroad
systems in Africa, extending for a total of approximately 1,600
kilometers, in Mozambique and Malawi. It will also be necessary
to construct some additional stretches of track, as well as a new
port in the Nacala region. 25 The acquisition of SDCN was designed
to permit expansion in Moatize and the creation of logistics
infrastructure, supporting the company’s operations in central
and eastern Africa. 26 After constructing these new stretches, the
two systems will be interconnected at a point near the Moatize
The first batch of coal from Moatize Mine left Mozambique on
September 14, 2011, on board the ship Orion Express, which sailed
24 - See Vale Foundation, Atuação Internacional. Available at <http://www.fundacaovale.
25 - “Vale compra ferrovias no leste da África,” O Estado de S.Paulo, September 22, 2010.
Available at <www.economia.estadao.com.br/noticias/negócios,vale-compra-ferroviasno-leste-da-africa,36152,0.htm/>.
26 - Idem.
Ceremony to open Vale’s distribution center
and pelletizing plant in Oman, 2012. Left to
right: Marco Beluco, Vale’s Country Manager
in Oman; Marcelo Figueiredo, Vale’s Director
of Projects in Oman and Malaysia; Ahmed
Al Wahaibi, CEO of the Oman Oil Company;
José Carlos Martins, Vale’s Executive Director
of Ferrous Metals and Strategy; Nasser
Al Jashmi, the Omani Sub-Secretary of
Oil and Gas; Murilo Ferreira, Vale’s CEO;
and Ahmed Al Futaisi, the Minister of
Transport and Communications of Oman.
to Lebanon. The shipment of 35,000 metric tons of thermal coal
was taken for 575 kilometers along the Sena-Beira Railroad, which
links Moatize to the Port of Beira in Sofala, central Mozambique.27
The railroad had previously been closed for 28 years due to the
civil war. Mining operations began in May 2011 and the project’s
implementation has contributed to the dynamism of the Mozambican
economy, generating jobs and income.
At the same time that it was laying the foundation stone in Moatize, in
2008 Vale also began constructing a pelletizing plant and distribution
center in the Middle East, at the Port of Sohar Industrial Complex in
Oman, a country on the Arabian Peninsula. The facility was opened
in March 2012.28
The Middle East as a whole was a growing purchaser of the
company’s products, especially pellets, due to the type of furnace
predominantly used by steel plants in the region. In May 2008, Vale
announced a strategic partnership with the government of Oman
through the sale of a 30% stake in Vale Oman Pelletizing Company
LLC (VOPC) for US$125 million.29
Oman covers slightly more than 300,000 square kilometers and
it has a vast coastline, enormous oil reserves and frontiers with
Saudi Arabia and the United Arab Emirates, two major commercial
powers in the region. Under the plans drawn up by Vale, ore
processed in two pelletizing plants (each capable of producing 4.5
million metric tons of pellets per year)30 would be transported from
an iron ore and pellet distribution center in Oman (able to store
40 million metric tons) to customers in Asia and the Middle East.
27 - “Primeira exportação de carvão de Moatize parte hoje para Dubai,” O País, September
14, 2011. Available at <http://www.opais.co.mz/index.php/economia/38-economia/16589primeira-exportacao-de-car-vao-de-moatize-parte-hoje-para-dubai.html>.
For the strategy to succeed, ideal conditions would be needed in
order for the products to be ready for export at a reasonable cost.
Part of the response to this need was provided in September 2011,
when an iron terminal at the Port of Sohar was completed, for use
by Vale. Sohar’s favorable location, next to deep waters outside
the Persian Gulf, enabled Vale to take Valemax vessels, capable of
transporting 400,000 metric tons, from Brazil to the Omani port.
From there, the iron ore would be transferred onto smaller ships
and taken to nearby locations. In addition to Sohar, only nine ports
across the world are currently capable of receiving bulk carriers of
Together with direct actions for exporting its products, Vale
offered a series of reciprocal benefits to Omani society. One
example is an agreement forged by Vale, between the government
of Oman and the Federal University of Viçosa in Minas Gerais,
Brazil, to attempt to solve pest problems affecting fruit crops.
Signed in October 2010, the agreement provided for an investment
of around R$10 million over four years. Vale brokered the
agreement through the Vale Institute of Technology (Instituto
Tecnológico Vale, or ITV).32
Created in 2009, ITV has the objective of coordinating science
and technology actions, with an emphasis on long-term research
carried out in partnership with scientific communities on a national
and international scale.33 Within a short period of activity, ITV had
signed 97 research and development agreements and provided
more than 50 research scholarships. ITV’s participation in foreign
initiatives has not been restricted to Oman. The Institute has also
established partnerships with 36 institutions in Brazil and other
31 - Available at <http://www.vale.com.br/pt-br/o-que-fazemos/logistica/portos-eterminais/oma/paginas/default.aspx>.
29 - Idem.
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 Omã,” Portal Vale.com (Home Sustentabilidade - Destaques - Combate a pragas em Omã). Available at <http://www.vale.
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/
28 - See Vale’s 2009 Form 20-F Report.
Ship unloader at Vale’s
in Oman, 2011.
countries, such as Brazilian agricultural research agency Embrapa,
the National Council for Scientific and Technological Development
(CNPq), the Massachusetts Institute of Technology (MIT), and École
Polytechnique Fédérale de Lausanne (EPFL) in Switzerland.34
Guinea and Zambia
In Guinea, West Africa, Vale is investing in an iron mining project.
In 2010, the company unveiled the Simandou Project, which will
involve developing one of the best untapped world-class iron ore
deposits on the planet. Simandou is also the biggest integrated
iron ore mining and infrastructure project in the whole of
Africa, and it also involves education and human and economic
The first phase of the project involves developing Zogota mine
in southern Simandou. Its planned total production capacity is 15
million metric tons per year and total investment will be US$1.260
billion. The aim of the Simandou Project is to replicate in Africa the
successful mine-railroad-port model developed in Brazil for iron
In 2010, Vale launched the Konkola North copper project in the
Zambian Copper Belt, through a joint venture with African Rainbow
Minerals (ARM). The project’s estimated nominal production
capacity is 45,000 metric tons per year of copper in concentrate.
Start-up is planned for 2013 and maximum capacity should be
reached in 2015. Construction work began in August 2010.
At first, the South and East Limb mines will be developed, and
then the deeper, larger layers of higher grade ore will be mined. Vale
has a 50% interest in the joint venture that controls the project.
At the end of the 2000s, Vale was also present on the African
continent conducting prospecting in Congo (copper, cobalt and
manganese), Angola (copper and nickel) and South Africa (coal
in Guinea, home to
iron ore reserves.
34 - See Vale press release “Vale investe em ciência e tecnologia para garantir a mineração
do futuro,” October 18, 2011. Available at <http://saladeimprensa.vale.com/pt/release/
Vale also expanded into Australia and, as in Mozambique, coal
was once more the point of entry. In April 2007, Vale paid US$656
million to acquire 100% of AMCI Holdings Australia Pty. The company,
which operated assets and possessed projects in the area of coal
exploration, was renamed Vale Australia.35 The acquisition of AMCI,
which had nominal production capacity of 8 million metric tons per
year and reserves of 103 million metric tons, was another step in
Vale’s new mining policy. It also confirmed the company’s efforts to
become a global player in coal – especially metallurgical coal, which is
fundamental to steel production.36
Once the AMCI deal and the creation of Vale Australia had been
finalized, in 2007 the company was capable of producing 10 million
metric tons of coal per year, including its joint ventures in China
(which contributed up to 2 million metric tons per year). Around
80% of the coal produced by Vale’s new Australian operations was
of the metallurgical type, the remainder being thermal coal. At that
time, of global annual coal production of 5 billion metric tons, just
15% was metallurgical coal.37
Two years later, in September 2009, mining began using the
longwall method (in which the machinery itself functions as
excavation tunnels)38 at Carborough Downs coal mine. Using this
method significantly reduced the work accident risk and enabled
higher output – it was estimated that the project would increase
the nominal annual production capacity considerably to 4.8 million
metric tons in 2011.39
35 - See Vale’s 2007 Form 20-F Report.
36 - See Vale’s 2006 and 2007 Form 20-F Reports.
37 - See “Vale compra produtora australiana de carvão,” O Globo, February 27, 2007.
Available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=17217>.
38 - See <http://www.pormin.gov.br/biblioteca/arquivo/metodos_de_lavra.pdf>.
39 - See Vale’s 2009 Form 20-F Report.
Previous page: Integra
coal mine, Australia.
Above: Tres Valles
copper plant, Chile.
Left: Carborough Downs
coal mine, Australia.
copper plates at Tres
Valles, Chile, 2011.
Chile and Colombia
In the fourth quarter of 2010, production began at the Tres Valles
copper unit.40 Located in Salamanca in the Coquimbo region of
Chile, the operation includes mines and a plant producing copper
cathode (metal plate). There are two copper oxide mines: the Don
Gabriel open-pit mine and the Papomono underground mine. In all,
the company invested US$140 million in the project.41
In December 2008, Vale acquired 100% of the coal assets
of Cementos Argos S.A. (Argos), in Colombia, for a total sum of
In 2012, in line with its continuous efforts to optimize its
portfolio of assets, Vale sold its coal operations in Colombia to CPC
SAS, an affiliate of Colombian Natural Resources SAS, for US$407
million in cash.
China: international challenge
By the start of 2008, China had become the world’s main consumer
of mineral resources. In 2007, the country alone was responsible
for approximately 49% of global demand for seaborne iron ore,
24.2% of global nickel demand, 33% of aluminum demand, and
26.3% of copper demand.43 The percentage of Vale’s total gross
revenue arising from sales to Chinese customers was 17.7%
in 2007. Adding in the percentage of total gross revenue from
Asian countries other than China, which was 23.3% in the
same year, Asia therefore accounted for 41% of Vale’s sales.
Good performance in Asia – boosted by sales in China – was
repeated, though to a lesser extent, in the rest of the world.
European customers, for example, accounted for 22.1% of the
company’s sales in 2007. 44
Vale’s commercial relationship with China grew even closer with
the completion of the Dalian nickel processing plant in northeast
China. Operations at the plant, capable of producing 35,000 metric
tons of refined nickel per year, started up in April 2008.
Presence on five continents
Growing trade with China contributed to the expansion in Vale’s
international transactions. At the start of 2008, the company had
operations, offices and joint ventures spread across five continents.
By 2011, the company had a presence in more than 35 countries
and had 136,000 employees and long-term contractors.
After 70 years, Vale was now present in Angola, Argentina,
Australia, Austria, Barbados, Canada, Chile, China, the Democratic
Republic of Congo, France, Gabon, Guinea, India, Indonesia, Japan,
Kazakhstan, Liberia, Malawi, Malaysia, Mongolia, Mozambique,
New Caledonia, Oman, Paraguay, Peru, the Philippines, Singapore,
South Africa, South Korea, Switzerland, Taiwan, Thailand, the
United Arab Emirates, the United Kingdom, the United States
international trade expanded, the company also faced occasional
difficulties and surprises. The main setback was triggered in the
second half of 2008.
40 - Idem, p. 23.
41 - “Vale inaugura projeto de cobre no Chile e amplia meta de produção,” O Globo,
December 2, 2010.
42 - See Vale’s 2009 Form 20-F Report.
43 - Idem.
44 - Idem.
Iron ore processing
at Carajás Mine,
10.3 Results of the recession of 2008-2009
In 2008, the global economy was shaken by a crisis rated by
specialists as on a par with the crash of 1929. In an ever more
globalized world in which businesses are interconnected, crossing
frontiers, crises spread like waves. A crisis that began in the real
estate market in the United States expanded in a relatively steady
manner over the course of 2007 and became a global problem the
Before experiencing the effects of the recession, Vale had been
growing rapidly. In 2007, all of the company’s business areas
performed strongly. Gross revenue from iron ore sales grew by 18.8%
in relation to 2006, thanks to an average rise of 13.3% in sales prices
and a 4.8% increase in the volume sold. The same occurred in the
iron ore pellet area, where gross revenue rose by 38.4%, largely due
to a 32.8% increase in the volume sold.45
In January 2007, in Carajás, Pará, work on expanding the
operation’s annual iron ore production capacity to 100 million
metric tons was finalized. After this, the Board of Directors approved
a new project to increase output to 130 million metric tons per year.
In 2007, iron ore production in Carajás reached 91.7 million metric
tons, up from 81.8 million the previous year. Brucutu Mine in Minas
Gerais, opened in September 2006, produced 22 million metric tons
of iron ore in the year following its inauguration.46
Potash, kaolin, copper and aluminum grew at a similar pace in
2007. Gross potash revenue rose by 24.5%, driven by a 35.4% rise
in average sales prices. Kaolin sales expanded by 9.2%, thanks to
an 18.9% increase in average prices. Meanwhile, profits from copper
concentrate rose by 3% between 2006 and 2007, from US$779
million to US$802 million, due to a 4.7% rise in average sales prices.
Aluminum revenues expanded by 14.3%.47
Manganese sales rose by 40% in 2007, reflecting a 52% leap in
average sales prices and a 9.1% decline in volume. This reduction
was caused by a temporary shutdown at Azul Mine in Carajás
between July and December 2007. Vale’s ferroalloy business saw
revenue growth of 40%, due to a 47.9% increase in average sales
prices and a 6.5% fall in volumes, which was largely the result of
a shutdown at the company’s ferroalloy plant in France between
August and September 2007, due to technical problems.48
The excellent results obtained in 2007 continued into 2008,
despite the sudden slowdown in the economy, particularly in the
fourth quarter of the year. The global crisis took some time to affect
Vale’s performance. In 2008, the good results attained in previous
years were maintained, and indeed Vale’s revenues, operating
profit and net profit all rose for a sixth consecutive year.49 Gross
annual operating revenue rose by 16.3% to US$38.5 billion, while
net operating revenue grew by 16.1%. The following sales records
were also set in 2008: 264 million metric tons of iron ore; 276,000
metric tons of nickel; 320,000 metric tons of copper; 4.2 million
metric tons of alumina; 3,000 metric tons of cobalt; 2.4 million troy
ounces (unit of measurement used for precious metals, equivalent
to 31.1 grams) of precious metals; 411,000 troy ounces of platinum
group metals; and 4.1 million metric tons of coal. New markets
made a fundamental contribution to these results, enabling Vale
to minimize the effects of the crisis.
China accounted for 28.7% of iron ore and pellet shipments in
2008, and the figure for Asia as a whole was 47.8%. After this came
Europe (24.4%) and Brazil (19%). During the year, 56.2% of total
Stockyard and embarkation
facilities at Brucutu Mine,
São Gonçalo do Rio Abaixo,
Minas Gerais, 2009.
47 - Idem.
45 - See Vale’s 2007 Form 20-F Report.
48 - Idem.
46 - Idem.
49 - See Vale’s 2008 Form 20-F Report.
Right: Vale’s CEO,
Murilo Ferreira, in 2011.
In 2008, the good results attained in previous years were
maintained, and indeed Vale’s revenues, operating profit
and net profit all rose for a sixth consecutive year
nickel sales went to Asia, 27.2% to North America, 11.6% to Europe
and 5% to other destinations.50
Achieving these results, however, was no easy task. The
deterioration of the international financial crisis in the fourth
quarter reduced demand for iron ore and pellets, and also led
to large falls in the prices of non-ferrous minerals. 51 China’s
economic growth slowed after 10 years of continuous expansion
in its steel production and iron ore imports. This slowdown was
the result of strict internal credit controls and a reduction in the
country’s exports. 52
To stay competitive and retain healthy cash levels, Vale needed
to restructure. In line with changes in global economic conditions,
the company adjusted its production plans as of November,
shutting down some iron ore mines in the South and Southeast
systems in Minas Gerais.53 Just three of Vale’s 10 pelletizing plants
remained in operation during the crisis: the company closed five
of its seven plants at Tubarão Complex in Vitória (Espírito Santo),
one in São Luís (Maranhão) and another in Fábrica (Minas Gerais).
Four pelletizing plants at Tubarão Complex belonging to Vale’s joint
ventures were also closed.54
Also due to the crisis, the company shut down its manganese
ore and ferroalloy operations in Brazil between December 2008 and
January 2009. Its ferroalloy plant in Dunkirk, France, was closed
until April 2009, and in Mo i Rana, Norway, a planned stoppage to do
maintenance work on the plant’s furnace was extended until June
of the same year.55 In the nickel area, Vale stopped using its thermal
power plants in Indonesia for a time. In January 2009, Copper Cliff
South Mine in the Sudbury mining area of Ontario, Canada, whose
annual refined nickel production capacity was 8,000 metric tons,
was shut down for an indefinite period.56
As a further effect of the crisis, in April 2008 the Valesul plant
in Rio de Janeiro was reconfigured from an aluminum smelter
– producing metal through primary reduction of alumina – to a
plate mill using primary aluminum bars and scrap metal as raw
materials. In October of the same year, its production was reduced
to 40% of its annual nominal capacity of 95,000 metric tons.57
Due to weak demand for kaolin, Vale subsidiary Caulim da
Amazônia S.A. (Cadam), in Pará, cut its output by around 30%.
The kaolin production of another subsidiary, Pará Pigmentos S.A.
(PPSA), was also reduced by 200,000 metric tons per year.58 These
drastic measures to bring production into line with demand were
necessary in 2008, and the situation grew even worse the next year.
In 2009, Vale – like everyone else – experienced difficult times.
Vale in the challenging year of 2009
The year 2009 began with concern for the brutal fall in demand
in 2008 and the need to make adjustments, and it ended with a
rare annual decline in global GDP.59 The Brazilian economy shrank
by 0.6%, according to IBGE figures, while the USA, Japan and the
European Union contracted by 2.4%, 5% and 4.2%, respectively.60
56 - Idem.
57 - Idem.
Vale was not immune from the crisis. Its share of the seaborne
iron ore market fell from 30.2% to 24.9%, reflecting the strong
impact of the global recession on the European steel industry, one
of the company’s major iron ore markets.61 That wasn’t all: the
recession hit practically all areas of Vale.
The company’s gross operating revenue fell by 37.8%, from
US$38.5 billion in 2008 to US$23.9 billion in 2009. Net income
declined from US$13.2 billion to US$5.3 billion. Likewise, the
benchmark prices of iron ore fines and pellets fell by 28.2% and
44.5%, respectively.62 In 2009, gross iron ore revenue shrank by
27.8%, due to a 13.2% decline in sales volumes and a reduction in
average prices. Gross revenue from iron ore pellets fell by 68.6% as
a result of price reductions caused by lower demand.63
A 45.5% fall in gross manganese ore revenue mainly occurred
due to price declines in 2009, although this was partially offset
by a rise in sales volumes due to strong Chinese demand.64 Gross
revenue from ferroalloy operations fell by 69.3%, thanks to a 48.5%
decrease in average sales prices and a 36.1% drop in sales volumes.
There was a 49.6% decline in gross nickel product revenue and a
32.6% fall in gross revenue in the aluminum sector.65
Kaolin and copper also registered declines in 2009. Sales of
kaolin fell by 17.2%, mainly due to a 25.8% decrease in volumes,
partially offset by an 11.6% rise in average sale prices. Sales of
copper concentrate were down 23.6%, due to a 5.3% decline in
volumes and a 19.3% drop in the average sales price.66
Over the course of the year, China accounted for approximately
68% of global demand for seaborne iron ore, 44% of global demand
58 - Idem.
59 - See Vale’s 2009 Form 20-F Report.
50 - Idem.
60 - See Fiesp, “A política de desenvolvimento produtivo,” Competitiveness
and Technology Department, Decomtec, November 2009. Available at <http://
and BBC Brasil, “Desempenho do PIB brasileiro foi 6 o melhor do G20 em 2009.”
Published on March 11, 2010, available at <http://www.bbc.co.uk/portuguese/
51 - Idem.
52 - Idem.
53 - Idem.
54 - Idem.
55 - Idem.
When Murilo Pinto de Oliveira Ferreira (Uberaba, Minas
Gerais, 1953) was appointed Vale’s CEO in May 2011, people
in the mining industry knew exactly who he was: before
reaching the top job, Ferreira had built up nearly 30 years
of experience in the sector, having joined the company in
1988 as Director of Vale do Rio Doce Alumínio (Aluvale).
After then, he held various management positions before
being appointed CEO of Vale Inco (now Vale Canada), where
he remained until 2008. 1
Murilo Ferreira has an undergraduate degree in
Business Administration from Fundação Getulio Vargas in
São Paulo, a postgraduate diploma in Administration and
Finance from Fundação Getulio Vargas in Rio de Janeiro,
and a specialist diploma in M&A from the International
Institute for Management and Development (IMD) in
Lausanne, Switzerland. 2 Since taking over as Vale’s
CEO, he has prioritized the responsible execution of the
company’s investments, employee training, and health
and safety initiatives.
61 - See Vale’s 2009 Form 20-F Report.
62 - Idem.
63 - Idem.
64 - Idem.
65 - Idem.
66 - Idem.
1 - “Vale anuncia Murilo Ferreira como diretor-presidente,” Vale, May 19, 2011.
Available at <http://www.vale.com.br/pt-br/investidores/press-releases/paginas/
2 - “Vale apresenta novo diretor-presidente, Murilo Ferreira,” Exame.com, May 20,
2011. Available at <http://exame.abril.com.br/negocios/empresas/noticias/valeapresenta-novo-presidente-murilo-ferreira>.
for nickel, 39% of global aluminum demand, and 40% of global copper
demand. The percentage of Vale’s operating revenues generated by
sales to Chinese customers was 38%. China bought 56.8% of the
company’s iron ore and pellet shipments, while Asia as a whole
received 72.7%. After this came Europe (13.4%) and Brazil (10.2%).67
As of the second half of 2009, the figures showed a gradual
recovery in the global economy and an upturn in demand for
minerals. As a result, Vale resumed operations at its iron ore
mines in the South System and increased the pace of production
in Carajás. The pelletizing plants at Tubarão Complex in Vitória
(Espírito Santo) belonging to Itabrasco and Hispanobras were
started up once more in July and August 2009, respectively. Vale’s
Fábrica plant in Congonhas (Minas Gerais) and the plant in São
Luís (Maranhão) resumed operations in the first quarter of 2010.
By the start of that year, all the company’s pelletizing plants were
operating once more.68
In the third quarter of 2009, Vale also restarted part of its
manganese and ferroalloy operations. In general, the figures show
a return to growth by the end of the year, but the company’s
full-year results were poor in almost all sectors, in line with the
weak Brazilian economy. An exception was potash, used to make
fertilizers, which performed excellently in 2009. Vale’s gross potash
revenues expanded by 40% as a result of the strong performance of
the agriculture sector in Brazil.69
10.4 The art of overcoming crises:
investments and disinvestments
After selling a stake in Usiminas in 2008, Vale continued with
its restructuring policy, disposing of its remaining 2.93% interest
in the company in the second quarter of 2009. The US$273
million transaction made a positive contribution in 2009. As a
result of a strategic review of its nickel refining and distribution
operations, in December 2009 Vale sold its American subsidiary,
the International Metals Reclamation Company (INMETCO), for
US$38.6 million. 70 Also in the nickel sector, Vale disposed of its
65% interest in Chinese company Jinco Nonferrous Metals Co.
Ltd. (Jinco) for US$6.5 million. The same month, Vale entered into
an agreement to sell its 76.7% stake in Inco Advanced Technology
Materials (Dalian) and its 77% interest in Inco Advanced
Technology Materials (Shenyang), which operates nickel foam
plants in China, for US$7 million, to affiliate companies of other
In January of that year, Vale reached an agreement to sell its
manganese and iron ore exploration rights (as well as related
properties) in Bahia for a total sum of US$16 million. It also sold
three small hydroelectric plants, used to supply some of the
power consumed by the company’s ferroalloy plants in Minas
Gerais, for US$20 million. 72 At the same time, wholly owned
subsidiary Valesul made an agreement to sell its aluminum assets
to Alumínio Nordeste S.A., a Metalis group company. Among the
assets included in the deal were an anode plant, a reduction
facility, industrial and administrative service areas, a foundry
and inventories. 73
70 - Idem.
71 - Idem.
Ore reclaimer in
stockyard at Ponta
da Madeira Maritime
Terminal in São
67 - See Vale’s 2009 Form 20-F Report.
68 - Idem.
69 - Idem.
72 - Idem.
73 - “Vale vende US$ 31,2 milhões em ativos da Valesul para a Alumínio Nordeste S.A.,”
O Globo, January 22, 2010. Available at <oglobo.globo.com/economia/mat/2010/01/22/valevende-us-31-2-milhoes-em-ativos-da-valesul-para-aluminio-nordeste-a-915688823.asp>.
Left: alumina being
shipped from Alunorte in
Barcarena, Pará, 2008.
The disinvestment program continued in July 2010, when Vale
sold its 86.2% stake in Pará Pigmentos S.A. (PPSA), as well as other
kaolin mining rights in Pará, to Imerys S.A. for US$74 million.74
Finally, in February 2011, all of the aluminum operations of
Albras, Alunorte and Companhia de Alumina do Pará (CAP) were
transferred to Norwegian company Norsk Hydro.75 According
to the terms of the agreement, Vale, through its wholly owned
subsidiaries, transferred to Hydro a 51% stake in Albras, a 57%
interest in Alunorte and 61% of CAP.76 Through this transaction,
Vale received US$503 million in cash and 22% of Norsk Hydro’s
outstanding common shares.77
Investments: new equity stakes and operations
While it was willing to dispose of businesses that were no longer
priorities, Vale also perceived that, to resume its growth, it could
not give up on its diversification and investment drive. In 2009, the
company began to see the results of its investment in constructing
the Carajás Hydrometallurgical Plant. Located at the Sossego
mining unit in Pará and completed in December 2008, the plant
was designed to test industrial-scale processing of complex copper
ores to produce copper cathode.
Vale’s Vargem Grande pelletizing plant in Nova Lima, Minas
Gerais was completed in the first half of 2009. This plant, built with
the capacity to produce 7 million metric tons of iron ore per year,
now operates with an annual production capacity of 10 million
74 - See Vale’s 2010 Form 20-F Report.
The company made an important acquisition in September
2009, when it completed its purchase of 100% of Rio Tinto’s iron ore
operations in Corumbá, Mato Grosso do Sul. The US$750 million
deal included associated logistics assets.79 In 2009, Vale defined
Corumbá iron ore mine as “a world-class asset characterized by
its high grade reserves, rich in lump ore, convertible by a direct
reduction process. Its logistics assets meet 70% of the operation’s
transportation needs.”80 In 2008, Corumbá Mine produced 2 million
metric tons of iron ore.81
The purchase of these assets in Corumbá brought yet another
country onto Vale’s map: Paraguay. In the logistics area, the acquisition
included a contract for transporting goods along a 42-kilometer
railroad – whose concession belongs to América Latina Logística (ALL)
– and an iron ore loading port to ship products down the Paraná and
Paraguay rivers to Paraguayan and Argentinean customers. Two more
river ports were leased and, through a port in Buenos Aires Province,
the ore reaches the seaborne market.
In 2010, the iron and manganese mines of Corumbá – under Vale’s
control as of 1994, when it acquired a 100% stake in Urucum Mineração
S.A. – were transformed into the Center-West System. The company
now has four integrated mine-railroad-port systems in Brazil: South,
Southeast, North and Center-West.
In the third quarter of 2009, Vale entered into an agreement
with German group ThyssenKrupp Steel Europe AG in order to
raise its stake in ThyssenKrupp CSA Siderúrgica do Atlântico Ltda.
(TKCSA) from 10% to 26.87%, for an investment of US$1.42 billion.
TKCSA was building an integrated steel plate mill, with nominal
production capacity of 5 million metric tons of plate per year, in
75 - Idem.
76 - See Vale press release “Vale conclui gestão de portfólio de ativos de alumínio,” February
28, 2011. Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20518>.
79 - Idem.
77 - Idem.
81 - See also “Vale prevê investir US$ 2 bilhões em Corumbá,” O Estado de S.Paulo, September
19, 2009. Available at <www.estadao.com.br/noticias/impresso,vale-preve-investir-us-2bilhoes-em-corumba,437597,0.htm>.
78 - See <http://www.vale.com.br/pt-br/o-que-fazemos/mineracao/minerio-de-ferro-epelotas/projetos/Paginas/default.aspx>.
80 - See Vale’s 2009 Form 20-F Report.
the Santa Cruz neighborhood in the West Zone of Rio de Janeiro.
As a strategic partner of ThyssenKrupp, Vale was TKCSA’s sole and
exclusive iron ore supplier.82
In November 2007, Vale signed a memorandum of understanding
with Dongkuk Steel, one of South Korea’s largest steel producers,
to build a steel plate mill in the Brazilian state of Ceará, at the
Pecém Industrial and Port Complex in São Gonçalo do Amarante.
Called the Pecém Steel Company (Companhia Siderúrgica do
Pecém), the operation will have an initial production capacity of
2.5 million metric tons per year. 83
Elsewhere in Brazil, Vale invested in expanding the production
capacity of Carajás Complex in Pará. As of the first quarter of 2010,
the company began operating new facilities there that added 20
million metric tons to the site’s annual iron ore production capacity.84
Vale and MBR
In May 2007, Vale increased its stake in Minas Gerais-based subsidiary
Minerações Brasileiras Reunidas S.A. (MBR). The company, whose
direct stake in MBR was 49%, considered the subsidiary’s iron
ore assets “among the best in the world.”85 The other 51% of the
company belonged to Empreendimentos Brasileiros de Mineração
S.A. (EBM). As of May 2007, Vale had an 80% interest in EBM’s
capital. Through new transactions, the company acquired a further
6.25% of EBM’s equity and signed an agreement guaranteeing
it the use of the remaining 13.75% stake for the next 30 years. 86
82 - See Vale’s 2009 and 2010 Form 20-F Reports.
83 - See Vale’s 2007 Form 20-F Report.
84 - See Vale’s 2010 Form 20-F Report.
85 - See Vale’s 2007 Form 20-F Report.
86 - Idem.
Previous page: convoy of 16
barges transporting iron ore on
the Paraguay River in 2011; and
itabirite ore processing facility
in Itabirito, Minas Gerais.
Left: train on the Carajás
Railroad (EFC) in 2012.
MBR was the second largest iron ore producer and exporter in
Brazil, with a strong presence in the seaborne market. It sold to
practically all iron ore consuming markets in the world, exporting
around 90% of its output. 87 It had been growing steadily, and its
reserves exceeded 1.4 billion metric tons of hematite and 4.4
billion metric tons of high-grade itabirite. Operating in the Iron
Quadrangle region of Minas Gerais, MBR exported its goods from
its own maritime terminal on Guaíba Island in Sepetiba Bay, Rio
de Janeiro State. 88
Vale, as a large Brazilian exporter, played a major role in
improving the country’s solvency and sustainability indicators,
particularly in terms of international reserves and the external
debt. Brazil’s large trade surpluses and ample liquidity in
international financial markets helped the country to improve its
external debt indicators, and allowed the Central Bank to dispense
with International Monetary Fund (IMF) support in 2005.90
10.5 The boom of 2010
Vale’s commercial leap forward in 2010, a year in which the
company attained its best ever results, can be summed up by its
export volumes. That year, Vale’s net Brazilian exports (its total
exports from the country minus its total imports) were around
US$29 billion. For comparison, during the same year, Brazil’s total
soybean exports (including grains, bran and other byproducts)
were less than US$17 billion. The difference is even greater when
Vale’s net exports are compared with those of products such as
automobiles (including passenger vehicles, tractors, engines,
parts and components) and aircraft, which together amounted
to less than US$15 billion. 89 Vale’s 2010 exports were therefore
almost twice as large as automobile and aircraft exports
combined. Although 2010 was a record year, Vale’s importance as
a major Brazilian exporter was apparent throughout the decade
87 - See Vale press release about Caemi Mineração e Metalurgia S.A., October 8, 2003.
Available at <http://220.127.116.11/saladeimprensa/pt/releases/release.asp?id=11161>.
88 - Idem.
89 - In this comparison, imports are not subtracted, as before, but instead total export
data are analyzed.
90 - According to Cintra, Marco Antonio Macedo, “Suave fracasso: a política macroeconômica
brasileira entre 1999 e 2005.” Novos Estudos Cebrap, no. 73, 2005.
VALE’S ExportS comparED WITH OTHER SELECTED produCts (US$ milLION)
* Soybeans include grains, crushed soy, bran, oil, and oil extraction residues; sugar includes cane, raw and refined sugar; meat includes various processed forms of chicken, pork and
beef; automobiles include passenger cars, tractors, components, parts and engines; and coffee includes raw beans and instant coffee.
Source: Vale (Results, financial information and press releases), Central Bank of Brazil and MDIC/Secex.
BRAZILIAN INTERNATIONAL RESERVES (US$ billions)
In 2010, Vale experienced its best ever annual results,
with record operating revenue, operating margin and
net income. Operating revenue reached US$46.5 billion,
while operating profit measured by EBIT (earnings before
interest and taxes) amounted to US$21.7 billion
Source: Central Bank of Brazil.
Brazil was experiencing a new situation, as it cut its total external
debt and expanded its international reserves (Graph 1) in a context of
growing exports. The result was an overall improvement in indicators.
The direct effect of this was strengthened solvency in the face of
external financial commitments and greater credibility in international
markets, reflected by the country’s investment grade rating.91
By analyzing Brazil’s main external economic data, one can
perceive that at the end of the millennium’s first decade, Vale
was a fundamental company for the development of the country,
capable of harnessing favorable international circumstances,
with higher demand and prices, to consolidate its contribution to
End of the storm
Driven by strong results in emerging economies – major generators
of demand for minerals and metals – the global economy saw fast
growth in 2010, rising above the low levels recorded in late 2008 and
early 2009.92 The Brazilian economy followed the same path, ending
2010 with annual growth of 7.5%, according to IBGE data. In current
values, the sum of all income produced in the country came to R$3.67
trillion. Per capita GDP reached R$19,016.93 It was a firm response to
the crisis experienced since mid-2008.
Brazil’s rate of expansion was surpassed by China (which
experienced growth of 10.3%) and India (8.6%), but it exceeded the
growth seen in South Korea (6.1%), Japan (3.9%), the USA (2.8%) and
the euro zone region (1.7%).94
92 - See IBGE, “Em 2010, PIB varia 7,5% e fica em R$ 3,675 trilhões,” published on March 3,
2011. Available at <www.ibge.gov.br/home/presidencia/noticias/noticia_visualiza.php?id_
93 - Idem.
91 - As attested to by ratings agencies Moody’s Investors Service and Standard & Poor’s.
94 - Idem.
In the light of the emerging economies’ strong performance, alongside
the continued economic crisis in rich countries, the IMF decided
to reassign more than 6% of its voting quotas from developed to
developing countries, increasing their influence in the institution’s
decision making. China then became the third largest member of the
Fund, whose executive committee has 24 member countries.95
The overheating Brazilian economy then began to present
side effects, and in May 2010, public spending cuts of R$10 billion
were announced by the Brazilian government. The idea was to
contain inflation and respect the domestic economy’s production
capacity. Two months previously, the federal government had
already announced a R$21.8 billion reduction in the 2010 budget.96
In December of the same year, the Central Bank announced
new measures, this time to reduce credit, further slowing down
the economy in order to control inflation. These measures included
an increase in banks’ compulsory deposits (with the Central Bank)
to remove R$61 billion from the economy, restrictions on longterm loans to individuals, and removal of support from the Credit
Guarantee Fund (Fundo Garantidor de Crédito, or FGC) to small
banks.97 By the end of the year, the Brazilian economy had created
2.86 million formal jobs, according to the Ministry of Work. This
was a new record, surpassing the previous record of 1.6 million new
jobs set in 2007.98
95 - See “Países emergentes ganham influência e FMI duplica cotas,” Folha de S.Paulo,
October 23, 2010. Available at <http://www1.folha.uol.com.br/mercado/819201-paisesemergentes-ganham-influencia-e-fmi-duplica-cotas.shtml>.
97 - See “BC anuncia medidas para segurar crédito e tira R$ 61 bi da economia,” Folha de
S.Paulo, December 3, 2010. Available at <http://www1.folha.uol.com.br/mercado/840148bc-anuncia-medidas-para-segurar-credito-e-tira-r-61-bi-da-economia.shtml>.
96 - See “Governo vai cortar gastos em R$ 10 bi para conter inflação, diz Mantega,”
Folha de S.Paulo, May 13, 2010. Available at <www1.folha.uol.com.br/folha/dinheiro/
98 - See “Brasil criou 2,86 milhões de vagas formais em 2010,” O Estado de S. Paulo, May
11, 2011. Available at <www.economia.estadao.com.br/noticias/economia%20brasil,brasilcriou-286-milhoes-de-vagas-formais-em-2010,66460,0.htm>.
The biggest net profit in the history of mining
In 2010, Vale experienced its best ever annual results, with record
operating revenue, operating margin and net income. Operating
revenue reached US$46.5 billion, while operating profit measured
by EBIT (earnings before interest and taxes) amounted to US$21.7
billion. The company’s operating margin, measured as operating
profit as a proportion of net operating revenue, was 47.9%. The
year’s net profit came to US$17.3 billion. Vale also allocated
more resources than any other mining company to fund the
construction of new platforms for growth and value creation. The
company invested US$12.7 billion in new growth opportunities
and the maintenance of existing assets. Another US$6.7 billion
financed acquisitions, mainly of fertilizer assets in Brazil.99
Less than a year after facing the biggest crisis in its history, Vale
overcame its problems and had enough power to continue growing.
Due to strong demand and economic recovery across the world,
the company’s gross revenue from iron ore sales rose by 105.6% in
2010. This growth in revenue was mainly caused by an 84.9%
increase in average sales prices, as well as an 11.2% rise in the
volume sold. 100 Making greater use of its production capacity,
the company’s gross revenue from pellets rose even more in 2010,
by 373.5%, thanks to a 118.5% rise in sales volumes and an increase
of 118.7% in average sales prices, also caused by strong demand. 101
In 2010, China purchased 42.9% of the company’s shipments of
iron ore and pellets, while Asia as a whole bought 60.7%. Europe’s
share was 20.7%, followed by Brazil, with 13.7%. 102
In terms of diversification, Vale also enjoyed results that
consolidated its position following its major resumption of
investment. Gross manganese revenue grew by 77.9%, due to
a 56.5% rise in the average price and a 13.3% increase in sales
volumes. Ferroalloy revenues expanded by 78.5%, due to a 60.7%
increase in volumes and a 10.9% rise in average sales price.103
In the coal sector, revenues increased by 52.5%, mainly due to
the consolidation of Vale’s sales in Colombia. The average selling
price also rose in line with better market conditions.104
Nickel production, which had been weak since the workers’
strike in Canada beginning in July 2009, also started to grow again.
In July 2010, a new five-year collective agreement was signed by
representatives of production and maintenance employees at
the striking mines, bringing an end to the dispute.105 Gross nickel
revenue rose by 19.4% during the year.
Gross revenue from copper increased by 37%, caused by a 40.5%
increase in the average sales price. Gross revenues from sales of
aluminum and related products rose by 24.6%. On the other hand,
potash revenues fell by 32.2%, caused by a 21.2% fall in average
sales prices and a 13.9% decline in the volume sold in 2010.106
99 - See Vale’s 2010 Sustainability Report - Investors’ Summary.
103 - Idem.
100 - See Vale’s 2010 Form 20-F Report.
104 - Idem.
101 - Idem.
105 - Idem.
102 - Idem.
106 - Idem.
Aerial view of iron
ore processing plant
at Carajás Mine in
Pará, in 2010.
Energy in 2010
In 2010, Vale produced 65.3% of the electric power consumed in
its operations in the Brazilian Southeast System and 63.3% of the
power used in the South System. Through stakes in hydroelectric
plants – currently Igarapava, Porto Estrela, Funil, Candonga, Eliezer
Batista, Amador Aguiar I, Amador Aguiar II, Estreito, Machadinho,
Glória, Ituerê, Mello and Nova Maurício, the latter four small hydro
plants – the company had implemented its plan to produce and
use a cheaper and cleaner energy form. As in previous years, all
of the electric power consumed by the North System was obtained
at market prices from regional electricity companies. In all,
hydroelectric power plants supplied 23% of the electricity demand
of Vale’s Brazilian operations.107
Over the course of 2010, the company’s total electric power usage
was 22 TWh.108 Its activities in Brazil accounted for 73.3% of this
total,109 corresponding to 3.9% of the electricity consumed in the
country.110 This is more than the amount used by the city of Rio de
Janeiro in the same year.111 In Canada, Vale’s power plants in Sudbury
met 9% of local operations’ electricity needs, while in Indonesia, selfgeneration supplied 90% of the company’s demand.112
The remainder of Vale’s electricity demand in Sudbury was
met through purchases from utility companies in the province of
Ontario,113 while the Thompson operations bought low-cost power
from the local hydroelectric power plant. 114 Finally, the company’s
109 - Idem.
Vale and the capital markets
A major step forward was taken in terms of Vale’s position in the
global markets when the company listed its shares on the Hong Kong
Stock Exchange.118 By listing on one of the most important stock
exchanges in Asia, investors across the world were now able to trade
in the company nearly 24 hours a day, in the Americas, Europe and
Asia, strengthening Vale’s position as a global company.119
Between 2000 and 2010, Vale produced US$154.5 billion of value
for its shareholders and distributed US$17.4 billion in dividends.
Total shareholder returns were 38.2% per year between 2001 and
2010 – the highest rate among the largest mining companies.120
In 2010 alone, Vale returned US$5 billion of capital to
shareholders, through the distribution of US$3 billion in dividends,
equivalent to US$0.57 per share, and a US$2 billion share buyback.
Consequently, Vale had resumed “its long-term upward trend
in the prices of its shares, which began at the start of 2000 and
accelerated significantly over the past ten years.”121
110 - According to the EPE’s Energy Bulletin for the fourth quarter of 2010, total electricity
consumption in Brazil in 2010 was 415 TWh (p. 7). Available at <http://www.epe.gov.br/
115 - Idem.
107 - See Vale’s 2010 Annual Report.
108 - Idem.
Aerial view of
Amador Aguiar II
in Minas Gerais.
operations in Voisey’s Bay were completely supplied using diesel
generators.115 In Brazil, Vale’s main electricity suppliers are
Eletronorte, Centrais Elétricas de Minas Gerais (Cemig) and Espírito
Santo Centrais Elétricas (Escelsa). Together, these companies
supplied 36% of Vale’s electricity purchases in 2010.116
In April of the same year, Vale Energia Limpa S.A. was established
to operate in the field of clean synthetic fuels, which emit less
greenhouse gas emissions.117 In December, Vale received an
operating license for the Estreito Hydroelectric Plant in Maranhão,
the company’s first hydro project in Brazil’s North region. This plant
began generating power in March 2011.
111 - Table no. 2257 – Total, average, annual, monthly and daily electricity consumption
per inhabitant – Municipality of Rio de Janeiro (1980-2010). Available at <http://portalgeo.
rio.rj.gov.br/indice/flanali.asp?codpal=1521&pal=CONSUMO>. In 2010, the city of Rio de
Janeiro consumed 14.5 TWh.
116 - See Vale’s 2010 CVM Reference Form.
112 - See Vale’s 2010 Form 20-F Report.
119 - Idem.
113 - Idem.
120 - Idem.
114 - Idem.
121 - Idem.
117 - Idem.
118 - See Vale’s 2010 Form 20-F Report.
Following page: pile of
potash at Taquari-Vassouras
Mine in Rosário do Catete,
Sergipe, Brazil, 2002.
10.6 Vale in the fertilizer market
In nature, fertilizers are distributed into three groups of
nutrients: nitrogen (used by plants in photosynthesis, contributing
to fast plant growth), phosphorus (which helps the development of
roots) and potassium (fundamental to the quality of fruits and the
internal circulation of liquids in plants).
In the late 2000s, after a period of retraction arising from the
crisis of 2008, Vale’s investment strategy in the fertilizer sector
represented a new stage in the diversification of the company,
which now served the food production market.
Vale’s investment in fertilizers was based on the belief that
Brazilians’ growing per capita income and demand for biofuels
would raise fertilizer demand in the country. Brazil would play an
important role in this market because of its position as a leading
agricultural producer and its growth potential, especially due to
its access to water and arable land. The country is currently the
world’s fifth largest importer of fertilizers.122
The Rio Colorado fertilizer production project, located in the
Argentinean province of Mendoza, originally belonged to the AngloAustralian company Rio Tinto, which sold it to Vale. The project
entails developing a mine with an initial nominal potash production
capacity of 2.4 million metric tons per year and the potential to
expand output to as much as 4.35 million metric tons per year. A
350-kilometer railroad, port facilities and a power plant will also be
built.123 Elsewhere in Argentina, the Neuquén Project, designed to
produce 1 million metric tons of potash per year, entered the final
study phase in 2012.
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
In 2010, Vale acquired the phosphate operations of Fosfertil
and Bunge Participações e Investimentos for US$5.82 billion.
Subsequently, on February 1, 2011, Vale Fosfatados merged with
In Brazil, Vale now has fertilizer operations in five states. In the
state of São Paulo, in Cajati the company produces phosphate rock
and dicalcium phosphate, used to make animal food; in Guará it
produces phosphate fertilizers, used to enrich the soil for farming;
in Cubatão it produces phosphate and nitrogen fertilizers; and in
Santos it operates a maritime terminal that handles ammonia,
sulfur and bulk fertilizers, with the capacity to process 2.3 million
metric tons per year.126 In Minas Gerais, the company’s facilities
in Tapira, Uberaba, Patos de Minas and Araxá produce phosphate
rock and phosphate fertilizers. Also in Minas Gerais, the company
is implementing the Salitre Project, which consists of developing a
mine capable of producing an estimated 2.2 million metric tons of
phosphate concentrates per year. In the state of Goiás, the Catalão
unit was created to produce phosphate rock and phosphate
fertilizers. In Paraná, the company produces nitrogen fertilizers
in Araucária, while in Sergipe, the Carnalita potash project in the
municipality of Rosário do Catete has been initiated.127
Outside Brazil, besides Argentina and Canada, the company
also operates in Peru and is developing a project in Mozambique.
In Peru, in 2010 operations began at Bayóvar Mine, which sits
on one of the largest phosphate rock deposits in South America
and is capable of producing 3.9 million metric tons per year.128 In
Mozambique, the Evate Project is designed to produce phosphate
rock in the province of Nampula.
125 - See Vale’s 2010 Form 20-F Report.
126 - Available at <http://www.fosfertil.com.br/www/afosfertil/servicos.asp>.
123 - See Vale’s 2009 Form 20-F Report.
127 - See Vale press release “Vale pretende investir US$ 15 bilhões em fertilizantes até
2020,” September 29, 2011. Available at <http://saladeimprensa.vale.com/pt/release/
124 - Idem.
128 - See Vale’s 2010 Form 20-F Report.
122 - See Vale’s 2010 Form 20-F Report.
Previous page: iron ore being
loaded onto a train on the
North-South Railroad (FNS) in
Guaraí, Tocantins, in 2011. Left:
Vale Brasil, a Valemax-class
ship, the biggest class of ore
carriers in the world, in 2011.
The crisis of 2008, when Vale’s goods arrived at ports but
there were not enough ships for them, led to a radical change
in the company’s shipping strategy. To become free from supply
reductions and rising shipping prices caused by market volatility,
Vale decided to buy and build its own vessels. In August of the
same year, it signed a contract with Rongsheng Shipbuilding and
Heavy Industries in China to construct 12 Very Large Ore Carriers
(VLOCs), each one capable of transporting 400,000 metric tons,
making them the largest ore carriers in the world. The company’s
total investment in this was US$1.6 billion. 129 The era of the
Valemax had begun.
Seven VLOCs were also ordered from South Korean shipyard
Daewoo Shipbuilding & Marine Engineering Co. Vale received the
first one in May 2011 and christened the world’s biggest ore carrier
Vale Brasil. Vale’s total investment in the seven South Korean
ships was US$748 million. 130 Measuring 362 meters in length and
65 meters in width, and able to carry up to 400,000 metric tons,
Vale Brasil was more efficient than smaller ships at transporting
ore from Brazil to Asia and had 35% lower carbon emissions per
ton transported. 131
In September and October 2011, two more Valemaxes were
delivered: Vale Rio de Janeiro and Vale Itália.132 The design of these
vessels received a Nor-Shipping Clean Ship Award, for significantly
reducing carbon emissions per ton of ore transported, given that
their enormous transport capacity cut the number of trips that
need to be made.133
Vale also invested US$74 million 134 in the purchase of four used
Capesize ships and entered into a number of long-term shipping
contracts. 135 Three Capesize ships that were already being operated
by Vale continued to sail on the Brazil-China route, exclusively
carrying iron ore. “We have 35 ships in our portfolio and we want
to have long-term shipping contracts. We bought these ships at
the time because we could not find competitive shipping prices
in the market,” explained José Carlos Martins, Vale’s Executive
Director of Iron Ore and Strategy. 136 The company’s decision to
build its own ships also lay in the growing shift in market growth
toward Asia. Until the year 2000, 50% of the company’s output
had been sold in the West, but 10 years later this figure was just
30%. “In the long term, we will depend increasingly on the Asian
market, so we have to be efficient in shipping. To give you an idea
of the figures, the cost of delivering one metric ton of ore to Asia
is about US$50. Of this sum, less than US$10 is the mining cost,
and the rest is the logistics cost. If you do not have an appropriate
logistics strategy, you lose the competitiveness of your business,”
said Martins. 137
In 2009, long-term shipping contracts were also signed to
transport pellet feed from Brazil to Oman, where Vale was building
a direct reduction pelletizing plant with a nominal production
capacity of 9 million metric tons per year and a distribution center
able to store 40 million metric tons of iron ore or pellets.138
129 - See Vale press release “Vale estabelece linha de transporte dedicada à rota BrasilÁsia.” Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=18361>.
133 - See Vale press release “Vale Brasil, o maior navio mineraleiro do mundo, realiza
primeiro descarregamento em Taranto.” Available at <http://saladeimprensa.vale.com/pt/
130 - See Vale press release “Vale recebe o maior mineraleiro do mundo.” Available at
134 - See Vale’s 2008 Form 20-F Report, p. 17.
131 - Available at <http://www.vale.com.br/pt-br/o-que-fazemos/logistica/navegacao/
136 - Vale press conference with José Carlos Martins in 2011.
132 - See Vale press release “Vale realiza cerimônia de batismo de dois novos navios VLOC.”
Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=21056>.
135 - Idem, p. 49.
The North-South Railroad:
a new general freight transport corridor
Continuing with its plans to expand its railroad network in Brazil,
in October 2007 Vale won a bid for a sub-concession to operate a
720-kilometer stretch of the North-South Railroad (Ferrovia NorteSul, or FNS) between Açailândia in the state of Maranhão and
Palmas, Tocantins. Vale thereby became responsible for operating,
conserving, maintaining, monitoring, upgrading and adjusting this
stretch of the FNS for the following 30 years.139
These tracks were already well known to Vale. Since the railroad
was founded in 1996, Vale had been operating a 225-kilometer
stretch of it between the municipalities of Açailândia and Estreito,
both in Maranhão. In the city of Açailândia, the FNS connects to the
Carajás Railroad (EFC), giving access to Ponta da Madeira Maritime
Terminal in São Luís.140
The purpose of this new operation was to create and utilize a new
corridor for transporting general freight produced in the CenterNorth region, in particular stimulating exports of soybeans, rice
and corn. Costing approximately R$1.47 billion, the sub-concession
strengthened Vale’s portfolio of logistics services.141 The new
operation was in line with the company’s strategy of participating
effectively in general freight transportation in Brazil.142
The figures show the success of the strategy of using the
North-South Railroad corridor efficiently to carry general freight.
In 2008, Vale operated a fleet of six locomotives and 370 cars on
the FNS, transporting 0.9 billion metric ton-kilometers of freight
139 - See Vale’s 2007 Form 20-F Report. The other railroad concession contracts also have a
30-year term and are renewable. The FCA and MRS concessions expire in 2026, while the
EFC and EFVM concessions expire in 2027.
140 - See “Vale arremata trecho da Ferrovia Norte-Sul,” Folha de S.Paulo, October 4, 2007.
Available at <http://www.sindlab.org/noticia02.asp?noticia=14597>.
137 - Idem.
141 - See “CVRD vai operar a FNS,” Vale, October 3, 2007. Available at <http://www.vale.
138 - See Vale’s 2009 Form 20-F Report.
142 - Idem.
for its customers;143 the following year, using the same fleet, the
company transported 1.16 billion metric ton-kilometers for its
Logistics figures in 2010
Vale sought to develop initiatives to permit economies of scale
and logistics solutions for its customers. Log-In, in which Vale
has a 31.3% stake, is a logistics company established in order to
provide intermodal services based on integrated door-to-door
solutions for port, shipping and railroad container transportation,
complemented by short-distance road freight transportation and
the storage of containers at land freight terminals.145
Part of the general cargo transportation industry, intermodal
logistics specializes in the transport, handling and storage of
goods stored in containers. Log-In does not transport ore, but
just general cargo. Its activities are not therefore part of Vale’s
main logistics businesses, which involve the transport, handling
and storage of its products, especially iron ore, and bulk goods for
Between 2009 and 2010, Vale’s gross logistics service revenues
grew by 32.7%. Railroad revenues expanded by 32.1% (due to
higher volumes of agricultural goods, steelmaking inputs and steel
products), and revenues from port operations increased by 33.7%.147
143 - See Vale’s 2008 Form 20-F Report.
144 - See Vale’s 2009 Form 20-F Report.
145 - See “Vale fará oferta de ações de subsidiária de logística,” Vale, February 16, 2007,
available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=17193>.
146 - Idem.
147 - See Vale’s 2010 Form 20-F Report.
Intense port activity was one indication
of a very successful year for Vale. What
happened at Tubarão Complex was
repeated in other parts of Brazil
In 2010, the EFVM transported 78.9 billion metric tonkilometers of iron ore and other freight – 16.8 billion metric
ton-kilometers (21.3%), including iron ore, exclusively for
Brazilian third parties. The EFVM, whose fleet consisted of 331
locomotives and 18,967 cars, also carried 1 million passengers
in 2010. 148 The EFC transported 90.4 billion metric ton-kilometers
of iron ore and other goods, of which 3 billion metric tonkilometers were for external customers. The EFC also
transported 341,583 passengers in 2010, using its fleet of 220
locomotives and 10,701 cars. 149
The FNS carried 1.52 billion metric ton-kilometers of goods
for third parties, using its fleet of six locomotives and 440 cars,
while the Centro-Atlântica Railroad (Ferrovia Centro-Atlântica, or
FCA) transported 11.4 billion metric ton-kilometers of freight for
customers, using its fleet of 500 locomotives and 12,000 cars. The
FCA, an important logistics corridor for general freight, extending
for 8,023 kilometers, passes through 316 municipalities in seven
Brazilian states (Minas Gerais, Espírito Santo, Rio de Janeiro,
Sergipe, Goiás, Bahia and São Paulo) and the Federal District.
Finally, MRS carried a total of 144.9 million metric ton-kilometers
of goods, including 60.8 million metric ton-kilometers of iron ore
and other Vale products.150
of bulk liquids.151 Intense port activity was one indication of a very
successful year for Vale.
What happened at the Tubarão terminals was repeated in other
parts of Brazil. Ponta da Madeira Maritime Terminal in Maranhão
handled 94.2 million metric tons of iron ore for Vale and 5.4 million
metric tons of goods for third parties. At the Sepetiba Bay Port
Company Terminal in Itaguaí, Rio de Janeiro, operated by subsidiary
CPBS, 22.6 million metric tons of iron ore were shipped out.152
Guaíba Island Terminal in Rio de Janeiro exported 37.9 million
metric tons of iron ore in 2010. Meanwhile, at Inácio Barbosa
Maritime Terminal in Sergipe, belonging to Petrobras and operated
by Vale, 600,000 metric tons of fuels, agricultural products and
steel were handled.153 To the south, Santos Maritime Terminal
on the coast of São Paulo State, operated by subsidiary Vale
Fertilizantes, handled 2.1 million metric tons of ammonia and bulk
solids, up 10.2% from 2009, reflecting Vale’s growing investments
The good results achieved in 2010 spurred on even more
investment the following year. In 2011, the company announced
more than US$5 billion of investments in logistics, with the aim
of reaching 522 million metric tons of products shipped in 2015.155
Ports and terminals
Over the course of 2010, 100.4 million metric tons of iron ore
and pellets were exported from the iron ore terminal at Tubarão
Complex. Elsewhere at the Complex, Praia Mole Terminal handled
a total of 10.7 million metric tons that year. The Diverse Products
Terminal handled 6.6 million metric tons of grains and fertilizers,
while the Bulk Liquid Terminal shipped out 1 million metric tons
151 - Idem.
152 - Idem.
Tubarão Complex in Vitória,
Espírito Santo, 2008.
148 - Idem.
153 - Idem.
149 - Idem.
154 - Idem.
150 - Idem.
155 - See Especial Logística, published by Vale.
Panoramic view of quay at
Tubarão Complex in Vitória,
Espírito Santo, 2007.
Left: the Mineral Development Center in Santa
Luzia, Minas Gerais, in 2002. Below: chemical
laboratory at the Ferrous Metals Technology
Center in Nova Lima, Minas Gerais, in 2010.
Right: model of Vale Institute of Technology
(ITV), to be constructed in Belém, Pará.
“It’s not enough to have ore; it’s important to have the technology
to facilitate its exploration at a reasonable cost,” argues economist
João Furtado.156 For this reason, Vale has for a long time allocated
around 2% of its revenues to research and development.
Since the 1960s, when it established a small ore treatment
laboratory in Santa Luzia, near Belo Horizonte, Minas Gerais, Vale
has demonstrated its concern for technological innovation. It
opened its Mineral Development Center (Centro de Desenvolvimento
Mineral, or CDM) in 1965 in order to try to make better use of the
ore extracted from Cauê Mine in Itabira, Minas Gerais.
CDM was created with the mission to design mine
development plans, ranging from the feasibility study phase
to best practices for harnessing reserves. In the center’s study
rooms and laboratories, information is processed about mine
profiles, mineral quality and concentration, the type of mining
technology to be employed, transportation of output, waste
planning and disposal, and mine closure.
When CDM was established, Cauê Mine’s remaining hematite
reserves were to be found at ever deeper levels, making operations
less feasible. It was then necessary to create a technology to enable
the extraction and usage of high-grade ore, at a lost cost, while
also processing low-grade itabirite. Vale opted for the pioneering
use of magnetic separators.
“The hematite was thinning out and the ore then available,
containing iron, but in another form and in lower concentrations,
was itabirite. By implementing the use of high-intensity magnetic
separators, Vale could process the itabirite. This innovative process
is considered to be the first major technological advance that led
to the creation of the company’s first research and development
center, in the municipality of Santa Luzia, halfway between Itabira
156 - João Furtado, economist, in a speech given at Vale’s auditorium in September 2011.
and Belo Horizonte. At that time, the need to use more technology
was already clear.”157 The success of the process encouraged other
An important company research center was opened in
October 2008. The new Ferrous Metals Technology Center
(Centro de Tecnologia de Ferrosos, or CTF), built in Nova Lima
in the metropolitan region of Belo Horizonte, Minas Gerais, was
exclusively dedicated to iron ore-related technologies. The aim
was to improve and expand production by running simulations
in world-class laboratories of the entire mining and steelmaking
process. 158 CTF was equipped with advanced apparatus such as
a softening and melting furnace enabling metallurgical tests at
temperatures of up to 1,700 degrees Celsius. 159 Using this furnace,
it is possible to simulate different conditions for using iron ore
in blast furnaces. Another useful piece of equipment at CTF is
a Mössbauer spectrometer, which investigates the chemical
and physical characteristics of iron compounds using nuclear
resonance. 160 This cutting-edge technology is also used in space
exploration missions: a Mössbauer spectrometer was sent to
Mars by the U.S. National Aeronautics and Space Administration
(NASA) to study the planet’s soil. 161
CTF has a multidisciplinary team composed of metallurgical
engineers, chemists, geologists and physicians, among other
professionals. The Center has entered into strategic partnerships
157 - Luiz Mello, CEO of ITV: “Para pensar o futuro,” Revista Pesquisa, Fapesp, no. 177,
November 2010. Available at <http://www.vale.com/pt-br/sustentabilidade/destaques/
158 - See Vale’s 2008 Form 20-F Report.
159 - See Vale press release “Vale desenvolve pesquisa para agregar valor à cadeia
siderúrgica mundial.” Available at <http://saladeimprensa.vale.com/pt/release/interna.
with universities and research centers in Brazil and other countries,
including the United States, Germany, China and Japan.162
Another characteristic of CTF is its use of advanced mathematical
models to simulate steelmaking processes for its customers. These
models are capable of predicting the behavior of the varieties of iron
ore available on the market. This analysis enables Vale to calculate
performance in different processes and to help develop integrated
furnace feed solutions for its customers.163
Vale Institute of Technology (ITV)
The most ambitious project developed by Vale in recent years in the
research field is the Vale Institute of Technology (Instituto Tecnológico
Vale, or ITV). The Institute’s activities began in 2009. Its goal is to
coordinate Vale’s science and technology actions, emphasizing longterm research projects conducted in partnership with the national
and international scientific community. Through this initiative, Vale
aims to expand scientific research output and technology-based
economic development in Brazil, as well as generating and sharing
knowledge to spur socioeconomic, environmental and mining
Since it was established, the Institute has entered into 97
research and development agreements, provided more than
50 research scholarships, and created partnerships with 36
Brazilian and international institutions, including Brazil’s
agricultural research institute, Embrapa, the National Council
for Scientific and Technological Development (CNPq), the
Massachusetts Institute of Technology (MIT) and the École
Polytechnique Fédérale de Lausanne (EPFL) in Switzerland.
In addition to its research partnerships, ITV is building a series
of facilities across Brazil to be staffed by world-class researchers.
Initially, the Institute will invest R$350 million in two research
centers in Ouro Preto (Minas Gerais) and Belém (Pará).
160 - Idem.
162 - Idem.
161 - Idem.
163 - Idem.
Both centers will focus on a specific theme: the mining of
the future in Minas Gerais and sustainable development in Pará.
They will each accommodate an average of 300 professionals,
including professors and students. The ITV research centers
will be landmarks in terms of their cutting-edge architectural
design, offering an inclusive, stimulating and safe workplace.
Both centers will feature efficient energy generation and usage
systems, reduced water use, rainwater collection, and materials
with a low environmental impact.
From the very start, ITV has had an international mindset,
arranging for researchers in Brazil and other countries to work
together as part of a network of international research institutes.
The idea is to involve a broad range of actors, bringing benefits
for society, since local development will be promoted, and for
Vale, given that value will be added to its business as it develops
its network of relationships with the domestic and international
The ITV centers will also offer postgraduate courses and invest
in the creation of technology-based enterprises, focusing on
the development of entrepreneurs and the creation of business
incubators. This will enable the technologies and research
developed at the Institute to be transformed into businesses with
high potential for growth and innovation.164
When Vale and Brazil’s national development bank, BNDES,
announced the establishment of Vale Soluções em Energia S.A.
(VSE) in 2007, the company already owned stakes in seven active
hydroelectric plants in the country, all dedicated to meeting its
164 - See Vale press release “Vale cria Instituto para incentivar pesquisa científica e
tecnológica,” September 8, 2011. Available at <http://18.104.22.168/saladeimprensa/pt/
operations’ power needs. VSE’s goal was to develop sustainable
processes for generating energy from renewable sources.165
Under the terms of the deal, Vale owned 51% of VSE’s equity,
while BNDESpar, the arm of BNDES that administers the bank’s
equity stakes, owned 44%. Sygma Tecnologia, Engenharia, Indústria
e Comércio Ltda. held the remaining 5% stake.
VSE’s planned investment program would feature “research
in the areas of thermal coal and biomass gasification, and the
production of gas-powered turbines and heavy multi-fuel motors.”
The company would also enter into “cooperation agreements with
universities and research institutions such as the University of São
Paulo (USP) and the Aeronautical Technology Institute (Instituto
Tecnológico da Aeronáutica, or ITA), as well as hiring its own team
of scientists and researchers.”166
VSE’s head office is in Rio de Janeiro and it has subsidiaries
in the United Kingdom and United States, as well as a Product
Development Center (Centro de Desenvolvimento de Produtos,
or CDP) in São Paulo. CDP, located on a site covering more than
100,000 square meters at the São José dos Campos Technology
Park, has state-of-the-art laboratories to support research
activities, from the development of prototypes and products to
165 - See “Vale e BNDES criam empresa de pesquisa de energia,” Agência Estado, January
7, 2008. Available at <http://www.estadao.com.br/noticias/economia,vale-e-bndes-criamempresa-de-pesquisa-de-energia,105393,0.htm>.
166 - Idem.
167 - See <http://www.vale.com.br/pt-br/o-que-fazemos/energia/vale-solucoes-emenergia/paginas/default.aspx>.
Capable of generating 1,000 kW, enough power to
supply a town of 3,000 to 4,000 people, the gas
turbine developed by Vale Soluções em Energia (VSE)
in São José dos Campos, São Paulo State, emits 15%
to 40% less pollution (depending on the power range)
than diesel turbines used in thermal power plants.
Previous page: aerial view of
a Vale Florestar eucalyptus
plantation in Maranhão.
During its 70-year history, one of Vale’s biggest challenges has
been to find solutions to minimize the impact of its activities.
ITV’s sustainable development center in Belém, Pará – one of the
company’s boldest investments – is committed to this. Vale has
long supported projects designed to generate prosperity while
protecting the environment. The Vale Florestar Project, launched
in 2007, is one such initiative. In May 2010, through a partnership
with BNDES and the employee pension funds of Caixa Econômica
Federal (FUNCEF) and Petrobras (Petros), the project evolved into a
company, Vale Florestar S.A.
Vale Florestar S.A.’s purpose is to restore and regenerate
deforested or degraded areas of native Amazon Rainforest while
also establishing commercial plantations; however, the company’s
activities are not restricted to the environment. Vale Florestar also
seeks to stimulate the sustainable socioeconomic development of
eastern Pará, in municipalities situated in the “Arc of Deforestation,”
and to contribute to ordered regional land use.168
Vale, BNDES, FUNCEF and Petros are all members of a
Reforestation Fund with assets of R$605 million. Initial resources
were invested in Vale Florestar S.A., which is focused on developing
forestry businesses in Brazil. 169 The goal is to cover a total area
of 450,000 hectares by 2022 – 150,000 hectares for commercial
plantations and 300,000 hectares for protecting and restoring
native forest. 170
The idea is for projects to also spread a tradition of sustainable
silviculture, helping to reduce pressure on native forest. Vale
Florestar is active in the municipalities of Dom Eliseu, Ulianópolis,
Paragominas, Rondon do Pará, Abel Figueiredo and Bom Jesus do
Tocantins, which according to an ecological and economic mapping
study (Macrozoneamento Ecológico-Econômico, or MZEE) of the state
of Pará, are located in a zone featuring consolidation and expansion of
productive activities in territory that is already deforested.171
By means of its direct actions – reforestation, replanting and
regeneration of degraded areas – Vale Florestar promotes carbon
dioxide sequestration through the natural photosynthesis of trees.
This initiative is particularly important given that a large share of
Brazilian emissions of greenhouse gases arise from deforestation,
forest burning and other land use changes.172
Established by Vale in 2009, the Vale Fund for Sustainable Development
works in partnership with public and third sector organizations to
pursue a shared goal: to leave a positive, strategic legacy for future
generations by promoting sustainable development.
A nonprofit institution, the Vale Fund participates in wideranging, transformational projects, balancing conservation and the
sustainable use of natural resources with improvements in regional
Its projects are carried out by organizations with proven
experience in the field, providing effective responses to the key
issues of macro-sustainability.
Rational use of water
In 2010, Vale’s investments in environmental control and protection
amounted to US$737 million, up 27% from the previous year.
Of this total, US$529 million was spent in Brazil. Some of these
resources were spent on water usage and availability management,
preventing water waste, saving energy and securing supplies of
water for future projects.173
Water is an essential input for mining activities, demanding
human intervention in surface and underground water resources.
It is used most intensively in the following areas: in water tablelowering activities, to enable mining in saturated areas; in
plants, where it is used in ore processing and cooling; and in the
sprinkling of access roads and stockyards of raw materials and
products. Water is also consumed in pelletizing processes, in ore
transportation and in the washing of equipment and components.174
Accordingly, in 2010 Vale intensified its research to make its
water use and reuse more efficient. By using the resource more
rationally, the company’s water recirculation and reuse rate reached
an impressive 79% that year. This means that of the 1.2 billion liters
required by Vale’s operations in 2010, 269 million liters were removed
from nature, and all the rest was supplied by water recycling.
168 - See BNDES, “BNDESPAR participará do Fundo Vale Florestar com aporte de R$ 121
milhões,” Press Office, May 5, 2010. Available at <http://www.bndes.gov.br/SiteBNDES/
169 - See Vale press release “Vale, BNDES, Funcef e Petros se aliam para constituir um
dos maiores fundos de reflorestamento do Brasil,” May 5, 2010. Available at <http://
170 - Idem.
171 - Idem.
172 - Idem.
173 - See Vale’s 2010 Sustainability Report.
174 - Idem. See also Vale press release “Vale conclui 5a barreira de vento do Complexo
de Tubarão,” October 20, 2011. Available at <http://saladeimprensa.vale.com/pt/release/
Previous page: wind fence at Tubarão
Complex in Vitória, Espírito Santo.
Left: construction site at Carajás
S11D Iron Project, in 2012.
At the start of 2010, Vale ran a unique experiment at its Carajás
operations, testing a technology for screening ore using only its
natural moisture in order to reduce water use in the region.175
In the operations where it has been implemented, this new
processing technique has cut water use by the same amount
consumed by a city of 430,000 inhabitants. It has also reduced
electricity consumption by 18,000 MW per year and eliminated the
need to build new tailings ponds.176
The first time that Vale put into practice the idea of building
artificial wind barriers, called wind fences, was in 2009, at
Tubarão Complex in Espírito Santo. Wind fences are designed to
stop the wind from blowing dust particles into the air, and are
therefore an important instrument in controlling atmospheric
pollution. They are ingenious structures, made of a metal frame
and polypropylene screens, and they can contain winds of up to
120 kilometers per hour. 177
Wind fences have been installed around Vale’s stockyards at
Tubarão to permit greater control over atmospheric emissions
of iron ore, pellet and coal particles. In all, 9 kilometers of the
barriers have been erected. The fences are one and a half times
the height of the piles of products they shield, resulting in an
average height of 24 meters. 178
In 2005, Vale began research at the Federal University of Rio
Grande do Sul (UFRGS) to develop its wind fences. In 2007, the
company hired the Midwest Research Institute (MRI), an American
organization specializing in environmental control solutions,
which calculated the barriers’ ideal dimensions and layout, in line
with the type of stockyard. 179
After that, the plans were made and work began at Tubarão
Complex. During the installation work, four 23-meter-high towers
were built around the stockyards, to which instruments were
attached for continually monitoring particulate matter levels and
the wind direction and speed. After four months of monitoring, the
results showed that the wind fences had reduced dust emissions
by 77.4%. 180
In addition to wind fences, Vale has invested in a number of
other improvements to cut particulate emissions. One of the most
significant was the shielding of iron ore and pellet conveyor belt
transfer houses in 57 places, in order to prevent dust from dispersing
at points where the material is transferred from one belt to another.181
Another way of capturing dust is by using electrostatic
precipitators. These tools are now employed at 21 pelletizing facilities.
They are capable of filtering out 99% of dust emissions produced
in pelletizing furnaces. Unlike wind fences, which are physical
structures, electrostatic precipitators work by creating a field to
capture pollutants, releasing clean gas into the atmosphere.182
Carajás: S11D Project
Right from the start, Vale’s most ambitious mining project in the
2010s has been designed with sustainability in mind. S11D, in Canaã
dos Carajás, Pará, will use iron ore conveyor belts on a large scale
rather than off-highway trucks. Belts will move ore from various
parts of the S11D site to the plant quickly, cleanly and cheaply.
175 - See Vale press release “Vale desenvolve tecnologia que reduz o consumo de água
de suas operações em Carajás,” March 19, 2010. Available at <http://saladeimprensa.vale.
179 - Idem.
176 - Idem.
180 - Idem.
177 - See Vale’s 2009 Sustainability Report.
181 - Idem.
178 - Idem.
182 - Idem.
One of the most innovative projects in global mining, S11D
will allow 90 million metric tons of iron ore to be extracted
per year just three years after it starts operating. To put this
into perspective, the world’s largest open-pit iron ore mine, in
Serra dos Carajás, only reached this output level three decades
after it began functioning. 183 S11D has been designed to set the
benchmark for intelligent mining, with lower costs, lower water
consumption and less pollution.
“Truckless” systems reduce operating costs and produce lower
carbon emissions. If the S11D mine were completely operated using
off-highway trucks, there would be more than 100 vehicles circulating,
consuming 65 million liters of diesel per year. Using conveyor belts,
diesel consumption will be 15 million liters per year, a saving of 77%.
Finally, the need to replace 174 very large truck tires (each one over
three meters high) every year will be eliminated.184
In Canaã dos Carajás, a total of 37 kilometers of conveyor
belts will be installed within the mining area, including
branches that will connect to a main 9.5-kilometer trunk line
to the processing plant. Between the area where the ore will be
extracted and the site where the processing plant will be built,
there is a difference of altitude of 450 meters. This is another
advantage of the truckless system, as conveyor belts can more
easily cope with such slopes than trucks.
The technological innovation being applied at S11D is in line with
the sustainable model adopted by Vale, which calls for significant
reductions in water use (through processing using natural ore moisture),
the elimination of tailings ponds and lower carbon emissions. The
project’s industrial facilities will be located on pasture land outside
Carajás National Forest. The outcome of five years of environmental
and engineering studies, the S11D Project brings together all the main
lessons Vale has learned in Carajás.
“One of the most disturbing issues in the sustainable development
process in Brazil is the imbalance between the living conditions
of the inhabitants of its different regions” argues Professor Paulo
Haddad in the document A importância do Projeto Ferro Carajás S11D
para o processo de desenvolvimento nacional da Região Norte do Brasil
(“The importance of the Carajás S11D Iron Project for the national
development process in Brazil’s North region”). “When one observes
the geographical distribution of new investment projects in the
country’s mining sector, at the implementation or technical design
phase, initially estimated at US$54 billion, it is notable that the
overwhelming majority are located in the traditional periphery
or dynamic periphery, helping to attenuate Brazil’s regional
development imbalances. This is the case with the Carajás S11D
Iron Project, located in a region of the country that needs to make
economic and social progress,” says Haddad.
Another consequence of the S11D Project is that the Carajás
Railroad, used to take iron ore to the coast, will be extended for
100 kilometers, to Canaã dos Carajás. At the same time, Ponta da
Madeira Maritime Terminal, where the ore is loaded onto ships
for export, will gain an extra pier. By 2015, the terminal’s loading
capacity will have increased to 230 million metric tons per year,
almost twice its present capacity.185
183 - See Vale press release “Instituto Tecnológico Vale promove debate sobre a mineração
do futuro,” December 6, 2010. Available at <http://saladeimprensa.vale.com/pt/release/
184 - “Vale importa tecnologia que tira caminhões de dentro das minas,” Valor Econômico,
March 3, 2011. Available at <http://www.valor.com.br/arquivo/875549/vale-importatecnologia-que-tira-caminhoes-de-dentro-das-minas>.
185 - “Vale prepara maior expansão da história em Carajás,” iG Economia, July 26, 2010.
Available at <http://economia.ig.com.br/empresas/industria/vale+prepara+maior+expans
Aerial view of passenger
train on the Vitória-Minas
Railroad (EFVM), 2009.
More preservation actions
At the largest open-pit iron ore mine in the world, Vale is reusing
the ultrafine ore particles deposited in tailings ponds after
processing. This system for recovering fines is being used at
Carajás Mining Complex and Azul Mine, in Parauapebas, Pará,
where manganese is mined, and also in iron ore mines in Minas
Gerais. This new technology reduces the need for tailings dams
and piles of waste rock. 186
Another environmental advantage of this process is that it
does not generate any waste, and it basically only requires the use
of dredgers with pipes, compartments and a rescreening plant. At
Azul Mine, for example, more than 5 million metric tons of fines
were recovered in 2011 alone, in the first year that the system
was implemented. As a result, Vale was awarded an international
certification by consultancy Pincock & Runge, formally recognizing
the tailings pond at Azul as a mineral reserve. In the same year,
using the same process, 8 million metric tons of iron ore were
recovered at Geladinho Mine in Carajás.187
In yet another step associating diversified investments with
environmental actions, on February 1, 2011, Vale announced its
purchase of Biopalma da Amazônia S.A., a palm oil producing
company in Pará. Vale’s plan is to use most of the palm oil
produced by Biopalma to manufacture “B20,” a blend of 20%
biodiesel and 80% regular diesel, to power its fleet of locomotives
on the Carajás Railroad and large machinery and equipment in its
Brazilian operations. 188
Vale’s investments in biodiesel production are part of its
strategic priority to be a global sustainability agent, making ever
greater use of renewable fuels in its energy supply. Biopalma has
six production clusters under development in the Vale do Acará and
Baixo Tocantins areas of Pará. By 2013, it will have planted 60,000
hectares with oil palm trees and allocated 75,000 hectares for the
restoration and regeneration of native forest. By 2011, it had already
planted 18,400 hectares of palm oil trees.189
All areas used to grow palm trees must first be mapped and
demarcated by the federal government as degraded areas. As part
of Vale’s strategy, Biopalma will contribute to preserving green
areas and restoring degraded areas.190 In addition, a family farming
program has been designed to cover 2,000 families in the Vale do
Acará and Baixo Tocantins regions, who will produce palm oil on
their land. The company will monitor the farmers’ agricultural
practices and has guaranteed to purchase their output.
In this context, the Small Farmers Project was launched in February
2010 and now involves 24 families, who are growing palm trees on 240
hectares. The farmers participating in this project receive technical
assistance from Biopalma and credit from Pronaf Dendê, a federal
government funding program administered by Banco da Amazônia,
for the purchase of saplings, crop maintenance and subsistence needs
in the first three years of planting until harvesting begins.191
In a different field, Vale renewed its efforts to gradually start
using natural gas and biodiesel as replacements for diesel and fuel
oil in its operations. In February 2011, the company launched the
Green Train project, which involves using a blend of natural gas
and diesel to power its locomotives. The project is conducting trials
on the Vitória-Minas Railroad (EFVM). It is estimated that using
natural gas on the EFVM will cut emissions of CO2 equivalent by
73,000 metric tons per year.192
São Paulo Stock Exchange Corporate Sustainability Index
As part of the process of continuously improving its sustainability
management, Vale made a number of advances in 2010. It was
the first mining company to join the São Paulo Stock Exchange’s
Corporate Sustainability Index (Índice de Sustentabilidade
Empresarial, or ISE), and it further developed its Sustainability
Action Plan (Plano de Ação em Sustentabilidade, or PAS), whose
targets were adopted as one of the criteria for employees’
186 - See Vale press release “Vale adota no Brasil projeto pioneiro de reaproveitamento de
minério de ferro,” July 26, 2010. Available at <http://saladeimprensa.vale.com/pt/release/
189 - Idem.
187 - Idem.
192 - See Vale press release “Vale aumenta para 76% o índice de reaproveitamento de água
em suas operações no mundo,” August 20, 2009. Available at <saladeimprensa.vale.com/
188 - See Vale press release “Vale acelera investimentos em biodiesel,” February 1, 2011.
Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20445>.
190 - Idem.
191 - Idem.
Palm tree plantation,
producing palm oil used to
make biodiesel, in 2010.
In 2009, out of all major mining companies, Vale had the lowest
intensity of greenhouse gas emissions per unit of revenue,
according to a survey conducted by the Carbon Disclosure Project.
The company was also rated among the top five in a multi-sector
ranking in Goldman Sachs’ GS-Sustain Report – Focus List
variable pay. Sustainability issues received growing attention
from investors and were seen as key factors in companies’ longterm financial success. This trend was confirmed in the Brazilian
market, with the ISE rising 5.8% during 2010, while the main
Ibovespa index only increased by 1.04%. 193
In this context, various banks, research institutions and investor
support organizations requested a wide range of information that,
together with a strengthened GRI methodology,194 could serve as
a guide to continuous improvement actions and the pursuit of
best practices. Having joined the ISE index in 2010, Vale remained
in it in 2011, underscoring the company’s commitment and the
success of the measures taken by it in the area of sustainability
and environmental management.
Carbon Disclosure Leadership Index
In 2008, Vale was the only Latin American company to feature in
the Carbon Disclosure Leadership Index. The ranking, published
in September of that year, rated the largest companies in the New
York Stock Exchange’s Global 500 Index. Of these companies, 67
were chosen, including both carbon intensive and non-intensive
companies, as setting examples in transparency and the adoption of
practical measures to cut their emissions. Among the six companies
in the Raw Materials, Mining, Paper and Packaging sector listed as
leaders, Vale registered the lowest greenhouse gas emission intensity
in 2007, in terms of emissions per unit of revenue.195
A nonprofit institution based in London, the Carbon Disclosure
Project produces an annual report on climate change-related
activities undertaken by major global companies. The organization
presently represents more than 3,000 investors, who together control
US$57 trillion in assets.196
Vale’s inclusion in the Carbon Disclosure Project’s ranking
was the result of the Vale Carbon Program, whose foundations
were created in 2007. The program is an action plan set out in
the company’s Corporate Guidelines on Climate Change and
Carbon, published in September 2009 at the Sustainability Forum
organized by the Rio de Janeiro Federation of Industry (FIRJAN). 197
In 2008, Vale’s greenhouse gas emissions amounted to 16.8 million
metric tons of CO2 equivalent – up 10% from 2007. This increase
was mainly due to the incorporation of operations in Australia and
refinements to the emission calculation methodology used.198
Since 2008, when it published its Corporate Guidelines on
Climate Change and Carbon,199 the company has taken measures in
many areas, year after year, to cut its CO2 emissions and minimize
the environmental impact of its operations. In 2010, Vale emitted
0.65 metric tons of ozone-depleting substances, similar to the 2009
figure. This result also reflects the company’s efforts to improve its
data collection in relation to the previous year.200
The Vale Carbon Program encompassed an agreement with the
National Space Research Institute (Instituto Nacional de Pesquisas
Espaciais, or INPE) signed in April 2009. This agreement provided
for the publication of three reports about climate change and
193 - See Vale’s 2010 Sustainability Report.
196 - Idem.
194 - The most widely used methodology across the world for producing sustainability
reports. GRI guidelines propose a new process for producing reports, and a distinctive
factor in their application is a change in company management, making the methodology
an instrument for promoting sustainability rather than merely a tool for producing
reports. See <http://www.gvces.com.br/index.php?r=site/conteudo&id=33>.
197 - Idem.
195 - See Vale press release “Vale é a única empresa da AL listada no ranking do Carbon
Disclosure Project,” September 26, 2008. Available at <http://saladeimprensa.vale.com/pt/
199 - Read more at <http://www.vale.com.br/pt-br/sustentabilidade/mudancas-climaticas/
198 - See Vale press release “Vale aumenta para 76% o índice de reaproveitamento de água
em suas operações no mundo,” August 20, 2009. Available at <http://saladeimprensa.vale.
200 - See Vale’s 2010 Sustainability Report.
Right: iron ore processing
plant using natural moisture
at Carajás Mine, Pará.
its impacts on vegetation, agriculture, biodiversity and energy
generation capacity in the states of Pará and Maranhão, where the
company has a major presence.
In 2009, out of all major mining companies, Vale had the
lowest intensity of greenhouse gas emissions per unit of revenue,
according to a survey conducted by the Carbon Disclosure Project.
The company was also rated among the top five in a multi-sector
ranking in Goldman Sachs’ GS-Sustain Report – Focus List,201 which
analyzed opportunities and challenges related to climate change.
According to the same report, Vale was one of the four most
sustainable global mining companies, in accordance with factors
such as return on capital, industrial issues and sustainability. In
its traditional assessment of companies designed for investors,
covering financial, strategic and sustainability issues, the GSSustain Report rated Vale among the five best companies in the
world in the basic materials sector (industrial metals, precious
metals, steel and chemicals).202
The GS-Sustain Report produced sector rankings based on
three dimensions: Quality of Management and Sustainability
(environmental, social and corporate governance); Industry
Position (access to profitable growth, and low-cost operations); and
Return on Capital (cash return on capital invested and return on
equity).203 Vale’s position in a ranking that combined sustainability,
quality and dividends made it clear that the company had excellent
prospects at the end of 2010.
201 - See press release “Relatórios do Goldman Sachs colocam a Vale entre as corporações
mais sustentáveis do mundo,” August 17, 2009. Available at <http://www.cvrdint.com/
202 - Idem.
203 - Idem.
Iron ore processing
plant at Carajás
Mine, Pará, in 2011.
10.10 One of the best mining
companies in the world
In May 2011, Vale gained a new CEO: Murilo Ferreira. Before
being appointed, Ferreira had already developed a successful
career at Vale. He was made a director of Vale do Rio Doce Alumínio
(Aluvale) in 1988, and later worked as Vale’s Executive Director of
Nickel and Base Metals Sales, before being appointed CEO of Vale
Inco (now Vale Canada), where he remained until 2008. In his first
speech as Vale’s CEO, Murilo Ferreira stressed that employees
were the company’s most important asset: “I strongly believe in
the people working with me. I strongly believe we achieve better
results by working as an integrated team, capable of overcoming
any difficulties caused by global economic instability.”
Vale had ended the previous year with new records in all sectors,
with a profit of US$30.1 billion, up 42.6% on its previous record,
set in 2008.204 The final results for 2011 were even better. The year
ended with three new annual production records: 322.6 million
metric tons of iron ore, 51.8 million metric tons of pellets, and 7.3
million metric tons of coal.205
The company’s results were in line with the good overall
performance of Brazil, which that year had risen to seventh in the
ranking of the world’s largest economies. In 2011, Vale was more
international, diversified and focused on social and environmental
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.
Vale’s investment in Valemax vessels was accompanied by
strategies to better distribute iron ore exports to Asia. An example
of this is the use of the Strait of Malacca, to the west of Malaysia,
in order to optimize international logistics arrangements. The
idea was to use the 800-kilometer channel as an export platform,
shortening distances and competing on the Chinese market on
an equal footing with its Australian rivals. To this end, Vale will
benefit from a new port terminal and distribution center capable
of storing 30 million metric tons of iron ore in Teluk Rubiah, in the
Malaysian state of Perak. 206
In March 2011, expanding its foreign presence – especially in Asia –
Vale began to construct its first pelletizing plant at the Sohar Industrial
Complex in the Sultanate of Oman. The company has invested a total
of US$1.35 billion there in two pelletizing plants and a distribution
center, which will act as a hub to meet growing demand for iron ore
products in the Middle East, North Africa and India.207
In the same way that it saw Asia as a market to be prioritized,
the company also invested heavily in Africa. On May 8, 2011,
mining operations began at Moatize Coal Mine in Tete Province,
Mozambique. Shortly afterward, in July, the mine’s processing
plant was activated. This project is Vale’s biggest investment in
the coal sector. 208 In the mine’s first year of operations, it produced
275,000 metric tons of metallurgical coal and 212,000 metric tons
of thermal coal. 209
In March 2011, Vale began producing nickel in Onça Puma, Pará,
Brazil. The mine and processing plant have a nominal production
capacity of 53,000 metric tons per year of nickel contained in
206 - “Vale aposta na Malásia para bater BHP Billiton e Rio Tinto,” Brasil Econômico, July 21,
2011. Available at <http://saladeimprensa.vale.com/pt/noticias/interna.asp?id=20872>.
207 - “Vale inicia produção de pelotas em Omã,” Vale Press Office, April 30, 2011. Available
204 - See Vale’s 2011 Sustainability Report.
208 - “Vale inicia atividades de lavra na Mina de Moatize,” Vale Press Office, May 8, 2011.
Available at <http://saladeimprensa.vale.com/pt/release/interna.asp?id=20669>.
205 - Idem.
209 - See Vale’s 2011 Production Report.
Next page: city of Itabira,
Minas Gerais, in 2005.
ferronickel. Onça Puma lies over a deposit of laterite/saprolite
nickel, and the operation’s output in 2011 was 7,000 metric tons. 210
Upgrade in Vale’s Standard & Poor rating to AVale’s investments, diversification, good results and social and
environmental commitments – as well as its proven ability to tackle
crises – were acknowledged by the international ratings agencies.
On November 23, 2011, Standard & Poor’s Ratings Services raised
the global scale ratings of Vale S.A. (“Vale”) and its subsidiary Vale
Canada Ltd. from BBB+ to A-, and confirmed the company’s brAAA
rating on the Brazilian national scale.211
Standard & Poor’s analyzes the performance of companies
listed on international stock markets, giving them risk scores that
range from AAA (the best) to D (the worst). According to the agency,
Vale’s rating was due to its “demonstrated commitment to financial
prudence and a level of flexibility that enables it to adapt to the
harshest global conditions.”212
Long life in Itabira
Nearly 70 years after Companhia Vale do Rio Doce was established
there, the city of Itabira in Minas Gerais played host to one of the
company’s most innovative projects. New technology would be used
to expand the mining horizon there. In June 2011, Vale announced
a R$3.8 billion investment (to be spent by 2014) to implement the
Conceição-Itabiritos project, launched in March of the previous year.213
The project entailed constructing an ore treatment facility
capable of producing 12 million metric tons per year of pellet feed.
210 - See Vale’s 2011 Form 20-F Report, p. 40.
211 - “Ratings da Vale elevados de ‘BBB+’ para ‘A-’ por sólido desempenho e
comprometimento com políticas prudentes: perspectiva estável,” Standard & Poor’s.
Available at <http://www.standardandpoors.com/ratings/articles/pt/la/?articleType=HTM
212 - “Standard & Poor’s eleva nota de crédito da Vale,” G1, November 23, 2011. Available at
213 - “Vale vai reaproveitar minério descartado,” Folha de S.Paulo, June 28, 2011. Available at
Through this initiative, Vale was beginning a pioneering industrialscale project at its iron mines in Brazil, which could extend the
lifespan of reserves and reduce environmental impacts.214
The aim of the project is to reuse ultrafine iron and manganese
particles left over from previous mining activities and deposited
on waste rock piles or in tailings ponds. Piles store all waste rock
collected in mining areas, while tailings ponds store waste produced
during ore processing in processing plants.215
Conceição-Itabiritos is an innovative project based on
technologies developed by Vale, which will make it possible to
transform waste materials, until recently considered economically
worthless, into valuable market products. Accordingly, Vale expects
to perfect technology for processing low-grade itabirite ore (with
iron content of around 40%) that can be applied at other mines.
Seventy years have now passed since Companhia Vale do Rio
Doce was established in 1942 by a decree signed by the President of
the Republic, Getúlio Vargas. By 2010, Itabira, which 70 years before
had been a quiet town exclusively dependent on mining, was now a
modern city and the fourth highest ranking municipality in Minas
Gerais in terms of quality of life, and it continued to be a major
focus of Vale’s activities.216
In 70 years, currencies changed name, wars started and ended, new
technologies appeared and disappeared, countries were created and
left the map, and the world became globalized – and meanwhile, the
former CVRD moved to the private sector and is now called just Vale.
Over the course of its history, the company has learned to tackle the
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.
214 - See Vale press release “Vale adota no Brasil projeto pioneiro de reaproveitamento de
minério de ferro,” July 26, 2010. Available at <http://saladeimprensa.vale.com/pt/release/
215 - Idem.
216 - “Itabira é a quarta cidade de Minas Gerais em qualidade de vida.” Available at <http://
Below: workers restoring
the Christ the Redeemer
statue in Rio de Janeiro.
Restoration of Christ the Redeemer Statue
The statue of Christ the Redeemer, perched on top of Corcovado
Mountain in Rio de Janeiro, is a Brazilian icon, ranking alongside
the black and white Portuguese stones along the beach promenade
in Copacabana, Pelé’s goals, the Brazilian soccer team’s yellow
jerseys, Carmen Miranda’s fruit hat, the samba rhythm and the Girl
from Ipanema. The statue is a symbol of Rio and was elected one
of the seven wonders of the modern world in a poll conducted in
2007.1 Inaugurated in October 1931, its initial design was created
by engineer Heitor da Silva Costa and it was produced by artist
Carlos Oswald and French sculptor Paul Landowski.2 The statue
now has more than 80 years of history, and since 2010 Vale has been
participating in one of its most important chapters.
Working with the Archdiocese of Rio de Janeiro, Vale was
responsible for one of the most thorough restorations of the
monument since its inauguration. As part of a five-year agreement
signed in January 2010, Vale undertook to replace approximately
3 million soapstone mosaics covering the statue and to do
maintenance work on the entire belvedere surrounding the statue,
which receives around 1.4 million visitors per year. In all, Vale
invested R$7 million in this work.3
From head to toe, the statue is 30 meters high and it stands on an
eight-meter-high pedestal. Added to the height of the mountain, the
monument reaches an altitude of 748 meters – the highest art déco
work in the world.4 During the restoration work, in order to maintain
the same appearance, soapstone was mined from the same region
of Carandaí in Minas Gerais that provided the material when the
statue was built. More than 100 professionals worked directly on
the restoration, which lasted five months. The restored statue was
unveiled to the people of Rio and tourists on June 30, 2010.
To celebrate the occasion, Vale ran a contest to pick the 80 best
responses to the question “Why would you like to have a permanent
reminder of the Christ the Redeemer monument?” The company
website received more than 100,000 visitors from 84 countries,
and 9,000 people took part in the contest. Each winner received
a soapstone mosaic identical to those used to restore the statue,
engraved with their name. Since June 2010, 80 people have been
able to say, with pride, that they have a piece of one of the wonders
of the modern world in their home.
1 - The poll, which took place on the internet, was based on a list of 100 options produced by
the Hillman Wonders of the World website (http://www.hillmanwonders.com), featuring
the Peruvian city of Machu Picchu and the Great Wall of China, among other sites.
2 - “Corcovado no Rio de Janeiro,” available at <http://www.corcovado-rio.com/historia.htm>.
3 - “Restauração do Cristo começa esta semana e vai custar R$ 7 milhões,” O Globo, January 26,
2010. Available at <http://g1.globo.com/Noticias/Rio/0,,MUL1463709-5606,00-RESTAURACAO
Aerial view of Christ
the Redeemer statue
in Rio de Janeiro.
4 - Congresso de art déco resgata maior projeto de Landowski,” Folha Ilustrada, August
15, 2011. Available at: <http://www1.folha.uol.com.br/ilustrada/959592-congresso-deart-deco-resgata-maior-projeto-de-landowski.shtml>.
Banded iron formation (BIF) | Finely
stratified sedimentary, chemical
meta-sedimentary or igneous rock,
presenting layers of iron oxides,
carbonates or silicates alternating with
quartz, amphibole or quartz-chlorite
layers. Banded iron-bearing layers
may develop economically extractable
iron deposits, as occur in Brazil in the
itabirite deposits of Minas Gerais, for
Billet | A cast metal product with a
round cross-section, used to produce
pipes, bars or other forged products.
Blast furnace | Reactor with a
variable circular cross-section, with
a high height-diameter ratio, used to
manufacture pig iron.
Blue dust | Term used when iron ore is
found as very fine and soft hematite.
As hematite grains are often grayishmetallic in color, fine powders of this
mineral are called blue dust.
Break bulk | Maritime transportation
system for general cargo, carried loose
and in individual volumes, unlike in
Bucket wheel | One of the biggest landbased machines in the world, used to
remove large quantities of ore.
Bulk carrier ships | Vessels with their
own holds for stowing and transporting
solid bulk cargo.
Bulk solids | Soy, iron ore and coal,
among other goods.
Capesize ships | Capesize ships are
not able to fit through the Panama and
Suez canals, but instead are obliged to
go around Cape Horn and the Cape of
Good Hope, hence their name.
Cored wire | The process of injecting
alloys with cored wire is used in
metallurgical applications in which
strict control of chemical elements in
steels is essential.
Car dumper | An automatic system
operated by the stockyard control
center that rotates railroad cars 180
degrees to dump their ore.
Crushing | The first mechanical stage
in ore comminution. Crushing reduces
blocks or particles of mined ore to sizes
suitable for milling operations.
Coke | Coal processed in a coke oven,
used as a reducing agent in blast
furnaces and smelters to transform iron
ore into pig iron.
Deadweight tonnage (dwt) | A ship’s
capacity to store and transport
cargo, fuel oil, water, supplies and
crew members, measured in tons.
A ship’s deadweight tonnage
corresponds to the total weight
that it can contain when it is loaded
up to its waterline.
Coke blast furnaces | Reactors that use
coke as a fuel.
Comminution | Fragmentation, grinding.
Reduction in size of mineral particles.
Concentration | Physical, chemical or
biological process to increase metal or
Containerize | Term used to express
the unitization of cargo in containers.
It is a dispatch method in which
products are placed in containers
and, after initial loading, are not
moved during the dispatch
operation until unloading at
Conveyor belt | Device consisting of a
continuous flexible belt, assembled in a
structure, pulled by rollers, and used to
transport bulk goods.
Copper cathode | Copper plate of at
least 99.9% purity, produced using an
Deposit | An individualized mass of
mineral (or fossil) substance on the
ground surface or under the Earth’s
crust, of economic value.
Direct reduction | Processes of obtaining
metallic iron by reducing its oxides
without changing its state (solid).
Docks | Port area; jetty where ships dock
for repairs or to load or unload cargo.
Dredging | Service involving excavating
channels at ports to maintain or
increase their depth.
Drilling rig | A machine equipped with
a drill bit with which to drill a hole in
Exhaustion | Final phase in a mine’s life
cycle, when there are no more reserves
left that can be mined economically.
Firebreak | Area of land cleared of
vegetation around or through a forest to
prevent the propagation of fires.
Iron and steel production | Branch of
metallurgy dedicated to the processes of
obtaining and refining iron and its alloys.
FOB (Free on board) | Arrangement
whereby the purchaser pays for the
shipment, the insurance and all costs
associated with the transportation of
the goods until the destination.
Iron ore fines (sinter feed) | Iron ore
particles that vary from 0.15 mm to
6.35 mm in diameter. Used in sintering.
Gangue | Economically valueless
Geology | Science that studies
the Earth – its origin, structure,
composition and evolution, as well as
the causes and processes that gave rise
to its current state.
Grade | Mass of an element or pure
substance in relation to the total mass
of the material in question. Usually
expressed as a percentage.
Gravel | Rocky outcrop on river beds or
in diamond mining areas.
Greenstone belt | Precambrian
belt characterized as containing
metamorphic rocks of one or more
igneous and sedimentary sequences of
economic interest, such as rocks that
presumably originated from volcanic
Hematite fines | Iron ore product used
in small charcoal-fed blast furnaces. In
Brazil, they are mainly used by companies
in the pig iron industry. Their grain size
ranges between 6 mm and 19 mm.
Ingot | Metal or solid alloy in the shape
of the mold into which it was poured.
Iron ore ultrafines | Fine particles
of iron ore (smaller than 0.15 mm)
generated by mining and milling. This
material is turned into pellets through
an agglomeration process.
Iron Quadrangle | A region in the
Brazilian state of Minas Gerais that is
rich in various minerals, especially iron,
gold and manganese. It is one of the
most important mineral provinces on
Itabirite | A banded rock with hematite
layers measuring between millimeters
and centimeters in thickness (with or
without magnetite), containing silica,
generally quartz. It is a metamorphosed
banded iron formation (see entry).
It normally contains low iron
Jetty | A coastal hydraulic engineering
structure similar to a pontoon, built at sea
ports to protect them from rough waters.
Lump crushing | Crushing of ore
Lump ore | Iron ore or manganese ore
in lump format, whose biggest particles
vary from 6.35 mm to 50 mm in
diameter, with small variations between
different mines and ores.
Metric ton-kilometers | The weight
of goods transported, in metric tons,
excluding the train’s weight, multiplied
by the kilometers for which the goods
Mine | Deposit in the process of
being extracted, whose output is
mainly characterized by chemical or
Mineral | Natural, solid inorganic
compound, with a defined chemical
composition and characteristic
physical properties (such as crystalline
structure, color, hardness, luster,
appearance, cleavage pattern, etc.).
Mineral reserve | Portion of a given
researched area that has an ore body
with grades and volumes calculated
based on geological studies, with
varying degrees of uncertainty.
Mineralogy | Branch of geology that
studies minerals, their genesis
Mining | Set of operations required for
the industrial extraction of mineral or
fossil substances in a deposit; economic
activity related to the harnessing of
Mining Code | Set of laws governing
the discovery, geological research and
mining of minerals in Brazil.
Mining concession | Authorization
granted by the National Mineral
Production Department (DNPM) for a
company to mine a given mineral good.
Mtpa | Million tons per annum.
Multipurpose ships | Ships built to
transport various types of cargo.
Nickel matte | An intermediate smelting
product that needs to be further refined
in order to obtain pure nickel.
Open-pit mine | Open-pit mining
methods are classified into two
groups: mechanical and hydraulic.
The first method, more frequent
in the exploitation of ores (such as
iron, coal, bauxite and kaolin), uses
mechanical equipment in mining
operations featuring benches and
strips. Quarries producing gravel and
ornamental rocks, such as marble,
granite and slate, also use mechanical
methods. Hydraulic methods use water
or solutions in mining operations. This
second methodology encompasses the
following mining methods: hydraulic
excavation; dredging; boreholes;
leaching (a technique using chemical
solvents); and even the use of bacteria.
Ore | Any mineral substance from which
one can economically extract one or
more metals. The term is commonly used
to designate any mineral raw material.
Ore exploitation | Set of coordinated
operations with the aim of making
industrial use of a deposit, from the
extraction of useful mineral substances
to their processing.
Ore exploration | Phase of prospecting
for and researching natural resources.
Ore reduction | Opposite reaction to
oxidation. Chemical process in which
an element goes from a more oxidized
condition to a less or non-oxidized
condition (for example, iron’s transition
from oxide to metal).
Pellets (pellet feed) | Agglomerated
Ore/oil carrier ships | Combination bulk
carriers, designed to transport solid
and liquid bulk goods. In addition to
conventional bulk carrier facilities, they
have a pumping system and respective
networks for treating liquid cargo,
as well as an appropriate system for
cleaning and degasifying tanks. The
same as combined carriers.
state in blast furnaces.
Panamax ships | A Panamax ship has
the maximum acceptable dimensions to
pass through the Panama Canal.
their color, malleability and rarity, have
Particle size | The dimensions of sets
of particles of different sizes, based
on conventional scales of openings
through which such particles can pass.
investment. The most traded are gold,
Pelletizing | Iron ore pelletizing is
a process to agglomerate ultrafines
produced in iron ore mining and
in concentration stages. There are
three basic stages in the process:
(i) preparation of ore (to obtain the
suitable degree of fineness); (ii)
blending in of additive and formation
of spheres; and (iii) firing (to obtain
ceramic alloy and resistance).
be estimated using similar information
Pelletizing disk | A device composed
of a rotating inclined plate, designed
to agglomerate wet mixtures of ore,
forming raw pellets.
Processing | A variety of processes
balls of iron ore ultrafines, of a size
and quality appropriate for specific
steelmaking processes. Vale’s pellets
vary from 8 mm to 18 mm in size.
Pig iron | Raw iron produced in liquid
Pitch | Sticky black resin obtained by
distilling tar or turpentine.
Plant | Industrial establishment
equipped with machines, in which raw
materials are transformed into final or
Precious metals | Metals that, due to
a high economic value, not only for
practical use in industry, but also as an
silver, platinum and palladium.
Probable mineral reserves | Reserves
whose quantity, grade and quality can
to that used for proven reserves.
However, their inspection, sampling
and measuring locations are more
remote or spatially arranged in a less
appropriate manner. Although the level
of certainty is lower than for proven
(measured) reserves, it is sufficiently
high to assume that there is continuity
between the observation points.
through which ore extracted from
mines is reduced to particles that can
be separated into minerals and waste,
with the minerals either suitable for
further processing or direct use.
Proven (measured) reserves | Reserves
whose quantity is computed using
the dimensions revealed in outcrops,
trenches, galleries, underground
workings and drilling. Grade and
quality are determined from detailed
sampling results, and the inspection,
sampling and measuring points
are closely spaced. The geological
character of the reserves is so well
defined that the mineral substance’s
dimensions, shape and grade can be
Railroad ties | Pieces of wood or metal
that, spaced out side by side, cross a
railroad bed, and onto which the tracks
Refining | Process of purifying metals
and alloys. In steelmaking, it is the
stage involving the transformation of
pig iron into steel.
Riprap | Set of blocks made of
stone (or another material such as
cement) piled up on top of one
another in the water to serve as
ballast for the foundations of
hydraulic works that stick out
of the water or are very extensive,
such as breakwaters or barriers
against wave erosion.
Rolling mills | Series of rollers for
large-scale steel plate production.
Each mill produces a different
reduction in thickness.
Run of mine (ROM) | Raw (unprocessed)
ore obtained directly from a mine,
without going through any kind of
Sample | Cylindrical piece of rock or
soil obtained from a drilling operation,
described and analyzed in a laboratory.
Screening | Separation based on
Secondary refining | Process of
purifying metals and alloys outside
a main reactor. In steelmaking,
secondary refining encompasses
various operations conducted after
refining in an oxygen converter or
Ship loader | Tower or funnel used to
load bulk goods directly from terminals
into ship holds.
Siliceous ore | An economically
important mineral occurring in nature
such as quartz, flint, opal, etc.
Sinter | Aggregate produced in the
Sintering | Process of agglomerating
particles by heating and fusing
Small-scale prospecting | Activity of
exploiting minable mineral substances,
executed in areas established for this
purpose, under a small-scale mining
from metal in liquid state, by solidifying
it in a mold.
Spot market | The term spot is used in
the financial markets to refer to deals
executed with cash payments and
immediate delivery of goods. In this
case, delivery does not mean physical
delivery, but rather the delivery of a
given quantity of money corresponding
to the quantity of goods traded.
Storage silo | Hangar or large modern
granary used to store grains and cereals.
Tailings | Waste product of concentration
operations, largely containing valueless
minerals in an ore (gangue).
Tertiary crushing | Fragmentation
obtained in a third crushing stage.
Tinplate | Sheet steel with low carbon
content, coated on both sides with a
layer of tin.
Vein | Portion of sought-after mineral in
rock, generally found between valueless
Very large ore carriers (VLOCs) | The
biggest bulk carriers in the world, each
one capable of transporting 400,000
metric tons (dwt) of cargo.
Waste rock | Soil or rock with no
mineral content, or less mineral content
than is economically feasible to extract.
Smelting | Metallurgical process that
consists of obtaining a solid product
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Bank Museum of Currencies, 1978 | Page 111 - Jornal da Vale archives, n.d.
| Page 112 - National Archives, October 3, 1962 | Page 113 - Carlos Dufriche
Collection, February 20, 1970 | Page 114 - Al Fenn. Time Life Pictures /
Getty Images, March 1, 1955 | Page 116 - Vale archives, 1963 | Pages 118119 - Jornal da Vale archives, n.d. | Page 120 - José Medeiros. Moreira Salles
Institute archives, 1963 | Page 121 - Jornal da Vale archives, n.d. | Page 122
- Vale archives, 1964 | Page 124 - José Medeiros. Moreira Salles Institute
archives, 1963 | Page 127 - Jornal da Vale archives, n.d. | Page 128 - National
Archives, April 1, 1966 | Page 130 - José Clóvis Ditzel Collection, 1966 | Pages
132-133 - José Medeiros. Moreira Salles Institute archives, 1963 | Page 134 Jornal da Vale archives, n.d. | Page 135 A - Carlos Nunes de Lima Collection |
Page 135 B - Itabirano Train Service archives
Page 136 - Breno Augusto dos Santos Collection, August 11, 1967 | Page 138
A - Breno Augusto dos Santos Collection, July 22, 1967 | Page 138 B - Breno
Augusto dos Santos Collection, September 17, 1967 | Page 139 - Breno
Augusto dos Santos Collection, 1967 | Page 140 A - Breno Augusto dos Santos
Collection, 1967 | Page 140 B - Breno Augusto dos Santos Collection, July
25, 1967 | Page 141 - Jornal da Vale archives, 1970 | Page 142 - Vale archives,
1970 | Page 147 - Jornal da Vale archives, n.d. | Page 148 - Jornal da Vale
archives, n.d. | Page 149 A - Jornal da Vale archives, 1970s | Page 149 B CPDOC / FGV, September 15-21, 1976 | Page 150 - Jornal da Vale archives,
1974 | Page 152 - Vale archives, 1971-1972 | Page 153 - Jornal da Vale archives,
1972 | Pages 154-155 - Vale archives, n.d. | Page 156 A - Maria do Socorro.
Vale archives, 2000 | Page 156 B - Jornal da Vale archives, September 1978 |
Page 159 - Jornal da Vale archives, August 1974 | Page 160 - Adonias Dias de
Abreu Collection, 1974 | Page 161 A - Vale archives, n.d. | Page 161 B - Breno
Augusto dos Santos Collection, September 17, 1967 | Pages 162-163 - Vale
archives, January 14, 1985 | Page 164 - Vale archives, July 1978 | Page 167
- Vale archives, June 25, 1985 | Page 168 - Magnólia Corrêa. Jornal da Vale
archives, 1960s | Page 170 - Vale archives, 1968 | Page 171 - Vale archives,
1976 | Page 172 - Jornal da Vale archives, n.d. | Page 175 - Jornal da Vale
archives, December 1978
Page 176 - Dario Zalis. Vale archives, 2000 | Page 179 - Rogério Reis. Jornal
da Vale archives, February 28, 1985 | Page 180 A - Beto Felício. Vale archives,
1993 | Page 180 B - Dario Zalis. Vale archives, 2000 | Page 181 - Beto Felício.
Vale archives, 1993 | Page 182 - Paulo Arumaa. Vale archives, April 29, 1987
| Page 185 A - Jornal da Vale archives, n.d. | Page 185 B - Jornal da Vale
archives, 1991 | Page 186 - Arthur Cavalieri. Jornal da Vale archives, April
1986 | Page 187 A - Jornal da Vale archives, September 1978 | Page 187 B
- Jornal da Vale archives, May 21, 1976 | Page 188 - Marcelo Prates. Jornal
da Vale archives, November 1991 | Page 190 - Jornal da Vale archives, n.d. |
Page 191 A - Vale News Agency, September 3, 1984 | Page 191 B - Jornal da
Vale archives, March 1, 1984 | Page 192 A - Dario Zalis. Vale archives, 2003
| Page 192 B - Luis Veiga. Vale archives, December 1987 | Page 193 - Jorge
Sagrilo. Vale archives, July 1990 | Page 195 A - Vale archives, n.d. | Page 195
B - Brazilian Central Bank Museum of Currencies, 1972 | Page 197 - Jornal da
Vale archives, 1978 | Page 199 - Erno Schneider. Jornal da Vale archives, 1986
| Page 200 - Vale archives, May 1979 | Page 202 A - Vale archives, January
9, 1984 | Page 202 B - Jornal da Vale archives, March 1986 | Page 205 - Beto
Felício. Vale archives, 1993 | Page 206 - Luiz Claudio Marigo. Vale archives,
n.d. | Page 210 - Erno Schneider. Jornal da Vale archives, 1993 | Page 211 Beto Felício. Vale archives, n.d. | Page 212 - Beto Felício. Vale archives, n.d.
Page 214 - Sidney Waismann. Vale archives, June 4, 1997 | Page 219 - Vitor
Nogueira. Jornal da Vale archives, March 1986 | Page 220 - Beto Felício. Vale
archives, n.d. | Page 222 - Antonio Ribeiro. Gamma-Rapho via Getty Images,
June 3, 1992 | Page 223 A - Beto Felício. Vale archives, n.d. | Page 223 B Jorge Sagrilo. Vale archives, n.d. | Page 225 - Beto Felício. Vale archives, n.d. |
Page 226 A - Beto Felício. Vale archives, 1993 | Page 226 B - Beto Felício. Vale
archives, 1994 | Pages 228-229 - Beto Felício. Vale archives, 1994 | Page 231 Antonio Andrade. Jornal da Vale archives, 1990 | Page 232 - Cristina Zappa.
Vale archives, n.d. | Page 233 A - Dario Zalis. Vale archives, 2000 | Page 233 B
- Jorge Sagrilo. Vale archives, 1995 | Page 234 - Juca Martins. Pulsar Imagens,
1993 | Pages 236-237 - Portos e Navios magazine archives, 1990 | Page 238
- Dario Zalis. Vale archives, 2002 | Page 239 - Luis Veiga. Vale archives, n.d.
| Page 240 - Jornal da Vale archives, n.d. | Page 243 - Paulo Santos. Vale
archives, February 20, 2006 | Pages 244-245 - Eduardo Perini. Vale archives,
2011 | Page 247 A - Brazilian Post and Telegraph Company, 1966 | Page 247
B - Brazilian Post and Telegraph Company, 1972 | Page 247 C - Brazilian Post
and Telegraph Company, 1982 | Page 247 D - Brazilian Post and Telegraph
Company, 1985 | Page 248 A - Vale archives, 2008 | Page 248 B - Vale archives,
2008 | Page 248 C - Vale archives, 2008 | Page 248 D - Vale archives, 2008 |
Page 248 E - Vale archives, 2008 | Page 248 F - Vale archives, 2008 | Page 248
G - Vale archives, 2008 | Page 248 H - Vale archives, 2008 | Page 248 I - Vale
Page 248 - Beto Felício. Vale archives, 1994 | Page 251 - Erno Schneider. Vale
archives, 1992 | Page 252 - Beto Felício. Vale archives, 1995 | Page 253 A Ricardo Elkind. Vale archives, n.d. | Page 253 B - National Library Foundation
 | Page 254 - Dario Zalis. Vale archives, August 2008 | Page 255 A Paulo Arumaa. Vale archives, February 9, 1999 | Page 255 B - Beto Felício.
Vale archives, 1991 | Page 257 - Daniel Rosa. Vale archives, March 2006 |
Pages 258-259 - Vale archives, n.d. | Page 260 - Flávio Santos. Vale archives,
1999 | Page 261 A - Dario Zalis. Vale archives, 2002 | Page 261 B - Márcio
Dantas Valença. Vale archives, February 25, 2012 | Page 262 - Vantoen
Pereira Jr. Vale archives, April 2004 | Page 265 - Beto Felício. Vale archives,
n.d. | Pages 266-267 - Marcelo Prates. Vale archives, 1999 | Page 269 - Beto
Felício. Vale archives, 1994 | Page 270 A - Vale archives, 1999 | Page 270 B
- Dario Zalis. Vale archives, 2001 | Page 272 - Flávio Santos. Vale archives,
2000 | Page 275 - Robert Rosamilio. NY Daily News via Getty Images,
September 17, 2000 | Page 276 - Paulo Arumaa. Vale archives, November 25,
1998 | Page 277 - Octávio Cardoso. Vale archives, 2010
2004 | Page 286 - Vale archives, May 10, 2012 | Page 288 - Karen Kasmauski.
Science Faction / Corbis, August 30, 1990 | Page 290 - Lucas Pupo. Vale archives,
December 2011 | Pages 292-293 - Julien Thomazo. Vale archives, July 4, 2007 |
Page 294 A - Leonardo Silva Tavares. Vale archives, n.d. | Page 294 B - Leonardo
Silva Tavares. Vale archives, June 25, 2006 | Page 296 - Márcio Dantas. Vale
archives, 2011 | Pages 298-299 - Vanessa Bernardo. Vale archives, July 22, 2011 |
Page 301 - Vale News Agency, n.d. | Page 302 A - Octavio Cardoso. Vale archives,
June 2003 | Page 302 B - Felipe Varanda. Vale archives, 2005 | Page 304 - Vale
News Agency, n.d. | Page 305 - Vantoen Pereira Jr. Vale archives, 2005 | Page 306 Vantoen Pereira Jr. Vale archives, June 2005 | Page 308 A - Rogério Reis / Tyba. Vale
archives, April 16, 2009 | Page 308 B - Vantoen Pereira Jr. Vale archives, 2005 | Page
309 - Vantoen Pereira Jr. Vale archives, 2005 | Page 310 - Dario Zalis. Vale archives,
October 2001 | Page 312 - Paulo Arumaa. Vale archives, 2002 | Page 315 - Gisela
Scheinpflug. Vale archives, February 2010 | Page 316 - Claudia Kamergorodski.
Vale archives, March 2, 2003 | Page 318 - Dario Zalis. Vale archives, 2000 | Page
321 - Vale News Agency, n.d. | Page 322 - Vantoen Pereira Jr. Vale archives, 2005 |
Page 324 - Paulo Arumaa. Vale archives, 2002 | Page 325 - Maria do Socorro. Vale
archives, 2002 | Page 327 - Vantoen Pereira Jr. Vale archives, 2005 | Page 328 Dario Zalis. Vale archives, 2002 | Page 329 - Dario Zalis. Vale archives, 2002 | Page
331 - Celso Brando. Vale archives, n.d. | Page 332 A - Jornal da Vale archives, n.d. |
Page 332 B - François Lochon. Gamma-Rapho via Getty Images, April 2, 2011
Page 334 - J. L. Bulcão. Pulsar Imagens, February 2011 | Page 337 - Vale
archives, 2007 | Page 338 - Tiago Bortolin Maciel. Vale archives, February
15, 2011 | Page 339 - Don Johnston. All Canada Photos / Corbis, n.d. | Page
340 - Vanessa Bernardo. Vale archives, July 22, 2011 | Page 342 - Vale News
Agency, March 3, 2012 | Page 343 - Vale News Agency, April 2011 | Page 344
- Eny Miranda / Cia. da Foto. Vale archives, July 14, 2011 | Page 346 - Vale
News Agency, n.d. | Page 347 A - Vale News Agency, n.d. | Page 347 B - Vale
News Agency, n.d. | Page 348 - Ricardo Ortiz. Vale archives, November 2011
| Pages 350-351 - Salviano Machado. Vale archives, August 18, 2008 | Page
353 - Rogério Reis / Tyba. Vale archives, April 23, 2009 | Page 355 - Vantoen
Pereira Jr. Vale archives. May 2011 | Page 356 - Dario Zalis. Vale archives, n.d.
| Page 358 - Paulo Santos, September 30, 2008 | Page 360 A - Lucas Nuñez.
Vale archives, June 18, 2011 | Page 360 B - Marcelo Araújo. Vale News Agency,
n.d. | Page 361 - Ismar Ingber. Tyba, May 2012 | Page 365 - Rogério Reis. Tyba,
October 2010 | Page 366 - Vale News Agency, n.d. | Page 369 - Dario Zalis. Vale
archives, 2002 | Page 370 - Ricardo Teles. Pulsar Imagens, March 2011 | Page
371 - Pietro Allevato. Vale archives, April 2011 | Page 372 - Edu Simões. Vale
archives, 2008 | Pages 374-375 - Cleriston Boechat de Oliveira. Vale archives,
November 2007 | Page 376 A - Paulo Arumaa. Vale archives, July 13, 2002 |
Page 376 B - Élcio Paraíso. Vale archives, July 6, 2010 | Page 377 - Vale News
Agency, May 2011 | Page 379 - Guto Muniz. Vale archives, November 27, 2009
| Page 380 - Luiz Frota. Vale archives, April 2, 2006 | Page 382 - Vale News
Agency, 2011 | Page 383 - Salviano Machado. Vale archives, January 2012 |
Pages 384-385 - Eugênio Sávio. Vale archives, September 15, 2009 | Page 387
- Octávio Cardoso. Vale archives, 2010 | Page 389 - Vale News Agency, n.d. |
Page 390 - Christian Knepper. Vale archives, 2011 | Page 393 - Dario Zalis.
Vale archives, March 2005 | Page 394 A - Vale News Agency, n.d. | Page 394 B Vale News Agency, n.d. | Page 395 - Danny Lehman. Corbis, n.d.
All efforts were made to properly credit the holders of copyrights to the
images used in this book. Any omissions or inaccurate credits were not
intentional and will be corrected in future editions following contact
with the editors.
Page 278 - Vale News Agency | Page 280 - Frederic J. Brown. AFP / Getty Images,
October 27, 2003 | Pages 282-283 - Vale archives, November 8, 2010 | Page 285
A - Vale archives, n.d. | Page 285 B - Vantoen Pereira Jr. Vale archives, July 17,
11th International Geological
Congress, 27, see also
1891 Constitution, 20, 27, 43
1934 Constitution, 43, 44, 77
1937 Constitution, 44, 46
1946 Constitution, 67, 77, 126
1967 Constitution, 126, 129
1988 Constitution, 204, 250
1989-2000 Strategic Plan, 186
1992 United Nations Rio Earth
Summit, 217, 221, 222, 223,
2008 Olympic Games, 280
Acadêmicos do Grande Rio,
samba school, 279, 316, 317
Açominas, 189, 190, 203
Alcoa Inc., 241
Alegrete, ship, 41
Alegria Complex, MG, 261
Alkmin, José Maria, 88
Almeida, Erasto B. de, 140n
Almeida, José Américo de, 44
Almeida, José Fernando de, 252n
Almeirim, deposit, 171
Alto Turiaçu, indiginous land, 211
Alumínio Nordeste S.A., 223n, 357
Aluminium Company of
Canada Ltd. (Alcan), 239, 240
Alunorte, PA, 239-243, 254,
Armando Emílio Guebuza
High School, Moatize, 341
Foundation, USA, 94
Receipts (ADRs), 274
Caixa Econômica Federal
(CEF), 95, 171, 252
Braga, Roberto Saturnino, 123
California Steel Industries (CSI), 326
Branco, Humberto de Alencar
Castelo, 103, 121, 122, 123, 125
Calmon, Miguel, 23
Science and Technology
Organization (ANSTO), 326
Cambucal, Itabira, MG, 223
Carbon Disclosure Project
(CDP), 388, 389
Cardoso, Fernando Henrique
(FHC), 217, 227, 232, 250, 281, 324
Cardoso, Ruth, 246, 247
Brazil – United States Economic
Development Commission, 80n
Campos, Luiz Felipe
Gonzaga de, 23, 27
Brazil’s Central Bank, 148, 171, 360, 363
Carnalita Project, SE, 297, 368
Bahia Sul Celulose S.A., 220, 254, 302
Campos, Roberto, 89, 121, 123, 125
Caru, indigenous land, 211
Baixo Tocantins, PA, 277, 386
Brazilian Agricultural Research
Agency (Embrapa), 345, 377
Canico Resource Corp,
Canada, 281, 295
Castello Branco, Roberto, 291, 303
Banco da Amazônia, 386
Brazilian Coffee Institute, 240
Cantanhede, Plínio, 49
Banco do Brasil, 66, 95, 158
Brazilian Hematite Syndicate, 17, 29
Castro, Álvaro Mendes
de Oliveira, 46, 48
Banco do Cidadão, 317
Brazilian Institute of Forest
Development (IBDF), 221n
Project, IDB, 263
Cateme Elementary School,
Moatize, 338, 341
Capitão Eduardo – Costa Lacerda,
branch line, 188, 189, 230, 257
Cateté, indigenous land, 211, 315
Barbosa, Denis Desiderato Horta, 56
Antunes, Augusto Trajano
de Azevedo, 125
Barra Mansa Plant / Siderúrgica
de Barra Mansa, RJ, 48-49
Applied Economic Research
Institute (Ipea), 217
Basic Scientific and Technological
Development Plan, 170
Aquila Resources Limited, 297
Batista da Silva, Eliezer, 73,
Cals, César, 246
Leadership Index, 388
Campaign to Train
Geologists (Cage), 169
Anglo American, 302
“Brasil batizou, O: Vale”,
advertising campaign, 336
Carajás-Itaqui Railroad, 164
Brasil Mineração Ltda., 300
Akrãtikatêjê, indigenous people, 213
Alcindo Vieira, private
brazilian group, 238
Century S, 326
Bradesco S.A., 257
Andrade, deposit, 26n
Carajás Zoo and Botanical
Park, 209, 223
Book Donkey, project, 263n
Agripino, João, 105, 117, 120, 125
Albras Project, Barcarena, PA, 193
Companhia Auxiliar de Empresas
de Mineração (Caemi), 125, 281, 303
Australian Mineral Industries
Limited (AMIRA), 326
Barão de Mauá Building,
Rio de Janeiro, RJ, 251
Albras, 210, 241, 314, 328, 358
231, 305, 307, 308, 309, 311, 373
CAFL, France, 125
305, 325n, 333, 335
Alberto Luiz Coimbra Institute
of Post Graduate Engineering
Studies and Research at the
UFRJ (Coppe/UFRJ), 326
Centro-Atlântica Railroad (FCA),
Carajás S11D Iron
Project, PA, 382, 383
Café Filho, João, 77
Andrada, Antônio Carlos
Ribeiro de, 37, 38
Al Wahaibi, Ahmed, 342
Companhia Agro-Pastoril, MG, 63
BNDESpar, 253, 378, 381n
Baoshan Steel, 227, 256
Al Futaisi, Ahmed, 342
38, 49, 50, 89, 107, 121, 130, 151
Bley, João Punaro, 48, 56, 63
Banco do Estado de São
Paulo (Banespa), 171
Agnelli, Roger, 257, 281,302,
Carajás Region Mosaic of
Conservation Units, 244
Augusto Ruschi Municipal Park, 225
American Metals and Coal
Agenda 21, 222
Buriticupu Reserve, MA, 224
Atalaia Quay, ES, 60, 63, 76, 83, 190
Amazônia Mineração S.A. (AMZA),
Institute / Instituto Tecnológico
da Aeronáutica (ITA), 378
Companhia Agrícola de Minas
Gerais (Camig), MG, 131
Caetés, deposit, 194
Azeredo, Eduardo, 227
América Latina Logística (ALL), 359
Central do Brasil Railroad, 26n,
Blanchard, Bernard A., 63
Amazon, district 171
Adachi, Yoshihide, 233
Gerais (Cemig), 131, 313, 367
Export Corridor Project, 186, 204
Assurini, indigenous people, 137
Azevedo Antunes, group, 120n
AMCI International, 297, 345
311, 361, 371, 373, 383, 386
Awá, indigenous land, 211, 315
Aços Finos Piratini, RS, 148, 203
Bureau Veritas Quality
International (BVQI), 254, 271
Biopalma da Amazônia
S.A., PA, 277, 386
Alves Filho, João, 233
AMCI Holdings Australia Pty,
297, 345; see also Vale Australia
BHP Billiton Metais S.A.,
Australia, 260, 297, 303, 337, 391n
Arthur G. Mckee, 115
256, 302, 325, 330, 358
148, 161, 164, 165, 171, 178, 218
Bertran, Paulo, 246, 247
Brazilian Mining and Steel
Company / Companhia Brasileira
de Mineração e Siderurgia
S.A. (CBMS), 41, 46, 48, 50, 56
Brazilian Navy’s arsenal, RJ, 236-237
Brazilian Postal Service /
Empresa Brasileira de Correios
e Telégrafos (ECT), 246
British & European Sales Ltd., 98
Brito, Antonio de Oliveira,
105, 117, 120
Caraça Ferro e Aço S.A., 157
Carajás – Igarapé Gelado,
conservation unit, 210
Carajás Complex, 137, 140, 169,
181, 184, 185, 186, 187, 209-211, 234,
235, 253, 279, 302, 307, 320, 321, 330,
333, 352, 357, 359, 382, 383, 386
Carlos Drummond de Andrade
Memorial Center, Itabira, MG, 263
Catholic University of Minas
Gerais (PUC Minas), 317
Cauê Plant, 156
Caulim da Amazônia S.A.
(Cadam), PA, 326, 328, 354
Celulose Nipo-Brasileira (Cenibra),
142, 193, 223, 227, 254, 256
Carajás National Forest, PA,
Center-East, district, 171
Bulhões, Octávio Gouvêa de, 121, 125
184, 186, 244-245, 268, 383
Center-East Corridor, 230, 231
Arcelor Mittal, 303
Beneficiamento de Itabirito
S.A. (Benita), 114, 131, 173n
Bunge Fertilizantes S.A., 297
Carajás Railroad (EFC), 164, 166, 177,
Center-North Corridor, 308
Archdiocese of Rio de Janeiro, 394
Bernardes, Arthur, 29, 32, 34, 37, 46
Bunge Participações e
179-184, 203, 210, 211, 221, 232, 233,
235, 253, 255, 256, 270, 271, 308, 309,
Charlton, Thomas, 34-35
Chateaubriand, Assis, 34
Chemical Bank, 158
Cementos Argos S.A.
(Argos), Colombia, 349
Center-West System, 359
Centrais Elétricas de Minas
Companhia Bozano, Simonsen
Comércio e Indústria, 142
Companhia Brasileira de
Alumínio (CBA), 240
Companhia de Alumina
do Pará (CAP), 358
Companhia de Mineração de
Ferro e Carvão Ferteco (Ferteco),
104, 107, 110, 122, 130, 140, 146,
151, 187, 190, 203, 261, 263, 310
Chico Mendes Institute for
(ICMBio), 186, 244
Companhia de Mineração
Novalimense, MG, 120
Christ the Redeemer, RJ, 394, 395
Companhia Ferro e Aço de Itabira,
63, 73; see also Companhia Aços
Especiais Itabira (Acesita)
Cidade Vale Mais, program, 315
Citizenship Train, 264
Cleveland Cliffs Iron
Company, EUA, 98
Coimbra, Arthur Antunes
(Zico), 279, 333
Cold War, 67, 80
Colombian Natural Resources
SAS, Colombia, 349
Columbia University, 337
Comandante Lira, ship, 41
Commerzbank AG, 158
Commission to Review the
Itabira Contract, 45n
186, 194, 230, 231, 261
Arbed Group, Luxembourg, 107, 256
Charles, prince of
Wales, 185, 186, 223
Celmar S.A., 302
Beluco, Marco, 342
Araripe, Delecarliense Alencar, 63
Charles, Noel, 56
Commission on the Export
of Strategic Materials, 104
Brumer, Wilson Nélio, 185,
Aranha, Oswaldo, 41n, 49, 56
Brito, Raimundo, 227
Cerrados Project, 186
Ceará Steel Mill / Usina
Siderúrgica do Ceará (USC), 303
Carajás Iron Project, PA, 112,
143, 161, 164, 165, 166, 174, 178, 183,
193, 194, 204, 207, 209, 211, 246
85, 101, 103, 105, 112, 117, 121,
130, 131, 142, 161, 166, 178, 186,
194, 246, 273, 277, 333, 367
Aracruz Celulose, 302
Century HC, 326
and Industrial Research
Organization (CSIRO), 326
Communist Conspiracy, 45
Department in Belém, 213
Management Unit, 261
Companhia Ferro Brasileiro, MG, 48
Companhia Forjas e Estaleiros, 26n
de Pelotização (Hispanobras),
190, 196, 198, 200, 357
Companhia Matogrossense de
Mineração (Metamat), 238
Companhia Meridional de
Mineração, 137, 161, 170
Companhia Paulista de
Ferro-Ligas (CPFL), 303
Companhia Pernambucana de
Borracha Sintética (Coperbo), 131
Knudsen do Brasil S.A., EUA, 58, 59
Companhia Siderúrgica BelgoMineira, 49, 60, 107, 112, 151, 260
Companhia Siderúrgica da
Guanabara (Cosigua), 125
Companhia Siderúrgica de
Tubarão (CST), 190, 203, 252, 303
Mineira, MG, 26
Companhia Siderúrgica Paulista
(Cosipa), 83, 125, 131, 148, 203
Companhia Vale do Rio
Doce Employee Investment
Club (InvestVale), 253
Latinoamericana (CMLA), 303
Company of the Year in the
Mining Sector, award, 252
Conceição Complex, 29, 85,
130, 157, 158, 186, 218, 225
Conceição Project, 157, 186
Conceição, stream, 225
Conceição-Itabiritos, project, 392
Congress’ Budget Commissions, 204
Congress of Stockholm, 25, 27, 29
D. Pedro II, emperor, 22, 25
Dabreé, Augusto, 25
Daewoo Shipbuilding &
Marine Engineering Co., 370
Danielli, Italy, 303
Dauster [Magalhães e
Silva], Jório, 240, 256, 264
DCNDB Overseas S.A., 308
Derby, Orville, 23, 27
soccer team, 135
Det Norske Veritas (DNV), 271
Diana, princess of
Wales, 185, 186, 223
Conselho de Segurança
Directorate General of
Mineral Production, 43
Consórcio Brasil, 250, 253
Doce River Sugar Company, MG, 63
Doce River System, 165, 166
Convap S.A., 238
Doce River Valley, 29, 31,
Copper Cliff Refinery South
(CC South), Canada, 290, 354
Corporación Nacional del
Cobre de Chile (Codelco), 274
Corporate Social Responsibility
Index (ISE), 386, 388
Corretive Operating License, 268
Corus (a merger of British
Steel with dutch company
branch line, 122, 130, 151
Alegria, branch line, 130
Ecotech (1992), 222, 223
Ferreira, E.C., 140n
Fuji Steel, Japan, 333
Report – Focus List, 388, 389
Hong Kong Stock Exchange, 249, 367
Esperança Plant see
Queiroz Júnior Plant
Ferreira, José Inácio, 264
Funaro, Dilson, 177
Gomes, Francisco de Magalhães, 46
Horn, cape, 274n
Ferreira, Murilo Pinto de
Oliveira, 242, 342, 355, 391
FUNCEF (employee pension
funds of CEF), 381
Gomes, Severo, 178
Gomez, Delcídio, 233
Hugo Gouthier, private
Brazilian group, 157
Ferrous Metals Technology
Center / Centro de Tecnologia
de Ferrosos (CTF), MG, 377
Fund for Studies and Research
to Make Use of the Itabirite
of Minas Gerais, 95
Good Hope, cape, 274n
Hydro, Norway, 241
Gorceix, Claude Henri, 25
Office (Sufer), 227
Fund for the Improvement
and Development of the Doce
River Zone (FMDZRD), 98, 131
Goulart, João, 103, 105,
116, 117, 120-123, 126
Aimorés, MG, 313, 314
Amador Aguiar I, MG, 277, 313,
Fund to Improve and Develop the
Doce River Valley (FMDVRD), 261
Government Economic Action
Program (PAEG), 123, 130
Ferrovias Bandeirantes S.A.
(Ferroban), 260, 305, 307
Fundação Getulio Vargas
(FGV), 256, 355
Greater Carajás Program,
S.A. (Fosfertil), 297, 368
Fundação Mineira de Educação
e Cultura (Fumec-MG), 231
Greater Carajás Project, 164, 166
Furtado, João, 376
Espírito Santo Centrais Elétricas
S.A. (Escelsa), 131, 250, 367
Estação Natureza Pantanal,
Evandro Chagas Institute, 209-210
Evate Project, Mozambique, 368
Eletronorte, 314, 367
Executive Commission of the
National Coal Plan, 104
S.A. (Sibra), 303, 325
Executive Commission of the
National Steel Making Plan, 49
Elizabeth, queen of England, 291
Eximbank (Export-Import Bank), 49,
Elizabeth II, queen of England, 291
Elkem Rana, Norway, 303
Emílio Goeldi Museum,
Belém, PA, 209
50, 56, 59, 66, 67, 79, 95, 98, 142, 158
Expo Brazil, event, 222
Corporation (EDC), 158
46, 63, 115, 130, 131, 263
Encouraged Dismissal Program, 253
Faraco, Daniel, 121
Doce River Zone Development
Reserve Fund (RDZRD), 204
Araripe, stadium, 135
Farquhar, Percival, 17, 32,
Doceangra, ship, 236-237
Ensidesa, Asturias, 198
Docecanyon, ship, 146, 154-155, 191
Environment and Forest Products
Superintendent’s Office (Sumaf), 207
Docepar S.A., 273; see also Vale do
Rio Doce Navegação S.A. (Docenave)
Docepolo, ship, 183
Docevale, ship, 113
Document 18, 88, 89, 91, 120
Dominion Bond, 304
Dongkuk Steel Co., South
Korean, 303, 359
Dutra, Eurico Gaspar,
63, 66, 67, 75, 77, 80n
CPC SAS, Colombia, 349
Credit Garantee Fund / Fundo
Garantidor de Crédito (FGC), 363
East Montains, deposit, 178
Cultural Center of Gavião
École Polytechnique Fédérale
de Lausanne (EPFL), 345, 377
Culture Network, project, 316
Ecology Technical Council, 207
Cruzado, 177, 215
Cruzado II, 215
Real, 217, 249, 250
Eschwege, W.L. von, 91n
de Mineração S.A. (EBM), 359
Costa, Heitor da Silva, 394
Council, 46, 166, 178
Eastern Amazon, PA, 193, 232
34-35, 37, 41, 46, 48, 156
branch line, 118-119, 130
Federal Audit Court, 37
Environment Program, 225, 254
Federal Foreign Trade Council, 46
Federal Public Prosecution
Ministry (MPF), 213
Environmental Impact Plan, 224
Federal Railroad Network. (RFFSA),
Report (Rima), 194
System (SGA), 210
Environmental Master Plan, 209
Support Group (Gana), 224
Management System of Sutec, 255
Environmental Study and Advisory
Group (Geamam), 207, 209
Office (Sumei), 207
121, 123, 126, 130, 151n, 189, 230, 231
Federal University of Minas
Gerais (UFMG), 148, 207, 326
Federal University of Ouro
Preto (UFOP), 25, 326
Federal University of
Pará (UFPA), 326
Federal University of Rio de
Janeiro (UFRJ), 105, 326
Federal University of Rio Grande
do Sul (UFRGS), 326, 382
Ferrovia Paulista S.A. (Fepasa)
see Ferrovias Bandeirantes
Gotto, Murly, 29
Greater Vitória Region Sources
Inventory (2010), 270
Grosse, dr., 34-35
Figueiredo, Marcelo, 342
Grupo Paranapanema, 303
Finsider, Italy, 198
Gavião Parkatêjê, indigenous
people, 212, 213, 315
First National Development
Plan (PND), 170, 250
Gavião people of the Mãe
Maria Indigenous Land, 211
Guaíba Island Terminal, Sepetiba
Bay, RJ, 126, 261, 310, 311, 360, 373
First Three Year Plan for Geological
Prospecting (1972-1975), 170
Gazolla, Guilherme Almeida, 238
Guajá, indigenous people, 211, 213
Geisel, Ernesto, 121, 143, 148, 149
First World War, 26, 29
General Shareholder’s Meetings, 131
people, 211, 213, 315
Geological and Mineralogical
Service of Brazil (SGMB), 23, 27,
29, 43n; see also National Mineral
Production Department (DNPM)
Florestas Rio Doce S.A. (FRDSA),
Geological Commission of Brazil, 23
115, 173, 186, 211, 223, 254, 302
Geology School of Porto
Alegre, RS, 169
Forest Clusters, project, 222
Fourth National Development
Plan (1985), 177
Francisco Leal, coal importer, 27
Candonga, MG, 277, 313, 314, 367
Eliezer Batista, 277, 367
Estreito, TO/MA, 277, 313, 367
Foz do Chapecó, SC/RS, 314
Funil, ES, 277, 313, 314, 367
Glória, 277, 367
Igarapava, SP/MG, 276, 277, 313,
Green Train, project, 386
Figueiredo, João, 164,
Foreign Trade Association
of Brazil, 281n
178, 193, 204
166, 174, 177, 183
Flower of Carajás (Franz
Weissmann), sculpture, 270, 271
Amador Aguiar II, MG, 277, 314,
George VI, king of England, 291
Gerdau S.A., 303
Gerspacher, Alberto, 26n
Global Forum, 222
Export Corridor Program, 186
Franco, Afrânio de Mello, 48
Gold Fields of South Africa,
South Africa, 157
Fernandes Filho, Anastácio, 225
Franco, Itamar, 217, 232
Fernandes, Francisco do Rego, 165
Frigorífico Mucuri S.A., 131
Goldman Sachs’ GS Sustain
Ituerê, 277, 367
Grupo Votorantim, 171, 240
Machadinho, SC, 277, 313, 367
Mello, 277, 367
Nova Maurício, 277, 367
Porto Estrela, 277, 312, 313, 314, 367
Tucuruí, 207, 241
Guanhães Project, 157
Guatimosin, Gil, 26n
Guimarães, Cristiano, 26n
Ibama (Instituto Brasileiro do
Meio Ambiente e dos Recursos
Renováveis), 221, 224, 264, 268
Guinle, Guilherme, 49
Gulf Industrial Investment
Company E.C. (GIIC), 274, 303
Corporation (GIC), 274
IBGE (Instituto Brasileiro de
Geografia e Estatística), 215, 354, 362
Igarapé Bahia Project, 194
Ilva, Italy, 256
Imai, Takashi, 333
Haddad, Paulo, 216, 383
Imerys S.A., 358
Hanna Mining Company, 91,
Immortal Brazilian Awards
(2008), 246, 247
117, 120, 121, 122, 123, 125, 126
Hazen, copper pyrometallurgy, 326
Hitler, Adolf, 46
“Importance of the Carajás S11D
Iron Project for the National
Development Process in Brazil’s
North Region, The” (Haddad), 383
Inácio Barbosa Maritime Terminal
(TMIB), SE, 233, 254, 307, 373
Inco Advanced Technology
Materials (Dalian), 349, 357
Inco Advanced Technology
Materials (Shenyang), 357
ISO 14000 (International
Jinco Nonferrous Metals Co.
Ltd. (Jinco), China, 357
Lehman Brothers, banco
de investimentos, 286
Massachusetts Institute of
Technology (MIT), 345, 377
Joãosinho Trinta, 279, 317
Leite Jr., Antônio Dias, 105, 169, 246
ISO 14001 (Environmental
Jobim, Tom, 246, 247
Lemos, Athos de, 46
Master Plan for the
Linhares Forest, ES, 264
Junqueira, José Monteiro Ribeiro, 46
252, 254, 271, 320
Inco Limited, 279, 291, 294
Itabira Canada Inc., 291
/ Comitê de Democratização
da Informática (CDI), 263
Itabira de Mineração S.A, 41, 56
Institute of Development
in Education, Culture and
Community Action (Ideca), 316
Itabira Eisenerz GmbH,
Germany, 107, 131, 146
Itabira International Corporation
(Itaco), 107, 130, 146, 148, 274
Itabira Iron Ore Company, 17,
23n, 27, 29, 31, 32, 34-35, 37-38, 41,
44, 46, 48, 50, 51, 63, 117, 126
Bank (IDB), 131, 158, 263
Itabira Mines Department, 59, 63
Commission (CIMAs), 207, 209
Itabira Mines Superintendent’s
Office (Sumin), 223, 224, 226, 227
International Bank for
Reconstruction and Development
(IBRD), 165, 166, 177, 211, 225, 254, 264
Itabira Mining Company
/ Companhia Itabira de
Mineração, 48, 50
International Institute for
Management and Development
(IMD), Switzerland, 355
Itabira Mining Complex, 268
International Metals Reclamation
Company (Inmetco), USA, 357
International Monetary Fund
(IMF), 281, 304, 360, 363
International Nickel Co., USA, 291
International Nickel Company
of Canada Limited, 291
International Red Cross, 338
Research Bureau, 210
Iron Ore Export Group / Grupo
de exportação de Minério
de Ferro (GEMF), 91
Iron Quadrangle, region, 23,
Itabira Special Steel Company
(Acesita), MG, 34, 60, 83, 130, 151,
157, 186, 203, 231, 303; see also
Companhia Ferro e Aço de Itabira
Lessa, Francisco de Sá, 75, 89, 99
Kaiser Steel, USA, 199
Light Metal Smelters
Associations (LMSA), 241
Kawasaki Steel Corporation,
Light S.A., 250
143n, 158, 186, 199, 326
Lima, João de Mendonça, 41n, 46, 49
Kayapó, indigenous people, 211
Lima, Zeneida, 246, 247
Keidanren – Japan’s
Federation of Industry, 223
furnaces, 104, 114
Kennedy, John F., 166
Lisboa, Joaquim Arrojado, 49
Kobe Steel, 333
Lobato, Francisco Sayão, 140n
Korean War, 77, 80, 95
Log-In Logística Intermodal
S.A. (Log-In), 311, 371
Company (Kobrasco), 227, 256, 271
Lolita (Nabokov), 240
Krenak, indigenous people, 213
London Stock Exchange, 91
Krigsner, Miguel, 246, 247
Lopes, Edmundo de Castro, 48
Krohokrenhum, Topramre, 213
Lopes, Lucas, 89
Kronau, Canada, 368
Krupp, Germany, 125
Kubitschek, Juscelino, 51,
Machamer, G.C., 140n
Itabira Water Master Plan, 315
77, 85, 88, 90, 91, 104, 117
Itabira’s Project, 46
Corporation (KPC), 274
Railroad, AC, 17, 34
Itabirite Ore Processing
Facility, MG, 360, 392
Itabiruçu Ecological Park, 223
people, PA, 213
Magalhães, Juracy, 75, 79, 94, 95, 246
Malacca, Strait of, 391
Master Plan for the Protected
Green Areas of Itabira, 268
Maximilian Alexander Philipp
Wied-Neuwdied, engraving, 14-15
McNamara, Robert, 166
Médici, Emílio Garrastazu, 143
Meeting with Leaders, project, 316
Mello, Fernando Collor de,
186, 215, 217, 221, 231
Melo, Licínio de, 246
Mercantile & Future
Exchange (BM&F), 218
Metalis, group, 223n, 357
Institute (MRI), 382
Miltônia Plateaus, PA, 326
Mimura, Akio, 333
Minas d’El Rey Dom Pedro, 157
Minas Gerais Development
Bank, 63n, 158
Minas Gerais Society
of Engineers, 46
Mangabeira, João, 105, 117
Minas Gerais Technology Center
Foundation (Cetec), 326
Marabá Reserve, PA, 224
Mineração Águas Claras, 120
190, 196, 198, 233, 357
Lacerda, Carlos, 123, 125
Mineração Andirá, MG, 311
Itavale Ltda., 157, 158, 186
Marabá-Ponta da Madeira,
branch line, 164
Lanari, Amaro, 26n
Itochu Corporation, Japan, 279, 289
Maranhão Telephone Company, 235
Lancaster, José, 297
Margaret Mee Botanical
Mineração Rio do Norte (MRN),
PA, 193, 240, 241, 242, 256, 302, 329
Landowski, Paul, 394
Mineração Morro Velho, 194, 239
Latibex (eletronic stock Exchange
for Latin American shares), 274
Maria Preta Project, BA, 194
Mineração Serra Geral
(MSG), 158, 186, 187
Martins, José Carlos, 338, 342, 370
Latin American Culture Center, 315
Mineração Tacumã, 231
ISO 9001, 271
Japan Brazil Paper and Pulp
Co. (JBP), 227
Maruípe Garden see Augusto
Ruschi Municipal Park
Mineração Vera Cruz S.A.
(MVC), PA, 303, 326
ISO 9002, 226, 227, 271
Jesus, Renato de, 264
Lawrenson, C. Alvin, 56
31, 91, 94n, 114, 117, 120, 125, 140,
151, 157, 158, 165, 171, 186, 227,
252, 261, 303, 310, 311, 360
ISO 9000, 221, 226
Jambuaçu, quilombola land, 213
JFE, Japan, 333
Latin American Miners’
Pereira, 142, 186, 194, 246
Reunidas S.A. (MBR), 110,
146, 303, 310, 311, 359, 360
Mineral Development Center
/ Centro de Desenvolvimento
Mineral (CDM), MG, 115, 239, 376
Almas, TO, 157, 239
Areão, Itabira, MG, 57
Azul, 238, 318-319, 325, 352, 386
Bayóvar, Peru, 297, 304, 317, 368
Brucutu, MG, 352, 353
Campestre-Manuel Anastácio, 50
Capanema, MG, 158, 186
Capão Xavier, 310
Capitão do Mato, 310
Caraça, 157, 186
Carajás, PA, 162-163, 166, 167, 168,
Itabira, 59, 157
João Coelho, 50
Maria Preta, BA, 218
Moatize Coal, 338, 341, 391
Morro Velho, 91, 239
Onça, 50, 186, 218
Papomono, Chile, 349
Periquito, 130, 157, 158, 186, 187
Piçarrão, MG, 130, 156, 157, 186, 187
Pico, MG, 310
Riacho dos Machados, MG, 218
Rio do Peixe, 50
Salobo, PA, 210, 239, 240
Santa Ana, 29
Sapecado, MG, 310
Serra da Conceição, 50
Sossego, PA, 261, 262, 300, 301, 359
Tamanduá, 157, 310
Taquari-Vassouras, SE, 296, 297,
176, 180, 210, 213, 218, 226, 227, 238,
252, 256, 350-351, 365, 389, 390
Timbopeba, MG, 130, 157, 158, 239,
Mineral Research Superintendent’s
Office (Supem), 170
Mineral Resources Research
Company (CPRM), 169
Center (Cetem), 326
Mines / North System
Superintendent’s Office (Sumic), 227
Carborough Downs, Australia,
Cauê, MG, 29, 36, 39, 41, 50, 52-53,
55, 56, 59, 60-61, 80, 83, 85, 91, 95,
124, 156, 157, 159, 175, 186, 207, 218,
224, 252, 376
Chacrinha, 130, 157, 186, 218, 224
Creighton, Canada, 291, 338
Del Rey, 268
Dois Córregos, MG, 50, 82, 85, 120,
130, 157, 158, 186, 218
Don Gabriel, Chile, 349
Esmeril, 186, 218
Fazenda Brasileiro, BA, 193, 218
Galinheiro, MG, 310
Geladinho, PA, 386
Gongo Soco, 261, 320
Igarapé Bahia, PA, 194, 218, 255,
Integra, Australia, 346
Mitsui & Co. Ltd., 158, 308
Mo i Rana, Norway, 302, 354
Moatize Health Center,
Moatize Intermediate Institute
of Geology and Mines, 338
Moatize Project, 341
Moatize, Tete Province,
Mozambique, 279, 281, 297, 298299, 315, 317, 338, 340, 341, 342
Monte Simandou, Guinea, 344
Morais, Aminthas Jacques de, 46, 48
Morro da Mina, MG, 320, 325
Morro do Atalaia, ES, 46-48, 51, 60, 85
Jacadigo, MS, 238
Jutaí, PA, 171
Carajás, 137n, 148, 160, 161, 165,
166, 171, 177, 178, 181, 184, 187, 194,
201, 202, 211, 213, 218, 223, 224, 232,
Pelada, PA, 170, 171, 184, 224
São Félix, 178
Sereno (Serra Rica), 137, 161
Urucum, MS, 238
325, 328, 329, 369
Urucum, MS, 192, 235, 238, 320, 325
Voisey’s Bay, Canada, 277, 278,
Zhaolou, China, 289
MRS Logística S.A., 261, 310, 311, 373
MRS System, 310
120, 121, 122, 125, 126, 129,161
Municipal Park, Belo
Horizonte, MG, 223
Mining Consortia / Mining
Ecológico-Econômico), PA, 381
Mining Code, 34, 42-44, 46, 117,
Mining School of Paris, 25
Ministry of Agriculture,
Industry and Trade, 43
Ministry of Education and
Culture (MEC), 223
National Aeronautics and Space
Administration (NASA), 377
Ministry of Mines and
Energy (MME), 104, 105, 117,
National Congress, 27, 37, 38,
66, 79, 91, 104, 123, 174, 204
120, 121, 125, 129, 170, 289
National Constituent Assembly, 94
Ministry of Planning and
Economic Coordination, 123
National Council for
Scientific and Technological
Development (CNPq), 345, 377
Mintek, South Africa, 326
Nascimento, Dulce, 246
National Treasury, 56, 59, 66, 178, 281
Navegação Rio Doce Ltda., 148
Oliveira Castro, 59
National Department of
Industry and Trade, 56n
Neuquén Project, 300, 368
Oliveira, Clodomiro de, 29, 32, 37
Neves, Tancredo, 177
Oliveira, Francisco de Paula, 23
National Economic and Social
Development Bank / Banco
Nacional de Desenvolvimento
Econômico e Social (BNDES),
210, 226, 239, 250, 253, 255,
277, 281, 303, 326, 378, 381
National Council of Water
and Eletric Power, 104
National Economic Development
Bank / Banco Nacional de
(BNDE), 89, 91, 158, 166n, 170; see
also National Economic and
Social Development Bank / Banco
Nacional de Desenvolvimento
Econômico e Social (BNDES)
New Caledonia, project,
Oliveira, Oscar de, 105, 123, 130, 246
279, 291, 292-293
Oman Oil Company, 342
New Regulatory Framework of
the Eletricity Sector (2004), 314
Onça Puma Project, PA,
New York Stock Exchange
(NYSE), 274, 275, 291, 337, 388
Ordinances of Manuel, 20
Nibrasco, 190, 196, 197, 198, 233, 256
Niemeyer, Oscar, 263
Nippon Kokan K.K.,
shipyard, Japan, 113, 146
Nippon Steel, Japan, 175,
209, 233, 256, 288, 332, 333
National Indian Foundation
(Funai), 211, 213, 315
Nisshin Steel, 333
National Land Transport Agency /
Agência Nacional de Transportes
Terrestres (ANTT), 307
NKK Switches, Japan, 256
National Mines and
Metallurgy Council, 104
National Mining Fund, 129
National Nuclear Energy
National Petroleum Council, 104
Program (1990), 217, 250
Program (1997), 217
National Production Department
(DNPM), 23, 43, 89, 104, 120,
125, 126, 129, 157, 161
National Railroads Department, 123
National Space Research
Institute / Instituto Nacional de
Pesquisas Espaciais (INPE), 388
National Steel Company /
Companhia Siderúrgica Nacional
(CSN), 41, 48-50, 77, 83, 85, 112,
122, 125, 131, 148, 198, 252
National Steel Making
Nissho-Iwai Co. Ltd., 158, 233, 302
Noble Metals Superintendent’s
Office (Sumen), 193, 218
Department (Denf), 271
Norilsk Nickel, Russia, 291
Normanton, Robert, 29
Ship Award, 370
Norsk Hydro, Norway, 358
North Mountains, deposit, 178
North System, Carajás, 177, 187,
201, 207, 209, 227, 230, 232, 233, 235,
239, 307, 310, 325, 328, 359, 367
Northeast Railroad Company
/ Companhia Ferroviária do
Nordeste (CFN), 253, 307
(FNS), TO, 371, 373
“Nosso Brasil que Vale,
O”, samba song, 317
Nova Era Silicon, 303
281, 294, 295, 391
Orion Express, ship, 341
Oswald, Carlos, 394
Ouro Fino, deposit, 194
Ouro Preto Mining School
(EMOP), 23, 24, 25, 26n, 29, 51, 60
Panamá, canal, 273n
Pará Pigmentos S.A. (PPSA),
326, 328, 354, 358
Paragominas, deposit, 171, 241, 242
Paraopeba Complex, MG, 310
Paraopeba River Valley, MG,
89, 91, 117, 120, 121, 123, 125
Parliamentary Commission of
Inquiry / Comissão Parlamentar
de Inquérito (CPI), 123, 125, 178
Parsons, Klapp, Brinckerhoff
& Douglas (PKBD), 56, 63
Pecém Steel Company / Companhia
Siderúrgica do Pecém, CE, 359
Port / North System
Superintendent’s Office (Supoc), 227
Rio Doce Europa (RDE), 146, 173
Quadros, Jânio, 104, 105,
Pelletizing and Metallic Goods
Department, 256, 271
Port / South System
Superintendent’s Office (Supot), 227
117, 120, 126, 217
Rio Doce Geologia e Mineração
S.A. (Docegeo), 169, 170, 171,
Queiroz Júnior Plant, MG, 26n
173, 193, 218, 239, 241
Office (Supel), 227, 235
Port Colborn, Ontario, Canada, 338
Queiroz Júnior, J.J., 26n
Pena Júnior, Afonso, 48
Port of Sohar Industrial
Complex, Oman, 342, 391
Queiroz, Rachel de, 246, 247
Rio Doce Housing and
Foundation, 255, 261, 263
Pereira, Francisco F., 48
Port Support Service, 273
Pessoa, Epitácio, 32, 37
Porteirinha Project, 157
Petrobras S.A., 104, 112, 121,
143n, 146, 164, 233, 297, 373, 381
Beira, Mozambique, 342
Belém, PA, 242
Capuaba, ES, 232, 257, 309
Espadarte, PA, 164
Ijmuiden, Netherlands, 76
Itaguaí, 261, 373
Laguna, SC, 49
Paul, ES, 230
Prony, Oceania, 292-293
Rio de Janeiro, 89, 157
Santa Cruz (now called Aracruz),
ES, 32, 45
Santos, 307, 373
Trombetas, PA, 241
Tubarão, 31, 107, 151, 157, 173, 230
Vitória, ES, 29, 46, 47, 48, 50,
Phelps Dodge, 300
Piçarrão Project, 157
Pico Complex, MG, 310
Pimenta, Dermeval José,
25, 60, 63, 66, 67
Pincock & Runge, 386
Pinheiro, Israel, 25, 41,
50, 51, 56, 63, 135, 156
Pinheiro, João Batista, 91
Pinto, João Batista da Costa, 49
Pinto, Magalhães, 123
Pinto, Mário da Silva, 89
Piracicaba River Valley, 130
Pires, Antônio Olynto dos Santos, 23
Peçanha, Nilo, 27
Pecém Industrial and Port
Complex, CE, 359
Rauber, Joel Marciano, 246
Red Dragon of Itabira,
soccer team, 135
Rede Cidadã, 316
Rede Mineira de Viação, 63n
Regina Project (now called Kronau)
Reis, Fernando Roquete, 148, 165, 246
Rennó, Joel Mendes, 164, 233
Republic Steel, USA, 95
Reserve for the Development of
the Regions Influenced (RDRI), 255
Reserve Mining Company, 142
Revolution of 1930, 38, 42, 44, 94
Reynolds, C.D., 140n
Ribeiro, José Hamilton, 246, 247
Prestes, Luís Carlos, 45n
Privatizations Resources Regional
Development Fund (FRD), 255
Rio Colorado Project,
Argentina, 300, 368
Producer’s Bank, 317
Rio de Janeiro Stock Exchange, 250
218, 227, 232, 233, 238, 305, 307, 308,
309, 322, 324, 325, 327, 356, 371, 373, 383
Product Development Center /
Centro de Desenvolvimento de
Produtos (CDP), SP, 378, 388
Rio de Janeiro Tramways, Light and
Power, 32, 34; see also Light S.A.
Ponta da Madeira Railroad
Pronaf Dendê (federal gorvenment
funding program), 386
Ponta do Ubu Maritime
Provisional Government, 42, 43
Rio do Peixe Reservoir,
Itabira, MG, 223, 225
PT Inco, 294
Pontal Basins, 207
Rio Doce América (RDA), 146, 203
PT International Nickel Indonesia
Tbk (PTI), New Caledonia, 294
Rio Doce Engenharia e
Planejamento (RDEP), 161n, 173
Pohang Steel, South Korea, 199
Polytechnic School of
Rio de Janeiro, 99
Amor, MG, 223, 263
Cauê, 16, 17, 34-35, 40, 48, 55, 57, 156
Ramos, Nereu, 99
Secretariat (Seplan), 193
Passos, Gabriel, 105, 117, 120
94, 95, 97, 189, 305n
Railroad Study Center, 73
Riacho do Machado Project, 194
Polytechnic School of Bahia, 142
Paul Quay, ES, 76, 92,
Rache, Pedro Demóstenes, 46
Praia Mole Project, 190
Pohang Iron & Steel Company
(Posco), South Korea, 227, 256, 257
Participatory master plan, 317
Paths to development / Caminhos
do desenvolvimento (Leite Jr.), 105
51, 52-53, 56, 60, 68-69, 76, 8687, 91, 94, 99, 107, 232
Ponta da Madeira Maritime
Terminal, MA, 177, 183, 199, 201, 210,
Popular Week to Defend Mining, 121
Ribeiro, José Monteiro, 46, 48
Rio Declaration on Environment
and Development, 221
Office (Sudhevea), 221n
Rural Family House, project, 317
Rural University of Minas
Gerais State, 186; see also
University of Viçosa, MG
Rio Doce Internacional S.A., 203
Rio Doce International Finance
Ltd. (RDIF), Guyana, 173
S.A. Mineração da Trindade
(Samitri), 104, 107, 109, 110, 122, 130,
Rio Doce Madeiras S.A.
140, 146, 151, 187, 190, 203, 260, 261
Sabará Tunnel, MG, 188
Rio Doce Manganèse Europe
(RDME), France, 303, 325, 326
Salitre Project, 368
Rio Doce Manganèse Norway
(RDMN), Norway, 302, 303
Samarco Mineração, 260, 261
Rio Doce Moçambique Limitada, 297
Rio Pindaré, indigenous land, 211
Rio Tinto, anglo-australiam,
241, 297, 359, 368
Rio Verde Mineração, MG, 303
Rio, José Pires do, 32
Ritter, João E., 140n
Araguaia, 137, 211
Colorado, Argentina, 300
Doce, 14, 31, 61, 101
Itacaiunas, 136, 137n, 139, 140, 160,
Parauapebas, 137n, 160, 209
Santo Antônio, 67
Tocantins, 160, 164, 180, 181, 209,
Trombetas, 239, 240
Zambezi, Mozambique, 297
River Terminal, MS, 320
Rocha, Domingos Fleury da, 43
Rongsheng Shipbuilding and
Heavy Industries, China, 286, 370
Rousseff, Dilma, 314
Salobo Metais S.A., 239, 302
San Martin de Sechura Rural
Community, Peru, 317
Santos, Breno dos, 137,138, 140, 161
São Francisco Hydroeletri
Company (Chesf), 104
São João, engage, 285
São João de Ipanema
Iron Factory, 26
São José dos Campos
Technology Park, SP, 378
São Luís Railroad Station, MA, 235
São Marcos Bay, MA, 164, 178, 183
São Paulo State Environment
São Paulo Stock Exchange
(Bovespa), 249, 274, 324, 386
Sarney, José, 177, 215
Sarney Filho, José, 264
Sarney, Roseana, 235
Schettino, Francisco José,
227, 232, 238, 252
Science Academy of Paris, 25
Corporation, 130, 173, 273
Second Bulk Solids
Loading System, 233
Second World War, 41, 46, 49, 50,
60, 63, 67, 77, 79n, 94n, 137n, 291
Secretariat of Agriculture, Industry,
Trade and Public Works, 32
Sena-Beira, branch line, 342
Sepetiba Bay Port Company /
Companhia Portuária Baía de
Sepetiba S.A. (CPBS), RJ, 261, 311, 373
Southeast System, 311,
314, 354, 359, 367
Sepetiba Bay, RJ, 123, 125, 126
Southeast, district, 171
Sepetiba Tecon, RJ, 307
Special Commission to Regulate
the Washington Agreement, 50
Service to Support Micro and
Small Companies (Sebrae), 315
Shandong Yankuang International
Coking Company Limited, 279, 297
South System, Carajás, 177, 186,
187, 190, 201, 207, 209, 230, 256,
257, 260, 261, 271, 307, 308, 310,
311, 314, 328, 354, 357, 359, 367
Shanghai Baosteel Group
Corporation, China, 289
Siderbras, 190, 203
Siemens-Martin, furnaces, 91, 104
Silva, Luiz Inácio Lula
da, 215, 242, 281, 323
Silveira, Amaro da, 26n
Simandou Project, 345
Single Minerals Tax, 129
Small Farmers Project, 386
Small Farmes Project, 386
Soares, Edmundo de Macedo, 49
Soares, Raul, 37
Sociedade de Desenvolvimento do
Corredor do Norte S.A. (SDCN), 341
Société Anonyme d’Importation
(Sadi), Switzerland, 98
Secretariat (Sema), 221
St. John d’El Rey Mining
Company, 91, 117, 120
Standard & Poor’s Ratings
Service, 304, 392
State Basic Sanitation and
Environmental Defense Technology
Company (Cetesb), 209
Foundation (Feam), 268
Secretariat, ES, 270
Regulator (IEMA), 321
United Nations Convention
on Biological Diversity, 222
Vale do Rio Doce Botanical
Park, ES, 320, 321
Valeriodoce Esporte Clube,
soccer team, 135
Forest, 210, 268
Tres Valles, Chile, 347, 348, 349
Vale do Rio Doce Energia
S.A. (Vale Energia), 276
Valesul Alumínio S.A., 193, 195,
Triângulo Mineiro, 305, 307
United Nations Framework
Convention on Climate Change, 222
Target Program (JK), 85, 88, 89
Tsukada, Chihiro, 227
United Nations, 89, 221, 257, 335, 337
Távora, Juarez, 43, 121, 125
Tubarão, engage, 285
Teacher’s House, project, 263
Tubarão Complex, Vitória, ES, 190,
United States Geological
Survey (USGS), 137n
Vale do Rio Doce Environment
Institute (IAVRD), 320
Technical Council on
Economic and Finances, 46
191, 202, 210, 214, 218, 223, 225-227,
230, 231, 233, 248, 253, 254, 256, 264,
268-270, 285, 305, 308, 309, 311, 313,
320, 321, 328, 331, 354, 357, 372-374, 382
Tapirapé Biological Reserve, 210
of Brazil’s Itabirite Iron Ore
Deposits”, project, 95
Technological Research Center, 170
Department (Deteg), 171, 181n
Teluk Rubiah Terminal,
Tete Provincial Hospital,
Tubarão Maritime Terminal, ES,
The Chase Manhattan Bank, 158
Praia Mole Maritime Terminal,
102-104, 106-109, 111, 112, 114, 122,
127, 128, 130, 131, 134, 141, 147, 149,
151, 152, 153, 154, 156, 172, 173, 177,
189, 190, 196, 197, 209, 246, 307, 333
Tubos de Acero de
México (Tamsa), 199
United States Steel Co. (US
Steel), 49, 137, 143, 148, 161,
164, 165, 218, 235, 257
University of Itajubá, 164
University of São Paulo
(USP), 137n, 326, 378
University of São Paulo
State (Unesp), 326
Vale do Rio Doce Foundation
(FVRD), 261, 263, 264, 315, 316, 338, 341
Vale do Rio Doce Navegação S.A.
(Docenave), 104, 110, 112, 113, 114,
131, 142, 143n, 146, 148, 186, 233,
236-237, 272, 273, 274, 308, 311
Vale do Rio Doce Railroad
Museum, Vila Velha, ES, 263
Usinor, 140, 143, 256
Vale Natural Reserve, Linhares,
ES, 85, 100, 101, 206, 223-225,
307, 308, 309, 311
Unesco (United Nations
Educational, Scientific and Cultural
Organization), 85, 101, 223, 264
Vale & Communities
Integration Program, 255
Vale Nouvelle-Calédonie SAS
(VNC), New Caledonia, 294
Vale Australia, 345; see also
AMCI Holdings Australia Pty
Vale Oman Pelletizing
Company LLC (VOPC), 342
Union Carbide, 137, 161
Vale Brasil, ship, 370, 371
Vale Rio de Janeiro, ship, 370
United Nation Environment
Program (UNEP), 210, 221
Vale Canada Limited, 391;
see also Vale Inco Ltd.
Vale School, project, 263, 316
United Nations Conference
on Trade and Development
(UNCTAD), 280, 335
Vale Carbon Program, 388
Vale Soluções em Energia
S.A. (VSE), SP, 277, 378, 379
Vale Community Program, 315, 316
Valemax, class ship,
Sybetra, Belgium, 125
Timbopeba, deposit, 130, 158
Sygma Tecnologia, Engenharia,
Indústria e Comércio Ltda., 378
Tolbert, Gene Edward,
137, 140n, 161, 170
United Nations Conference
on Trade and Development
(UNCTAD), 280, 335
246, 264, 265, 268, 320
Vale do Acará, PA, 277, 386
Vale do Rio Doce Alumínio
(Aluvale), 241, 302, 303, 355, 391
Viana, Agripino Abranches, 186, 194
Vila Velha Terminal, ES,
Ueki, Shigeaki, 143, 164, 165, 241
USS Engineers & Consultants, 161n
Eisin-und Stahlwerke Ag
(VOEST), Austria, 158
Vila Técnica Areão, Itabira, MG, 108
Vale Network, program, 263, 316
Sossego Complex, Canaã
dos Carajás, PA, 281
95, 110n, 115, 131, 173n
Vale Lima, ship, 286
Timbopeba Project, 158, 187, 268
Wholesal Energy Market, 276
Vale Itália, ship, 370
U.S. Geological Survey, 89, 137n
Timber and Pulp
Superintendent’s Office, 207
Vatu Steel Company /
Companhia Siderúrgica Vatu,
Viana, Fernando de Melo, 37
ThyssenKrupp CSA Siderúrgica
do Atlântico Ltda. (TKCSA), 359
Tibiriçá, Mário W., 46, 48
West, Robert K., 56, 63, 95
Vale Institute of Technology
/ Instituto Tecnológico Vale
(ITV), 342, 377, 378, 381
Strong, R., 140n
Plan / Plano de Ação em
Sustentabilidade (PAS), 386
Werneck, Dorothéa, 227
Vasconcelos, Paulino Cícero de, 226
Vale Inco Ltd., 290, 291, 294,
337, 339, 355, 391; see also
Vale Canada Limited
Supreme Federal Court, 120, 125
Vasco Coutinho Station, ES, 65
S.A., 193, 238, 359
112, 131, 146, 148, 151, 151n, 181n,
190, 198, 203, 231, 252, 303, 357
342, 370, 371, 391
Valepar S.A., 250, 253
Valer (education and people
development department), 317
Water Code, 43
Weber, strip, 193
Vale Florestar Project, 210, 380, 381
Usinas Siderúrgicas de Minas
Gerais (Usiminas), 60, 63, 83, 110,
49, 50, 67, 77, 88, 94, 95, 104, 117, 392
Urubu Ka’apor, indigenous
people, 211, 213, 315
ThyssenKrupp Steel Europe
AG, Germany, 359
Vargas, Getúlio, 25, 41, 42, 45, 46,
Carlos de Lima, 213
Stockholm Conference (1972), 221
Suez, canal, 274n
41, 48, 50, 51, 56, 59
University of Viçosa, MG, 186, 342
Third National Development
Plan (1979), 177
ThyssenKrupp Stahl AG (TKS),
Germany, 107, 256, 260, 261
Valuec Serviços Técnicos
Ltda., 161, 165
Velloso, Vânia, 265
Usina Siderúrgica da Bahia
(Usiba), 131, 148, 198, 203
Volta Redonda Plant, 50
Vale Fertilizantes, 368, 373
Vale Hope Schools, 338
Voisey’s Bay, plant, 277, 278, 338
223, 224, 226, 228-229, 239, 242,
254, 256, 303, 313, 328, 354, 357
Vale Energia Limpa S.A., 367
Steinbruch, Benjamin, 252, 256
Sorocabana Railway Company, 34
Grain Terminal, 230, 256
Terraservice, consulting firm, 170
Plan, 315, 316
Effluent Collection and
Treatment, project, 270
190, 202, 253, 258-259, 306, 373
Thibau, Mauro, 121, 122, 123n, 125
Sumitomo Metal, Japan, 256, 333
South Mountains, deposit, 178
Diverse Products Terminal
(TPD), 230, 256, 260, 305, 308, 373
Tercam Intermodal Terminal,
Camaçari, BA, 311
The Mitsubishi Bank Ltd., 158
Sossego Project, 261, 300
Bulk Liquid Terminal, 373
Pelletizing Complex, 320, 321
Statute to Establish Companhia
Vale do Rio Doce, 42
Sudo, Fumio, 333
Reserve, ES, 264, 265
Highway, 137n, 207
Statement of Forest Principles, 222
Société Européenne d’Alliages
pour la Sidérurgie (Seas), 238
Council / Conselho da
Comunidade Solidária, 246
Vieira, Paulo José de
Lima, 105, 122, 123
Vilela, Gastão de Azevedo, 46, 48
Vitória, island, 209
Vitória - Minas Railroad (EFVM),
17, 28-32, 38, 41, 46, 50, 56-60, 63,
65, 66, 73, 83, 84, 85, 86-87, 89, 94,
96, 101, 107, 112, 118, 120, 130, 132,
146, 150, 151, 156, 157, 183, 186-189,
199, 203, 207, 219, 221, 223, 230, 233,
253-255, 257, 260, 263, 270, 271, 305,
308-311, 332, 371, 373, 384, 385, 386
Whitehead, Gilbert, 63
Wigg, Carlos da Costa, 26n
Williams, Howard, 95
Winner, ship, 242
World Business Council for
Sustainable Development, 264
World Environment Day, 221, 270
World Health Organization
World Trade Organization
(WTO), 280, 284
Xikrin, indigenous people, 137,
138, 184, 204, 211, 212, 213, 315
Yamada, Katshuhisa, 227
Yankuang Group, 279, 289, 297
Yongcheng Coal & Electricity
Group, 289, 297
Vitória Corridor, 309
Zero Residues Project, 225
Vitória Iron and Steel Company
/ Companhia Ferro e Aço de
Vitória (Cofavi), 63, 73, 83, 110
Zhu, Michael, 338
Voisey’s Bay, Newfoundland
and Labrador, 367
Ziyang, Zhao, 160, 161, 285
Zweig, Stefan, 337
SINDICATO NACIONAL DOS EDITORES DE LIVROS, RJ
Vale : our history / Vale. - Rio de Janeiro : Verso Brasil, 2012. 420 p. : ill. ; 28 cm
Translation of: Vale : nossa história
Includes bibliography and index
1. Vale (Firma) - História. 2. Minas e recursos minerais História. 3. Indústria mineral - História. I. Titulo