Vale updates on freezing of funds

About Vale

4/1/2019

Vale updates on freezing of funds

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Vale informs on the decision by the 1st Court of Nova Lima on March 29th, 2019, regarding the request for a preliminary injunction within the scope of the Public Civil Action 5001130-57.2019.8.13.0188 proposed by the Public Prosecution Office of the State of Minas Gerais, that determined the freezing of Vale's funds in the amount of R$ 1 billion, aiming to ensure the remediation of the damages caused to people affected by the evacuation of the Auto Rescue Zone of the Vargem Grande dam, as well as potential harm to people and the environment in case of breach.

Additionally, the court ordered the Company to refrain from any action to construct, operate, alter and/or use the Vargem Grande dam, as well as to adopt certain measures to ensure the stability and safety of the dam and other structures of the mining complex where it is located.

Vale was not formally notified of the decision and will take the appropriate measures in due course.

This decision does not change the iron ore and pellets sales forecast disclosed in the press release "Vale informs on estimates updates", on March 28th, 2019, considering that the operations of the Vargem Grande complex were already suspended by determination of the Brazil's National Mining Agency ("ANM" - Agência Nacional de Mineração).

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Vale updates on freezing of funds