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We are Vale
We started out as a Brazilian mining company and today, we are global. We speak different languages and belong to several cultures, but are united by a common goal: to transform mineral resources into prosperity and sustainable development
Vale is a global mining company with headquarters in Brazil. Created in 1942, in Brazil, the company expanded throughout our native country and crossed continental borders. In recent years, we have experienced outstanding and consistent growth, developing projects, establishing new partnerships, making acquisitions, investing in people, contributing to the development of communities and gaining international recognition.
Faced with this transformation, in 2007 we redefined our Mission, Vision, Values and our Brand. Though the company's legal name – Companhia Vale do Rio Doce – remains the same, Vale is how we want to be recognized around the world.
Our workforce is composed of 146,800 people (56,400 employees and 90,400 contractors), who work towards a single mission: to transform mineral resources into prosperity and sustainable development. In Brazil, Canada, Indonesia or in any of the other 34 countries on the five continents in which we operate, our dynamic, entrepreneurial and persistent spirit drives our constant search for the best way to do things.
Our business is mining: we produce and sell iron ore, pellets, nickel, copper, bauxite, alumina, aluminum, coal, potassium, kaolin, manganese, Ferroalloys, cobalt, platinum group metals (PGMs) and precious metals. In Brazil, we also operate a logistics infrastructure that includes railways and port terminals. This integrated mine-railway-port system is just one of our competencies and competitive advantages.
As such, we are also logistics operators, and we provide services to clients in the areas of agribusiness and the steel industry, among others. Additionally, we invest in power generation projects in countries such as Brazil and Indonesia, mainly through hydroelectric plants, with a focus on providing for our needs, and protecting against fluctuations in energy prices.
We work towards the improvement of our production of essential raw materials for a vast global production chain. Iron ore, pellets and manganese, for example, are essential ingredients for the construction of houses and buildings and for the production of automobiles, machinery, and equipment as well. Nickel and aluminum are inputs to airplane anufacturing, medical equipment, and packaging. Copper is used in electrical and electronic equipment. Kaolin is used in the paper industry, and potassium is an ingredient in fertilizers, used in the production of food. We serve society, and we are present in the lives of millions of people.
1 In accordance with the GRI Boundary Protocol, the employees and contractors of Vale Australia and Vale's affiliated companies have not been included in the workforce data. Consistent with our progressive reporting approach, data for Vale Australia will be included in the coming years. Considering Vale Australia employee statistics, the total number of Vale's employees reaches approximately 57,000. When employees and contractors of Vale Australia and affiliated companies are considered, the total number of direct employees reaches 153,000.
Global Evolution
Our vision is to be the largest mining company in the world and to surpass the established standards of excellence in research and development, project implementation and business operation. In this quest, we have blazed a path of large-scale transformation in the last few years. In December 2007, Vale's market capitalization reached US$ 151.7 billion, compared to the US$ 11 billion registered in 2002 – making us the largest privately-owned company in Latin America and the second largest diversified mining company in the world.
Since 2005, we have made investments of US$ 16.6 billion, not including acquisitions. An additional amount of US$ 11 billion in investments is forecast for 2008, thus representing the largest annual organic growth investment programin Vale's history.
As a publicly traded company, our stock is traded on Bovespa (Vale3 and Vale5), on the NewYork Stock Exchange (RIO and RIOPR), on the Euronext Paris (Vale3 e Vale5, since July 18th, 2008 ) and on Latibex (XVALP and XVALO). We have a controlling shareholder, Valepar that on April 30, 2008, held 53.3% of our common shares and 32.5% of our total capital. The remaining shares are spread across a diversified and widespread shareholder base, with the participation of investors from all over the world.
Employee at RDME (France).
In 2005, we became the first Brazilian company to receive the investment grade rating. Today, we are considered investment-grade by the most important risk assessment agencies in the world, such as Standard & Poor´s Ratings Services, Moody´s Investors Service, Fitch Ratings and Dominion Bond Rating Service. This reflects the confidence of the market in our business model.
In 2006, we acquired the Canadian mining company Inco Limited (now called Vale Inco), a milestone in our global expansion. In 2007, we also acquired AMCI Holdings Australia Pty (now called Vale Australia). The challenge of harmonizing different organizational cultures drives us to strengthen bonds and to acquire valuable knowledge.
Through the acquisition of Inco Limited, a leading company with a longstanding tradition in technological expertise, we entered the nickel market and began to participate in a wide range of projects, such as the development of Goro in New Caledonia, the largest nickel development project in the world. With our operations in Australia, we have also advanced in the coal market, which was previously represented in our portfolio through the Moatize mine in Mozambique.
Coal analysis at Moatize (Mozambique).
We are interested in locating new deposits of copper, manganese ore, iron ore, nickel, kaolin, bauxite, phosphate, potassium, coal, PGM and uranium. As such, we are undertaking an intense program for mineral exploration in several countries.
Our convictions have also led us to participate in global initiatives aligned with sustainable development. We are associated with the International Council on Mining and Metals (ICMM), whose mission is to provide best practices in sustainability. We have also become signatories to the Global Compact, an initiative by the United Nations to promote construction of a development model committed to the causes of human rights, labor rights, environmental protection and the fight against corruption. In 2007, we decided to report our economic, social and environmental performance in accordance with the guidelines set forth by the GRI, in its third version – G3.
"Vale is one of themost exciting business projects coming out froman emergingmarket. Vale is also – and this should be pledge – a worldwide company firmly committed to raise the standards and its policy towards achieving sustainable development is a stellar testimony of this".Javier Santiso, OECD Development Centre Director and OECD Emergingmarkets Network (EmNet) Chair. March,2008.
