6-K 1 tm2121310d13_6k.htm FORM 6-K

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

July 2021

Vale S.A.

Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

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

(Check One) Form 20-F x Form 40-F ¨

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

(Check One) Yes ¨ No x

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

(Check One) Yes ¨ No x

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

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

| Vale’s Performance in 2Q21 Rio de Janeiro, July 29th, 2021 Fernandinho dam decharacterization works were concluded in July 2021

| Agenda Disclaimer “This presentation may include statements that present Vale's expectations about future events or results . All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties . Vale cannot guarantee that such statements will prove correct . These risks and uncertainties include factors related to the following : (a) the countries where we operate, especially Brazil and Canada ; (b) the global economy ; (c) the capital markets ; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature ; and (e) global competition in the markets in which Vale operates . To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U . S . Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward - Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20 - F . ” “Cautionary Note to U . S . Investors - The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce . We present certain information in this presentation, including ‘measured resources,’ ‘indicated resources,’ ‘inferred resources,’ ‘geologic resources’, which would not be permitted in an SEC filing . These materials are not proven or probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by the SEC . U . S . Investors should consider closely the disclosure in our Annual Report on Form 20 - K, which may be obtained from us, from our website or at http : //http : //us . sec . gov/edgar . shtml . ”

| 3 Opening remarks

| We have made progress in repairing Brumadinho 4 Integral Reparation Settlement Agreement ✓ Vale will maintain emergency payments for +101,000 people until August 2021¹ ✓ The detailing of projects and governance continues ✓ +1,300 new equipment for 76 Basic Health Units in 8 municipalities ✓ Program for Strengthening Social Participation in 10 municipalities ✓ Nursery for the Palhano community, Brumadinho (MG) ✓ Paving and signaling of the road between Córrego do Feijão and Alberto Flores, Brumadinho (MG) Indivisual Indemnifications² + 10,700 people + R$ 2.6 billion in signed agreements Reparation Advances ¹Nos termos do acordo, não extensível. ²Número acumulado de pessoas com acordos assinados e valores comprometidos em acordos assinados desde 2019.

| ✓ Completion of the Fernandinho dam decharacterization works ✓ Completion of the containment structure downstream the Forquilhas I, II, III, IV and Grupo dams ✓ Start of activities to remove tailings from Sul Superior and B3/B4 dams We continue to improve our safety management 5 Upstream dam decharacterization ✓ Reduction in the emergency level of the Doutor and Sul Inferior dams Dam management ✓ Independent Tailings Review Board: practice in line with the GISTM¹, deployed in Iron Ore Systems Emergency management ¹ Global Industry Standard for Tailings Management.

| We have also made progress on our ESG commitments 37 63 11 2022+ Dez/20 8 Total 1S21 2S21 7 ESG GAPs by Estimated Completion Closed in 1H21: ✓ Board of Directors assessment process ✓ Better reporting on long-term emerging risks ✓ Independent Chairman ✓ Provision for Lead independent director role ✓ Greater number of independent directors ✓ Greater Board experience in mining and dams ✓ Compensation Committee, with an independent majority ✓ Due Diligence Process in Human Rights 6 Leading the transition to a low carbon mining ESG Gap Action Plan ✓ Prioritizing the reduction of operational emissions ✓ Nature-based solutions with social and environmental co- benefits ✓ High integrity carbon markets ✓ US$ 4-6 billion in investments by 2030 to reduce GHGE ✓ Marginal abatement cost curve updated annually for project prioritization ✓ ~80% of the mapped initiatives are positive NPV¹ at the considered shadow price 1 1 As of June 2021, with greater technological maturity due to the pilot phase and studies. Figures include assumptions for low-maturity technologies, leading to uncertainty. $50/tCO2e: shadow price for all capital allocation decisions. Complete Ongoing

| We are resuming our production capacity 7 US$ 11.239 billion Record proforma adjusted EBITDA 75.7 Mt Production of iron ore fines, 12% higher than 2Q20 US$ 6.527 billion Free Cash Flow, US$ 690 million higher than 1Q21 ¹ Pro forma adjusted EBITDA in 1Q21, excluding expenses with Brumadinho and donations related to COVID-19. Normalization of operations at the Ponta da Madeira Terminal VBME Project's first ore production Moatize ramping up to reach a run-rate of 15 Mtpy

| Our discipline in capital allocation continues ¹Balance of provisions as of June 30, 2021, exchange and present value adjustment. ²Initiatives to reduce scopes 1 and 2 emissions. Shareholder remuneration Dividends US$ 6.1 billion in 1H21 ▪ Brumadinho ▪ Renova Reparation ✓ Integral Reparation Settlement Agreement: US$ 2.155 billion provision¹ ✓ Renova Foundation: US$ 2.491 billion provision¹ ✓ Individual indemnifications, emergency aid and other reparation payments: US$ 470 million¹ ▪ Safety & Operational Excellence ▪ Production resumption ▪ ESG ▪ Other obligations De-risking ✓ Provision of US$ 2.155 billion for upstream dam decharacterization ¹ ✓ US$ 4-6 billion - investment to reduce GHG by 2030² ▪ Growth projects ▪ Other growth options Growth opportunities ✓ Low-CAPEX growth options ✓ Capanema +14 Mtpy ✓ Salobo IV +30 ktpy ✓ Onça Puma 2nd furnace 8 Share Buyback Program US$ 2.0 billion disbursed in 1H20

| We are on the way to a better Vale 9 Re-rating ▪ Benchmark in Safety ▪ The best and most reliable operator ▪ Talent-oriented organization ▪ Leader in low carbon mining ▪ Reference in value creation and sharing De-risking ▪ Brumadinho ▪ Dam safety ▪ Robust ESG practices ▪ Production resumption Reshaping ▪ Focus on core business ▪ Control of cash drains ▪ Growth opportunities Solid cash flow generation Discipline in capital allocation Reshaping

| 10 Iron Ore

| 11 Ramping up iron ore production Guidance of 315-335 Mt in 2021 11 2Q 8 89 8 60 1Q 68 3Q 85 4Q 68 76 Additional production in 2021 2020 Iron ore production (Mt) What will support production increase in 2H21? Usual seasonality 1 Serra Leste: full capacity 2 Brucutu: More high-silica ore due to market condition 3 Fábrica: full capacity 4 VGR: Maravilhas III dam and conveyor belt 5

| 12 We are progressing on resumption plan 12 Iron ore capacity (Mtpy) Recent developments May 2021 • Brucutu: Increase of high-silica sinter feed production by dry processing taking advantage of market conditions (5 Mtpy of net addition on capacity). April 2021 • Fábrica: Temporary authorization for wet processing facilities tests (+4 Mtpy). • Serra Leste: Site reached full capacity (+2 Mtpy) Northern System Southeastern System Southern System July 2021 • Fábrica: Final authorization to operate beneficiation and pelletizing plants. • Vargem Grande: Start-up Maravilhas III dam (4 Mtpy of net addition on capacity). 318 327 330 335 400 450 350 End of 2022 Investor Tour 2020 1Q21 Future 2Q21 Today End of 2021 343 Potential setbacks • Itabira: Temporary tailings disposal restrictions due to limited disposal areas (-2 Mtpy1). • Temporary restrictions and licensing: Mutuca, Northern System and others (-5 Mtpy). ¹ Previously, Itabira was expected to negatively impact Vale’s capacity in 7 Mtpy.

| 13 We are progressing on resumption plan ¹ Brucutu site capacity increased in 2Q21 to 16 Mtpy (+5 Mtpy of net addition) with increase of high-silica sinter feed production by dry processing, taking advantage of market environment. As a result, the net addition capacity from the Torto dam start-up changed to 12 Mtpy (from previous 17 Mtpy). 13 What is next? Southeastern System Southern System Northern System 4Q21 S11D Second crushers’ installation to process jaspilite ores 3Q21 Delays to 2022 Torto dam start-up +12¹ Mtpy Brucutu Itabira Start-up of Conceição filtration plant, softening short term tailings disposal restrictions +0 Mtpy in short term Vargem Grande +6 Mtpy +2 Mtpy Unlock conveyor belt

Signatures

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

Date: July 29, 2021 | Vale S.A.
| (Registrant)
| By: | /s/ Ivan Fadel
|  | Head of Investor Relations