<SEC-DOCUMENT>0001292814-23-002668.txt : 20230613
<SEC-HEADER>0001292814-23-002668.hdr.sgml : 20230613
<ACCEPTANCE-DATETIME>20230613124927
ACCESSION NUMBER:		0001292814-23-002668
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230613
DATE AS OF CHANGE:		20230613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		231010808

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>vale20230613_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities and Exchange Commission</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 6-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vale S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Praia de Botafogo n&ordm; 186, 18&ordm; andar,
Botafogo<BR>
22250-145 Rio de Janeiro, RJ, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Check One)
Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT> Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="vale202306136k_001.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 16pt Caecilia Light; margin: 0; text-align: justify; color: #007E7A">Vale announces pricing for cash tender offer
for notes due 2026</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Rio de Janeiro &#8211; June 13, 2023 &#8211; Vale S.A.
(&#8220;Vale&#8221;), further to the press release issued on June 7, 2023, announces the Consideration (as defined below) payable in connection
with the previously announced offer to purchase (the &#8220;Offer&#8221;) with respect to any and all outstanding 6.250% Guaranteed Notes
due 2026 (the &#8220;2026 Notes&#8221;) issued by its wholly owned subsidiary, Vale Overseas Limited (&#8220;Vale Overseas&#8221; or the
&#8220;Offeror&#8221;).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Title of Security</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: -5.5pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>CUSIP / ISIN Nos</B>.</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Principal Amount Outstanding</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Reference U.S. Treasury Security</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Bloomberg Reference Page<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Fixed Spread</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Repurchase Yield</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Consideration</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><SUP>(2)</SUP></FONT></B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Vale Overseas</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">6.250% Guaranteed Notes due 2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CUSIP: 91911TAP8</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">ISIN: US91911TAP84</P></TD>
    <TD STYLE="padding-right: -5.35pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">US$745,441,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3.625% due May 15, 2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FIT1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">+58&nbsp;bps</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">4.810%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">US$1,041.55</FONT></TD></TR>
  </TABLE>

<HR SIZE="2" NOSHADE ALIGN="LEFT" STYLE="width: 25%; color: black">

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SUP>The
applicable page on Bloomberg from which the Dealer Managers (as defined herein) quoted the bid side price of the Reference U.S.&nbsp;Treasury
Security.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>Per
US$1,000 principal amount. The Consideration was calculated using the fixed spread for the 2026 Notes to the yield of the Reference U.S.
Treasury Security as of 11:00 a.m., New York City time, earlier today. All holders of 2026 Notes accepted for purchase will also receive
accrued and unpaid interest on the 2026 Notes validly tendered and accepted for purchase from and including the last interest payment
date up to, but not including, the Any and All Settlement Date (as defined below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Offer is made upon the terms and subject to the
conditions set forth in the offer to purchase dated June 7, 2023 (the &#8220;Offer to Purchase&#8221;) relating to the 2026 Notes and
the accompanying notice of guaranteed delivery (the &#8220;Notice of Guaranteed Delivery&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Consideration payable per US$1,000 principal amount
of 2026 Notes validly tendered and accepted for purchase pursuant to the Offer has been determined in the manner described in the Offer
to Purchase (the &#8220;Consideration&#8221;) by reference to the fixed spread for the 2026 Notes specified in the table above <I>plus</I>
the yield based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above at 11:00 a.m., New
York City time, earlier today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Holders of 2026 Notes who (i) validly tender and do
not validly withdraw their 2026 Notes on or prior to the Expiration Date (as defined below), or (ii) deliver a properly completed and
duly executed Notice of Guaranteed Delivery and other required documents pursuant to the Guaranteed Delivery Procedures (as defined in
the Offer to Purchase) on or prior to the Expiration Date and that tender their 2026 Notes on or prior to the Guaranteed Delivery Date
(as defined in the Offer to Purchase), and whose 2026 Notes are accepted for purchase will be eligible to receive the Consideration. Holders
will also receive accrued and unpaid interest (&#8220;Accrued Interest&#8221;) on the 2026 Notes accepted for purchase in the Offer from,
and including, the last interest payment date for the 2026 Notes up to, but excluding, the Any and All Settlement Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Offer will expire at 5:00 p.m., New York City time,
today, unless extended (the &#8220;Expiration Date&#8221;). Payment of the Consideration and Accrued Interest for the 2026 Notes validly
tendered and accepted for purchase is expected to be made, subject to the terms and conditions of the Offer to Purchase, on June&nbsp;16,
2023 (the &#8220;Any and All Settlement Date&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0"><B>Additional Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vale has retained BMO Capital Markets Corp., Citigroup
Global Markets Inc., J.P. Morgan Securities LLC, and Scotia Capital (USA) Inc. to serve as dealer managers (&#8220;Dealer Managers&#8221;)
and D.F. King &amp; Co., Inc. to serve as tender and information agent for the Offer (&#8220;D.F. King&#8221;). The Offer to Purchase
and any related supplements are available at the D.F. King website at www.dfking.com/vale. The full details of the Offer, including complete
instructions on how to tender Notes (as defined in the Offer to Purchase), are included in the Offer to Purchase. Holders of Notes are
strongly encouraged to carefully read the Offer to Purchase, including materials incorporated by reference therein, because they will
contain important information. Requests for the Offer to Purchase and any related supplements may also be directed to D.F. King by telephone
at +1&nbsp;(212)&nbsp;269-5550 or +1&nbsp;(800)&nbsp;591-8263 (US toll free) or in writing at vale@dfking.com. Questions about the Offer
may be directed to BMO Capital Markets Corp. by telephone at +1 (212) 702-1840 (collect)
or +1&nbsp;(833)&nbsp;418-0762 (US toll free), Citigroup Global Markets Inc. by telephone at +1 (212) 723-6106 (collect) or +1 (800) 558-3745
(US toll free), J.P. Morgan Securities LLC by telephone at +1 (212) 834-4045 (collect) or +1 (866) 834-4666 (US toll free) and Scotia
Capital (USA) Inc. by telephone at +1 (212)&nbsp;225-5559 (collect) or +1 (833)&nbsp;498-1660 (US toll free).</P>


<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This news release is for informational purposes only
and is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Offer is being made only by, and pursuant
to the terms of, the Offer to Purchase. The Offer is not being made in any jurisdiction in which the making or acceptance thereof would
not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the laws require the
Offer to be made by a licensed broker or dealer, the Offer will be made by the Dealer Managers on behalf of the Offeror. None of the Offeror,
D.F. King, the Dealer Managers or the trustee with respect to the Notes, nor any of their affiliates, makes any recommendation as to whether
holders should tender or refrain from tendering all or any portion of their Notes in response to the Offer. None of the Offeror, D.F.
King, the Dealer Managers or the trustee with respect to the Notes, nor any of their affiliates, has authorized any person to give any
information or to make any representation in connection with the Offer other than the information and representations contained in the
Offer to Purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Gustavo Duarte Pimenta</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Executive Vice President, Finance and Investor Relations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray"><B>For further information, please contact:</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Vale.RI@vale.com</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="color: gray">Ivan Fadel: </FONT>ivan.fadel@vale.com</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="color: gray">Mariana Rocha: </FONT><FONT STYLE="color: Black">mariana.rocha@vale.com</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="color: gray">Luciana Oliveti: </FONT><FONT STYLE="color: Black">luciana.oliveti@vale.com</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="color: gray">Pedro Terra: </FONT>pedro.terra@vale.com</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">This press release may include statements
that present Vale&#8217;s expectations about future events or results. All statements, when based upon expectations about the future,
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) economic, political and social issues in the countries in which we operate, (b) the global
economy, (c) commodity prices, (d) financial and capital markets, (e) the mining and metals businesses, which are cyclical in nature,
and their dependence upon global industrial production, which is also cyclical, (f) regulation and taxation, (g) operational incidents
or accidents, and (h) the high degree of global competition in the markets in which we operate. 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) and the Brazilian <I>Comiss&atilde;o de Valores Mobili&aacute;rios</I> (CVM), and in particular the factors discussed
under &#8220;Forward-Looking Statements&#8221; and &#8220;Risk Factors&#8221; in Vale&#8217;s annual report on Form 20-F.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="text-indent: 20pt; break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Ivan Fadel</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: June 13, 2023</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Head of Investor Relations</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>



<P STYLE="margin: 0pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>vale202306136k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 vale202306136k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "B T0# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MK-P@Y+H7O^$FT#_H.:;_ .!<?^-:44L<\2RPR))&PRKH<@CV(J..&"TL5A)
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH 1AE2*\Z^(G@]M0B&IV$.
M;M.'1!DN*]&/2FX!'/2JC)QU,:U&-6/+(Y'P-X330-,6:49O)@&<G^'VKKAP
M<=J7%'>DY-NXZ5.-**C$6BBBD:A1110 G;IF@C-+10 E%+10 E'X4M% "=NE
M'YTM% "8]J!T'!I:* $QSTI1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %&!Z444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11FB@ HHH
MH **** "BBB@ HHS10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M/#,45[S_ ,*W\-?\^1_[ZJ9/A[X810O]F1MCNQ.:7MH]BO[)K=T> 45] ?\
M"O\ PQ_T"H?UJ1? GA<*!_8ML<=R#_C1[:/8:RBK_,OQ/GNBOH7_ (07PO\
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MGM"H_I68=.L<_P#'E;_]^E_PHHJSF<5?8SM6L;-(X2MK I).<1@5F?9+;/\
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M5V)%55X4 #V%.[444%(7O2CI114EH4TE%%!0M%%% A*.U%%#&%%%% D%%%%
MPI1112 ****8!1110 E+112 2BBBF(****!A2T44""BBBDQA2444@"EHHJ@$
MI:** "BBBDP$HHHI %+110 E%%% "TE%%4 4444 +1VHHI )2T44P$HHHH$Q
032444#%I***0"T444P/_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
