<SEC-DOCUMENT>0001292814-24-002488.txt : 20240620
<SEC-HEADER>0001292814-24-002488.hdr.sgml : 20240620
<ACCEPTANCE-DATETIME>20240620083410
ACCESSION NUMBER:		0001292814-24-002488
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240620
DATE AS OF CHANGE:		20240620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		241054218

	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>vale20240620_6k1.htm
<DESCRIPTION>6-K
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<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>

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

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<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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June 2024</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>

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<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>

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<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>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="margin: 0; font: 16pt Vale Sans,sans-serif; color: #007E7A">Vale informs on estimates update</P>

<P STYLE="font: 16pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">Rio de Janeiro, June 20<SUP>th</SUP>, 2024
&#8211; Vale S.A. (&#8220;Vale&#8221;) informs that it has updated its estimates for its Energy Transition Metal&#8217;s division and
that these must be considered as such:</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #555555"><B>Energy Transition Metal&#8217;s Asset Review (&#8220;AR&#8221;)
&#8211; Estimated total expenditure in the next 3 years</B>&sup1; &sup2;<B>:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555"><B>U$ million</B></FONT></TD>
    <TD STYLE="width: 58%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555"><B>2024-2026</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Capacity run rate &amp; reliability</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">US$ 650 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Sudbury and Salobo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">US$ 150</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Exploration &amp; Project development</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">US$ 350</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&sup1; Includes costs, expenses, and capital
expenditures. About 50% refers to CAPEX and 50% to one-off costs &amp; expenses. Value in real terms. &sup2; Current CAPEX guidance for
Vale remains unchanged as per Vale guidance provided on Dec 5, 2023 (Vale Day 2023).</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #555555"><B>Estimated production volumes:</B></P>

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    <TD STYLE="width: 43%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555"><B>Year</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>2026 </B></P>
    <P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>(baseline)</B> <SUP>3</SUP></P></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>2026</B></P>
    <P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>(after Asset Review early wins)</B> <SUP>4</SUP></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Copper (kt)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">375-410</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">+5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Nickel (kt)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">190-210</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">+10%</FONT></TD></TR>
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<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>3</SUP>As per Vale guidance provided on
Dec 5, 2023 (Vale Day 2023).</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>4</SUP> Copper and Nickel production can
reach 394-431 kt (+5% in relation to the 2026 baseline) and 209-231kt (+10% in relation to the 2026 baseline) , respectively, considering
the following early wins (3 years): (i) implementation of the Asset Review initiatives, with total expenditure of US$ 800 million (capacity
run rate &amp; reliability and Sudbury and Salobo); and (ii) 30% productivity uplift in Sudbury.</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><B>All-in components (real terms):</B></P>

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    <TD STYLE="width: 43%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555"><B>Year</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>2026 </B></P>
    <P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>(baseline)</B> <SUP>6</SUP></P></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>2026</B></P>
    <P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>(after Asset Review early wins)</B> <SUP>7</SUP></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Copper All-in costs<SUP>5</SUP> (US$/t)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">3,500-4,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">-10%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Nickel All-in costs<SUP>5</SUP> (US$/t)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">11,500-13,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">-10%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>5</SUP> Excluding sustaining investments.
For Nickel, not considering the effects of PTVI's divestment.</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>6 </SUP>As per Vale guidance provided on
Dec 5, 2023 (Vale Day 2023).</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>7</SUP> Copper and Nickel All-in Costs
could reach US$3,150-3,600/t (-10% in relation to the 2026 baseline) and US$10,350-12,150/t (-10% in relation to the 2026 baseline), respectively,
considering the following early wins (3 years): (i) implementation of the initiatives of the Asset Review, with total expenditure of US$
800 million (capacity run rate &amp; reliability and Sudbury and Salobo); (ii) 30% productivity uplift and cost dilution in Sudbury; and
(iii) 10% cost reduction in Salobo operations.</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #555555"><B>Estimated production capacity:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555"><B>Year</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>Asset capacity</B></P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>pre-asset review</B></P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>(2026)</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>Asset </B></P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>potential</B></P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>(2028+)</B></P></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>Long term</B></P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>potential</B></P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555"><B>(2030+)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Copper (kt)<SUP>8</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~400</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~900</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Nickel (kt)<SUP>9</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~210</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~250</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">&gt;300</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>8</SUP> Considering the Asset Review initiatives,
Copper operations can reach production capacity of: (i) 400 ktpy by 2026, considering Salobo (~220 ktpy), Sossego (~80 ktpy), and Canadian
operations (~100 ktpy); (ii) ~500 ktpy by 2028, considering an ~100 ktpy addition, in relation to 2026, coming from Salobo (+60 ktpy),
Sossego (+15 kpty), and Canadian operations (+25 kpty); (iii) ~900 ktpy after 2030, considering the asset potential by 2028 and the additions
from Hu&#8217;u (300-350 ktpy), Alem&atilde;o (~60 ktpy), and North Hub (70-100 ktpy).</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>9</SUP> Considering the Asset Review initiatives,
the Nickel operations can reach production capacity of: (i) ~210 ktpy by 2026, considering Sudbury (~60 ktpy), Thompson (~10 ktpy), Voisey&#8217;s
Bay (~45 ktpy), On&ccedil;a Puma (~40 ktpy), and PTVI (~55 ktpy); (ii) ~250 ktpy by 2028, considering a ~40 ktpy addition, in relation
to 2026, coming from Sudbury (+25 ktpy) and Voisey&#8217;s Bay (+15 ktpy); (iii) &gt;300 ktpy after 2030, considering the asset potential
by 2028 and the additions from Indonesia JV&#8217;s (~20 ktpy) and Ultramafics in Thompson (~40 ktpy).</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #555555"><B>Energy Transition Metal&#8217;s Asset Review (&#8220;AR&#8221;)
&#8211; Estimated incremental EBITDA, total expenditure, and additional value creation:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555"><B>Early wins (up to 2026)</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555"><B>Deliver asset potential (2028+)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">EBITDA<SUP>10</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~US$ 400 million</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~US$ 1.3 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Total expenditure <SUP>11</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~US$ 800 million</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~US$ 3.3 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">Value creation<SUP>12</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~US$ 2 billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #555555">~US$ 6 billion</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; color: #555555"><SUP>10 </SUP>Refers to incremental EBITDA for the business considering
the implementation of asset review initiatives. Nickel price of $18,000/t; copper price of $8,500/t; copper TC/RC discount of US$ 500/t
of payable copper. For every US$ 1,000/t variation in nickel price, &#916; EBITDA varies by ~US$ 40 million; for every US$ 1,000/t variation
in copper price, &#916; EBITDA varies by ~US$ 100 million.</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; color: #555555"><SUP>11 </SUP>Includes CAPEX and one-off costs.</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>12</SUP> Considering an average industry
multiple reference of 7.The additional value creation is achieved by multiplying the EBITDA figures per 7 (industry multiple) and discounting
the total expenditure.</P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; color: #555555">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #555555">&nbsp;</P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">All other guidances remain unchanged. Vale
clarifies that the information provided in this document represent only an expectation, hypothetical data that by no means constitute
a promise of performance by Vale and/or its management. The estimates presented involve market factors that are beyond Vale&#8217;s control
and, therefore, can be subject to new changes. Additionally, Vale informs that will file again in due course the item 11 of its Reference
Form, in the period required by the Resolution CVM n&ordm; 80/2022.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555">Gustavo Duarte Pimenta</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #555555">Executive Vice President, Finance and Investor
Relations</P>

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0; color: blue">&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 Vale Sans,sans-serif; margin: 0; text-align: justify; color: gray"><B>&nbsp;</B></P>

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

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: right; color: gray">Vale.RI@vale.com</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: right; color: gray">Thiago Lofiego: thiago.lofiego@vale.com</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: right; color: gray">Luciana Oliveti: luciana.oliveti@vale.com</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: right; color: gray">Mariana Rocha: mariana.rocha@vale.com</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: right; color: gray">Pedro Terra: Pedro.terra@vale.com</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 7pt Vale Sans,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) 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 Comiss&atilde;o
de Valores Mobili&aacute;rios (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="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: bold 16pt Caecilia Light; margin: 0; text-align: justify; color: #007e7a"></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: right; color: gray"><B>&nbsp;</B></P>



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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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/ Thiago Lofiego</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: June 20, 2024</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"> Director 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>

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