<SEC-DOCUMENT>0001292814-24-002845.txt : 20240726
<SEC-HEADER>0001292814-24-002845.hdr.sgml : 20240726
<ACCEPTANCE-DATETIME>20240725182932
ACCESSION NUMBER:		0001292814-24-002845
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240726
DATE AS OF CHANGE:		20240725

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:		241143181

	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>valedfifrs2q24_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<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>

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<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">July 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>

<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>

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

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<P STYLE="color: teal; font: 14pt/106% Vale Sans,sans-serif; margin: 12pt 0 0; text-align: center"><B>
Contents</B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 10pt 7.1pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt"><A HREF="#a_001">Report of Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_001">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_002">Consolidated Interim Income Statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_002">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_003">Consolidated Interim Statement of Comprehensive Income</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_003">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_004">Consolidated Interim Statement of Cash Flows</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_004">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_005">Consolidated Interim Statement of Financial Position</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_005">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_006">Consolidated Interim Statement of Changes in Equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_006">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_007">1. Corporate information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_007">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_008">2. Basis of preparation of condensed consolidated interim financial statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_008">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_009">3. Significant events and transaction related to the three-month period ended June 30, 2024</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_009">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_010">4. Information by business segment and geographic area</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_010">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_011">5. Costs and expenses by nature</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_011">15</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_012">6. Financial results</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_012">15</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_013">7. Taxes</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_013">16</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_014">8. Basic and diluted earnings per share</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_014">18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_015">9. Cash flows reconciliation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_015">18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_016">10. Accounts receivable</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_016">20</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_017">11. Inventories</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_018">12. Suppliers and contractors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_019">13. Other financial assets and liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019">22</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_020">14. Investments in associates and joint ventures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020">23</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_021">15. Acquisitions and divestitures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_021">24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_022">16. Intangibles</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_022">26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_023">17. Property, plant, and equipment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_023">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_024">18. Financial and capital risk management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_024">28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_025">19. Financial assets and liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_025">34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_026">20. Participative shareholders&rsquo; debentures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_026">35</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_027">21. Loans, borrowings, cash and cash equivalents and short-term investments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_027">36</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_028">22. Leases</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_028">37</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_029">23. Brumadinho dam failure</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_029">38</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_030">24. Liabilities related to associates and joint ventures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_030">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_031">25. Provision for de-characterization of dam structures and asset retirement obligations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_031">44</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_032">26. Legal proceedings</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_032">47</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_033">27. Employee benefits</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_033">48</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_034">28. Equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_034">50</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt"><A HREF="#a_035">29. Related parties</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_035">51</A></TD></TR>
</TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><A NAME="a_001"></A>&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0"><B>Report of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt/106% Georgia, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">To the shareholders and Board of Directors of</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">Vale S.A.</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt"><B>Results of review of interim<BR>
financial statements</B></P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">We have reviewed the accompanying consolidated interim statement of
financial position of Vale S.A. and its subsidiaries (the &quot;Company&quot;) as of June 30, 2024, and the related consolidated interim
income statement and statements of comprehensive income for the three-month and six-month periods ended June 30, 2024 and June 30, 2023
and the consolidated interim statements of changes in equity and cash flows for the six-month periods ended June 30, 2024 and June 30,
2023, including the related notes (collectively referred to as the &quot;interim financial statements&quot;). Based on our reviews, we
are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity
with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">We have previously audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of the Company as of December
31, 2023, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the
year then ended (not presented herein), and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of
December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which
it has been derived.</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt"><B>Basis for review results</B></P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">These interim financial statements are the responsibility of the Company's
management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the
PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons
responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards
of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly,
we do not express such an opinion.</P>

<P STYLE="font: 2pt/95% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">Rio de Janeiro, July 25, 2024</P>

<P STYLE="font: 11pt/95% Georgia, Times, Serif; margin: 0 0 10pt">PricewaterhouseCoopers<BR>
Auditores Independentes Ltda.</P>


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<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_002"></A>Consolidated Interim Income
Statement</B></P>

<P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>In millions of United States dollars, except earnings per share </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4(b) </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,920</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,673</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18,379</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18,107</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,349)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,940)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11,716)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10,889)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,571</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,733</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,663</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,218</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Selling and administrative</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(137)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(277)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(257)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(189)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(165)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(345)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(304)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(91)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(103)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(183)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(227)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other operating revenues (expenses), net</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(c)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">721</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(454)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">465</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(677)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,875</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,872</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,323</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,753</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">187</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">227</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(365)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(397)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(704)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(717)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial items, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(965)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">134</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,172)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(197)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14 and 24</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">112</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">236</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,735</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,720</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,870</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,016</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,792)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(414)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,210)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,769</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>928</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,456</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,806</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,769</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>892</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,448</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,729</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.65</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.20</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.04</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.62</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim
financial statements.</P>


<!-- Field: Page; Sequence: 5 -->
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<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_003"></A>Consolidated Interim Statement
of Comprehensive Income</B></P>

<P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B></B></P>

<P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>In millions of United States dollars</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>928</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,806</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other comprehensive income:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments of the Parent Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,014)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,072</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,239)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,016</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Retirement benefit obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value adjustment to investment in equity securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,010)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,080</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5,195)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,017</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,203</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(249)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,381</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(406)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net investment hedge </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18(h)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(202)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(258)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">144</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash flow hedge </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18(h)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative translation adjustments to income statement (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,048)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(997)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(47)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(158)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>126</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(247)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Comprehensive (loss) income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,288)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,850</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(613)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,576</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Comprehensive income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Comprehensive (loss) income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,289)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,814</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(620)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,492</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Mainly related to the effect of the reclassification of
cumulative translation adjustments of PTVI in the amount of US$1,063 (note 15a).</P>

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

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">Items above are stated net of tax, when applicable, and the
related taxes are disclosed in note 7.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim
financial statements.</P>
<P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B></B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_004"></A>Consolidated Interim Statement
of Cash Flows</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>In millions of United States dollars</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 65%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;9(a) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,832</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,539</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on loans and borrowings paid </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;9(c) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(397)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(369)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash received on settlement of derivatives, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;18(d) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to the Brumadinho event </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(400)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(621)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to de-characterization of dams </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(251)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(173)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on participative shareholders' debentures paid </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(149)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(127)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(972)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(911)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,787</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,510</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;4(c) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,723)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,338)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to the Samarco dam failure</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(191)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(108)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash received (payments) from disposal of investments, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;9(b) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,610</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(67)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends received from associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">105</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investment</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other investing activities, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(279)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,393)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings from third parties </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;9(c) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,960</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,800</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments of loans and borrowings from third parties </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;9(c) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(592)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(620)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments of leasing </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(92)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends and interest on capital paid to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;28(d) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,328)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,795)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares buyback program </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;28(c) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(389)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,124)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquisition of additional stake in VOPC</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,434)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,969)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,074</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>148</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(204)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">99</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash and cash equivalents at end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,983</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim
financial statements.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_005"></A>Consolidated Interim Statement of
Financial Position</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>In millions of United States dollars</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,479</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,332</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,197</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">168</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">271</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,793</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,684</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">659</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">900</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">611</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">337</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">444</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,829</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,767</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,933</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,829</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,700</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">585</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">798</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">593</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,329</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,374</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,931</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,565</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,289</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,257</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,294</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,587</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,715</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,872</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Intangibles</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,195</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,631</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant, and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44,582</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48,396</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>71,786</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>75,486</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86,615</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94,186</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 65%; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,769</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,272</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">910</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">824</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">177</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,467</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,676</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,242</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,314</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">974</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,057</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,605</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">837</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">956</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,035</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">115</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">724</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">964</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">421</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">376</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,743</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,094</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">561</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,743</B></FONT></TD>
    <TD STYLE="padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,655</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,860</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,647</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,183</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,255</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,451</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,656</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,373</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,284</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,723</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">806</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">870</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,438</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,003</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,102</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,590</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,484</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,694</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">765</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">885</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,221</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,381</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Streaming transactions</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,948</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,962</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">287</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34,485</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>38,550</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>48,228</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>53,205</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity attributable to Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36,974</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39,461</FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 65%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 7%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 14%; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,413</FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 14%; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,520</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>38,387</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>40,981</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86,615</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94,186</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim
financial statements.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_006"></A>Consolidated Interim Statement of Changes in Equity</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>In millions of United States dollars</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 34%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Share capital</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Treasury shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Equity attributable to Vale&rsquo;s shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Total equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>21,877</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(3,504)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,774)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(39,891)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>39,461</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,520</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>40,981</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,448</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,448</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">8</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,456</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,520)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">61</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,609)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,068)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,069)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28(d)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,364)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,364)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,364)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Transactions with noncontrolling interests (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">15(a) and 15(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">895</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">895</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(114)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">781</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Shares buyback program</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28(c)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(389)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(389)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(389)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Share-based payment program </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">27(a)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(11)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(9)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>16,993</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(3,891)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(829)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(42,500)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>4,448</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>36,974</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,413</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>38,387</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>20,744</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(4,980)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,675)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(40,975)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>35,867</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,491</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>37,358</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,729</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,729</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">77</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,806</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,402</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,354</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,763</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,770</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28(d)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(437)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(437)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(437)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends of noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(37)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(37)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Transactions with noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">15(g)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(59)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(56)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Shares buyback program</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28(c)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,124)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,124)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,124)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Treasury shares canceled </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28(b)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,164)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,164</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Share-based payment program </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">27(a)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">26</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(15)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">11</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">11</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance as of June 30, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>17,545</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(2,914)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,680)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(39,621)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>2,729</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>38,812</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,479</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>40,291</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The effect on equity attributable to noncontrolling interests
includes the derecognition of noncontrolling shareholders of PT Vale Indonesia Tbk in the amount of US$1,628 (note 15a) and the recognition
of noncontrolling shareholders of Vale Base Metals Limited in the amount of US$1,514 (note 15b).</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim
financial statements.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_007"></A>1. Corporate information</B></P>

<P STYLE="font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Vale S.A. (the &ldquo;Parent
Company&rdquo;) is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale&rsquo;s share capital consists of common
shares, traded on the stock exchange.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">In Brazil, Vale's common
shares are listed on B3 under the code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common
share, traded on the New York Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code
XVALO, which is an unregulated electronic market established by the Madrid Stock Exchange for the trading of Latin American securities.
The Company's shareholding structure is disclosed in note 28.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Vale, together with its
subsidiaries (&ldquo;Vale&rdquo; or the &ldquo;Company&rdquo;), is one of the world's largest producers of iron ore and nickel. The Company
also produces iron ore pellets and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold,
silver, and cobalt. Most of the Company&rsquo;s products are sold to international markets, through the Company's main trading Company,
Vale International S.A. (&ldquo;VISA&rdquo;), a wholly owned subsidiary located in Switzerland.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">The Company is engaged
in greenfield mineral exploration in six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive
logistics systems in Brazil and other regions worldwide, including railways, maritime terminals, and ports integrated with mining operations.
Additionally, the Company has distribution centers to support its iron ore shipments globally.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">As part of its strategy,
Vale also holds investments in energy businesses to meet part of its energy consumption needs through renewable sources.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">The Company's operations
are organized into two operational segments: &quot;Iron Ore Solutions&quot; and &quot;Energy Transition Metals&quot; (note 4).</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal; letter-spacing: -0.15pt"><B>Iron
Ore Solutions</B></FONT> <FONT STYLE="letter-spacing: -0.15pt">&ndash; Comprise iron ore extraction and iron ore pellet production, as
well as the North, South, and Southeast transportation corridors in Brazil, including railways, ports and terminals linked to mining operations.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Iron
ore:</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">Currently, Vale operates three
systems in Brazil for the production and distribution of iron ore. The Northern</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">System (Caraj&aacute;s,
State of Par&aacute;, Brazil) is fully integrated and comprises three mining complexes and a maritime terminal. The Southeast System (Quadril&aacute;tero
Ferr&iacute;fero, Minas Gerais, Brazil) is fully integrated, consisting of three mining complexes, a railway, a maritime terminal, and
a port. The Southern System (Quadril&aacute;tero Ferr&iacute;fero, Minas Gerais, Brazil) consists of two mining complexes and two maritime
terminals. </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Iron
ore pellets:</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">Vale operates six pelletizing
plants in Brazil and two in Oman.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal; letter-spacing: -0.15pt"><B>Energy
Transition Metals</B></FONT> <FONT STYLE="letter-spacing: -0.15pt">&ndash; Includes the production of nickel, copper and its by-products.
In 2023, the Company transferred the assets related to this segment to a new entity, &quot;Vale Base Metals Limited&rdquo; and sold a
minority stake in this business to Manara Minerals (notes 3 and 15b).</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Nickel:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">The Company's primary nickel operations are
conducted by Vale Canada Limited (&quot;Vale Canada&quot;), which owns mines and processing plants in Canada and Indonesia and nickel
refining facilities in the United Kingdom and Japan. In June 2024, the Company concluded the divestment obligation in PT Vale Indonesia
Tbk (&quot;PTVI&quot;), which resulted in the loss of control over this operation (note 15a). Vale also has nickel operations in On&ccedil;a
Puma, located in the State of Par&aacute;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Copper:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">In Brazil, Vale produces copper concentrates
at Sossego and Salobo in Caraj&aacute;s, State of Par&aacute;. In Canada, Vale produces copper concentrates and copper cathodes associated
with its nickel mining operations in Sudbury (located in Ontario), Voisey&rsquo;s Bay (located in Newfoundland and Labrador), and Thompson
(located in Manitoba).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Cobalt,
PGM, and other precious metals:</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">The
ore extracted by Vale Canada in Sudbury yields cobalt, PGMs (Platinum Group Metals), silver, and gold as by-products, which are processed
at refining facilities in Port Colborne, Ontario. In Canada, Vale Canada also produces refined cobalt at its Long Harbour facilities in
Newfoundland and Labrador. The copper operations in Sossego and Salobo in Brazil also yield silver and gold as by-products.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_008"></A>2. Basis of preparation of condensed consolidated
interim financial statements</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The condensed consolidated
interim financial statements of the Company (&ldquo;interim financial statements&rdquo;) have been prepared and are being presented in
accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).
All relevant information for the interim financial statements, and only this information, are presented and consistent to those used by
the Company's Management. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The interim financial statements
have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with
the financial statements for the year ended December 31, 2023. Except by the accounting policy described in note 7 - Taxes, all accounting
policies, accounting estimates and judgments, risk management and measurement methods are the same as those adopted in the preparation
of the latest annual financial statements. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">These interim financial statements
were authorized for issue by the Board of Directors on July 25, 2024.</FONT></P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) New and amended standards</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In April 2024, the IASB issued
IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 &ndash; Presentation of Financial Statements. IFRS
18 introduces new requirements on presentation within the statement of income statement, requires disclosure of &lsquo;management-defined
performance measures&rsquo; and includes new requirements for aggregation and disaggregation of financial information based on the identified
&ldquo;roles&rdquo; of the primary financial statements and the notes. IFRS 18 will be effective for annual reporting periods beginning
on or after January 1, 2027, and the Company is currently assessing the potential impacts arising from the standard.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Certain other new accounting
standards, amendments and interpretations have been published that are not mandatory for December 31, 2024, reporting periods or have
not materially impacted these interim financial statements. The Company did not early adopt any of these standards and does not expect
them to have a material impact in future reporting periods.</FONT></P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Functional currency and presentation
currency</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The interim financial statements of the Company and
its associates and joint ventures are measured using the currency of the primary economic environment in which each entity operates (&ldquo;functional
currency&rdquo;), in the case of the Parent Company it is the Brazilian real (&ldquo;R$&rdquo;). For presentation purposes, these interim
financial statements are presented in United States dollars (&ldquo;US$&rdquo;) as the Company believes that this is how international
investors analyze the financial statements.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The main exchange rates used by the Company to translate
its foreign operations are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Average rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Closing rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US Dollar (&quot;US$&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.5589</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.2129</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.9485</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.0843</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.0744</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canadian dollar (&quot;CAD&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.0620</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.6522</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.8107</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.6860</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.7426</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.7654</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Euro (&quot;EUR&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.9547</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.3516</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.6132</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.3867</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.4969</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.4831</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_009"></A>3. Significant events and transaction
related to the three-month period ended June 30, 2024</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Shareholders remuneration
- </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In July 2024 (subsequent event), the Board of Directors
approved remuneration to its shareholders in the amount of US$1,608, which is expected to be paid in September 2024. Further details are
presented in note 28(d) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Divestment of PT Vale
Indonesia Tbk (&ldquo;PTVI&rdquo;) &ndash;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2024, the
Company, together with Sumitomo Metal Mining Co. Ltd. and PT Mineral Industri Indonesia (&ldquo;MIND ID&rdquo;), completed the divestment
transaction of PTVI. As a result, Vale received US$155 and lost control over PTVI, which resulted in a gain of US$1,059 recorded in the
income statement for the period ended June 30, 2024. Further details are presented in note 15(a) of these interim financial statements.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Notes offering and
bond tender offers - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2024, Vale issued bonds of US$1
billion, maturing in 2054 with a coupon of 6.45% per year. In July 2024 (subsequent event), this amount was substantially used to redeem
bonds maturing in 2026, 2036 and 2039. Further details are presented in note 9(c) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.5in; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Strategic partnership
in the Metals for Energy Transition business - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In April 2024, the Company completed the transaction with Manara Minerals to
sell a 10% stake in Vale Base Metals Limited, which is the holding of the Metals for Energy Transition business, for the amount of US$2,455.
As a result, Vale recognized a gain of US$895 in equity as &ldquo;Transactions with noncontrolling interests&rdquo;. Further details are
presented in note 15(b) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.8pt">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><A NAME="a_010"></A><B>4. Information by business segment
and geographic area</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The segments are aligned with products and reflect
the structure used by Management to evaluate the Company&rsquo;s performance. The responsible bodies for making operational decisions,
allocating resources and evaluating performance are the Executive Committee and Board of Directors. Accordingly, the performance of the
operating segments is assessed based on a measure of adjusted EBITDA, among other measures.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In 2024, consistently with the reports analyzed by
the executive committee and Board of Directors, the Company changed its adjusted EBITDA definition to include the &ldquo;EBITDA from
associates and joint ventures&rdquo;, which is a measure of their &ldquo;equity results&rdquo; (note 14) excluding (i) net finance costs;
(ii) depreciation, depletion, and amortization; (iii) taxation and (iv) impairments.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Therefore, the Company&rsquo;s adjusted EBITDA is defined
as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation, depletion,
and amortization; and (ii) impairment and results on disposal of non-current assets, net and other. The comparative information in these
interim financial statements was revised to reflect this change in the adjusted EBITDA definition.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Additionally, as a result of the reorganization of
assets and the governance established for the Energy Transition Metals segment, the &ldquo;Other&rdquo; segment was reorganized for a
better allocation of direct effects on the Iron Ore Solutions and Energy Transition Metals businesses. These effects were allocated to
each segment starting from the six-month period ended June 30, 2024.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 18%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Segment</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; width: 82%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Main activities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Includes the extraction and production of nickel and its by-products (gold, silver, cobalt, precious metals and others), and copper, as well as its by-products (gold and silver). </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Includes corporate expenses not allocated to the operating segment, research and development of greenfield exploration projects, as well as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Adjusted EBITDA</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; border-bottom: #C1C1C1 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>2023</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(revised)</B></P></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>2023</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(revised)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron ore </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,071</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,578</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,871</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron ore pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">724</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">757</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,606</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,449</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other ferrous products and services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">92</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">162</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">220</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,082</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,346</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,540</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">240</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">125</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">593</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">351</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">236</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">635</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">456</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other energy transition metals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(96)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>407</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>476</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>664</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,049</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other (i)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(301)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(560)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(579)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(877)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,993</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,998</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,712</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(793)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(779)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,507)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,435)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment and results on disposal of non-current assets, net and other (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">928</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">855</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(157)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(229)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(456)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(367)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,875</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,872</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,323</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,753</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">112</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">236</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(50)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Financial results </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,252)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(157)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,689)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(687)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Income before income taxes </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,735</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,720</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,016</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Includes income (expenses) from Vale Base Metals Limited
that were not allocated to the operating segment in the amount of US$2 and US$(45) for the three and six-month period ended June 30, 2024,
respectively.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Includes adjustments of US$82 and US$149 for the three
and six-month period ended June 30, 2024, respectively, (2023: US$52 and US$87, respectively), to reflect the performance of the streaming
transactions at market prices.</P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Net operating revenue by shipment destination</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 44%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other energy transition metals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,787</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">94</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,994</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">710</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">87</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">927</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">605</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">112</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">937</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">273</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">410</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">868</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">254</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">107</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">141</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">287</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">265</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">141</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">366</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">793</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">567</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">574</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,729</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,394</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>175</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>873</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>702</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>47</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,920</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 44%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,364</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">217</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,638</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">623</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">147</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">824</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">519</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">227</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">816</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">361</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">465</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">994</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">97</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">334</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">431</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">227</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">294</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">321</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">119</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">312</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">933</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">507</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">516</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,235</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,413</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>128</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,379</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>492</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>26</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,673</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 44%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other energy transition metals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,315</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">138</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,668</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,230</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">226</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,609</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,204</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">190</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,750</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">602</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">931</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">317</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,874</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">374</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">497</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">228</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">264</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">593</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">157</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">177</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">194</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">612</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">506</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">299</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">598</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,476</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,278</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,300</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,021</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,979</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>323</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,703</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,279</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>74</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,379</B></FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 44%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,639</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">295</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,045</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,102</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,513</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">922</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">108</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">367</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,446</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">722</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">874</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">229</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,913</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">183</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">759</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">942</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">248</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">266</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">517</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">138</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">297</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">253</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">722</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">693</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">258</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">543</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">574</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,068</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">923</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">941</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,217</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,735</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>235</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,887</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>982</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>51</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,107</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">No customer individually represented 10% or more of the Company&rsquo;s
revenues in the periods presented above.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>c) Assets by segment</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,320</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,910</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">485</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,715</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,349</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">523</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,872</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant and equipment and intangibles</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34,598</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17,483</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,696</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>54,777</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38,376</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18,341</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,310</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60,027</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sustaining capital (i)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">613</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">372</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,000</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">472</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">326</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>832</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Project execution</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>328</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">255</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>376</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>906</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>405</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,328</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>727</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>421</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,208</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sustaining capital (i)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,294</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">700</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,028</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">984</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">589</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,636</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Project execution</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">613</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>695</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">491</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>702</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,907</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>772</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,723</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,475</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>756</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>107</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,338</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) According to the Company's shareholders remuneration policy,
minimum remuneration to Vale shareholders are calculated based on 30% of the adjusted EBITDA less sustaining capital investments.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Assets by geographic area</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Intangible</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Intangible</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,805</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,451</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30,317</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>40,573</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,872</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,822</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33,769</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>45,463</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,742</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,703</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,445</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,808</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,890</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,698</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except Brazil and Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indonesia </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,910</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,967</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>59</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Indonesia and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">672</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>672</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">731</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>731</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">603</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>603</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">678</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>678</B></FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 40%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 9%; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,216</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,217</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 9%; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,251</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,251</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,715</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,195</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44,582</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>58,492</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,872</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,631</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>48,396</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61,899</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><A NAME="a_011"></A><B>5. Costs and expenses by nature</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>a) Cost of goods sold, and services rendered</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Services</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,200)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(994)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,231)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,793)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Freight</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,184)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(999)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,122)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,681)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(763)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(737)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,441)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,350)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(720)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(716)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,361)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,307)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(683)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(717)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,236)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,405)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquisition of products</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(496)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(547)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(870)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,082)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fuel, oil and gas</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(363)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(425)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(732)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(810)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Royalties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(347)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(320)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(636)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(552)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(157)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(185)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(326)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(352)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(436)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(300)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(761)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(557)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,349)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5,940)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11,716)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(10,889)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
and administrative expenses</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 56%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(119)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(119)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Services</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(79)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(68)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(137)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(139)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(277)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(257)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
operating revenues (expenses), net</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses related to Brumadinho event</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(69)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(271)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(171)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(382)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for litigations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(54)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(104)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Profit sharing program</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(125)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(87)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment and results on disposal of non-current assets, net (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: -0.7pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(66)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,004</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(70)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(55)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>721</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(454)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>465</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(677)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A">(i) In the three-month period ended June 30, 2024, includes
the gain from the divestment in PT Vale Indonesia Tbk in the amount of US$1,059 (note 15a) and net losses on disposal of property, plant
and equipment and intangible assets in the amount of US$49 (notes 16 and 17).</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_012"></A><B>6. Financial results</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 51%; border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short&#45;term investments</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">156</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">170</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>78</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>106</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>187</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>227</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings interest</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(203)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(180)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(369)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(355)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on REFIS</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(76)</FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: rgb(218,218,218) 1pt solid; width: 51%; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: rgb(218,218,218) 1pt solid; width: 5%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: rgb(218,218,218) 1pt solid; width: 11%; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="border-bottom: rgb(218,218,218) 1pt solid; width: 11%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="border-bottom: rgb(218,218,218) 1pt solid; width: 11%; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-bottom: rgb(218,218,218) 1pt solid; width: 11%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on supplier liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(53)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(90)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(91)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(81)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(166)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(165)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(365)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(397)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(704)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(717)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Foreign exchange and indexation losses, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(253)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(750)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(626)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,226)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(241)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">321</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">274</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(471)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">563</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(469)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">755</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(965)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>134</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,172)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(197)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,252)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(157)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,689)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(687)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_013"></A>7. Taxes</B></P>

<P STYLE="color: #007E7A; font: bold 11pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Income tax reconciliation</P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In December 2021, the Organization for Economic Co-operation
and Development (&ldquo;OECD&rdquo;) released the Pillar Two model rules to reform international corporate taxation. Multinational economic
groups within the scope of these rules are required to calculate their effective tax rate in each country where they operate, the &ldquo;GloBE
effective tax rate&rdquo;.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">When the effective GloBE rate of any entity in the economic
group, aggregated by jurisdiction where the group operates, is lower than the minimum rate defined at 15%, the multinational group must
pay a supplementary amount of tax on profit, referring to the difference between its rate effective GloBE and the minimum tax rate.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">From 2024, the Company is subject to OECD Pillar Two model
rules in the Netherlands, Switzerland, United Kingdom, Japan and Luxembourg. However, there was no material impact on Company&rsquo;s
income tax computation due to this matter and it does not expect any further impact on its future financial statements.</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Income tax expense is recognized based on the estimate
of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items that are recognized
in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may differ from management&rsquo;s
estimate of the effective tax rate for the year. The reconciliation of the taxes calculated according to the nominal tax rates and the
amount of taxes recorded is shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,735</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,720</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,870</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,016</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes at statutory rate (34%)</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(930)</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(925)</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,656)</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,705)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax incentives</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">298</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">497</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">767</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">902</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reduction of tax loss carryforward</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">369</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(172)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">213</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(243)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reversal of deferred income tax related to Renova Foundation </FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,078)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,078)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative adjustments to the income statement</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gain on divestment in PTVI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">358</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.05pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">358</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(147)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(71)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(89)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,792)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(414)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,210)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current tax</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(639)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(404)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,373)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(622)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred tax </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">673</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,388)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">959</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,588)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,792)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(414)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,210)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>



<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Deferred income tax assets and liabilities</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 53%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,565</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,695</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect in income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">875</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(96)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">971</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Incorporation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">602</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">587</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between assets and liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,159)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,128)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,931</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>806</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,125</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,413</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,357</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect in income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,620)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,588)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">784</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">752</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,904</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,411</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,493</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">c)</TD><TD STYLE="text-align: justify">Income taxes - Settlement program (&ldquo;REFIS&rdquo;)</TD></TR></TABLE>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 57%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,284</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,723</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>REFIS liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,667</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,151</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>SELIC rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10.50%</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11.75%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The balance mainly relates to the settlement program of claims
regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and associates from 2003 to 2012.
This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until October
2028 and the impact of the SELIC over the liability is recorded under the Company&rsquo;s financial results (note 6).</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">d) Uncertain tax positions (&ldquo;UTP&rdquo;)</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The amount under discussion with the tax authorities is US$4,982
as of June 30, 2024 (December 31, 2023: US$5,408) which includes the reduction of tax losses in the amount of US$658 as of June 30, 2024
(December 31, 2023: US$754), if the tax authority does not accept the tax treatment adopted by the Company in relation to these matters.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 44%; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Potential (ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Potential (ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs not recorded on statement of financial position (iii)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer pricing over the exportation of ores to a foreign subsidiary</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,967</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,610</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,577</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,144</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,010</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,154</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses of interest on capital </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,361</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,361</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,511</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,511</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeding related to income tax paid abroad </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">461</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>461</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">512</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>512</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Goodwill amortization </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">696</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>813</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">606</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">190</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>796</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments to Renova Foundation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">467</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>617</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">536</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>703</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">347</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>347</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">468</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>468</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,982</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,194</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,176</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,408</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,736</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,144</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs recorded on statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deduction of CSLL in Brazil</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">165</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>165</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">183</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>183</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>165</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>165</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>183</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>183</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Includes the tax effects arising from the reduction of the
tax losses and negative basis of the CSLL without fines and interest.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Includes the principal, without fines and interest.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(iii) Based on the assessment of its internal and external legal
advisors, the Company believes that the tax treatment adopted for these matters will be accepted in decisions of the higher courts on
last instance.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal"><B>e) Recoverable
and taxes payables</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 46%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Value-added tax (&quot;ICMS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">212</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">232</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">244</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">355</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">981</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,010</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">615</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">195</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">302</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">346</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">358</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,031</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">429</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial compensation for the exploration of mineral resources (&quot;CFEM&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">71</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">93</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">152</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>659</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>900</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,329</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,374</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,242</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,314</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_014"></A>8. Basic and diluted earnings per share</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The basic and diluted earnings per share are presented below:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Six-month period ended </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>June 30,</B></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>892</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,448</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,729</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Thousands of shares </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,274,769</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,396,778</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,283,095</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,424,788</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,279,782</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,400,609</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,288,108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,428,619</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Basic and diluted earnings per share</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">0.65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">0.20</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1.04</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">0.62</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_015"></A><B>9. Cash flows reconciliation</B></P>

<P STYLE="color: navy; font: bold 9pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Cash flow from operating activities</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 67%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operating activities:</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,016</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(236)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment and results on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: -1.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: -5pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,004)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Review of estimates related to Brumadinho </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Review of estimates related to de-characterization of dams </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(131)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,507</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,435</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial results, net </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,689</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">687</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: silver 1pt solid; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,768</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,439</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(461)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(520)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(150)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">465</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,243)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operations </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,832</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,539</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Cash flow from investing activities</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from the partial disposal of VBML shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,455</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from the partial disposal of PTVI shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">155</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from the divestment of Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,082</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash contribution to Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,149)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash received (payments) from disposal of investments, net</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,610</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(67)</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">c) Reconciliation of debt to cash flows arising
from financing activities</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 56%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other debt contracts on the international market</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,474</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>250</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,747</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,471</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">960</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,960</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(517)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(592)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest paid (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(227)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(159)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(397)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>722</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(35)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>971</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(53)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(54)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">227</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">144</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">382</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>174</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(19)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>173</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>328</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,370</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>196</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,204</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,770</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,404</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,181</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,800</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(517)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(620)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest paid (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(237)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(116)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(369)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>746</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(54)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>119</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>811</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">234</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">381</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>241</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>50</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>425</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>June 30, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,484</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>276</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,657</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,417</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: navy; font: bold 9pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">Classified as operating
activities in the statement of cash flows.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 9pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Funding</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2024, the Company issued bonds
of US$1 billion with a coupon of 6.45% per year, payable semi-annually, and maturing in 2054. In July 2024 (subsequent event), Vale redeemed
notes with maturity date in 2026, 2036 and 2039, in the total amount of US$970 and paid a premium of US$38.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In April 2024, the Company contracted
a loan of US$90 with the Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;) indexed to SOFR plus spread adjustments and maturing
in 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In March 2024, the Company contracted
a loan of US$360 with the Japan Bank of International Cooperation (&ldquo;JBIC&rdquo;) indexed to SOFR plus spread adjustments and maturing
in 2035.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In March 2024, the Company contracted
a loan of US$60 with the CIBC indexed to SOFR plus spread adjustments and maturing in 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In February 2024, the Company contracted
a loan of US$166 with Banco Santander indexed to SOFR plus spread adjustments and maturing in 2025. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In February 2024, the Company contracted
a loan of US$34 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">From January to February 2024, the Company contracted
a loan of US$250 with Banco Bradesco with a fixed rate maturing in 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In March 2023, the Company contracted
a loan of US$300 with the Industrial and Commercial Bank of China Limited, Panama Branch (&ldquo;ICBC&rdquo;) indexed to SOFR plus spread
adjustments and maturing in 2028.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2023, Vale issued notes of US$1,500
with a coupon of 6.125% per year, payable semi-annually, and maturing in 2033.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Payments </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2024, the Company paid principal
and interest of debentures, in the amount of U$46.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2023, the Company paid principal
and interest of debentures, in the amount of U$24.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2023, Vale redeemed notes with
maturity date in 2026, 2036 and 2039, in the total amount of US$500 and paid a premium of US$22, recorded as &ldquo;Bond premium repurchase&rdquo;
in the financial results for the three-month period ended June 30, 2023.</FONT></TD></TR></TABLE>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">d) Non-cash transactions</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions
    to PP&amp;E with capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_016"></A>10. Accounts receivable</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 1pt solid; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: white 1pt solid; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Receivables from contracts with customers</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron Solutions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,550</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,406</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">663</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">743</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">156</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">89</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,377</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,241</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected credit loss</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,332</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,197</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Provisionally priced commodities
sales &ndash;</B></FONT> The Company is mainly exposed to iron ore and copper price risk. The determination of the final sales price for
these commodities is based on the pricing period outlined in the sales contracts, typically occurring after the revenue recognition date.
Consequently, the Company initially recognizes revenue using a provisional invoice. Subsequently, the receivables associated with provisionally
priced products are measured at fair value through profit or loss (note 19). Any fluctuations in the value of these receivables are reflected
in the Company's net operating revenue.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity of the Company&rsquo;s risk related to the
final settlement of provisionally priced accounts receivables is detailed below:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>June 30, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 39%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Variation</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>Effect on Revenue</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>(US$ million)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20,093</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 214</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">64</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,986</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 57</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_017"></A><B>11. Inventories</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Finished products</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron Solutions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,459</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,457</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">569</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">640</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,028</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,097</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">868</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">567</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Consumable inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,052</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,159</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net realizable value provision (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(155)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(139)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of inventories</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,793</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,684</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">(i) In the six-month period ended June 30, 2024,
the effect of provision for net realizable value was US$53 (2023: US$47).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_018"></A>12. Suppliers and contractors</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties &ndash; Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,461</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties &ndash; Abroad</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,748</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,653</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">262</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">158</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,272</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company has supplier finance arrangements, which
do not substantially modify the original liabilities terms and conditions and remain presented as suppliers. The outstanding balance related
to those transactions was US$1,391 as of June 30, 2024 (December 31, 2023: US$1,438), of which US$221 (December 31, 2023: US$221) relates
to the structure introduced by the Company with the exclusive purpose of enabling small and medium suppliers to anticipate their receivables
with better interest rates, in line with Company&rsquo;s social pillar.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_019"></A><B>13. Other financial assets and liabilities</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-Current</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">168</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">544</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>168</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>271</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>160</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>593</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">135</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">105</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">144</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">290</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">680</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">591</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,551</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,278</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Advances and other financial obligations (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">508</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">759</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,467</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,676</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,656</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,373</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">(i) Includes advances received from customers and other
financial obligations.</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Liabilities related to the concession
grant</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Discount rate</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Revision to estimates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Monetary and present value adjustments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Disbursements</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Remaining term of obligations</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payment obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,130</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 5.1pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(29)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(147)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,007</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11.04%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11.04%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Infrastructure investment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,739</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(99)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(343)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,224</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.48% - 6.51%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.17% - 5.54%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,869</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(99)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>122</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(171)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(490)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,231</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">591</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">680</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,278</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,551</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,869</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,231</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">The Company
is currently discussing with the Brazilian Ministry of Transport the general conditions for optimizing the investment plans of Estrada
de Ferro Caraj&aacute;s (&ldquo;EFC&rdquo;) and Estrada de Ferro Vit&oacute;ria a Minas (&ldquo;EFVM&rdquo;) concessions contracts, both
of which are currently being fulfilled by Vale in accordance with the contracts in place.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">The potential
change in the agreements is still uncertain as it is subject to conclusion of the negotiations and approval by the Company and relevant
authorities. Any changes to the existing obligation will be recorded after the conclusion of the negotiations and based on the final terms
agreed.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">Therefore, until
there is any change in the existing concession contracts, the Company will continue to comply with its obligations under the agreements,
which are reflected in the Company&rsquo;s liability recorded in these interim financial statements.</P>


<!-- Field: Page; Sequence: 23 -->
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<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_020"></A>14. Investments in associates and joint
ventures</B></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% ownership</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Equity results in income statement</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Dividends declared</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value remeasurement (i)</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baovale Minera&ccedil;&atilde;o S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">76</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.89</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.90</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">141</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49.01</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">640</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(88)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">622</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VLI S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">346</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(48)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">346</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Samarco Minera&ccedil;&atilde;o S.A. (note 24)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,349</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>167</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(15)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(186)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,320</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">PT Vale Indonesia Tbk</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33.88</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,910</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,910</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,910</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,910</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">356</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>523</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(71)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>485</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,872</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>180</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(16)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(257)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,910</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,715</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>236</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">(i) It refers to the remeasurement at fair value of the remaining stake held by Vale
on PT Vale Indonesia Tbk, after the closing of the divestment transaction (note 15a).</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_021"></A>15. Acquisitions and divestitures</B></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30, 2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Results on disposals of non-current assets</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Results on disposals of non-current assets</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">PT Vale Indonesia Tbk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;15(a) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,059</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,059</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,059</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,059</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30, 2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Results on disposals of non-current assets</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Results on disposals of non-current assets</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Minera&ccedil;&atilde;o Rio do Norte</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;15(e) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(93)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(93)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;15(f) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">37</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(93)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(56)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>a) Divestment on PT Vale Indonesia
Tbk (&ldquo;PTVI&rdquo;) &ndash;</B></FONT> PTVI has a contract of work with the government of Indonesia to operate its mining licenses
(&ldquo;Contract of Work&rdquo;), expiring in December 2025. To extend the period of the mining licenses beyond 2025, PTVI must meet certain
requirements under the Contract of Work, including the commitment to meet a threshold of Indonesian participants in its shareholding structure.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In November 2023, the Company signed a Heads of Agreement with
PT Mineral Industri Indonesia (&ldquo;MIND ID&rdquo;) and Sumitomo Metal Mining Co., Ltd. (&ldquo;SMM&rdquo;) regarding the divestment
obligation in PTVI. Therefore, since the year ended December 31, 2023, PTVI assets and liabilities were classified as held for sale.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In June 2024, the transaction was concluded, and the Company
reduced its interests in PTVI in approximately 10.5%. This divestment was carried out through (i) the issuance of PTVI&rsquo;s new shares,
thereby diluting Vale in 2.1%, and (ii) by the direct sale of 8.4% of Vale&rsquo;s shares to MIND ID. As a result of the transaction,
MIND ID became PTVI's largest shareholder, holding approximately 34.0% of the issued shares, with the Company and SMM holding approximately
33.9% and 11.5%, respectively. The completion of the transaction fulfills the divestment obligations of the Contract of Work and satisfies
a key condition for PTVI to extend its mining license until 2035, with potential extension beyond this period subject to certain requirements.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">With the transaction, Vale received US$155 for its shares and
lost control over PTVI and so, the Company will no longer consolidate PTVI, which will be accounted for as an associate under the equity
method due to the significant influence it will retain over PTVI.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As result, the Company recognized a gain of US$1,059 in the
income statement for the three-month period ended June 30, 2024, as &quot;Other operating expenses, net&quot;. This gain is due to the
reclassification of cumulative translation adjustments of US$1,063 and the gain on remeasurement of the interest retained at fair value
of the US$657, net of the loss on the reduction in PTVI stake in the amount of US$661. The effects of this transaction are summarized
below:</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 86%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 14%; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 28, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash consideration received </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">155</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of 33.9% interest retained (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;1,910</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Effects of the deconsolidation:</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Derecognition of net assets of PTVI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;(3,697)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Gain on derecognition of noncontrolling shareholders</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;1,628</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Gain on the reclassification of cumulative translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;1,063</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Gain on the transaction recorded in the income statement</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;<B>1,059</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The fair value of the 33.9% retained interest was estimated
based on a third-party valuation report. The valuation considered the discounted cash flow method. The key assumptions considered were
(i) discount rate of 7.75% with incremental risk premium of around 1.00% on certain assets, (ii) asset life through to 2065, and (iii)
range of expected nickel prices from US$/t 17,501 to US$/t 21,000.</P>

<!-- Field: Page; Sequence: 25 -->
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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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Balance sheet of PTVI classified as held for sale</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">703</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,792</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">139</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,933</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">213</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">176</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>561</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net assets held for sale</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,372</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>b) Strategic partnership in
the Energy Transition Metals business &ndash; </B></FONT>In July 2023, the Company signed a binding agreement with Manara Minerals, a
joint venture between Ma&rsquo;aden and Saudi Arabia&rsquo;s Public Investment Fund, under which Manara Minerals would make an equity
investment in Vale Base Metals Limited (&ldquo;VBM&rdquo;), the holding entity for Vale&rsquo;s Energy Transition Metals Business that
was a wholly owned subsidiary. At the same time, Vale and Engine No. 1 entered into another binding agreement for an equity investment
in VBM.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In April 2024, the Company concluded the transaction with
Manara Minerals to sell 10% of the business for US$2,455, which was fully contributed to VBM thereby diluting Vale to a 90% equity interest,
retaining control over VBM. As a result, Vale recognized a gain from the sale in the amount of US$895, of which US$1,514 was attributable
to noncontrolling interests recorded in the equity as &quot;Transactions with noncontrolling interests&quot;.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Additionally, in April 2024, Vale and Engine No. 1 agreed to
not proceed with the transaction, which was discontinued, without any penalties to both parties.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>c) Acquisition of Alian&ccedil;a
Gera&ccedil;&atilde;o de Energia S.A. (&ldquo;Alian&ccedil;a Gera&ccedil;&atilde;o&rdquo;) - </B></FONT>Alian&ccedil;a Gera&ccedil;&atilde;o
is a joint venture of Vale, which operates hydroelectric and wind power plants in Brazil, in which the Company holds a 55% shareholding.
The entity&rsquo;s power generation asset portfolio consists of seven hydroelectric power plants in the state of Minas Gerais and three
wind farms in operation in the states of Rio Grande do Norte and Cear&aacute;, Brazil.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In March 2024, the Company entered into a binding agreement
with Cemig Gera&ccedil;&atilde;o e Transmiss&atilde;o S.A. (&quot;Cemig GT&quot;) for the acquisition of the entire 45% interest held
for Cemig GT in Alian&ccedil;a Gera&ccedil;&atilde;o, for US$486 (R$2,700 million). The acquisition of the stake in Alian&ccedil;a Gera&ccedil;&atilde;o
will be the first step towards creating an energy platform and, after the acquisition is completed, Vale will seek potential partners
for this platform.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">This transaction is in line with Vale's strategy of having
an energy matrix based on renewable sources in Brazil and contributes to the Company's commitment to decarbonize operations at competitive
costs.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Upon closing, which is subject to usual precedent conditions,
including the consent of competent bodies, Vale will hold 100% of the shareholding, obtaining control over Alian&ccedil;a Gera&ccedil;&atilde;o,
and consolidating its assets, liabilities and results in the Company&acute;s financial statements. The transaction's conclusion is expected
for the second half of 2024.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>d) Acquisition of equity interest
in Anglo American Min&eacute;rio de Ferro Brasil S.A. (&ldquo;Anglo American Brasil&rdquo;) &ndash; </B></FONT>In February 2024, the
Company entered into a binding agreement with Anglo American plc for the acquisition of 15% interest in Anglo American Brasil, the company
that currently owns the Minas-Rio complex (&ldquo;Minas-Rio&rdquo;), in Brazil. Under the terms agreed, Vale will contribute with Serra
da Serpentina iron ore resources and a cash contribution of US$157.5, subject to adjustments at the closing date. Additionally, depending
on the future iron ore prices, there may be an adjustment in the transaction price and the fair value adjustments of this mechanism will
be recognized in the Company's income statements accordingly.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Following completion of the transaction, Vale will receive
its pro-rata share of Minas-Rio production and the Company will also have an option to acquire an additional 15% shareholding in Minas-Rio.
The option will be exercised at fair value, calculated at the time of exercise.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The closing of the transaction is subject to the usual conditions
precedent and expected to occur in 2025. Upon completion of the transaction, Anglo American Brasil will be an associate of Vale and the
investment will be accounted for under the equity method.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>e) Minera&ccedil;&atilde;o
Rio do Norte S.A. (&ldquo;MRN&rdquo;) &ndash; </B></FONT>In April 2023, Vale signed a binding agreement with Ananke Alumina S.A. to sell
its 40% stake in MRN, which has been impaired in full since 2021. Due to certain remaining commitments of the agreement, the Company recognized
a provision of US$93 with the corresponding impact in the income statement for the three-month period ended June 30, 2023, as &ldquo;Equity
results and other results in associates and joint ventures&rdquo;. As a result, in November 2023 the Company concluded the transaction
and transferred its shares in MRN to Ananke Alumina S.A.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>f) Companhia Sider&uacute;rgica
do Pec&eacute;m (&ldquo;CSP&rdquo;) &ndash; </B></FONT>In July 2022, the Company and the other shareholders of CSP signed a binding agreement
with ArcelorMittal Brasil S.A. (&ldquo;ArcelorMittal&rdquo;) for the sale of CSP. In March 2023, the Company completed the sale of its
interest in CSP to ArcelorMittal. Under the terms of the agreement, Vale has received US$1,042 from the buyer and made a cash contribution
of US$1,189 to CSP upon closing, which was fully used to prepay the outstanding net debt of CSP as determined by the agreement. In addition,
the Company derecognized its financial liability related to the guarantee granted to CSP, leading to a gain of US$37 recognized as &ldquo;Equity
results and other results in associates and joint ventures&rdquo; for the six-month period ended June 30, 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>g) Vale Oman Pelletizing Company
LLC (&ldquo;VOPC&rdquo;) &ndash; </B></FONT>In February 2023, OQ Group exercised their option to sell its 30% noncontrolling interest
held in VOPC, a subsidiary consolidated by the Company. As a result, in April 2023, the Company completed the transaction and acquired
the minority interest previously held by the OQ Group for US$130, resulting in a gain of US$3, recorded in equity as of June 30, 2023,
as &ldquo;Acquisitions and disposals of noncontrolling interests&rdquo;, since it resulted from a transaction between shareholders. Upon
closing, Vale owns 100% of VOPC's share capital.</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_022"></A>16. Intangibles</B></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Goodwill</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Concessions</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Software</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Research and development project</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,263</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,689</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,631</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(125)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(29)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(154)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(252)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(989)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,326)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,011</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,594</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>93</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,195</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,200</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">606</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">497</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,314</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,606)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(513)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,119)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,011</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,594</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>93</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,195</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,189</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>87</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>528</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,238</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">183</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(123)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(144)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">530</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">731</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,340</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,001</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,001</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,340</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,601</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">600</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">575</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13,116</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(515)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,115)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,340</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,001</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,001</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
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<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_023"></A>17. Property, plant, and equipment</B></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Teal 1pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 4%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 6%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Building and land</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 6%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Facilities</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 5%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 6%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 6%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,119</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,239</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,450</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,925</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,612</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,359</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,484</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,208</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>48,396</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,749</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,745</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(16)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(70)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(102)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25(b)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(147)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(147)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(225)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(276)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(351)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(226)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(81)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(93)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(164)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,416)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,139)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,098)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(397)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(517)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(332)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(37)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(220)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,154)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4,894)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">314</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">504</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">284</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">127</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,437)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,064</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,353</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,979</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,193</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,246</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,225</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,226</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,296</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>44,582</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15,956</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13,724</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9,706</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,734</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,917</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,089</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,929</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,296</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">76,351</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,892)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,371)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,727)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8,541)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,671)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(864)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,703)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(31,769)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,064</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,353</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,979</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,193</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,246</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,225</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,226</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,296</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>44,582</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,913</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,042</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,984</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,112</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,475</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,455</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,632</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,325</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>44,938</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,430</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,449</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(53)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(80)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25(b)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">99</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">99</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(224)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(250)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(364)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(241)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(81)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(91)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(163)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,414)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">607</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">608</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">229</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">302</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">198</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">31</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">153</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">546</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,674</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">772</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">586</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">371</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">166</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,988)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of June 30, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,978</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,215</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,318</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,634</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,414</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,787</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,260</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>48,666</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17,700</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,330</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,418</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16,285</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,455</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,196</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,903</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10,260</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">83,547</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7,640)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,352)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7,203)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8,967)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,821)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(782)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,116)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(34,881)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of June 30, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,978</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,215</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,318</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,634</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,414</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,787</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,260</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>48,666</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">(i) Includes capitalized interest, when applicable.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><BR>
<BR>
</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt">For more details regarding right of use and lease liability see note 22.</P>


<!-- Field: Page; Sequence: 28 -->
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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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_024"></A>18. Financial and capital risk management</B></P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Effects of derivatives on the statement
of financial position</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">230</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">650</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">SOFR swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>260</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>234</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>763</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>99</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>30</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>277</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>240</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>131</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Net exposure</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 70%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">79</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward transactions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">130</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">650</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">SOFR swap</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury forwards</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>26</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>664</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>37</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>684</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects
of derivatives on the income statement</P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(117)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">134</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(130)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">178</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(23)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">30</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dollar swap and forward operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(318)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">376</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(346)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">538</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">SOFR swap </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Treasury forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(455)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>558</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(469)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>774</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(20)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(18)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(21)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 56%; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 11%; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(471)</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 11%; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>563</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 11%; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(469)</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 11%; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>755</B></FONT></TD></TR>
  </TABLE>
<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>d) Effects of derivatives on the cash flows</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007A7E 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 66%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 17%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward operations</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">118</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">SOFR swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury forwards</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>115</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>130</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Derivatives designated as cash flow hedge accounting</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #006666 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #006666 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>124</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>172</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>e) Market risk - Foreign exchange and interest
rates</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Protection programs for the R$ denominated
debt instruments and other liabilities</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2026+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">107</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 4,581</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 5,162</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 1.061</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 1,196</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.70%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 599</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 694</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">TJLP +</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.07%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 149</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 173</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.47%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(57)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>79</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(40)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>IPCA swap vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(43)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 924</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,078</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA +</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.54%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 228</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 267</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.86%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(57)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(41)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(10)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(43)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">187</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">600</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">97</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 14,004</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 12,660</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.75%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2.705</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2,431</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.97%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Forward</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 8,335</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,209</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.27</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>650</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>117</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>55</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>128</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 38%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(277)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(538)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(47)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(81)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(65)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(112)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(50)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">TJLP interest rate decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(44)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(48)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>IPCA swap vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(112)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(167)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(70)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(65)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(74)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">IPCA index decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(61)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(65)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">187</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(459)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,104)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">187</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">127</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">187</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">136</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">88</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Forward</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(436)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(814)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Protection program for interest rate US$
denominated debt</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>&nbsp;Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 25%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2026+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>SOFR vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;16 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;12 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;4 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2.150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">SOFR</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2.150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.77%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(24)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #006666 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>SOFR vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ SOFR decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(36)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(91)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: SOFR US$ indexed debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ SOFR decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">91</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 31 -->
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<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Protection for American treasury
volatility related to bond issuance and tender offer transactions</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Due to
the volatility of the </FONT>United States Treasury (&ldquo;<FONT STYLE="font-size: 10pt">UST&rdquo;), a treasury lock transaction was
implemented to preserve the issuance of new bond occurred in June 2024 and the tender offer occurred in July 2024 (subsequent event).</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Fair value by year</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Treasury forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ 1,130</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.44%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Treasury forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0">The sensitivity analysis of these derivative financial instruments is presented
as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 41%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>NDF Tresury</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(46)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(81)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: Treasury US$ indexed bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">81</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>f) Protection program for product prices
and input costs</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average strike (US$)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,763,500</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,907,250</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Put options</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,763,500</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,907,250</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Freight forwards </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">330</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,210</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15,636</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>30</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0">The sensitivity analysis of these derivative financial instruments is presented
as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 36%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(214)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of costs linked to fuel oil prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">214</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of costs linked to maritime freight prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #009999"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>g) Other derivatives, including embedded derivatives
in contracts</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 37%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average strike (US$/ton)</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fixed price nickel sales protection (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,402</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,322</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18,579</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(8)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>Embedded derivative (pellet price) </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>in natural gas purchase (volume/month)</B></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">746,667</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">746,667</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">233</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 53%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Fixed price sales protection (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(33)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of nickel revenues with fixed prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">33</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>Embedded derivative (pellet price) in natural gas purchase </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>agreement (volume/month)</B></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellet price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>h) Hedge accounting</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 48%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net investments hedge</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(202)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(258)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">144</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash flow hedge (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In 2023, the Company had a nickel revenue hedge program
contracted, which expired on December 31, 2023. In 2024, there was no revenue hedge programs in place.</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>i) Financial counterparties&rsquo; ratings</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The transactions of derivative instruments, cash and cash equivalents,
as well as short-term investments are held with financial institutions whose exposure limits are periodically reviewed and approved by
the delegated authority. The financial institutions credit risk is performed through a methodology that considers, among other information,
ratings provided by international rating agencies.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The table below presents the ratings in foreign currency as
published by Moody&rsquo;s regarding the main financial institutions used by the Company to contract financial instruments, including
derivative financial instruments.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 56%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Derivatives</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Derivatives</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">706</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">338</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,587</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">608</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">104</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">309</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,146</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba1 (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba2 (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">782</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">99</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">287</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">314</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba3 (i)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">591</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">373</FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">136</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,540</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>277</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,660</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) A substantial part of the balances is held with financial
institutions in Brazil which are deemed investment grade in local currency.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_025"></A>19. Financial assets and liabilities</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>a) Classification</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company classifies its
financial instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition
according to the following categories:</FONT></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,479</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,479</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,609</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,609</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">168</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">168</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">271</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">271</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">409</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,923</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,332</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">362</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,835</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,197</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(c)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">611</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">611</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,888</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,040</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,582</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,739</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">585</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">585</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">798</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">798</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">544</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">544</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">45</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>589</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>47</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>109</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>745</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>802</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>45</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>544</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,391</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,477</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>47</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,261</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,785</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,384</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,701</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,130</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,769</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,769</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,272</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">135</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">135</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">910</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">910</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">824</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">824</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">177</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">177</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">197</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">745</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">745</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">591</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">591</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">290</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Advances and other financial obligations </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">508</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">508</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">759</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,253</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,388</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,933</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,969</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">105</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">105</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,860</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,860</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,647</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,183</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,183</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,255</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,255</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,451</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,451</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,874</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,874</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13(a)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,979</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,979</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,278</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,278</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>17,022</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,556</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19,578</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>16,180</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,969</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19,149</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>24,275</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,691</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>26,966</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>24,113</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,005</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>27,118</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>b) Hierarchy of fair value</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>51</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">277</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>277</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">815</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,923</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,923</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,835</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,835</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>47</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>45</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,247</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,308</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>51</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,695</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,746</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>240</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>131</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,451</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,451</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,874</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,691</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,691</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,005</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,005</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">There were no transfers between levels 1, 2 and 3 of the fair
value hierarchy during the period presented.</P>

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

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


<!-- Field: Page; Sequence: 35 -->
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    <!-- Field: /Page -->

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">c) Fair value of loans and borrowings</P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Vale Sans,sans-serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 56%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Bonds</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,253</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,227</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,253</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,404</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Debentures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">117</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">117</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">221</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">213</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">196</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">196</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">250</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">250</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">153</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">163</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">153</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">168</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,976</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,296</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,504</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,950</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">66</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">69</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">81</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">85</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: left"><B>Total</B></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: Black"><B>13,770</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14,076</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,471</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13,079</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_026"></A>20. Participative shareholders&rsquo; debentures</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average price (R$)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 38%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders&rsquo; debentures </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35.06</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31.35</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(241)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">321</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">274</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,451</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On April 1<SUP>st</SUP>, 2024, the Company made available
for withdrawal as remuneration the amount of US$149 for the second semester of 2023 (2023: US$127 for the second semester of 2022).</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_027"></A>21. Loans, borrowings, cash and cash equivalents
and short-term investments</B></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Net debt</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company monitors the
net debt with the objective of ensuring the continuity of its business in the long term.</FONT></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: white 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13,770</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,471</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,360</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,452</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Gross debt</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,130</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,923</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,479</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-) Short-term investments (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-) Cash and cash equivalents of PTVI </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">703</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,590</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Substantially comprises investments in an exclusive investment
fund, which portfolio is made by committed transactions and Selic Treasury Notes (&ldquo;LFTs&rdquo;), which are floating-rate securities
issued by the Brazilian government.</P>

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

<P STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Cash and cash equivalents</FONT></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,625</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">953</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,620</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,516</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">234</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,479</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,609</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Loans and borrowings</FONT></TD></TR></TABLE>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Outstanding balance of loans and borrowings
by type and currency</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ Bonds (ii)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6.08%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,157</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,157</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ Debentures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8.74%</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">33</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">96</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">82</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">119</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in (iii):</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10.18%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">153</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">200</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6.89%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">150</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">150</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$, with variable and fixed interest </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6.04%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">645</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">500</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,255</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,945</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.23%</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.11%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">67</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">177</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">167</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>910</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>824</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,860</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,647</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">(i) In order to determine the average interest rate for debt contracts with floating
rates, the Company used the rate applicable as of June 30, 2024.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) In June 2024, the Company issued bonds of US$1 billion
with a coupon of 6.45% per year, payable semi-annually, and maturing in 2054.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(iii) The Company entered into derivatives to mitigate the
exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.22% per year in US$.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><BR>
The reconciliation of loans and financing with cash flows arising from financing activities is presented in note 9(C).</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Future flows of principal and interest
of loans and borrowings payments</FONT></TD></TR></TABLE>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 53%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Estimated future </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>interest payments (i)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2024</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">176</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">423</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">892</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">865</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">560</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">811</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2027</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,689</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">714</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Between 2028 and 2030</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,326</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,805</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2031 onwards</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,950</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,744</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13,593</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,362</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) Based on interest rate
curves and foreign exchange rates applicable as of June 30, 2024 and considering that the payments of principal will be made on their
contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the annual
financial statements.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Covenants</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Some of the Company&rsquo;s loans and borrowings agreements
with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such
as leverage ratio and interest coverage. The Company did not identify any instances of noncompliance as of June 30, 2024.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_028"></A>22. Leases</B></P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Right of use</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">628</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">594</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">415</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">392</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">193</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">145</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,359</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(93)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(37)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,225</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Leases liabilities</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 34%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Payments (i)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Interest</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">682</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">658</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">397</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">371</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">207</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">93</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,452</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(85)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(31)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,360</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">177</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,255</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,183</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,452</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,360</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The total amount of the variable lease payments not included
in the measurement of lease liabilities was US$117 recorded in the income statement in the six-month period ended June 30, 2024 (2023:
US$74).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Annual minimum payments and remaining lease
term</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The following table presents the undiscounted lease obligation
by maturity date. The lease liability recognized in the statement of financial position is measured at the present value of such obligations.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 20%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2026</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2027</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2028 onwards</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Remaining term (years)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">694</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>890</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2 to 19</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4% to 5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">239</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>435</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3% to 4% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>209</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2% to 6% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>96</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2% to 7% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>63</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2 to 6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5% to 6% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3% to 6% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>136</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>200</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>148</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>130</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,093</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,707</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_029"></A>23. Brumadinho dam failure</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In January 2019, a tailings dam (&ldquo;Dam I&rdquo;) experienced
a failure at the C&oacute;rrego do Feij&atilde;o mine, in the city of Brumadinho, state of Minas Gerais, Brazil. The failure released
a flow of tailings debris, destroying some of Vale&rsquo;s facilities, affecting local communities and disturbing the environment. The
tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho
(&ldquo;event&rdquo;) resulted in 270 fatalities or presumed fatalities and caused extensive property and environmental damage in the
region.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of the dam failure, the Company recognized provisions
to meet its assumed obligations, including indemnification to those affected by the event, remediation of the impacted areas and compensation
to the society. Changes in the provisions are shown below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 45%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Revision to estimates </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Monetary and present value adjustments </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Disbursements </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Integral Reparation Agreement</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payment obligations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">562</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(100)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(66)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">416</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for socio-economic reparation and others</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">592</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(92)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">456</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for social and environmental reparation </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">843</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(103)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">679</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,997</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(51)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>91</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(247)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(239)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,551</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other obligations</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tailings containment, geotechnical safety and environmental reparation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">684</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(69)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(84)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">547</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Individual indemnification</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">296</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">276</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,063</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>31</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(153)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(132)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>861</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(20)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>143</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(400)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(371)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,412</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash flow for obligations are estimated for an average period
ranging from 5 to 7 years and were discounted to the present value at an annual rate in real terms, which increased from 5.31% on December
31, 2023, to 6.50% on June 30, 2024.</P>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, the Company has incurred expenses, which have
been recognized straight to the income statement as &ldquo;Other operating revenues (expenses), net&rdquo; (note 5c), in relation to tailings
management, communication, humanitarian assistance, payroll, legal services, water supply, among others. The Company incurred expenses
in the amount of US$89 and US$199 for the three and six-month period ended June 30, 2024, respectively (2023: US$131 and US$242, respectively).</P>

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<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Judicial
Settlement for Integral Reparation</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: white">The Settlement for Integral Reparation
includes: (i) payment obligations, of which the funds will be used directly by the State of Minas Gerais and Institutions of Justice for
socio-economic and socio-environmental compensation projects; (ii) socioeconomic projects in Brumadinho and other municipalities; and
(iii) compensation of the environmental damage caused by the dam failure. These obligations are projected for an average period of 6 years.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: white">For the obligations of (i) and (ii),
the agreement specifies an amount for each project and changes in the original budget and deadlines may have an impact in the provision.
In addition, the execution of the environmental recovery actions has no cap limit despite having been estimated in the Settlement for
Integral Reparation due to the Company's legal obligation to fully repair the environmental damage caused by the dam failure. The expenses
related to these obligations are deducted from the income tax calculation, in accordance with the Brazilian tax regulation, which is subject
to periodic inspection by the competent authorities. Therefore, although Vale is monitoring this provision, the amount recorded could
materially change depending on several factors that are not under the Company&rsquo;s control.</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-right: Black 0.5pt solid; border-bottom: #BFBFBF 0.5pt solid"><B>Other
obligations</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is also working to ensure geotechnical safety of
the remaining structures at the C&oacute;rrego do Feij&atilde;o mine, in Brumadinho, and the removal and proper disposal of the tailings
of Dam I, including dredging part of the released material and de-sanding from the channel of the river Paraopeba.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For the individual indemnification, Vale and the Public Defendants
of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the Brumadinho&rsquo;s dam failure
may join an individual or family group out-of Court settlement agreements for the indemnification of material, economic and moral damages.
This agreement establishes the basis for a wide range of indemnification payments, which were defined according to the best practices
and case law of Brazilian Courts, following rules and principles of the United Nations.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Contingent liabilities</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-right: white 0.25pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Public
civil actions brought by the State of Minas Gerais and state public prosecutors for damages resulting from the failure of Dam I</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is party to public civil actions brought by the
State of Minas Gerais and justice institutions, claiming compensation for socioeconomic and socio-environmental damages resulting from
the dam failure and seeking a broad range of decisions ordering Vale to execute specific remediation and reparation actions. As a result
of the Judicial Settlement for Integral Reparation, settled in February 2021, the requests for the reparation of socio-environmental and
socioeconomic damages caused by the dam failure were substantially resolved. The individual damages were excluded from the Judicial Settlement
for Integral Reparation, and the Term of Commitment signed with the Public Defendants of the State of Minas Gerais was ratified, whose
parameters are utilized as a basis for the settlement of individual agreements. The phase of sentence liquidation was instituted in the
aforementioned public civil actions for the quantification of the alleged remaining individual damages, with Vale having filed an instrument
appeal against this decision, still pending judgment. The likelihood of a financial loss to the Company is classified as possible and
it is not yet possible to reliably estimate the amount of a potential loss to Vale.</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Public
civil action and investigation under the Brazilian Anticorruption Law </B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In October 2020, the Brazilian Office of the Comptroller General
(&ldquo;CGU&rdquo;) notified the Company about an administrative proceeding prosecution based on the same allegations mentioned above
under the Brazilian Law 12,846/2013 in connection with inspection and monitoring activities related to the Brumadinho dam. In August 2022,
the CGU understood that Vale has failed to present reliable information to the Brazilian National Mining Agency (&ldquo;ANM&rdquo;), as
once a positive stability condition statement (&ldquo;DCE&rdquo;) was issued for the Dam I, where it should be negative in the view of
the CGU. Thus, even recognizing the non-existence of corruption acts or practices, the CGU fined Vale US$15 (R$86 million), which is the
minimum amount established by law, i.e., the CGU recognizes the non-involvement or tolerance of the Company&rsquo;s top management.</P>

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




<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In September 2023, CGU denied the request for reconsideration
filed by the Company and, therefore, Vale paid the fine of US$15 (R$86 million) in 2023. Vale disagrees with the decision and is adopting
the appropriate legal measures.</P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Class
action in the United States</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale is defending itself against a class action brought before
a Federal Court in New York and filed by holders of securities - American Depositary Receipts (&quot;ADRs&quot;) - issued by Vale. In
May 2020, the Court issued a decision that denied the Motion to Dismiss presented by the Company. The Discovery phase was concluded in
November 2023. Upon the filing of a pre-motion letter for the Motion for Summary Judgment presented in January 2024 by the parties, the
Court should decide whether the Parties may file their motion for summary judgment.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On November 24, 2021, a new complaint was filed before the
same Court by eight Plaintiffs, all investment funds, as an &ldquo;opt-out&rdquo; litigation from the class action already pending in
the Eastern District of New York court, asserting virtually the same allegations in the main class action. A decision from the Court is
pending on the Motion to Dismiss presented by the Company.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The likelihood of loss of these proceedings is considered possible.
However, considering the current phase of these lawsuits, it is not yet possible to reliably estimate the amount of a potential loss.
The amount of damages sought in these claims is unspecified.</P>

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Criminal
proceedings and investigations</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In January 2020, the State Prosecutors of Minas Gerais (&ldquo;MPMG&rdquo;)
filed criminal charges against 16 individuals (including former executive officers of Vale and former employees) for a number of potential
crimes, including homicide, and against Vale S.A. for alleged environmental crimes.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In November 2021, the Brazilian Federal Police concluded
the investigation on potential criminal responsibility related with the Brumadinho dam failure and the final report sent to the Federal
Public Prosecutors (&ldquo;MPF&rdquo;).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In January 2023, after the Federal Supreme Court recognized
the competence of the Federal Court to judge the cause, the MPF ratified the complaint authored by the MPMG, previously offered in 2020
to the Justice of Brumadinho, and the rectification was received by the Federal Court. Parallel to the criminal action, the MPF and the
Brazilian Federal Police continue to conduct a separate investigation into the causes of the dam failure in Brumadinho, which may result
in new criminal proceedings. Currently, the process is suspended, due to a judicial decision. It is not possible to estimate when a final
decision will be issued by the Federal Court. The likelihood of a financial loss to the Company is classified as possible and it is not
yet possible to reliably estimate the amount of a potential loss to Vale.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Public
civil actions brought by labor unions</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2021, public civil actions were filed with Labor Court of
Betim in the State of Minas Gerais, by a workers' unions claiming the compensation for death damages to own and outsourced employees,
who died as a result of the failure of Dam I. Initial decisions sentenced Vale to pay US$180 thousand (R$1 million) per fatality. In June
2023, the Superior Labor Court ruled on the lawsuit filed by workers&rsquo; union, sustaining the initial decision that condemned Vale.
The Company is defending itself in the lawsuits and considers that the likelihood of loss is possible.</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Securities
and Exchange Commission (&ldquo;SEC&rdquo;) and investigations conducted by the CVM</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On April 28, 2022, the SEC filed a lawsuit against Vale in
the U.S. District Court for the Eastern District of New York, alleging that certain Vale&rsquo;s disclosures related to dam safety management
prior to the dam failure in Brumadinho violated U.S. securities laws. On March 28, 2023, Vale reached a settlement with the SEC to fully
resolve this litigation. Under the agreement, without admitting or denying the settled claims, Vale paid US$56 during the year ended December
31, 2023. The settlement resolves the litigation without judgment on the claims based upon intentional or reckless fraud. In April 2023,
the settlement was approved and granted by the Court.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">CVM is also conducting investigations relating to Vale's disclosure
of relevant information to shareholders, investors and the market in general, especially regarding the conditions and management of Vale's
dams. The likelihood of loss of this proceeding is classified as possible and it is not yet possible to reliably estimate the amount of
a potential loss to the Company.</P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Arbitration
proceedings in Brazil filed by shareholders, a class association and foreign investment funds</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In Brazil, Vale is named as a defendant in (i) one arbitration
filed by 385 minority shareholders, (ii) two arbitrations filed by a class association allegedly representing all Vale&rsquo;s noncontrolling
shareholders, and (iii) three arbitrations filed by foreign investment funds.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In the six proceedings, the claimants argue that Vale was aware
of the risks associated with the dam and failed to disclose it to its shareholders. Based on such argument, they claim compensation for
losses caused by the decrease in share price.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The expectation of loss is classified as possible for the six
procedures and, considering the initial phase, it is not possible at this time to reliably estimate the amount of a possible loss.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In one of the proceedings filed by foreign funds, the Claimants
initially estimated the amount of the alleged losses would be approximately US$324 (R$1,800 million). In another proceeding filed by foreign
funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$702 (R$3,900 million). In the procedure
presented by minority shareholders, the applicants estimated the alleged losses at approximately US$540 (R$3,000 million), which could
be increased later, as alleged by the applicants.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company disagrees with the ongoing proceedings and understands
that, in this case and at the current stage of the proceedings, the probability of loss in the amount claimed by the foreign funds is
remote.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Other
proceedings </B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale is defendant in a number of investigations and proceedings
brought by individuals, business entities, investors, associations, unions, legislative bodies, non-governmental organizations and other
entities seeking remediation and compensation for environmental, property and personal damages resulting from the Brumadinho dam failure,
including alleged violations of securities laws. The potential loss was US$109 as of June 30, 2024 (December 31, 2023: US$94) and the
likelihood of a potential loss to the Company is classified as possible.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Insurance </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is negotiating with insurance companies the payment
of indemnification under its civil liability and Directors and Officers Liability Insurance. In six-month period ended June 30, 2024,
the Company received US$8 (2023: US$11) from insurers which was recorded in income statement as &ldquo;Other operating revenues (expenses),
net&rdquo; (note 5c).</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007A7E"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_030"></A>24. Liabilities related to associates and
joint ventures</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In November 2015, the Fund&atilde;o tailings dam owned by Samarco
Minera&ccedil;&atilde;o S.A. (&ldquo;Samarco&rdquo;) experienced a failure, flooding certain communities and impacting communities and
the environment along the Doce River. The dam failure resulted in 19 fatalities and caused property and environmental damage to the affected
areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. (&lsquo;&lsquo;BHPB&rsquo;&rsquo;).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2016, Vale, Samarco and BHPB, entered into a Framework Agreement
with the Federal Government of Brazil, the states of Esp&iacute;rito Santo and Minas Gerais and certain other public authorities to establish
the Renova Foundation that is developing and executing environmental and socio-economic programs to remediate and provide compensation
for damage caused by the Samarco dam failure.</P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In June 2018, Samarco, Vale and BHPB entered into a comprehensive
agreement with the offices of the federal and state (Minas Gerais and Esp&iacute;rito Santo) prosecutors, public defenders and attorney
general, among other parties (&ldquo;TacGov Agreement&rdquo;), improving the governance mechanism of Renova Foundation and establishing,
among other things, a process for potential revisions to the remediation programs under the Framework Agreement.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">These agreements aim to remediate and provide compensation
for damage caused, of which Samarco has primary responsibility for funding the obligations, and Vale and BHPB have secondary funding obligations
under the Framework Agreement in proportion to their 50 per cent shareholding in Samarco.</P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>a) </B></FONT><B><FONT STYLE="color: #007E7A; background-color: white">Provision
related to the Samarco dam failure</FONT></B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The changes on the provision are presented below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 82%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;4,427 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Revision to estimates </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(58)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Monetary and present value adjustments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursements </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(191)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(556)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;3,707 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash outflows to meet the obligations are discounted to
present value at an annual rate in real terms, which increased from 5.22% on December 31, 2023, to 6.44% on June 30, 2024.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><FONT STYLE="background-color: white"><B>b)</B></FONT><B>
Contingent liabilities</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Public
Civil Action filed by the Federal Government and others and public civil action filed by the Federal Public Ministry (&quot;MPF&quot;)</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale is a defendant in several legal proceedings brought by
governmental authorities and civil associations claiming recover socioenvironmental and socioeconomic damages and a number of specific
remediation measures as a result of the Samarco&rsquo;s Fund&atilde;o dam failure, including a claim brought by the Federal Public Prosecution
Office in 2016 seeking several measures that amount to US$28 billion (R$155 billion), subject to interest and monetary adjustments, which
the effect for Vale would be 50% of this amount.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">This Public Civil Action was suspended as a result of the ratification
of TacGov agreement. However, as pre-requisites established in the TacGov Agreement, for renegotiation of the Framework Agreement were
not implemented during the established period, in 2020, the Brazilian Federal and State prosecutors and public defenders filed a request
for the immediate resumption of this claim.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Therefore, Vale, Samarco, BHPB and Federal and State prosecutors
have been engaging in negotiations to seek a definitive settlement of the obligations under the Framework Agreement and the US$28 billion
(R$155 billion) Federal Public Prosecution Office claim.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The goal in signing a potential settlement agreement is to
provide a stable framework for the execution of reparation and compensation measures related to the Samarco dam rupture, it also aims
to settle all lawsuits brought by the public authorities involved.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Judicial
decision requesting cash deposits and increase on the territories affected by the collapse</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In March 2023, as part of a proceeding related to a potential
increase on the number of territories recognized as affected by the collapse of Samarco&rsquo;s Fund&atilde;o dam and covered by the TTAC,
a Federal Court issued a decision ordering Vale and BHP Brasil to make judicial deposits in the total amount of US$1.9 billion (R$10.3
billion), in ten installments, which the effect for Vale would be 50% of this amount. On April 28, 2023, the Federal Court granted the
companies' request for a suspensive effect on the decision that determined this deposit.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In August 2023, the judge issued a judicial decision recognizing
the existence of new territories impacted by the collapse of the Fund&atilde;o dam. The Company is adopting the appropriate legal measures
and believes its provisions are sufficient to comply with the TTAC obligations.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Judicial
decision on collective moral damages</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In January 2024, the 4th Federal Lower Civil Court of Belo
Horizonte issued a judicial decision requiring the payment of collective moral damages in the amount of US$8.6 billion (R$47.6 billion)
(the effect for Vale would be 50% of this amount), subject to monetary adjustments from the date of the decision and interests from November
2015.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In May 2024, the Court partially accepted Vale&rsquo;s appeal,
rectifying the value of the conviction to US$8.4 billion (R$46.7 billion) (the effect for Vale would be 50% of this amount), subject
to monetary adjustments. Vale appealed for a review of the merits of the decision. In May 2024, a provisional sentence compliance was
instituted by the Federal Union and the 4th Federal Court rejected the Union&rsquo;s request. Subsequently, against the decision that
rejected the provisional sentence compliance, the Union appealed, the judgment of which is pending.</P>

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


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is defending itself and believes the likelihood
of loss in relation of the merits of these proceedings is possible, however, the likelihood of loss in the alleged amount is assessed
as remote.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Claims
in the United Kingdom and the Netherlands</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>London Contribution claim -</B></FONT>
As a result of the rupture of Samarco&rsquo;s Fund&atilde;o dam failure, BHP Group Ltd (&ldquo;BHP&rdquo;) was named as defendant in group
action claims for damages filed in the courts of England and Wales for various plaintiffs, between individuals, companies and municipalities
from Brazil that were supposedly affected by the Samarco dam failure (the &ldquo;UK Claim&rdquo;).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In December 2022, BHP filed a &ldquo;Contribution Claim&rdquo;
against Vale, requesting the Company to share the indemnification established in the UK Claim. Both the Contribution Claim and the UK
Claim are still ongoing, and there has not been any decision on their merits.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The proceedings against BHP are still progressing in London
and the first phase of the trial is expected to begin of the last quarter of 2024. It is not yet possible to reliably estimate the amount
of a potential loss to Vale.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Netherlands proceeding -</B></FONT>
In March 2024, a court in Amsterdam granted a preliminary injunction freezing the shares in Vale Holdings B.V., a wholly owned subsidiary
incorporated in the Netherlands, and the economic rights attached to those shares, in guarantee of an amount of approximately US$986 (EUR920
million). The freezing orders were issued in anticipation of a legal action to be brought against Vale by certain Brazilian municipalities
and an organization that represents individuals and small businesses that claim to have been affected by the collapse of Samarco&rsquo;s
Fund&atilde;o dam in 2015.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, in May and June 2024, three rogatory letters were
fulfilled in Brazil, sent by the Amsterdam court, so that Vale could be notified about the filing of the lawsuit and the seizure orders.
In the records of these rogatory letters, Vale has already anticipated its understanding about the lack of jurisdiction of the Dutch Justice
to analyze the claims of the initial petition.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The first court event for Vale in the Dutch court is expected
to take place in the first quarter of 2025. The Company is adopting the appropriate legal measures and believes its provisions are sufficient
to comply with its obligations.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Agreement on claims in the
United Kingdom and the Netherlands - </B></FONT>In July 2024 (subsequent event), Vale and BHP have entered into a confidential agreement
without any admission of liability pursuant to Vale and BHP will share equally any potential payment obligations arising from the UK
and Dutch Claims, described above. As part of the agreement, the contribution claim brought by BHP against Vale in connection with the
UK Claims will be withdrawn.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Criminal
proceedings</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In September 2019, the court has dismissed part of the criminal
charges but accepted charges of environmental crimes against Vale and one of its employees relating to an alleged omission in the provision
of relevant information of environmental interest for public authorities. The Company cannot estimate when a final decision on the case
will be issued. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate
the amount of a potential loss to Vale.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Tax
proceeding</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In September 2018, the federal tax authorities filed a request
before a federal court in Belo Horizonte for an order to Vale&rsquo;s assets to secure the payment of Samarco&rsquo;s federal tax and
social security debts, in the amount of approximately US$2.0 billion (R$11 billion) (as of June 2018). In May 2019, a favorable decision
was issued dismissing the claim without prejudice, due to lack of procedural interest. The General Attorney for the National Treasury
(Procuradoria Geral da Fazenda Nacional - &ldquo;PGFN&rdquo;) filed an appeal to the local court, and a decision is pending. The likelihood
of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate the amount of a potential
loss to Vale.</P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Other
proceedings </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale is defendant in several private actions, before
different state and federal courts in the states of Minas Gerais and Esp&iacute;rito Santo, brought by individuals and other entities
seeking remediation and compensation for environmental, property and personal damages resulting from the Samarco dam failure. The potential
loss was US$6 as of June 30, 2024 (2023: US$11) and the likelihood of a potential loss to the Company is classified as possible.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: teal"><B>c) Judicial reorganization of Samarco</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In April 2021, Samarco filed for Judicial Reorganization (&ldquo;JR&rdquo;)
with the Courts of Minas Gerais to renegotiate its debt, which was held by bondholders abroad. The purpose of JR is to restructure Samarco&rsquo;s
debts and establish an independent and sustainable financial position, allowing Samarco to keep working to resume its operations safely
and to fulfill its obligations related to the Renova Foundation.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In May 2023, Vale S.A. entered into a binding agreement jointly
with BHPB, Samarco and certain creditors which hold together more than 50% of Samarco's debt, setting the parameters of Samarco&rsquo;s
debt restructuring to be implemented through a consensual restructuring plan, which was approved by the creditors, submitted to the JR
Court in July 2023, and confirmed by the judge in September 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In December 2023, Samarco&rsquo;s existing US$4.8 billion of
financial debt held by creditors was exchanged for approximately US$3.9 billion of long-term unsecured debt, bearing interest from 2023
to 2031.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">After the execution of the plan, Samarco has a lean capital
structure, in line with its operational ramp-up and cash flow generation. The plan considers the fund of the reparation and compensation
programs capped at US$1 billion from 2024 to 2030 and additional contributions after that period due to the Samarco&rsquo;s projected
cash flows generation.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Tax consequences for Vale arising from
the consensual restructuring plan of Samarco</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The plan provides that additional cash demands from Renova
Foundation will be made through capital contributions to Samarco. The contributions have been carried out directly by Vale and BHPB to
the Renova Foundation on behalf of Samarco and, therefore, they were deemed tax deductible as incurred, according to the Brazilian tax
regulation. Therefore, due to the change in the mechanism to fund Renova, Vale will no longer be allowed to deduct future payments from
its income tax computation as they are not tax deductible in Brazil. Thus, the deferred income tax asset over the provision in the amount
of US$1,078 was reversed in full, with the corresponding impact in the income statement for the six-month period ended June 30, 2023,
recorded as &ldquo;Income taxes&rdquo; (note 7a).</P>

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

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><A NAME="a_031"></A><B>25. Provision for de-characterization
of dam structures and asset retirement obligations</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is subject to local laws and regulations, that
requires the decommissioning of the assets that Vale operates at the end of their useful lives, therefore, expenses for demobilization
occur predominantly after the end of operational activities. These obligations are regulated in Brazil by the ANM at the federal level
and by environmental agencies at the state level. Among the requirements, the decommissioning plans must consider the physical, chemical
and biological stability of the areas and post-closure actions for the period necessary to verify the effectiveness of the decommissioning.
These obligations are accrued and are subject to critical estimates and assumptions applied to the measurement of costs by the Company.
Depending on the geotechnical characteristics of the structures, the Company is required to de-characterize the structures, as shown in
item a) below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Laws and regulations related to dam safety</B></P>

<P STYLE="font: 11pt 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">In December 2023, the government of Minas Gerais published
decree No. 48,747, which regulates the measurement and execution of environmental guarantees individually for each dam, based on the
reservoir area, classification and purpose of the dam, and estimated de-characterization costs and should be kept throughout the useful
life of the dam, from its startup phase until the de-characterization and socio-environmental recovery. The guarantee may be a cash deposit,
bank deposit certificate, bank guarantee or insurance.</P>

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


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In June 2024, the government of Minas Gerais published decree
No. 48,848, which amended Decree No. 48.747 and included property mortgage and property fiduciary lien as new modalities for environmental
guarantees. The guarantees shall be presented up to 3 years, with half of the amount in 2024 and the remaining amount split between 2025
and 2026.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The value of the guarantees is estimated at US$324 (R$1.8 billion),
for which the Company intends to meet by providing property mortgage and property fiduciary lien, financial guarantees or insurance. Vale
expects that the financial costs to be incurred will be immaterial.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) De-characterization of upstream geotechnical
structures</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of the Brumadinho dam failure (note 23) and, in
compliance with laws and regulations, the Company has decided to speed up the plan to &ldquo;de-characterize&rdquo; of all its dams and
dikes, located in Brazil. The Company also operates tailings dams in Canada, including upstream compacted dams. However, the Company decided
that these dams will be decommissioned using other methods, thus, the provision to carry out the decommissioning of dams in Canada is
recognized as &ldquo;Obligations for decommissioning assets and environmental obligations&rdquo;, as presented in item (b) below.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">These structures are in different stages of maturity, some
of them still in the conceptual engineering phase, for which the estimate of expenditures includes in its methodology a high degree of
uncertainty in the definition of the total cost of the project in accordance with best market practices.</P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Changes in the provisions are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 82%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,451</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Revision to estimates </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(131)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(251)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(422)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,738</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash flow for de-characterization projects are estimated
for a period up to 15 years and were discounted to present value at an annual rate in real terms, which increased from 5.41% to 6.45%.</P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Operational stoppage and idle capacity</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company has suspended
some operations due to judicial decisions or technical analysis performed by Vale on its geotechnical structures located in Brazil. The
Company has been recording losses in relation to the operational stoppage and idle capacity of the Iron Ore Solutions segment in the amounts
of US$36 and US$79 for the three and six-month period ended June 30, 2024, respectively (2023: US$50 and US$124, respectively). The Company
is working on legal and technical measures to resume all operations.</FONT></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Asset retirement obligations and environmental
obligations</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash flow maturity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, &nbsp;2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,914</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,415</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6.41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5.47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2132</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,529</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,592</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1.47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1.30%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2150</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">159</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.46%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2035</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2035</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other regions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">114</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2.43%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2.04%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,702</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,279</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Operating plants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,869</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,155</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Closed plants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">833</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,702</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,279</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Provision changes during the period</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Environmental </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>obligations</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,779</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>500</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,279</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(85)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(36)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(121)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Revision to estimates </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(201)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(184)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">65</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(294)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(55)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(349)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,264</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>438</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,702</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Financial guarantees</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company has guarantees issued by financial institutions
in the amount of US$821 as of June 30, 2024 (December 31, 2023: US$910), in connection with the asset retirement obligations for its
Energy Transition Metals operations.&nbsp;</P>


<!-- Field: Page; Sequence: 47 -->
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<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_032"></A>26. Legal proceedings</B></P>

<P STYLE="color: #007E7A; font: bold 11pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is a defendant
in numerous legal actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company makes use of
estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and on management&rsquo;s
assessment. Provisions are recognized for probable losses of which a reliable estimate can be made. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Arbitral, legal and administrative
decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the probability of outflow
of resources and on the estimated amounts, according to the assessment of the legal basis.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The lawsuits related to Brumadinho
event (note 23) and the Samarco dam failure (note 24) are presented in its specific notes to these financial statements and, therefore,
are not disclosed below.</FONT></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for legal proceedings</P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 50%; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>90</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>380</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>514</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>999</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">78</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">104</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(58)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(53)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(113)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(68)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(136)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>89</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>303</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>472</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>16</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>880</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>411</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,292</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">83</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(23)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(39)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(68)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">110</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of June 30, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>643</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>338</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>471</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>16</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,468</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company has considered
all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the costs that
may be required to settle the obligations.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Tax litigations
&ndash;</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The Company is party to several administrative and legal proceedings
related mainly to the incidence of Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;), Value-added tax (&quot;ICMS&quot;)
and other taxes. </FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Civil litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for: (i) indemnities for losses, payments and contractual
fines due to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's
operational activities. </FONT></P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Labor litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for individual claims by in-house employees and service
providers, primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions. </FONT></P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Environmental
litigations -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers mainly to proceedings for environmental damages and issues
related to environmental licensing.</FONT></P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent
liabilities</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,347</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,235</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,343</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,366</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">294</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">378</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,265</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,320</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,249</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,299</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>c) Judicial deposits</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax litigations </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">372</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,127</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Civil litigations </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">148</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>585</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,409</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 304.15pt">&nbsp;</P>


<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Tax litigations
&ndash;</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In December 2023, a judicial decision was issued to the lawsuit filed
by Valepar (merged by Vale) in 2011 seeking the right to exclude the amount of dividends received in the form of interest on capital (&ldquo;JCP&rdquo;)
from the PIS and COFINS tax base. This proceeding is fully guaranteed by a judicial deposit. This judicial decision determined the conversion
of the judicial deposit to the Government, resulting in the reclassification of the amount to payable taxes and the judicial deposit to
current assets in the financial statements for the year ended December 31, 2023. In April 2024, the proceeding was settled with the judicial
deposit.</FONT></P>


<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Guarantees contracted for legal proceedings</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition to the above-mentioned tax, civil, labor and environmental
judicial deposits, the Company contracted US$2.7 billion (December 31, 2023: US$2.7 billion) in guarantees for its lawsuits, as an alternative
to judicial deposits.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_033"></A>27. Employee benefits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 50%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payroll, related charges and other remunerations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">636</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">867</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee post-retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,221</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,381</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>724</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>964</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,221</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,381</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00807A"><B>a) Share-based payments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">For the long-term incentive programs, the Company compensation
plans include Matching Program and Performance Share Unit program (&ldquo;PSU&rdquo;), with three-year-vesting cycles, respectively,
with the aim of encouraging employee&rsquo;s retention and encouraging their performance. The fair value of the programs is recognized
on a straight-line basis over the three-year required service period, net of estimated losses.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00807A"><B>Matching Program</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The fair value of the Matching program was estimated
using the Company's share price and ADR and the number of shares granted on the grant date. The information by valid programs during
the six-month period ended June 30, 2024 is shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 61%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024 Program</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023 Program</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022 Program</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right">2.244.659</P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,330,503</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,437,588</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,02</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15.94</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20.03</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 49 -->
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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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Performance Shares Units (&ldquo;PSU&rdquo;)</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The fair value of the PSU program was measured by estimating
the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability
indicators. The assumptions used for the Monte Carlo simulations are shown in the table below by valid program during the six-month period
ended June 30, 2024, as well as the result used to calculate the expected value of the total performance factor.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 61%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024 Program</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023 Program</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022 Program</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right">1.873.175</P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,177,755</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,709,955</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Date shares were granted</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">April 29, 2024</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">January 2, 2023</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">January 3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,49</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16.6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13.81</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35,60%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48.33%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected term (in years)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">66,95%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72.42%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.20%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected performance factor</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83,47%</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">79.32%</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53.08%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Employee post-retirement obligation</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>Reconciliation
of assets and liabilities recognized in the statement of financial position</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30,2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 12%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans and other benefits</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans and other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Movements of assets ceiling</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the period</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,071</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,114</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Changes on asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(125)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(192)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(109)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>875</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,071</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,308)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,613)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,517)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,266)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,243</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">322</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,656</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">815</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(875)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,071)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,291)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,451)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(70)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets (liabilities) (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,221)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,381)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,291)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,451)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Overfunded pension plans assets are recorded as &ldquo;Other
non-current assets&rdquo; in the balance sheet.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_034"></A>28. Equity</B></P>

<P STYLE="color: #00807A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
capital</B></P>

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


<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As of June 30, 2024, the
share capital was US$61,614 corresponding to 4,539,007,580 shares issued and fully paid without par value. The Board of Directors may,
regardless of changes to by-laws, approve the issue and cancelation of common shares, including the capitalization of profits and reserves
to the extent authorized.</FONT></P>


<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2024</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; width: 51%; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 20%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Common shares</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B><I>Golden shares</I></B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Previ (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">397,799,856</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">397,799,856</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mitsui&amp;co (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286,347,055</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286,347,055</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Blackrock, Inc (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">289,063,618</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">289,063,618</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total shareholders with more than 5% of capital </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>973,210,529</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>973,210,529</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Free floating</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,297,692,482</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,297,692,482</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Golden shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total outstanding (without shares in treasury)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,270,903,011</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,270,903,023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares in treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">268,104,557</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">268,104,557</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,539,007,568</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,539,007,580</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Number of shares owned by shareholders, as per statement
provided by the custodian, based on shares listed at B3.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Number of shares as reported in BlackRock, Inc.&rsquo;s
Schedule 13G/A, filed with the SEC.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B></B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Cancelation of treasury shares</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">During the six-month period ended June 30, 2023, the Board
of Directors approved cancelations of common shares issued by the Company, acquired and held in treasury, without reducing the value of
its share capital. The effects were transferred to shareholders' equity as &ldquo;Treasury shares canceled&rdquo;, between &ldquo;Profit
reserves&rdquo; and &ldquo;Treasury shares&rdquo;. There were no share cancellations during the six-month period ended June 30, 2024.</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 54%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Number of canceled shares</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cancellation approved on March 2, 2023 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">239,881,683</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,164</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Six-month period ended June 30, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>239,881,683</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,164</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Share buyback program</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total of shares repurchased</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Effect on cash flows</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 39%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program up to 150,000,000 shares (i)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by Parent</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17,413,659</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">231</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,645,514</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,059,173</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>389</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program up to 500,000,000 shares (ii)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by Parent</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73,179,052</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,102</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67,979,481</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>141,158,533</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,124</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,059,173</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>141,158,533</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>389</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,124</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) On October 26, 2023, a new share buyback program limited
to a maximum of 150,000,000 common shares and their respective ADRs, over the next 18 months started from the end of the program previously
on going.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) On April 27, 2022, the Board of Directors approved the
common shares buyback program, limited to a maximum of 500,000,000 common shares or their respective ADRs, with a term of 18 months. This
program was concluded in 2023.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Remuneration approved </B></P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company's By-laws determines
as its minimum mandatory remuneration to Vale shareholders an amount equal to 25% of the net income, after appropriations to legal and
tax incentive reserves. The remuneration approved as interest on capital (&ldquo;JCP&rdquo;) is gross up with the income tax applicable
to Vale&rsquo;s shareholders. The remuneration to Vale&rsquo;s shareholders was based on the following resolutions:</FONT></P>


<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
July 25, 2024 (subsequent event), the Board of Directors approved interest on capital to its shareholders in the total amount of US$1,608,
which will be paid in September 2024 as an anticipation of the remuneration for the year ended December 31, 2024. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 22, 2024, the Board of Directors approved dividends to its shareholders in the total amount of US$2,364. This remuneration was
fully paid in March 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 16, 2023, the Board of Directors approved the shareholder&rsquo;s remuneration of US$1,569, of which US$1,132 is part of the
minimum mandatory remuneration for the year ended December 31, 2022 and US$437 as an additional remuneration. This remuneration was fully
paid in March 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_035"></A>29. Related parties</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company&rsquo;s related
parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Related party transactions
were made by the Company on terms equivalent to those that prevail in arm&acute;s-length transactions, with respect to price and market
conditions that are no less favorable to the Company than those arranged with third parties.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Net operating revenue relates
to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable
lease payments of the pelletizing plants.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Purchases, accounts receivable
and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related
to the pelletizing plants operational lease and railway transportation services. </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Transactions with related parties</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(75)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(114)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(227)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(220)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">76</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>109</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>76</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>Cosan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.05pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(191)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>56</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(190)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>197</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>173</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(233)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(197)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>172</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(225)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>186</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 46%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">93</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(152)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(88)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(216)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(178)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(457)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(19)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>109</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(383)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(25)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">191</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">145</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>191</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>145</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(230)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">269</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">130</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>117</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(229)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>269</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>325</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(471)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(246)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>384</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(394)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>243</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding
balances with related parties</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 46%; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>104</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>119</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>47</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">406</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">96</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">176</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">313</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>96</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>234</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>313</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pension plan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>156</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>141</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>234</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>419</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: right">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>June 30, 2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 56%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">110</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">144</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">290</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>157</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>144</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>138</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>290</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">143</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">92</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>143</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>59</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>58</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>23</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Pension plan</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>262</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>345</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>158</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>372</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key
management personnel compensation</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">During the six-month period ended June 30, 2024, the
compensation of the Company&rsquo;s key management personnel was US$15 (2023: US$20).</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>

<!-- Field: Page; Sequence: 54; Options: Last -->
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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: July 25, 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>
