Better Health for All
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Vale has a history of catastrophic safety incidents impacting communities, including the 2015 Samarco Fundão dam collapse which killed 19 people, and the 2019 Brumadinho dam collapse resulting in 270 fatalities.
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Currently, 20 of Vale's tailings dams are at maximum risk of failure, indicating severe ongoing safety concerns for surrounding communities.
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Vale's operations have also resulted in significant negative health externalities. The 2015 mining waste spill led to chronic contamination of the Rio Doce estuary, with potential negative health consequences for decades.
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Local communities report ongoing health problems from dust and water pollution, as well as psychological and emotional impacts.
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In response, Vale has committed substantial resources, including R$ 37.7 billion for Brumadinho reparations (R$ 1.55 billion for environmental damages, R$ 5.0 billion for environmental recovery)
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and R$ 170 billion for the Samarco settlement.
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The company reports improved water quality in the Paraopeba River
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and a 93% reduction in diffuse dust emissions compared to 2010 levels.
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It also achieved reductions of 28% in particulate matter, 72% in sulfur oxides, and 36% in nitrogen oxides compared to 2018,
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and reduced specific new water use by 18% in 2023,
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with 84% of water demand met through reused water.
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Despite these efforts, significant ongoing community health impacts persist. For risk transparency, Vale makes its forbidden and restricted substances lists publicly available and utilizes the Globally Harmonized System of Classification and Labeling of Chemicals (GHS) to improve safety and classification.
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The company also reports on major incidents such as the Brumadinho and Samarco dam collapses, detailing fatalities and reparation progress. However, the existence of 20 tailings dams currently at maximum risk of failure, as reported by external sources, suggests that disclosures regarding all major current health risks may not be fully comprehensive or proactively communicated.
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Fair Money & Economic Opportunity
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Vale S.A. is a global mining company, and the ethical value 'Fair Money & Economic Opportunity' primarily assesses financial institutions on their provision of fair financial services to consumers. The provided articles detail Vale's core business activities in mineral extraction, processing, and related corporate finance, including debt facilities, credit ratings, production forecasts, and capital expenditures. Vale SA has filed for a $4 billion debt shelf facility with the U.S. Securities and Exchange Commission (SEC).
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The company pledged to achieve net-zero emissions by 2050.
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S&P Global Ratings upgraded Vale's credit rating from "BBB- (stable)" to "BBB (stable)" on September 16, 2025.
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Vale estimates iron ore production of 327 million tons for 2025.
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Vale forecasts iron ore production of 340 million tons for 2026.
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Vale forecasts iron ore production close to 360 million tons for 2027.
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Vale estimates copper output of 370,000 tons for 2025.
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Vale forecasts copper output of 360,000 tons for 2026.
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Vale forecasts copper output close to 400,000 tons for 2027.
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Vale estimates nickel production of 180,000 tons for 2025.
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Vale forecasts nickel production of 208,000 tons for 2026.
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Vale forecasts nickel production of 223,000 tons for 2027.
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Vale forecasts iron ore price at $100/ton in 2025.
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Vale forecasts iron ore price at $90/ton in 2026 and 2027.
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Vale forecasts copper price at $9,431/ton in 2025.
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Vale forecasts copper price at $9,400/ton in 2026.
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Vale forecasts copper price at $9,500/ton in 2027.
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Vale forecasts nickel price at $15,5185/ton in 2025.
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Vale forecasts nickel price at $16,500/ton in 2026.
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Vale forecasts nickel price at $17,000/ton in 2027.
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Vale expects cash outflows for dam collapse reparations of $3.7 billion in 2025.
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Vale expects cash outflows for dam collapse reparations of $2.4 billion in 2026.
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Vale expects cash outflows for dam collapse reparations of $1.8 billion in 2027.
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Vale plans to purchase $500 million of common and preferred stock in 2026.
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Vale's capex is estimated at $5.8 billion for 2025.
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Vale's capex is estimated at $6 billion for 2026 and afterwards.
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Vale expects dividends of $3.3 billion in 2025.
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Vale expects dividends of $2.8 billion in 2026.
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Vale expects dividends of $3 billion in 2027.
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Vale had cash of US$5.69 billion as of June 30, 2025.
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Vale has undrawn committed credit lines of US$5 billion as of June 30, 2025.
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Vale expects cash FFO of about US$7.7 billion in 2025.
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Vale had short-term debt maturities of US$685 million as of June 30, 2025.
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Vale expects working capital outflows of US$808 million in the next 12 months.
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Vale expects dividends of $3.05 billion in the next 12 months.
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Vale expects share repurchases of $250 million in the next 12 months.
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As of September 16, 2025, 17 dams have been completed, and two more are expected this year.
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There is no evidence in the articles to suggest that Vale offers consumer lending, deposit services, or other financial products relevant to the specific metrics of any KPI under this value. Therefore, all KPIs are omitted due to a lack of relevant evidence.
Fair Pay & Worker Respect
10
Vale received 112 fines and three non-monetary penalties in 2024 for significant noncompliance with laws and regulations.
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All Vale employees globally receive a living wage, verified by an external assessment in January 2025.
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In 2024, 94% of direct employees globally were covered by collective bargaining agreements.
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The CEO total compensation to median employee compensation ratio was 441.08 times for the fiscal year ending 2024.
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The overall pay gap between women and men was four percentage points.
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The employee engagement survey favorability mark was 83% in 2024.
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Voluntary employee turnover was 8.5% in 2024.
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Fair Trade & Ethical Sourcing
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In 2024, more than 50% of Vale's total spend in Brazil was directed to suppliers classified as high or very high risk in the company's ESG Criticality Matrix.
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Vale Base Metals commits to managing risks outlined in the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.
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Vale Base Metals commits to conducting annual due diligence and risk assessments for mineral and basic metals suppliers in alignment with OECD guidelines.
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Honest & Fair Business
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Vale incurred a $55.9 million settlement with the US Securities and Exchange Commission (SEC) in March 2023 for allegedly making false disclosures about the safety of its Brumadinho dam and misleading investors and the public.
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The company's Board of Directors has 8 independent members out of 13, representing 61.5% of the board.
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The Audit & Risk Committee is entirely composed of independent board members, and there are term limits for independent directors, with non-cumulative CEO/Chairman roles.
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Vale maintains a Global Anti-Corruption Policy, Manual, and Program, which includes 15 controls to manage corruption risk and requires anti-corruption due diligence on third parties and new acquisitions.
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The policy explicitly states zero tolerance for bribery and corruption and complies with major international anti-corruption laws, including the U.S. FCPA, UK Bribery Act 2010, and Brazilian Anti-Corruption Law.
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The Ethics & Compliance Program, which encompasses anti-corruption efforts, is assessed every two years through periodic external audits.
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Kind to Animals
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In January 2019, the Brumadinho dam collapse released 12 million cubic meters of toxic mud, destroying part of the Atlantic Forest
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and killing many wild animals, with contaminated river water posing risks to animal health.
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Despite this, Vale protects approximately 1 million hectares, an area 10 times larger than its operational footprint.
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The company aims to restore 100,000 hectares and protect 400,000 hectares by 2030.
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As of 2024, 200,093 hectares have been protected in partnership with conservation units, and 18,443 hectares of degraded areas restored.
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These efforts protect around 500 threatened species, with documented presence of jaguars and ocelots in restoration areas
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and active support for the critically endangered cherry-throated tanager.
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In 2024, 96 threatened species were recorded in habitats affected by or near Vale’s operations.
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Vale's policies align with global biodiversity frameworks,
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and it participates in various initiatives like ICMM and TNFD Forum related to nature and biodiversity.
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No War, No Weapons
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Vale's core business is mining, with no evidence of revenue from arms or defense contracts, dual-use technology development, or sales to embargoed regimes.
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The company adopts Human Rights and Anti-corruption and Sanctions clauses in agreements with public security forces
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and requires suppliers to comply with Vale’s Human Rights Policy, Sustainability Policy, and Principles of Conduct for Third Parties, including verification of labor obligations and adherence to the Universal Declaration of Human Rights.
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All suppliers undergo due diligence covering human rights, and independent third-party assessments verify action plans, indicating it meets top humanitarian procurement standards.
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Human rights due diligence (HRDD) is conducted in cycles of three to five years
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, with over 110 assessments between 2019 and 2022
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, and 100% of operations in Brazil and Malaysia had HRDD completed in 2023.
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Vale's Global Human Rights Policy is aligned with the UN Guiding Principles on Business and Human Rights
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, and 95% of employees received human rights training in 2024.
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The company has no reported exposure to controversial weapons
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and no specific ethical red lines related to weapons are needed given its core mining business.
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Planet-Friendly Business
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Vale's total Scope 1, 2, and 3 greenhouse gas emissions in 2024 were 466.2 million tCO2e.
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While the company states its climate goals are aligned with the Science Based Targets initiative (SBTi) and the Paris Agreement 2°C goal, explicit SBTi validation is not mentioned. The net-zero target for Scope 1 and 2 emissions is set for 2050
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, with an interim target of a 33% reduction by 2030.
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In 2024, 84.3% of Vale's global operational electricity consumption was from renewable sources
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, and 100% of purchased electricity in Brazil was renewable.
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The waste diversion rate in 2024 was 3.256%. The company invested USD 257 million in decarbonization initiatives in 2024
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, representing 1.736% of its 2024 Adjusted EBITDA.
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Vale protects approximately 1 million hectares of forest globally
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and has restored 18,443 hectares between 2020 and 2024
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, protecting around 500 threatened species.
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The company is committed to TCFD guidelines
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, with its first report aligned with TNFD's approach
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, and has mapped potential impacts from extreme weather events across 100% of its operations.
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Respect for Cultures & Communities
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Vale reports no cultural appropriation incidents. The company conducts human rights due diligence (HRDD) by independent external experts across 100% of operations in Brazil, Malaysia, and Oman, with the first cycle completed between 2019-2023
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and the second starting in 2024.
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A global "Listening and Response Mechanism" with multiple channels is available to all stakeholders, including communities, and is designed according to UN Guiding Principles on Business and Human Rights and ICMM.
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The average time to resolve a community complaint is 30 days, with a response required within 10 days.
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For cultural site protection, Vale has relinquished 89 mining licenses
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and plans to withdraw 15 more
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that interfered with indigenous reservations, and assists in protecting six other areas.
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97% of global operations have established relationship processes with neighboring communities,
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and 100% for iron ore projects.
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Human rights training is offered in 8 languages,
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community relations teams interact in local languages,
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and the Whistleblowing Channel is available in all languages.
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By year-end 2023, 96% of employees,
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99.1% of corporate security employees,
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and 99.8% of contractors
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had received human rights training. Since 2023, 100% of suppliers with workers mobilized by Vale have been trained.
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However, Vale has faced reactive responses to cultural incidents, including ongoing legal disputes since 2015,
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repeated suspensions of operations,
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court-ordered compensation,
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and a license suspension in 2021
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in the Onça Puma case. Vale consistently appealed decisions,
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and a settlement proposal was rejected.
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A 2022 compensation agreement with the Xikrin Indigenous people did not address health concerns,
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leading to a new lawsuit in 2025
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alleging contamination. In Indonesia, an independent investigation was commissioned,
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and an action plan is being developed after allegations of social and human rights impacts.
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Safe & Smart Tech
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Vale provides data owners with comprehensive control over their personal data, including rights to processing confirmation, access, rectification, anonymization, suspension, portability, information on data sharing, consent revocation, and elimination.
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The company offers a Privacy Communication Channel
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and has Data Protection Officers (DPOs) for inquiries.
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Vale demonstrates good compliance with applicable privacy regulations, explicitly stating adherence to legal and regulatory obligations under applicable law, including GDPR and UK GDPR,
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and follows the laws of each country in which it operates in addition to national and international standards.
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Zero Waste & Sustainable Products
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Vale operates a comprehensive "Circular Mining Program, Waste to Value" across all its mining corridors and complexes, encompassing over 150 actions
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and 20 implemented initiatives that are already producing iron ore.
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This program aims for zero waste and zero tailings by 2035
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and carbon-neutral circular mining.
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It involves reusing tailings from dams, such as the Gelado Tailings Dam (accumulated since 1985),
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and repurposing waste rock from mines like Serrinha to produce high-quality iron ore.
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Vale also develops co-products, including over two million tonnes of sustainable sand produced by early 2025 (with current production of 1-2 million tonnes per year)
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and paving blocks made from tailings.
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In hazardous waste management, initiatives have led to a reduction of 1,107 tons through oil reuse
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and 4 tons by optimizing engine oil replacement.
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The company has a target for 10% of its annual iron ore production to come from circular sources by 2030.
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