淡水河谷 2025年年度报告和过渡报告

Title of Each Class TABLE OF CONTENTS I.OverviewBusiness OverviewForward-looking StatementsRisk FactorsRisk ManagementII.Information on the companyLines of BusinessReserves and ResourcesRegulatory MattersIII.Operating and financial review and prospectsOverviewResults of operationsLiquidity and capital resourcesIV.Share ownership and tradingMajor shareholdersRelated party transactionsDistributionsTrading marketsDepositary sharesPurchases of equity securities by the issuer and affiliated purchasersV.Management and employeesManagementManagement compensationEmployeesVI.Additional informationLegal proceedingsBylawsParticipative shareholders’ debenturesExchange controls and other limitations affecting security holdersTaxationControls and proceduresCorporate governanceInsider trading policyCybersecurityCode of conductPrincipal accountant fees and servicesInformation filed with securities regulatorsExhibitsGlossarySignatures Table of Contents Table of Contents I.OVERVIEW We are one of the largest metals and mining companies in the world, based on market capitalization, and one of the world’s largest producers of iron ore, iron ore pellets and nickel. We also producecopper. Our nickel and copper concentrates contain by-products such as platinum group metals (PGMs), gold, silver and cobalt. We are engaged in greenfield mineral exploration in five countries. In Braziland other regions in the world, we operate large logistics systems including railroads, maritime terminals and ports, which are integrated with our mining operations. In addition, we have distributioncenters to support the delivery of iron ore worldwide. Directly and through associates and joint ventures, we also have investments in the energy business. Vale S.A. is a stock corporation, orsociedade por ações, that was organized on January 11, 1943, under the laws of the Federative Republic of Brazil for an indefinite period. Its head office is located at Praiade Botafogo 186 – offices 1101, 1701 and 1801 – Botafogo, 22250-145 Rio de Janeiro, RJ, Brazil, and its telephone number is 55-21-3485-5000. In this report, references to “Vale” are to Vale S.A. References to “we,” “us” or the “Company” are to Vale and, except where the context otherwise requires, its consolidated subsidiaries. References to our“ADSs” or “American Depositary Shares” are to our common American Depositary Shares (our common ADSs), each of which represents one common share of Vale. American Depositary Shares arerepresented by American Depositary Receipts (ADRs) issued by the depositary. BUSINESS OVERVIEW OPERATIONAL SUMMARY The following image describes the countries where we have mining or related operations, segregated by segment. Table of Contents BUSINESS OVERVIEW ABOUT US Iron Solutions Iron ore.We operate three systems in Brazil for the production and distribution of iron ore: ·Northern System:fully integrated system consisting of three mining complexes, a railroad and a maritime terminal.·Southeastern System:fully integrated system consisting of three mining complexes, a railroad, a maritime terminal and a port.·Southern System:consisting of two mining complexes and two maritime terminals. Iron ore pellets and other ferrous products and services.We currently have a diverse agglomerates portfolio, which includes both pellets and briquettes. We have eight operational pelletizing plants inBrazil and two in Oman for pellet production and two briquetting plants in Brazil for briquette production. Energy Transition Metals Our Energy Transition Metals business, which includes nickel, copper, cobalt, platinum group metals (PGM) and other precious metals, is conducted through our subsidiary Vale Base Metals Limited (VBM)and its subsidiaries. Nickel.We have mines and processing plants in Canada, and we control and operate nickel refining facilities in the United Kingdom and Japan. We also have nickel operations at Onça Puma, located in theBrazilian state of Pará, and a minority stake in PT Vale Indonesia Tbk, which operates nickel assets in Indonesia. Copper.In Brazil, we produce copper concentrates at Sossego and Salobo operations, in Carajás, in the state of Pará. In Canada, we produce copper concentrates and copper cathodes in conjunction withour nickel mining operations at Sudbury (Ontario), and Voisey’s Bay and Long Harbour (Newfoundland and Labrador). Other energy transition metals.The ore extracted from our Sudbury nickel operations yields by-products, including cobalt, PGMs, silver and gold. These by-products are processed at our refiningfacilities in Port Colborne, Ontario. We produce refined cobalt at our Long Harbour facilities in Newfoundland and Labrador. We also receive payments for silver and gold contained in the copperconcentrates produced at our Salobo operation and for gold contained in various products produced at our Sudbury operation. Table of Contents BUSINESS OVERVIEW BUSINESS STRATEGY Since 2019, we have strengthened our operations and sa