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Excellence in resource and operations –

Salobo overviewInvestor Tour

Pará, Brazil, May 13th, 2016

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Dis

clai

mer“This presentation may include statements that present Vale's

expectations about future events or results. All statements,

when based upon expectations about the future and not on

historical facts, involve various risks and uncertainties. Vale

cannot guarantee that such statements will prove correct.

These risks and uncertainties include factors related to the

following: (a) the countries where we operate, especially

Brazil and Canada; (b) the global economy; (c) the capital

markets; (d) the mining and metals prices and their

dependence on global industrial production, which is cyclical

by nature; and (e) global competition in the markets in which

Vale operates. To obtain further information on factors that

may lead to results different from those forecast by Vale,

please consult the reports Vale files with the U.S. Securities

and Exchange Commission (SEC), the Brazilian Comissão de

Valores Mobiliários (CVM), the French Autorité des Marchés

Financiers (AMF) and The Stock Exchange of Hong Kong

Limited, and in particular the factors discussed under

“Forward-Looking Statements” and “Risk Factors” in Vale’s

annual report on Form 20-F.”

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Age

nda

1. General overview

2. Asset competitiveness

3. Production & flowsheet

4. Future developments

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General overview

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Salobo – Timeline

2006 – Implementation License for Salobo I

2007 – Construction begins for Salobo I

2010 – Construction begins for Salobo II

2012 – Start-up of Salobo I

2013 – First goldstream transaction with Silver Wheaton

2014 – Start-up of Salobo II

2015 – Second goldstream transaction with Silver Wheaton

Mine

Stock Pile

Plant

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Salobo – Overview

• Largest copper deposit ever found in Brazil

with more than 49 years of mine life

• Sulphide ore deposit

• World-class ore body

High copper grade: 0,91% in 1Q16

High gold grade: 0,67 g/t in 1Q16

• High quality concentrate with 38.0-38.8%

Cu content and 15-24 g/t Au content

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Salobo – Project facts

• Capex of US$ 4.1 billion

• Start-up in 2Q12 (Salobo I) and 1Q14 (Salobo II)

• Ore processing capacity of 24Mtpy

• Average EBITDA of US$ 622 M/year¹ (Acho que deveríamos tirar)

• Long-term contracts for 100% of production

Salobo ISalobo II

• Capex of US$ 4.1 billion

• Start-up in 2Q12 (Salobo I) and 1Q14

(Salobo II)

• Ore processing capacity of 24Mtpy

• Nameplate capacity of 200kt per year

• Long-term contracts for 100% of production

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Asset competitiveness

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Salobo – Resources and reserves

Reserves: 1,156.8 Mt

@ 0.67% Cu grade

@ 0.35 g/t Au grade

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Salobo – Geology section view

GR – Salobo Granite; QML – Quartz-Mylonite; HD – Hydrothermalite; DBX – Biotite Schist;

XMT – Magnetite Schist; DGRX (Biotite-Granate Schist); ML – Mylonite; DB – Diabase.

GR

QML

HD

DBX

XMT

DGRX

ML

DB

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Production profile

Copper Gold

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65

98

155

194 206 212 220195

2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E

kt ,000 oz, 100% basis

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117160

251

304 320 319 303

258

2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E

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Salobo – 2016 Global Copper Industry C1 Cash Cost Curve

USD per ton of copper

Source: Wood Mackenzie, Vale

1.280

Actual (1Q16)

US

$ / t

Cu p

aya

ble

1,280

Cumulative production

1st quartile 2nd quartile 3rd quartile 4th quartile

9.000

8.000

7.000

6.000

5.000

4.000

3.000

2.000

1.000

0

25% 50% 75% 100%

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Production & flowsheet

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Tailings dam

FLOTATION AND REGRINDING

Rougher 1

Rougher 2

Scavenger

Of Cleaner

VERTMILLS

Cyclones

Cleaner 1, 2 e 3

THICKENING - FILTERING

Thickener

Press

FilterConcentrate

Pile

Concentrate

Pulp Tank

FINAL PRODUCT

Salobo – Flowsheet

SECONDARY CRUSHING AND

PRIMARY SCREENING

HPGR

Primary Screens

Ball Mills

CYCLONE

BATTERY

Secondary

Crushers

Secondary

Stockpile

Secondary

Screens

HPGR AND SECONDARY

SCREENING

GRINDING / CYCLONING

Crushed ore

stockpile

PRIMARY CRUSHING

Giratory

Crusher

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Salobo Logistics – From mining to port terminal

Beneficiation plant at

the minesite

Transportation by truck

from the minesite to

Parauapebas railroad

terminal

Exportation Railroad terminal

(Parauapebas)

Railroad from

Parauapebas to São Luis

Storage house – Itaqui

port

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Future developments

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Salobo III growth option

• Production started in May 2012 at

12Mtpy and expanded to 24Mtpa in

June 2014

• Plan for Salobo III with new

concentration plant with additional

throughput of 12 Mtpy

• Salobo III represents a low-cost

brownfield expansion opportunity

• Project still subject to approval of

Board of Directors

• Leverage current experience with

Salobo’s ore body

• Increase gold production with the

ramp-up of the new concentration

plant

• Leverage current copper contracts

with benchmark smelters

Situation

Opportunities

Scope

Concentration plant with 12 Mtpy

capacity to accelerate copper and

gold production

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