Vale’s 2024 Integrated Report highlights a year of risk reduction and transition delivery. On dam safety, 17 of 30 upstream dams (57%) have been decharacterized since 2019, with no structures at “emergency level 3” targeted by 2025. Sul Superior and B3/B4 were downgraded, while Forquilha III remains at level 3 under review. Full adoption of the Global Industry Standard on Tailings Management (GISTM) is set for August 2025. On climate, Vale achieved a 26.9% cut in Scope 1–2 emissions from its 2017 baseline, progressing toward a 33% reduction by 2030. Renewable electricity already powers 100% of Brazilian operations, with global 100% targeted by 2030. Climate investments since 2020 total USD 1.4 billion (USD 257 m in 2024), with projects spanning fuel switching in pelletizing plants, biodiesel and ethanol pilots, and Malaysian renewable certificates. The workforce totals 64,600 employees plus 109,500 contractors, with women representing 26.5%. Employee favorability scored 83%, though safety challenges remain—TRIFR is down 68% since 2019, yet four fatalities occurred in 2024. Social programs reached 51,000 people in poverty reduction and over 100,000 flood victims in Brazil. Governance advances included CEO transition to Gustavo Pimenta, ISSB-aligned reporting, and strengthened board oversight. Circularity initiatives recovered 12.7 Mt of iron ore from waste and sold 1.4 Mt of sustainable sand, targeting 10% circular production by 2030.

Vale’s 2024 Ethics & Compliance Program shows a mature, risk-based system anchored in an independent Audit & Compliance Department that reports directly to the Board, under the Audit & Risks Committee and working with the Conduct & Integrity Committee. Prevention delivered reach and depth: 95% of employees (~61k) completed the refreshed Anti-Corruption course and 99% (~64k) completed the Ethics & Compliance course; 2,380 higher-risk employees received tailored sessions and 15k+ contractors took online ethics/anti-corruption modules. Risk analysis expanded to suppliers, producing 5,637 third-party due-diligence reviews, 433 conflict-of-interest analyses, 2,192 checks on socio-environmental/institutional expenditures, and 223 gift/travel reviews. Detection and control proved effective: 15 mapped controls (five key) were tested 45 times with 96% transaction compliance and no materialization of corruption risk. The Whistleblower Channel received 10,281 reports and closed 9,986; confirmed cases led to 3,978 corrective actions, including 298 dismissals—evidence of timely accountability. Culture change advanced through Ethics Talks, election-year guidance, and embedding ethics into the Vale Production System

Vale’s 2024 Management Report shows a year of steadier operations, disciplined capital returns, and visible ESG risk reduction. Net operating revenue was R$206.0bn, adjusted EBITDA R$80.1bn, and net income R$31.6bn, with R$50.2bn in operating cash flow. 100% of electricity consumed in Brazil came from renewables; TRIFR fell 68% versus 2019; 57% of upstream dams have been decharacterized; women are 26.5% of the workforce; and Vale moved to early adoption of ISSB standards. Reparations advanced materially—Brumadinho obligations are 75% delivered (R$36.9bn spent, 17k+ people compensated), and a definitive R$170bn settlement for Mariana was signed, with a staged cash outflow and Vale providing a backstop alongside Samarco. Impact: lower safety incidents and dam risk, clearer climate and disclosure posture, and social license reinforced by large-scale reparations—while capacity additions and cost discipline support medium-term volume and cash generation.

Vale’s 2024 Sustainability-Related Financial Information Report is the company’s first voluntary report aligned to IFRS S1 and S2 (CBPS 01/02), connected to Vale’s audited financial statements and issued with limited external assurance—using transition reliefs such as no prior-period comparatives and a climate-only focus for year one. It sets clear climate targets and shows quantified progress: Scopes 1 and 2 (market-based) are to fall 33% by 2030 vs. 2017; by year-end 2024 emissions were down 26.9%, supported by 100% renewable grid electricity in Brazil and the full switch from fuel oil to natural gas in pellet plants. Scope 3 aims for a 15% absolute reduction by 2035 vs. 2018 (SBTi absolute-contraction), with 13.2% progress to date and IMO-aligned shipping milestones on carbon intensity and zero/near-zero fuels. Financial exposure is explicitly quantified: Vale estimates present-value carbon-pricing costs of US$1–3.5 billion and up to US$1 billion (PV) for briquettes/Mega Hubs plus up to US$250 million in R&D; in 2024 it secured a U.S. DOE cooperative agreement for a Louisiana briquette plant with up to US$282.9 million in conditional reimbursement.