淡水河谷四季度产销报告摘要

阿杜

Rio de Janeiro, February 11th, 2020 – Vale S.A (“Vale”) ended 2019, the most challenging year of its history, with the steady commitment to resume and stabilize production, while implementing the highest safety standards across its operations. The company’s endurance and operational flexibility have prevailed and the roadmap for de-risking its operations is being followed. Vale remains committed to becoming one of the safest and most reliable mining companies in the world.
里约热内卢，2020年2月11日，淡水河谷公司（Vale S.A.）于2019年结束，这是淡水河谷公司历史上最具挑战性的一年，该公司一直致力于恢复和稳定生产，同时在整个运营过程中执行最高安全标准。公司的持久性和运营灵活性占了上风，而且正在遵循降低运营风险的路线图。淡水河谷仍致力于成为世界上最安全、最可靠的矿业公司之一。

Sales volumes of iron ore fines and pellets reached 312.5 Mt in 2019, in line with the annual guidance of 307-312 Mt. Vale’s iron ore fines production totalled 302.0 Mt, 21.5% lower than in 2018, while pellets production was 41.8 Mt in 2019, 24.4% lower than in 2018. The operational disruption which followed the Dam I rupture, with interdictions at the Vargem Grande, Fábrica, Brucutu, Timbopeba and Alegria operations, together with the stronger than usual weather-related seasonality in 1H19, caused major impacts in production, partly offset by (i) the S11D ramp-up, (ii) inventory drawdowns, and (iii) the gradual resumption of the Vargem Grande , Brucutu and Alegria operations.
2019年，铁精粉和球团矿的销售量达到31250万吨，符合307-312百万吨的年度指导值。2019淡水河谷的铁精粉产量总计30200万吨，比2018年下降21.5%；球团矿产量为4180万吨，比2018年下降24.4%。大坝一级断裂后的运营中断，Vargem Grande、Fébrica、Brucutu、Timbopeba和Alegria的运营中断，加上2019年上半年与天气有关的季节性强于平时，对生产造成了重大影响，部分被（I）S11D的上升，（ii）库存下降所抵消，（iii）逐步恢复Vargem Grande、Brucutu和Alegria的业务。

On a quarterly basis, Vale’s iron ore fines and pellets sales amounted to 88.9 Mt in 4Q19, 4.4% higher than the previous quarter and higher than production as a result of inventory drawdown. The share of premium products totalled 87% in 4Q19. Iron ore fines and pellets quality premiums reached US$ 6.4/t in 4Q19 vs. US$ 5.9/t in 3Q19, mainly as an outcome of the higher pellet adjustment contribution due to seasonal dividends received.
按季度计算，淡水河谷2009年第四季度的铁精粉和球团矿销售额为8890万吨，比上一季度增长4.4%，由于库存减少，高于产量。2009年第四季度，优质产品的份额总计为87%。2009年第四季度，铁精粉和球团矿质量溢价达到6.4美元/吨，而2009年第3季度为5.9美元/吨，主要是由于收到的季节性股息导致球团矿调整贡献较高。

Vale reinforces its commitment to resume and stabilize production under the highest safety conditions. In 2020, production from the Alegria mine, restored in November 2019, will contribute with approximately 8 Mt, as formerly disclosed , adding approximately 5 Mt production in relation to 2019. The logistics at the Vargem Grande Complex have been freed up, following the resumption of operations at the TFA7 Rail Terminal in January, which will enable rail shipments of approximately 7 Mt of stranded product inventory.
淡水河谷强化了在最高安全条件下恢复和稳定生产的承诺。在2020，从阿莱格里亚矿的生产，在2019年11月恢复，将贡献约800万吨，如前所述，增加约500万吨的产量相对于2019。在一月的TFA7铁路终点站恢复运营后，瓦尔格兰德-格兰德综合大楼的物流得以释放，这将使铁路货运量约为7百万吨的滞留产品库存。

As for the plan to resume approximately 40 Mtpy of halted capacity, enabling additional 15 Mt and 25 Mt production in 2020 and 2021, respectively, Vale is making progress with discussions with the National Mining Agency (“ANM”), the Minas Gerais State Public Prosecutor’s Office (“MPMG”) and the external audit firms to start site tests and gradually resume production.
至于恢复约4000万吨停产能力的计划，分别在2020和2021年间分别增产1500万吨和2500万吨，淡水河谷在与国家矿业局（ANM）的讨论中取得进展，米纳斯吉拉斯州检察院（“MPMG”）和外部审计公司开始现场测试，并逐步恢复生产。

Further details on the resumption plan for the Timbopeba, Vargem Grande and Fábrica complexes are provided in the “Iron Ore” section.
“铁矿石”部分提供了有关Timbopeba、Vargem Grande和Fabrica综合体恢复计划的更多细节。

S11D is expected to contribute to the total 2020 production volume with 90 Mt of high-quality, low-cost iron ore. Regarding Northern and Eastern ranges, Vale expects to produce around 120 Mt in 2020, mainly due to impacts associated with the ramp up of Morro 1 mining section.
预计S11D将为2020年的总产量贡献9000万吨高质量、低成本的铁矿石。关于北部和东部山脉，淡水河谷预计2020年的产量约为1.2亿吨，主要是由于莫罗1号采矿段的扩大带来的影响。

Aiming to promote the safe resumption of the Laranjeiras dam, Vale will extend the suspension of tailings disposal at least to the end of March 2020, when we expect to have the findings of the geotechnical assessment of the conditions of the structure. The findings will determine the corrective actions, if any, to resume tailings disposal at Laranjeiras dam. As a result, the Brucutu plant will continue to operate with approximately 40% of its capacity, through wet processing with tailings filtration. Short-term alternatives for tailings disposal, such as optimizing the usage of Sul dam, are being evaluated by geotechnical and operational teams and could increase the Brucutu plant capacity to 80%.
为了促进拉兰吉拉斯大坝的安全恢复，淡水河谷公司将把尾矿处置暂停期至少延长至2020年3月底，届时我们预计将获得对该结构状况的岩土工程评估结果。调查结果将确定在拉兰吉拉斯大坝恢复尾矿处置的纠正措施（如有）。因此，Brucutu工厂将继续运行约40%的能力，通过湿法处理尾矿过滤。岩土和运营团队正在评估尾矿处置的短期替代方案，如优化Sul大坝的使用，并可能将Brucutu工厂的产能提高到80%。

Concerning the heavy rains in the Brazilian state of Minas Gerais in January and February, Vale expresses its solidarity with the victims and communities impacted and informs that due to temporary production and transportation disruptions in the Southern and the Southeastern Systems, production loss was approximately 1 Mt.
关于一月和二月巴西国家的米纳斯-杰雷斯的暴雨，淡水河谷表达了对受害者和社区的团结，并告知由于南部和东南部系统的临时生产和运输中断，生产损失约为100万吨。

Despite the combined impacts on production, Vale’s iron ore fines production guidance in 2020 is kept at 340-355 Mt. Production volumes will depend mostly on the granting of external authorizations to resume halted production, while the achievement of the higher end of production range continues to be possible depending on several upsides being explored.
尽管对产量产生了综合影响，淡水河谷公司2020年的铁精粉产量指导值仍保持在340-355百万吨。产量将主要取决于外部授权恢复停产，而生产范围的高端仍有可能实现，这取决于几个上游地区探索。

Due to the lower availability of pellet feed and to the abovementioned suspension of tailings disposal at Laranjeiras dam, the annual guidance for pellets production was revised to 44 Mt, while the iron ore fines production guidance for 1Q20 was revised to 63-68 Mt.
由于球团矿原料的可用性较低，以及上述在拉兰吉拉斯大坝的尾矿处置暂停，球团矿生产的年度指南修订为44百万吨，而铁精粉2020年一季度的生产指导修订为63-68百万吨。

The abovementioned estimates do not factor in any second-order effects of the Coronavirus epidemic, which at the time of writing seems to be accommodated through price changes only.
上述估计数没有考虑到冠状病毒流行病的任何二级影响，在编写本报告时，冠状病毒流行病似乎只通过价格变化得到调节。

Vale reinforces its strategy of margin over volume, prioritizing blended products in its portfolio, therefore inventories will be replenished in 2020 to ensure supply as appropriate, which may imply lower sales in comparison to production volumes.
淡水河谷强化了利润高于产量的战略，在其产品组合中优先考虑混合产品，因此将在2020年补充库存，以确保供应适当，这可能意味着与产量相比，销量会下降。

船长