Vale S.A. - Management Reports 2011

Production Report

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`Vale – 2010 Production Report`

A YEAR OF STRONG RECOVERY

Rio de Janeiro, February 24, 2011 – Vale S.A. (Vale) operations had an outstanding performance in 2010. After facing the challenges stemming from the global recession of 2008/2009, one of the deepest in modern economic history, there was a strong recovery of the output of most of our products.

The production of iron ore of 308 Mt[1] in 2010 achieved an all-time high figure. It was 29.4% above 2009 and 1.5% higher than the previous record level of 303 Mt attained in 2007, a year of fast global demand growth and full capacity operation. Carajás, which has the best iron ore deposits in the world, produced 101 Mt in this year, establishing a new record mark. At the same time, pellet production was 49 Mt, another all-time figure, surpassing the previous record of 45 Mt of 2007. In addition, new records were reached in the production of bauxite, at 14 Mt, and coal, 6.9 Mt.

The bulk of our Canadian nickel operations, encompassing the Sudbury and Voisey Bay sites, were negatively affected by a long strike, which started in 3Q09. Despite the labor interruption, we managed to keep the operations running, albeit at low levels of capacity utilization. With the end of the strike in Sudbury, the output of refined nickel began to increase in 3Q10 and in the last quarter of the year climbed to an annualized rate of 260,000 metric tons, an almost normal level of activity, even higher than the production number for 2007, of 248,000 metric tons.

The move towards normalization of our base metals production and its minor and precious metals byproducts is taking place against a backdrop of high and rising prices, contributing to a significant enhancement of our financial performance.

In the first weeks of this year there were heavy rains and flooding in some parts of Brazil – where we have 100% of our iron ore operations – and in the state of Queensland, Australia – where our central Australian office, in Brisbane, and some of our coal mines are

located. Although the rainfall was far heavier than the seasonal standard, the preemptive actions taken by our bulk materials operations were able to minimize output losses.

In the case of iron ore, so far losses have been minimal, estimated to reach only 600,000 metric tons (200,000 in the Southern System and 400,000 in the Southeastern System), which are in accordance with the seasonality pattern for the first quarter of each year and represent only a minimal portion of the total production target for 2011, 311 Mt[2] , thus being easily recoverable over the year. On the other hand, the estimated losses for our coal production in Queensland, at 500,000 metric tons, are relevant given the still small scale of Vale’s Australian operations.

Given the strong global demand for minerals and metals and the positive expectations for the near term, the excellence of our current operations and the upcoming capacity additions from soon to be delivered new projects, as well as those which are already being commissioned and ramped up, we expect the continuation of the outstanding operational performance and a significant contribution to shareholder value creation.

Annual production

000' metric tons Iron ore a Pellets a Coal Nickel Copper Bauxite Alumina Aluminum Potash	2008 2009 2010

	301,696 237,953 307,795 44,763 23,856 48,993 4,094 5,420 6,893 275 187 179 312 198 207 11,628 12,461 14,332 3,431 5,910 5,805 542 459 447 607 717 662

a Including Samarco’s attributable production.

1 Mt = million metric tons

Kt = thousand metric tons mt = metric tons

2 Without Samarco’s attributable production.

Production Report

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BULK MATERIALS


4Q09 3Q10 4Q10	2009	2010	% Change 4Q10/3Q10 % Change 4Q10/4Q09 % Change 2010/2009

63,443 82,614 80,262 24,554 31,530 30,028 8,009 10,621 10,036 7,921 9,697 8,933 8,624 11,212 11,058 683 1,088 1,268 423 749 876 260 339 392 14,599 20,258 18,214 5,241 8,275 7,470 5,234 5,938 5,127 4,124 6,044 5,617 20,940 26,997 28,007 20,940 26,997 28,007 2,667 2,741 2,746	237,953 88,503 31,136 28,922 28,444 956 423 533 55,242 18,124 20,578 16,539 84,638 84,638	307,795	-2.8% 26.5% 29.4%
		116,913	-4.8% 22.3% 32.1%
		38,704	-5.5% 25.3% 24.3%
		36,635	-7.9% 12.8% 26.7%
		41,574	-1.4% 28.2% 46.2%
		4,208	16.5% 85.6% 340.2%
		2,829	16.9% 107.0% 568.7%
		1,379	15.5% 50.8% 158.8%
		74,703	-10.1% 24.8% 35.2%
		30,050	-9.7% 42.5% 65.8%
		22,065	-13.7% -2.0% 7.2%
		22,587	-7.1% 36.2% 36.6%
		101,171	3.7% 33.7% 19.5%
		101,171	3.7% 33.7% 19.5%
	8,614	10,800	0.2% 3.0% 25.4%

1 Vale’s attributable production capacity of 50%.

Vale’s iron ore production reached a new record in 2010, namely 307.8 Mt, with a year-over-year increase of 29.4%, thus surpassing the 2007 record of 303.2 Mt.

Production was 80.3 Mt in 4Q10, 2.8% below 3Q10, which in light of seasonality is a very slight decrease (4Q of each year tends to have a lower production than 3Q due to the beginning of the rainy season in the last months of the year, while the third quarter is the seasonally strongest quarter of the year for iron ore production).

Following its recovery in 3Q10, iron ore production in Carajás reached 28 Mt in 4Q10, expanding by 3.7% on a quarter-on-quarter basis and 33.7% year-on-year. Given its outstanding performance in the second half of the year, the 2010 output level of 101.2 Mt surpassed the

previous record for Carajás, achieved in 2008, at 96.5 Mt.

The Southeastern System, which encompasses the Itabira, Mariana and Minas Centrais mining sites, reached a production of 30.0 Mt, decreasing 4.8% over 3Q10 due to seasonal factors and rising 22.3% over 4Q09.

The Southern System produced 18.2 Mt in 4Q10 against 20.2Mt in 3Q10, but increased 24.8% on a year-on-year basis.

Our iron ore mines, Urucum and Corumbá, located in state of Mato Grosso do Sul, Brazil, near the border with Bolivia and Paraguay, were aggregated under the newly created Midwestern System. It is the smallest of our Systems, with a production of 1.3 Mt in 4Q10 and a quarter-onquarter increase of 16.5% and 85.6% year-on-year.

Production Report

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4Q09 3Q10 4Q10	2009	2010	% Change 4Q10/3Q10 % Change 4Q10/4Q09 % Change 2010/2009

8,750 13,638 12,210 783 1,434 1,189 0 1,058 1,016 0 1,656 1,154 1,125 1,425 1,061 2,150 2,395 2,493 764 1,163 1,201 452 560 493 815 1,049 769 2,662 2,897 2,833	23,856 3,942 235 3 2,159 5,791 1,653 577 1,471 8,025	48,993	-10.5% 39.5% 105.4%
		5,435	-17.1% 51.9% 37.9%
		3,809	-4.0% n.m. 1521.6%
		4,545	-30.3% n.m. 177004.6%
		5,174	-25.5% -5.7% 139.6%
		8,958	4.1% 16.0% 54.7%
		4,748	3.3% 57.2% 187.3%
		1,948	-11.9% 9.1% 237.7%
		3,621	-26.7% -5.7% 146.1%
		10,754	-2.2% 6.5% 34.0%

1 Vale’s attributable production capacity of 50.89%.

2 Vale’s attributable production capacity of 50%.

In 4Q10, pellet production was 12.2 Mt, 10.5% lower than the previous quarter but 39.5% higher than 4Q09. The total volume produced in 2010 reached 49 Mt – a new all-time high, 9.3% higher than the 44.8 Mt record achieved in 2007.

There were some scheduled maintenance stoppages in 4Q10, which affected negatively output performance. The plants were under maintenance in October, São Luis in November, and Tubarão I and II in December while some Hispanobrás equipment was under maintenance during November.

Vargem Grande also had some operational issues, arising from the supply and quality of feed received.

The three pellet plants of the 50%-owned Samarco JV, which have a nominal capacity of 21.0 Mtpy, were operating at full capacity. Our attributable production was 2,833 Mt in 4Q10, 2.2% lower than 3Q10.

The Oman operations, in the industrial site of Sohar, Oman, are coming on stream. It has two pellets plants, each with a capacity to produce 4.5 Mtpy, thus adding 9.0 Mtpy to our production capacity. The two plants will produce direct reduction pellets.

Oman’s plant 1 is under commissioning and furnace heating, and is expected to start up production in March. Plant 2 is being assembled and is expected to reach the ramp up stage by the end of the first half of this year.

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`Production Report`

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� Manganese ore and ferroalloys

000' metric tons	4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09	% Change 2010/2009


MANGANESE ORE	545	472	477	1,657	1,841	1.0%	-12.5%	11.1%
Azul	513	372	391	1,382	1,550	5.1%	-23.8%	12.1%
Urucum	32	55	41	169	184	-25.0%	27.2%	9.0%
Other mines	0	46	46	105	106	-0.4%	n.m.	0.8%


FERROALLOYS	88	112	116	223	451	3.8%	32.1%	102.5%
Brazil	34	50	55	99	207	9.0%	62.3%	109.2%
Dunkerque	35	35	36	45	138	1.1%	2.6%	209.5%
Mo I Rana	19	26	26	79	106	-2.5%	32.8%	33.6%

In 4Q10, manganese ore production was slightly higher than the previous quarter, coming to 477,000 t against 472,000 t in 3Q10. The annual output increased 11.1% when compared to 2009, reaching 1.8 Mt.

The production of Azul – our largest manganese mine – increased 5.1% on a quarter-on-quarter basis, reaching 391,000t. The use of new equipment has contributed to improve mining performance. The total production in 2010 was 12.1% above 2009.

Ferroalloy quarterly production was comprised of 51,000t of ferrosilicon manganese alloys (FeSiMn), 60,000t of high-carbon manganese alloys (FeMnHc) and 5,000 t of medium-carbon manganese alloys (FeMnMC). The total output was slightly higher than previous quarter, increasing by 3.8%.

Production for 2010 was 451,000t, more than doubling relatively to 2009, but still lower than the previous peak of 542,000t reached in 2007.

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`Production Report`

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� Coal

*Coal*
000' metric tons METALLURGICAL COAL Integra Coal Broadlea Carborough Downs Others THERMAL COAL El Hatillo Integra Coal Broadlea Others	4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09	% Change 2010/2009

	659 198 25 245 191	814 296 0 289 229	770	2,527 1,184 252 604 487	3,057	-5.4%	16.9%	21.0%
			279		1,151	-5.7%	41.0%	-3.1%
			0		101	n.m.	n.m.	-59.8%
			367		1,216	27.0%	50.0%	101.3%
			124		590	-45.9%	-35.2%	21.1%

	607 368 103 27 110	1,057 830 114 0 113	976	2,892 1,143 702 497 551	3,832	-7.6%	60.7%	32.5%
			830		2,991	0.0%	125.7%	161.8%
			74		305	-35.1%	-28.0%	-55.8%
			0		165	n.m.	n.m.	-66.7%
			72		371	-36.3%	-34.3%	-32.7%

Despite the adverse weather conditions in Australia and some operational issues, 2010 was our best year for coal operations, with all-time high levels of production for both metallurgical and thermal coal, 3.057 Mt and 3.832 Mt, respectively, totaling 6.9 Mt.

In 4Q10 Vale’s coal production reached 1.75 Mt, which was comprised of 770,000 t of metallurgical coal and 976,000 t of thermal coal.

Production of metallurgical and thermal coal at Integra Coal, in New South Wales, was 279,000 t and 74,000t, respectively, in 4Q10. Both metallurgical and thermal coal output were lower than in 3Q10.

Production at Carborough Downs, in Queensland, was 367,000 t in 4Q10, versus 289,000 t in 3Q10. Although Carborough Downs completed a long wall move in 4Q10, the increase in its yield on this quarter contributed to a higher output and its best ever quarterly performance.

Heavy and consistent rainfall during the fourth quarter resulted in 42 days of lost production at all other mines in the state of Queensland.

The thermal coal mine of El Hatillo, an open pit coal mine in Colombia, is ramping up and was also affected by bad weather conditions in the 4Q10 producing 830,000 t in 4Q10, in line with 3Q10.

Production Report

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BASE METALS

Nickel

000' metric tons	4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09	% Change 2010/2009


NICKEL	30	44	65	187	179	45.7%	117.8%	-4.2%
Sudbury	2	6	8	43	22	35.7%	450.1%	-48.5%
Thompson	10	5	8	29	30	75.2%	-14.4%	3.5%
Voisey Bay	4	10	25	40	42	160.7%	571.6%	6.6%
Sorowako	15	22	20	69	78	-9.7%	34.7%	13.9%
Others*	0	2	3	6	6	47.5%	n.m.	0.0%

*External feed purchased from third parties and processed into finished nickel in our operations

Total finished nickel production was 65,000 t in 4Q10, 45.7% up on a quarter-on-quarter basis, being our highest quarterly output since 1Q09. Most of this increase – about 15,000 t - was due to the significant contribution of Voisey Bay feed to refined nickel.

Voisey Bay mining and processing has been operating at full capacity for some time focusing on high grade feed to supply the Clydach and Thompson refineries. At the same time, Sudbury mining was more focused on high grade copper and was operating at levels much below capacity. Mining was ramped up only after the end of the strike and given the relatively long production cycle, from mined nickel to refined nickel, the fourth quarter still saw the numbers for refined nickel sourced from Sudbury at low levels, increasing to only 8,000 t from 6,000 t in 3Q10.

During 1H11, one of the two furnaces of our Copper Cliff smelter in Sudbury will remain shutdown for a minimum of 16 weeks, entailing an

estimated output loss of 15,000 metric tons of finished nickel.

Production at Thompson in 4Q10 was 8,300 t, 75.2% up from the previous quarter as the operations had a one-month annual maintenance shutdown in 3Q10.

Finished nickel production sourced from Sorowako, Indonesia, was 19,600 t, down 9.7% from 3Q10 due to a maintenance shutdown in October at the Matsuzaka refinery in Japan. It was up 34.7% on a year-on-year basis as at 4Q09 the Sorowako matte was being diverted to the Clydach refinery to meet demand requirements which contributed to lengthen the production cycle at that time.

The commissioning of the Onça Puma ferronickel project is completed, with the production of the first metal was in the last week of January. The operation has a nominal production capacity of 58,000 t of nickel in ferronickel.

Production Report

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� Copper

4Q09	3Q10	4Q10	2009	2010

32 28 2 0 0 2	58 32 14 0 11 1	76	198 117 42 1 24 14	207
		30		117
		14		34
		1		1
		16		33
		15		22

Vale’s copper production was 76,000t in 4Q10, an increase of 30.3% on a quarter-on-quarter basis.

Production of copper in concentrates from the Sossego mine at Carajás was 6% lower than in the previous quarter due to the smaller volumes of feed received by the plant during this quarter.

Our Canadian operations delivered 46,000 t in 4Q10, 20,000t higher than 3Q10. In addition to the better performance of Voisey’s Bay, there was a contribution of copper ores purchased from third parties in previous quarters and processed into copper concentrates and anodes in Sudbury in 4Q10. These purchases allowed us to increase copper shipments in an environment of rising prices.

� Nickel by-products

4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09	% Change 2010/2009

133 0 70 63 0	133 39 34 60 1	624	1,575 359 181 971 64	1,066	367.9%	368.0%	-32.3%
		258		302	563.4%	n.m.	-15.8%
		30		189	-11.2%	-57.3%	4.3%
		288		524	378.7%	358.6%	-46.1%
		48		51	n.m.	n.m.	-20.2%
				35 35
2 2	3 3	26	103 103	35	756.7%	1446.6%	-65.8%
		26		35	756.7%	1446.6%	-65.8%

4 4	7 7	35	152 152	60	378.1%	721.0%	-60.5%
		35		60	378.1%	721.0%	-60.5%
				42 42
3 3	5 5	27	50 50	42	481.4%	864.6%	-15.8%
		27		42	481.4%	864.6%	-15.8%
				1,492
26 26	194 194	443	1,245	1,492	127.8%	1582.8%	19.9%
		443	1,245	1,492	127.8%	1582.8%	19.9%

Similarly to nickel, there was a sharp increase in the production of cobalt, platinum group metals and precious metals in 4Q10.

Cobalt production in 4Q10 was 624,000 t, up 491,000 t from 3Q10 due to the ramping up of

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`Production Report`

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operations in Sudbury after the end of the labor interruption.

Production of platinum and palladium in 4Q10 was 61,000 troy ounces, which was 51,000 troy ounces higher than in 3Q10 and 55,000 troy ounces higher than 4Q09.

� Bauxite

000' metric tons	4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09 % Change 2010/2009

BAUXITE Trombetas Paragominas	3,318 1,738 1,580	3,801 1,883 1,918	3,851	12,461 6,258 6,203	14,332	1.3%	16.0% 15.0%
			1,834		6,808	-2.6%	5.5% 8.8%
			2,017		7,524	5.2%	27.6% 21.3%

Our production of bauxite in 2010 achieved an alltime high at 14.332 Mt, showing a significant growth against the mark 12.461 Mt in 2009. Due to the conclusion and further expansion of the Paragominas mining operations our bauxite production has more than doubled over the last five years, coming from 6.884 Mt in 2005 to 14.332 Mt in 2010.

A record quarterly output was reached in 4Q10, when Vale’s bauxite production totaled 3.851 Mt, 1.3% higher on a quarter-on-quarter basis and 15% year–on-year.

Vale’s production at Trombetas was slightly lower than during the previous quarter. But, on the other hand, Paragominas output reached an all-time high production of 2.0 Mt, 5.2% higher than 3Q10.

� Alumina

000' metric tons	4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09	% Change 2010/2009

ALUMINA Alunorte	1,477 1,477	1,442 1,442	1,448	5,910 5,910	5,805	0.4%	-2.0%	-1.8%
			1,448		5,805	0.4%	-2.0%	-1.8%

The production of alumina at the Barcarena refinery totalized 1.4 Mt in 4Q10, in line with its capacity.

� Aluminum

000' metric tons	4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09 % Change 2010/2009

ALUMINUM Albrás Valesul	112 112 0	114 114 -	114	459 450 9	447	0.4%	1.8% -2.6%
			114		447	0.4%	1.8% -0.6%
			-		0	n.m.	n.m. n.m.

The production of aluminum totalized 114,000 t in 4Q10, in line with quarterly and annual bases.

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FERTILIZER NUTRIENTS

� Potash

4Q09	3Q10	4Q10	2009	2010

185 185	155 155	169	717 717	662
		169		662

In 4Q10, production of potash was 169,000 t, a volume 14,000 t higher than 3Q10. The rise in

output is explained by an improvement in asset utilization in mining.

� Phosphates

*Phosphates*
000' metric tons	4Q09	3Q10	4Q10	2009 2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09 % Change 2010/2009

Phosphate Rock Vale Fertilizantes Vale Fosfatados Bayóvar MAP - Monoammonium phosphate Vale Fertilizantes TSP - Triple superphosphate Vale Fertilizantes SSP -Single superphosphate Vale Fosfatados Vale Fertilizantes DCP – Dicalcium Phosphate Vale Fosfatados	n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.	1,198 721 477 209 229 229 229 229 687 637 50 144 144	1,787	n.a. 5,255 n.a. 2,737 n.a. 1,727 n.a. 791 n.a. 898 n.a. 898 n.a. 788 n.a. 788 n.a. 2,240 n.a. 2,147 n.a. 92 n.a. 491 n.a. 491	49.1%	n.m. n.m.
			725		0.6%	n.m. n.m.
			480		1.8%	n.m. n.m.
			582		n.m.	n.m. n.m.

			245		7.1%	n.m. n.m.
			245		7.1%	n.m. n.m.

			162		-29.4%	n.m. n.m.
			162		-29.4%	n.m. n.m.

			586		-14.7%	n.m. n.m.
			545		-14.5%	n.m. n.m.
			41		-18.1%	n.m. n.m.

			101		-29.8%	n.m. n.m.
			101		-29.8%	n.m. n.m.

Vale Fosfatados owns two phosphate rock mines, Araxá,
Alongside the mining operations, the assets also comprise

Total production of phosphate rock, which is used to feed the output of phosphate nutrients, rose 49.1% compared to 3Q10. Vale Fertilizantes and Vale Fosfatados had an output performance in line with 3Q10. Bayóvar, our Peruvian phosphate rock mine, started to ramp up production in July and produced 582,000 metric tons in 4Q10.

The production of MAP (monoammonium phosphate) was 245,000 t, up 7.1% quarter-onquarter, in response to the stronger demand in the Brazilian market.

TSP (triple superphosphate) production decreased 29.4% compared to 3Q10, due to a maintenance stoppage in 4Q10.

Production Report

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The production of SSP (single superphosphate) from Vale Fosfatados reduced 14.5% from 3Q10 due to the maintenance stoppage in the Cubatão plant. Production of Vale Fertilizantes was 18.1%

lower than in previous quarter due to a maintenance stoppage at the Catalão plant.

DCP (dicalcium phosphate) decreased by 29.8% on a quarter-on-quarter basis due to a maintenance stoppage at the Araucária plant.

� Nitrogen

000' metric tons	4Q09	3Q10	4Q10	2009	2010	% Change 4Q10/3Q10	% Change 4Q10/4Q09	% Change 2010/2009

Ammonia Vale Fertilizantes Urea Vale Fertilizantes Nitric Acid Vale Fertilizantes Ammonium Nitrate Vale Fertilizantes	n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.	108 108 77 77 119 119 115 115	140	n.a. n.a. n.a. n.a. n.a. n.a. n.a.	508	29.3%	n.m.	n.m.
			140		508	29.3%	n.m.	n.m.

			146		511	90.1%	n.m.	n.m.
			146		511	90.1%	n.m.	n.m.

			120		454	1.0%	n.m.	n.m.
			120		454	1.0%	n.m.	n.m.

			115		447	0.1%	n.m.	n.m.
			115	n.a.	447	0.1%	n.m.	n.m.

In 4Q10 ammonia production increased 29.3% compared to 3Q10 due to the scheduled

maintenance stoppage in the Araucária unit in 3Q10.

For further information. please contact: +55-21-3814-4540 Roberto Castello Branco: [email protected] Viktor Moszkowicz: [email protected] Carla Albano Miller: [email protected] Andrea Gutman: [email protected] Fernando Frey: [email protected] Marcio Loures Penna: [email protected] Samantha Pons: [email protected] Thomaz Freire: [email protected]

This press release may include declarations about Vale's expectations regarding future events or results. All declarations based upon future expectations. rather than historical facts. are subject to various risks and uncertainties. Vale cannot guarantee that such declarations will prove to be correct. These risks and uncertainties include factors related to the following: (a) the countries where Vale operates. mainly Brazil and Canada; (b) the global economy; (c) capital markets; (d) the mining and metals businesses and their dependence upon global industrial production. which is cyclical by nature; and (e) the high degree of global competition in the markets in which Vale operates. To obtain further information on factors that may give rise to results different from those forecast by Vale. please consult the reports filed with the Brazilian Comissão de Valores Mobiliários (CVM). the French Autorité des Marchés Financiers (AMF). and with the U.S. Securities and Exchange Commission (SEC). including Vale’s most recent Annual Report on Form 20F and its reports on Form 6K.

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Vale Production Report - US GAAP*

1,000 metric tons (unless stated otherwise)

4Q09 3Q10 4Q10	2009 2010	% Change 4Q10/3Q10 % Change 4Q10/4Q09 % Change 2010/2009

60,776 79,873 77,516 25,237 32,619 31,296 8,009 10,621 10,036 7,921 9,697 8,933 8,624 11,212 11,058 683 1,088 1,268 423 749 876 260 339 392 14,599 20,258 18,214 5,241 8,275 7,470 5,234 5,938 5,127 4,124 6,044 5,617 20,940 26,997 28,007 20,940 26,997 28,007	229,338 296,995 89,458 121,121 31,136 38,704 28,922 36,635 28,444 41,574 956 4,208 423 2,829 533 1,379 55,242 74,703 18,124 30,050 20,578 22,065 16,539 22,587 84,638 101,171 84,638 101,171	-3.0% 27.5% 29.5% -4.1% 24.0% 35.4% -5.5% 25.3% 24.3% -7.9% 12.8% 26.7% -1.4% 28.2% 46.2% 16.5% 85.6% 340.2% 16.9% 107.0% 568.7% 15.5% 50.8% 158.8% -10.1% 24.8% 35.2% -9.7% 42.5% 65.8% -13.7% -2.0% 7.2% -7.1% 36.2% 36.6% 3.7% 33.7% 19.5% 3.7% 33.7% 19.5%

5,637 10,181 8,884 783 1,434 1,189 0 1,058 1,016 0 1,656 1,154 1,125 1,425 1,061 2,150 2,395 2,493 764 1,163 1,201 815 1,049 769	15,253 36,291 3,942 5,435 235 3,809 3 4,545 2,159 5,174 5,791 8,958 1,653 4,748 1,471 3,621	-10.5% 39.5% 105.4% -17.1% 51.9% 37.9% -4.0% n.m. 1521.6% -30.3% n.m. 177004.6% -25.5% -5.7% 139.6% 4.1% 16.0% 54.7% 3.3% 57.2% 187.3% -26.7% -5.7% 146.1%
545 472 477 513 372 391 32 55 41 0 46 46	1,657 1,841 1,382 1,550 169 184 105 106	1.0% -12.5% 11.1% 5.1% -23.8% 12.1% -25.0% 27.2% 9.0% -0.4% n.m. 0.8%
88 112 116 34 50 55 35 35 36 19 26 26 0 0 0	223 451 99 207 45 138 79 106 0 0	3.8% 32.1% 102.5% 9.0% 62.3% 109.2% 1.1% 2.6% 209.5% -2.5% 32.8% 33.6% n.m. n.m. n.m.

30 44 65 2 6 8 10 5 8 4 10 25 15 22 20 0 2 3	187 179 43 22 29 30 40 42 69 78 6 6	45.7% 117.8% -4.2% 35.7% 450.1% -48.5% 75.2% -14.4% 3.5% 160.7% 571.6% 6.6% -9.7% 34.7% 13.9% 47.5% n.m. 0.0%
32 58 76 28 32 30 2 14 14 0 0 1 0 11 16 2 1 15
32 58 76 28 32 30 2 14 14 0 0 1 0 11 16 2 1 15	198 207	30.3% 132.8% 4.4% -6.0% 8.8% -0.1% -2.2% 477.6% -19.9% n.m. n.m. 0.0% 52.7% n.m. 36.1% 925.6% 668.3% 61.8%
	117 117
	42 34 1 1 24 33 14 22
1,580 1,918 2,017 1,580 1,918 2,017	6,203 7,524 6,203 7,524	5.2% 27.6% 21.3% 5.2% 27.6% 21.3%
1,477 1,442 1,448 1,477 1,442 1,448	5,910 5,805 5,910 5,805	0.4% -2.0% -1.8% 0.4% -2.0% -1.8%
112 114 114 112 114 114 0 - -	459 447 450 447 9 0	0.4% 1.8% -2.6% 0.4% 1.8% -0.6% n.m. n.m. -100.0%
659 814 770 198 296 279 25 0 0 245 289 367 191 229 124	2,527 3,057 1,184 1,151 252 101 604 1,216 487 590	-5.4% 16.9% 20.9% -5.7% 41.0% -3.1% n.m. n.m. -59.8% 27.0% 50.0% 101.3% -45.9% -35.2% 21.1%
607 1,057 976 368 830 830 103 114 74 27 0 0 110 113 72	2,892 3,832 1,143 2,991 702 305 497 165 551 371	-7.7% 60.8% 32.7% 0.0% 125.7% 161.8% -35.1% -28.0% -55.8% n.m. n.m. -66.7% -36.3% -34.3% -32.7%

133 133 624 0 39 258 70 34 30 63 60 288 0 1 48	1,575 1,066 359 302 181 189 971 524 64 51	367.9% 368.0% -32.3% 563.4% n.m. -15.8% -11.2% -57.3% 4.3% 378.7% 358.6% -46.1% 7346.0% n.m. -20.2%

2 3 26 2 3 26	103 35 103 35	756.7% 1446.6% -65.8% 756.7% 1446.6% -65.8%
4 7 35 4 7 35	152 60 152 60	378.1% 721.0% -60.5% 378.1% 721.0% -60.5%

3 5 27 3 5 27	50 42 50 42	481.4% 864.6% -15.8% 481.4% 864.6% -15.8%
26 194 443 26 194 443	1,245 1,492 1,245 1,492	127.8% 1582.8% 19.9% 127.8% 1582.8% 19.9%
185 155 169 185 155 169	717 662 717 662	9.0% -8.8% -7.6% 9.0% -8.8% -7.6%

==> picture [65 x 31] intentionally omitted <==

Vale Production Report - US GAAP*

1,000 metric tons (unless stated otherwise)

1,000 metric tons (unless stated otherwise)
Phosphates Phosphate Rock Vale Ferilizantes Vale Fosfatados Bayóvar MAP - Monoammonium phosphate Vale Ferilizantes TSP - Triple superphosphate Vale Ferilizantes SSP -Single superphosphate Vale Fosfatado Vale Ferilizantes DCP - Dicalcium Phosphate Vale Fosfatados Nitrogen Ammonia Vale Ferilizantes Urea Fosfertil Nitric Acid Fosfertil Ammonium Nitrate Fosfertil	4Q09 3Q10 4Q10	2009 2010	% Change 4Q10/3Q10 % Change 4Q10/4Q09 % Change 2010/2009

	n.a. 1,198 1,787 n.a. 721 725 n.a. 477 480 n.a. 209 582	n.a. 5,255 n.a. 2,737 n.a. 1,727 n.a. 791	49.1% n.m. n.m. 0.6% n.m. n.m. 1.8% n.m. n.m. n.m. n.m. n.m.

	n.a. 229 245 n.a. 229 245	n.a. 898 n.a. 898	7.1% n.m. n.m. 7.1% n.m. n.m.

	n.a. 229 162 n.a. 229 162	n.a. 788 n.a. 788	-29.4% n.m. n.m. -29.4% n.m. n.m.

	n.a. 687 586 n.a. 637 545 n.a. 50 41	n.a. 2,240 n.a. 2,147 n.a. 92	-14.7% n.m. n.m. -14.5% n.m. n.m. -18.1% n.m. n.m.

	n.a. 144 101 n.a. 144 101	n.a. 491 n.a. 491	-29.8% n.m. n.m. -29.8% n.m. n.m.

	n.a. 108 140 n.a. 108 140	n.a. 508 n.a. 508	29.3% n.m. n.m. 29.3% n.m. n.m.

	n.a. 77 146 n.a. 77 146	n.a. 511 n.a. 511	90.1% n.m. n.m. 90.1% n.m. n.m.

	n.a. 119 120 n.a. 119 120	n.a. 454 n.a. 454	1.0% n.m. n.m. 1.0% n.m. n.m.

	n.a. 115 115 n.a. 115 115	n.a. 447 n.a. 447	0.1% n.m. n.m. 0.1% n.m. n.m.

Under US GAAP, Vale consolidates the total production volumes of companies in which it has more than 50% of the voting capital and effective control
** The nickel concentrate is purchased from third-parties and processed by Vale Inco

AI assistant

Vale S.A. Management Reports 2011

30050_iss_2011-02-25_599812d3-85a0-4378-a089-f6dfd37ebae9.pdf

`Vale – 2010 Production Report`

A YEAR OF STRONG RECOVERY

Annual production

BULK MATERIALS

`Production Report`

� Manganese ore and ferroalloys

`Production Report`

� Coal

BASE METALS

� Copper

� Nickel by-products

`Production Report`

� Bauxite

� Alumina

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FERTILIZER NUTRIENTS

� Potash

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Vale Production Report - US GAAP*

Vale Production Report - US GAAP*

AI assistant

Vale S.A. — Management Reports 2011

30050_iss_2011-02-25_599812d3-85a0-4378-a089-f6dfd37ebae9.pdf

Vale – 2010 Production Report

A YEAR OF STRONG RECOVERY

Annual production

BULK MATERIALS

Production Report

� Manganese ore and ferroalloys

Production Report

� Coal

BASE METALS

� Copper

� Nickel by-products

Production Report

� Bauxite

� Alumina

� Aluminum

Production Report

FERTILIZER NUTRIENTS

� Potash

� Phosphates

� Nitrogen

Vale Production Report - US GAAP*

Vale Production Report - US GAAP*

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