The Vale board has approved the reorganization of base metals operations held by Vale S.A. in Brazil. The approval provides for the transfer of the Brazilian copper assets to Salobo Metais S.A. and the transfer of Brazilian nickel assets to a new company to be established by Vale in Brazil. Both copper and nickel assets will continue to be consolidated and wholly owned by Vale. With the reorganization, Brazilian base metals assets will be combined into two entities, enabling more efficient processes and management. Vale also clarified that there are currently no decisions regarding new transactions with its base metals business.