Minas-Rio

85%-owned (Vale 15%) integrated iron ore operation in Minas Gerais, Brazil: the Serra do Sapo open-pit mine and beneficiation plant producing premium pellet feed (67% Fe) pumped through a 529km slurry pipeline to the Acu port; manages more than 27,000 hectares. 48-year reserve life. 2025 production held at 24.8 Mt despite a 23-day planned pipeline inspection shutdown; the tailings filtration plant began ramp-up in December 2025 ahead of schedule. Options to integrate the contiguous, higher-grade Serra da Serpentina Mineral Resource (acquired with Vale's 15% entry) are being evaluated to maximise long-term value.