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27.05.2010 – 16:53

Vale Inco Limited

Vale Inco Announces Name Change to Vale

Toronto, May 27, 2010 (ots/PRNewswire)

Vale Inco announced the natural
next step in the company's evolution today by changing its name to
Vale - a milestone that aligns it more fully with other Vale
operations worldwide and reflects it position as part of the world's
second largest mining company.
A world leader in nickel, the former Inco Limited was acquired by
the former CVRD in late 2006. It has operated around the world as
Vale Inco since 2007 when CVRD rebranded itself as Vale.
"Our global nickel business will continue to be headquartered in
Toronto, Canada," said Tito Martins, President and CEO of Vale's
nickel operations. "We have a very strong team in place and are
building a long-term future for our operations around the world in
Canada, Indonesia, New Caledonia, the United Kingdom, China, Japan
and Brazil. Our nickel business today is larger than it was in 2006,
when we first invested in Inco and we are building on that investment
every day.
"We are positioning our company to meet the challenges of an
increasingly competitive global marketplace," he continued. "Our
objective is to ensure a sustainable, successful future for the
business and the people and communities who rely on it."
Vale's nickel business has more than 11,000 employees worldwide
and net sales in 2009 of US$3.26 billion, accounting for 13.6% of
Vale's overall global revenue. The management team in Toronto
oversees a global business committed to significant production
upgrades, capital investments and new projects that hold forth the
potential for further growth in Canada and internationally.
When Vale acquired Inco in 2006, it was the largest-ever
acquisition by a Latin American company. "It was a defining moment in
our history," remarked Roger Agnelli, President and CEO, Vale. "We
stepped boldly onto the global stage and since that time our growth
has continued, with our nickel operations playing a vital role in
achieving our international ambitions.
"We have overcome many challenges and today stand poised to
complete significant investments in new nickel operations at Goro in
New Caledonia and Onça Puma in Brazil," said Mr. Agnelli. "In Canada,
we are opening the first new mine in our Ontario Operations in close
to 40 years, at Totten, and are constructing a new state-of-the-art
hydromet processing facility at Long Harbour in Newfoundland. All of
this is building towards positioning Vale as the leading, safest and
most profitable nickel company in the world - which is our ultimate
objective."
"While our name is changing, we are still the very recognizable
company our employees and communities have come to know," continued
Mr. Martins. "We are proud of our Inco heritage and its rich 107-year
history - the record of accomplishments and the employees who made
them possible were a large part of what attracted Vale in the first
place. That experience and that commitment to excellence will
continue to drive us going forward. Today's announcement builds on
the achievements of our past to help create an exciting and
prosperous future."
The roll-out of the Company's new name will occur across its
Canadian and global operations over the coming weeks and months.
About Vale
Vale is the second largest diversified metals and mining company
in the world, the world's largest producer of iron ore, and the
world's second largest producer of nickel. Vale also produces
manganese, ferroalloys, thermal and coking coal, bauxite, alumina,
aluminum, copper, cobalt, platinum group metals, potash and kaolin.
Vale is the largest private sector company in Latin America with a
market capitalization of around US$ 150 billion and more than 500,000
shareholders on all continents.
For further information: Cory McPhee, Vice-President, Corporate
Affairs, Nickel Business, Vale Limited, +1-416-361-7669,
cory.mcphee@valeinco.com

Contact:

CONTACT: For further information: Cory McPhee, Vice-President,
CorporateAffairs, Nickel Business, Vale Limited,
+1-416-361-7669,cory.mcphee@valeinco.com