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Extractive Sector Transparency Measures Act Report

Reporting YearFrom :1/1/2016To : 12/31/2016 Reporting Entity NameReporting Entity ESTMA Identification NumberSubsidiary Reporting Entities (if necessary) Director or Officer of Reporting Entity Full NamePosition Title :In accordance with the requirements of the ESTMA, and in particular, section 9 thereof, I attest that I engaged an independent auditor to undertake an audit of the ESTMA Report for the entities and reporting year listed above. Such an audit was conducted in accordance with the Technical Reporting Specifications issued by Natural Resources Canada for independent attestation of ESTMA auditor expressed an unmodified opinion, dated May 24th, 2017, on the ESTMA Report for the entities and period listed independent auditor's Report is on page 7 and 8 of the ESTMA Report that can be found on the Corporation website at ANDREA ALMEIDACHIEF FINANCIAL OFFICERDate:5/24/2017 Extractive Sector Transparency Measures Act Report Vale Canada Limited and SubsidiariesVale Newfoundland& Labrador - E065851In accordance with the requirements

6 Significant estimates and judgements The preparation of the Report in accordance with the Act requires the use of judgments, estimates and

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Transcription of Extractive Sector Transparency Measures Act Report

1 Reporting YearFrom :1/1/2016To : 12/31/2016 Reporting Entity NameReporting Entity ESTMA Identification NumberSubsidiary Reporting Entities (if necessary) Director or Officer of Reporting Entity Full NamePosition Title :In accordance with the requirements of the ESTMA, and in particular, section 9 thereof, I attest that I engaged an independent auditor to undertake an audit of the ESTMA Report for the entities and reporting year listed above. Such an audit was conducted in accordance with the Technical Reporting Specifications issued by Natural Resources Canada for independent attestation of ESTMA auditor expressed an unmodified opinion, dated May 24th, 2017, on the ESTMA Report for the entities and period listed independent auditor's Report is on page 7 and 8 of the ESTMA Report that can be found on the Corporation website at ANDREA ALMEIDACHIEF FINANCIAL OFFICERDate:5/24/2017 Extractive Sector Transparency Measures Act Report Vale Canada Limited and SubsidiariesVale Newfoundland& Labrador - E065851In accordance with the requirements of the Extractive Sector Transparency Measures Act, and in particular, s.

2 9 thereof, I have reviewed the information contained in the Report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the Report is true, accurate and complete in all material respects for the purposes of the Act, as of the date indicated below. E061523 Attestation ( by Reporting Entity)Attestation (through independent audit)1 Reporting YearFrom:1/1/2016To: 12/31/2016 Reporting Entity NameReporting Entity ESTMA Identification NumberSubsidiary Reporting Entities (if necessary) CountryPayee NameTaxesRoyaltiesFeesProduction EntitlementsBonusesDividendsInfrastructu re Improvement PaymentsTotal Amount paid to PayeeNotesCanadaProvincial Manitoba - Minister of Finance- - 1,440,000 - - - - 1,440,000 Newfoundland and Labrador - Department of Natural Resources -Newfoundland & Labrador Exchequer- - 10.

3 000 - - - - 10,000 Newfoundland and Labrador - Government of Newfoundland & Labrador - Environment and Conservation- - 190,000 - - - - 190,000 Newfoundland and Labrador - Newfoundland Exchequer Account 43,880,000 - 450,000 - - - - 44,330,000 Ontario - Minister of Finance1,180,000 - 370,000 - - - - 1,550,000 Ontario - Minister of Finance - Ministry of Northern Development and Mines- - 410,000 - - - - 410,000 Ontario - Ontario Aggregate Resources Corporation- - 80,000 - - - - 80,000 Ontario - Treasurer of Ontario70,000 - - - - - - 70.

4 000 Municipal - - - - City of Greater Sudbury16,130,000 - - - - - - 16,130,000 City of Thompson800,000 - - - - - - 800,000 Local Government District of Mystery Lake6,000,000 - - - - - - 6,000,000 Town of Nairn & Hyman200,000 - - - - - - 200,000 Canada Total68,260,000 - 2,950,000 - - - - 71,210,000 IndonesiaFederal Kas Negara / State Treasury43,970,000 15,470,000 630,000 - - - - 60,070,000 ProvincialThe Government of Province of Central Sulawesi - - 1,880,000 - - - - 1,880.

5 000 The Government of Province of South East Sulawesi - - 1,340,000 - - - - 1,340,000 Municipal The Government of East Luwu Regency4,470,000 - - - - - - 4,470,000 Indonesia Total48,440,000 15,470,000 3,850,000 - - - - 67,760,000 New CaledoniaFederal New Caledonia Industry, Mine and Energy Department- - 260,000 - - - - 260,000 New Caledonia Tax Department- 1,060,000 - - - - - 1,060,000 New Caledonia Total- 1,060,000 260,000 - - - - 1,320,000 Grand Total116,700,000 16,530,000 7,060,000 - - - - 140,290,000 *Payments were made in various currencies including Canadian dollars (CAD), United States dollars (USD), Australian dollars (AUD)

6 , Indonesian rupiah (IDR), and franc (XPF). All payments made in currencies other than Canadian dollars were converted using an average annual exchange rate as shown below:Australian dollar (AUD) dollar (CAD) franc (XPF) rupiah (IDR) States dollar (USD) Sector Transparency Measures Act - Annual ReportVale Canada Limited and SubsidiariesE061523 Vale Newfoundland & Labrador - E065851 Payments by Payee (To the nearest $10,000 Canadian dollars) 2 Reporting YearFrom:1/1/2016To: 12/31/2016 Reporting Entity NameReporting Entity ESTMA Identification NumberSubsidiary Reporting Entities (if necessary) CountryProject NameTaxesRoyaltiesFeesProduction EntitlementsBonusesDividendsInfrastructu re Improvement PaymentsTotal Amount paid by ProjectNotesCanadaSudbury 17,580,000 - 860,000 - - - - 18,440,000 Thompson 6,800,000 - 1,440.

7 000 - - - - 8,240,000 Voisey's Bay 43,880,000 - 650,000 - - - - 44,530,000 IndonesiaSorowako 48,440,000 15,470,000 3,850,000 - - - - 67,760,000 New CaledoniaNew Caledonia - 1,060,000 260,000 - - - - 1,320,000 Grand Total 116,700,000 16,530,000 7,060,000 - - - - 140,290,000 *Payments were made in various currencies including Canadian dollars (CAD), United States dollars (USD), Australian dollars (AUD), Indonesian rupiah (IDR), and franc (XPF).

8 All payments made in currencies other than Canadian dollars were converted using an average annual exchange rate as shown below:Australian dollar (AUD) dollar (CAD) franc (XPF) rupiah (IDR) States dollar (USD) Sector Transparency Measures Act - Annual ReportVale Canada Limited and SubsidiariesE061523 Vale Newfoundland & Labrador - E065851 Payments by Project (To the nearest $10,000 Canadian dollars) * 3 4 VALE CANADA LIMITED NOTES TO ESTMA Report FOR THE YEAR ENDED DECEMBER 31, 2016 INTRODUCTION Vale Canada Limited and its subsidiaries (collectively the Company or Vale Canada ) have prepared the following audited consolidated Report ( the Report or ESTMA Report ) of payments made to government entities for the year ended December 31, 2016 as required by the Extractive Sector Transparency Measures Act 2014, , ( ESTMA or the Act ).

9 BASIS OF PREPARATION The Report , which is presented in Canadian dollars ( CAD $ ), has been prepared in accordance with the requirements of the Act and the Natural Resources Canada ( NRCan ) Technical Reporting Specifications. The following is a summary of significant policies and judgments that the Company has made for the purpose of preparing the Report . Significant policies Cash and in-kind payments Payments are reported on a cash basis and have been reported in the period in which the payment was made. In-kind payments are converted to an equivalent cash value based on cost or, if cost is not determinable, the in-kind payment is reported at the fair market value. Refunds and credits Cash refunds received from payees have not been reported.

10 Amounts paid to payees have been reported at the amount paid by the Company, including instances where an applicable credit reduces the amount payable, to reflect the net cash payment to the payee. Payments to the same payee that meet or exceed CAD


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