Vale and China Baowu completed the first iron ore transaction between the two parties using blockchain technology

October 23, 2020
Press Release

Rio de Janeiro, Brazil, October 23, 2020 -Vale and China Baowu today completed the
first iron ore transaction using blockchain technology between the two parties. The
transaction content is 318,000 tons of Caraga from Brazil to China Sifan (IOCJ). This
single transaction is in line with Vale’s strategy of “committed to becoming a more
innovative and customer-centric company”. Vale will achieve this strategy through greater
integration with customers and the development of new solutions through cooperation. The
currency of the transaction with Baowu of China is RMB. Vale also completed a US dollar
iron ore transaction using blockchain technology with another customer in September.

Challenges in the supply chain and physical paper documents are driving the digitization
of transactions. This single transaction is taking place in such a critical period. The entire
supply chain process from ship notification to freight delivery is completed electronically
Enabling China Baowu to see the entire process from order placement to cash flow.

This single transaction is based on MineHub’s blockchain platform and essDOCS’s
CargoDocs system. This is also the first cross-platform real-time transaction successfully
completed between MineHub and essDOCS. Vale and China Baowu, as leaders in the
mining and steelmaking industries, will continue to cooperate to promote the innovation
and digitalization of the entire mining and metal industry.

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