Edgar Filing: Companhia Vale do Rio Doce

FORM 6-K

United States Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant To Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934

For the month of

November 2006

Companhia Vale do Rio Doce

Avenida Graça Aranha, No. 26
20030-900 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F þ Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(Check One) Yes o No þ

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82-___.)

Table of Contents

BRGAAP Financial Pages


A-Quarterly information
1-Balance Sheet
2-Statement of Income
3-Statement of Changes in Stockholders’ Equity
4-Statement of Cash Flows
5-Notes to the Quarterly information at September 30, 2006 and 2005
5.1- Operations
5.2- Presentation of Quarterly information
5.3- Principles and Practices of Consolidation
5.4- Significant Accounting Policies
5.5- Stock Merger — CAEMI
5.6- Acquisition and Divestiment
5.7- Cash and Cash Equivalents
5.8- Accounts Receivable
5.9- Related Parties
5.10- Inventories
5.11- Taxes to recover or offset
5.12- Deferred Income Tax and Social Contribution
5.13- Consolidated investments
5.14- Property, Plant and Equipment
5.15- Loans and Financing
5.16- Contingent Liabilities
5.17- Provision for asset retirement obligations
5.18- Treasury Stock
5.19- Paid-up Capital
5.20- Payment to Shareholders
5.21- Financial Results
5.22- Financial Instruments — Derivatives
5.24- Selling, Administrative and Other Operating Expenses
6- Attachment I — Statement of Investments in Subsidiaries and Jointly-Controlled Companies
7- Report of the Independent Accountants on Limited Review
B – Additional Information
8 - Management’s Discussion and Analysis of the Operating Results for the Year Ended September 30, 2006 and Supplemental Information
8.1- Comments on Consolidated Operating Results
8.1.1- Gross revenue
8.1.2 – Cost of products and services
8.1.3 – Selling expenses and administrative expenses
8.1.4 – Research and development
8.1.5 – Other operating expenses
8.1.6 – Net financial results
8.1.7 – Income tax and social contribution
8.1.8 - Cash generation
8.2- Comments on the Parent Company Results
8.2.1 - Gross revenue
8.2.2 - Cost of products and services
8.2.3 - Gross margin
8.2.4 - Results of shareholdings by business area
8.2.5 – Selling expenses and administrative expenses
8.2.6 – Research and development
8.2.7 – Other operating expenses
8.2.8 - Net financial results
8.2.9 - Income tax and social contribution
9- Board of Directors, Fiscal Council, Advisory Committees and Executive Officers



Signature Page

BRGAAP Financial Pages

A- Quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in thousands in accordance with the requirements of Accounting Practices Generally Accepted in Brazil)

1- Balance Sheet

Periods ended September 30


						In thousands of reais
				Consolidated				Parent Company
	Notes			09/30/06		06/30/06		09/30/06		06/30/06
Assets
Current assets
Cash and cash equivalents		5.7			6,580,213		4,501,953		387,053		116,099
Accounts receivable from customers		5.8			5,213,066		4,527,871		3,497,398		2,243,382
Related parties		5.9			16,173		22,626		516,231		1,023,253
Inventories		5.10			3,442,973		3,342,975		1,317,302		1,331,895
Taxes to recover or offset		5.11			738,056		787,265		311,592		257,182
Deferred income tax and social contribution		5.12			773,557		509,073		691,049		425,575
Other		—			769,062		967,764		239,238		288,664

					17,533,100		14,659,527		6,959,863		5,686,050

Non-current assets
Long-term receivables
Related parties		5.9			10,834		14,226		405,238		404,800
Loans and financing		—			159,820		144,144		108,734		107,170
Deferred income tax and social contribution		5.12			880,636		945,081		391,720		399,246
Judicial deposits		5.16			2,114,810		1,953,963		1,394,004		1,284,908
Taxes to recover or offset		5.11			478,187		314,494		216,311		214,572
Asset for sale		—			107,767		110,972		—		—
Advances to energy suppliers		5.4	(f)		927,970		861,575		—		—
Prepaid expenses		—			122,765		264,010		16,152		—
Outros		—			521,983		389,339		29,891		24,321

					5,324,772		4,997,804		2,562,050		2,435,017

Investments		5.13			6,721,525		6,816,643		31,946,346		29,292,636
Property, plant and equipment		5.14			38,119,420		36,539,637		24,023,800		22,953,483
Deferred charges		—			186,195		183,685		—		—

					45,027,140		43,539,965		55,970,146		52,246,119

					67,885,012		63,197,296		65,492,059		60,367,186

Liabilities and stockholders’ equity
Current liabilities
Short-term debt		5.15			1,062,137		652,389		438,419		—
Current portion of long-term debt		5.15			2,217,744		2,514,229		478,034		621,121
Payable to suppliers and contractors		—			2,189,233		2,018,364		1,356,044		1,398,583
Related parties		5.9			49,812		73,040		4,636,618		4,279,199
Payroll and related charges		—			543,239		413,094		376,579		286,225
Pension Plan — Valia		—			79,104		74,808		79,104		74,808
Dividends and interest on stockholders’ equity		5.20			1,356,851		1,440,843		1,356,851		1,357,850
Taxes and contributions		—			1,082,606		781,517		231,511		93,506
Other		—			926,392		886,956		426,279		393,047

					9,507,118		8,855,240		9,379,439		8,504,339

Non-current liabilities
Long-term liabilities
Long-term debt		5.15			10,841,952		10,576,743		1,893,589		2,049,055
Related parties		5.9			2,795		2,847		11,128,813		10,255,884
Provisions for contingencies		5.16			3,276,511		3,040,826		2,482,295		2,322,604
Pension Plan — Valia		—			545,704		545,665		543,859		545,665
Provision for asset retirement obligations		5.17			549,305		541,631		336,384		326,953
Provisions for derivatives		5.22			536,104		679,838		65,720		77,567
Other		—			1,040,809		1,005,629		715,368		706,215

					16,793,180		16,393,179		17,166,028		16,283,943

Deferred income		—			7,056		6,787		—		—

Minority interest		—			2,631,066		2,363,186		—		—

Stockholders’ equity
Paid-up capital		5.19			19,492,401		19,492,401		19,492,401		19,492,401
Revenue reserves		—			19,454,191		16,086,503		19,454,191		16,086,503

					38,946,592		35,578,904		38,946,592		35,578,904

					67,885,012		63,197,296		65,492,059		60,367,186

The additional information, notes and attachment I are an integral part of the quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in accordance with the requirements of Accounting Practices Generally Accepted in Brazil)

2- Statement of Income

Periods ended September 30


												In thousands of reais
			Consolidated															Parent Company
			Quarter									Accumulated						Accumulated
	Notes		3Q/06			2Q/06			3Q/05			09/30/06			09/30/05			09/30/06			09/30/05
Operating revenues
Sales of ore and metals		8.1.1 e 8.2.1
Iron ore and pellets				7.609.340			6.354.472			6.106.055			19.462.301			17.075.476			11.817.334			10.907.459
Manganese and ferroalloys				319.516			300.246			274.811			876.124			1.216.032			—			—
Copper				608.662			447.328			214.632			1.297.728			643.182			892.909			563.007
Potash				118.937			49.377			111.296			217.202			267.175			217.202			267.175
Kaolin				114.913			100.151			98.681			321.391			314.212			—			—

				8.771.368			7.251.574			6.805.475			22.174.746			19.516.077			12.927.445			11.737.641
Transport services				956.058			895.968			937.956			2.555.670			2.510.386			1.415.925			1.359.334
Sales of aluminum-related products				1.439.675			1.544.296			955.315			4.036.523			2.923.453			74.420			145.564
Sales of steel products				414.752			381.832			339.851			1.145.493			1.170.701			—			—
Other products and services				60.480			56.995			3.350			141.690			25.141			64.945			34.494

				11.642.333			10.130.665			9.041.947			30.054.122			26.145.758			14.482.735			13.277.033
Value Added taxes				(417.309	)		(350.794	)		(236.659	)		(1.083.955	)		(1.068.442	)		(781.214	)		(775.663	)

Net operating revenues				11.225.024			9.779.871			8.805.288			28.970.167			25.077.316			13.701.521			12.501.370


Cost of products and services
Ores and metals		8.1.2 e 8.2.2		(3.292.515	)		(2.815.494	)		(2.616.131	)		(8.706.155	)		(7.640.637	)		(7.264.521	)		(6.473.941	)
Transport services				(449.706	)		(426.850	)		(510.926	)		(1.329.520	)		(1.441.595	)		(537.964	)		(463.261	)
Aluminum -related products				(821.559	)		(761.378	)		(641.939	)		(2.183.614	)		(1.735.006	)		(51.762	)		(75.918	)
Steel products				(333.889	)		(308.211	)		(333.430	)		(921.006	)		(1.069.246	)		—			—
Other products and services				(38.875	)		(38.789	)		(5.845	)		(91.681	)		(17.426	)		(23.304	)		(19.374	)

				(4.936.544	)		(4.350.722	)		(4.108.271	)		(13.231.976	)		(11.903.910	)		(7.877.551	)		(7.032.494	)

Gross profit				6.288.480			5.429.149			4.697.017			15.738.191			13.173.406			5.823.970			5.468.876
Gross margin				56,0	%		55,5	%		53,3	%		54,3	%		52,5	%		42,5	%		43,7	%
Operating expenses
Selling and Administrative		5.23		(402.147	)		(511.794	)		(423.442	)		(1.349.734	)		(1.184.246	)		(626.673	)		(461.245	)
Research and development				(289.096	)		(222.030	)		(220.439	)		(667.184	)		(463.014	)		(393.346	)		(306.154	)
Other operating expenses		5.23		(347.818	)		(175.902	)		(288.588	)		(712.545	)		(629.226	)		(357.967	)		(254.707	)

				(1.039.061	)		(909.726	)		(932.469	)		(2.729.463	)		(2.276.486	)		(1.377.986	)		(1.022.106	)

Operating profit before financial results and results of equity investments				5.249.419			4.519.423			3.764.548			13.008.728			10.896.920			4.445.984			4.446.770

Results of equity investments		5.13		(14.035	)		(57.280	)		13.166			(54.905	)		163.574			6.774.814			3.718.923
Gain on investments accounted for by the equity method				119.131			75.422			72.961			271.327			347.120			7.844.175			5.051.387
Amortization of goodwill				(130.750	)		(132.256	)		(57.270	)		(300.947	)		(171.810	)		(302.451	)		(171.810	)
Provision for losses				—			—			—			—			—			(154.088	)		(97.528	)

Exchange variation in stockholders ´equity of companies abroad				(2.416	)		(446	)		(2.525	)		(25.285	)		(11.736	)		(612.822	)		(1.063.126	)

Financial results, net		5.21		(248.609	)		(466.405	)		(319.265	)		(974.068	)		(511.841	)		(342.086	)		710.315
Sale of assets		5.6		34.438			736.866			297.700			790.630			297.700			53.764			—

Income before income tax and social contribution				5.021.213			4.732.604			3.756.149			12.770.385			10.846.353			10.932.476			8.876.008
Income tax and social contribution		5.12		(791.772	)		(593.102	)		(764.069	)		(1.970.208	)		(2.215.492	)		(869.922	)		(1.070.072	)

Income before minority interests				4.229.441			4.139.502			2.992.080			10.800.177			8.630.861			10.062.554			7.805.936
Minority interests				(256.546	)		(234.405	)		(280.619	)		(737.623	)		(824.925	)		—			—

Net income for the period				3.972.895			3.905.097			2.711.461			10.062.554			7.805.936			10.062.554			7.805.936

Number of shares outstanding at the end of the period (in thousands)		5.18 e 5.19		2.416.194			2.430.062			2.303.040			2.416.194			2.303.040			2.416.194			2.303.040

Net earnings per share outstanding at the end of the period (R$)				1,64			1,61			1,18			4,16			3,39			4,16			3,39

The additional information, notes and attachment I are an integral part of the quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in accordance with the requirements of Accounting Practices Generally Accepted in Brazil)

3- Statement of Changes in Stockholders’ Equity

Periods ended September 30


		In thousands of reais
				Reservas de
		Paid-up		Expansion/						Unrealized						Fiscal			Treasury
	Notes	capital		Investments			Depletion			income			Legal			incentives			stock			Retained earnings			Total
December 31, 2004			7,300,000		8,206,978			1,004,166			345,728			1,403,117			40,663			(131,318	)		—			18,169,334


Net income for the year			—		—			—			—			—			—			—			10,442,986			10,442,986
Capitalization of reserves			6,700,000		(5,129,319	)		(1,004,166	)		—			(525,853	)		(40,662	)		—			—			—
Realization of reserves			—		—			—			(109,561	)		—			—			—			109,561			—
Exchange — Samitri shares			—		—			—			—			—			—			21			—			21
Treasury stock			—		—			—			—			—			—			(3	)		—			(3	)
Appropriations:
Interim interest on stockholders’ equity			—		—			—			—			—			—			—			(783,387	)		(783,387	)
Interim dividends			—		—			—			—			—			—			—			(1,028,160	)		(1,028,160	)
Additional remuneration proposed			—		—			—			—			—			—			—			(2,750,150	)		(2,750,150	)
Appropriation to revenue reserves			—		5,385,337			—			—			522,149			83,364			—			(5,990,850	)		—

December 31, 2005			14,000,000		8,462,996			—			236,167			1,399,413			83,365			(131,300	)		—			24,050,641


Capital Increase			5,492,401		—			—			—			—			—			—			—			5,492,401
Net income for the period			—		—			—			—			—			—			—			2,184,562			2,184,562


March 31, 2006			19,492,401		8,462,996			—			236,167			1,399,413			83,365			(131,300	)		2,184,562			31,727,604


Net income for the period			—		—			—			—			—			—			—			3,905,097			3,905,097

Treasury stock			—		—			—			—			—			—			(53,797	)		—			(53,797	)

June 30, 2006			19,492,401		8,462,996			—			236,167			1,399,413			83,365			(185,097	)		6,089,659			35,578,904


Treasury stock			—		—			—			—			—			—			(605,207	)		—			(605,207	)
Net income for the period			—		—			—			—			—			—			—			3,972,895			3,972,895

September 30, 2006			19,492,401		8,462,996			—			236,167			1,399,413			83,365			(790,304	)		10,062,554			38,946,592

The additional information, notes and attachment I are an integral part of the quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in accordance with the requirements of Accounting Practices Generally Accepted in Brazil)

4- Statement of Cash Flows

Periods ended September 30


	In thousands of reais
	Consolidated															Parent Company
	Quarter									Accumulated						Accumulated
	3Q/06			2Q/06			3Q/05			09/30/06			09/30/05			09/30/06			09/30/05
Cash flows from operating activities:
Net income for the period		3,972,895			3,905,097			2,711,461			10,062,554			7,805,936			10,062,554			7,805,936
Adjustments to reconcile net income for the period with cash provided by operating activities:
Results of equity investments		14,035			57,280			(13,166	)		54,905			(163,574	)		(6,774,814	)		(3,718,923	)
Sale of assets		(34,438	)		(736,866	)		(297,700	)		(790,630	)		(297,700	)		(53,764	)		—
Depreciation, amortization and depletion		510,447			445,923			399,859			1,376,700			1,169,372			762,451			638,634
Deferred income tax and social contribution		(258,455	)		95,560			(283,442	)		(239,445	)		(344,161	)		(327,556	)		(126,283	)
Financial expenses and monetary and exchange rate variations on assets and liabilities, net		251,162			64,191			(419,936	)		(273,072	)		(1,355,193	)		(269,220	)		(967,354	)
Minority interest		256,546			234,405			280,619			737,623			824,925			—			—
Disposal of property, plant and equipment		43,227			60,059			1,066			121,939			76,695			33,632			3,693
Amortization of goodwill in the cost of products sold		94,008			94,090			94,726			280,085			286,916			275,961			286,916
Net losses on derivatives		(162,339	)		107,435			169,460			102,777			163,734			13,825			11,918
Dividends/interest on stockholders’ equity received		40,624			93,786			58,682			135,737			147,604			1,446,112			885,691
Other		(137,518	)		(24,506	)		37,366			(140,007	)		13,571			(18,626	)		57,427

		4,590,194			4,396,454			2,738,995			11,429,166			8,328,125			5,150,555			4,877,655

Decrease (increase) in assets:
Accounts receivable		(681,401	)		(895,971	)		734,537			(1,084,916	)		(628,914	)		(1,458,972	)		170,853
Inventories		(370,530	)		89,591			(69,137	)		(469,296	)		(206,341	)		(78,405	)		(267,050	)
Advances to energy suppliers		(66,395	)		(66,786	)		—			(200,743	)		—			—			—
Other		(268,908	)		210,128			(870,320	)		(426,141	)		(1,585,281	)		151,668			(304,250	)

		(1,387,234	)		(663,038	)		(204,920	)		(2,181,096	)		(2,420,536	)		(1,385,709	)		(400,447	)

Increase (decrease) in liabilities:
Suppliers and contractors		240,266			242,012			(291,233	)		(359,690	)		35,852			(411,478	)		357,278
Payroll and related charges and Other		108,183			109,629			54,757			(23,898	)		(9,070	)		(47,887	)		(31,154	)
Taxes and contributions		394,705			267,800			1,264,561			333,089			1,571,119			141,184			452,592
Other		299,263			(147,612	)		(348,009	)		(133,859	)		(316,472	)		(375,172	)		104,274

		1,042,417			471,829			680,076			(184,358	)		1,281,429			(693,353	)		882,990

Net cash provided by operating activities		4,245,377			4,205,245			3,214,151			9,063,712			7,189,018			3,071,493			5,360,198



Cash flows from investing activities:
Loans and advances receivable		94,148			(180,756	)		88,501			(60,837	)		57,090			219,873			(79,912	)
Guarantees and deposits		(131,033	)		(28,305	)		(84,464	)		(276,545	)		(173,517	)		(106,421	)		(94,684	)
Additions to investments		(122,057	)		—			(30,662	)		(234,138	)		(249,244	)		(3,478,246	)		(645,685	)
Additions to property, plant and equipment		(1,777,102	)		(2,434,198	)		(2,464,450	)		(5,910,435	)		(6,146,102	)		(4,209,737	)		(4,283,310	)
Proceeds from disposal of property, plant and equipment/investments		43,017			970,440			301,284			1,061,810			311,345			63,870			13,645
Cash used to acquire subsidiaries, net cash of acquired		(25,978	)		—			—			(25,978	)		—			—			—


Net cash used in investing activities		(1,919,005	)		(1,672,819	)		(2,189,791	)		(5,446,123	)		(6,200,428	)		(7,510,661	)		(5,089,946	)


Cash flows from financing activities:
Short-term debt		431,648			(54,637	)		(435,280	)		532,191			255,559			565,436			121,115
Long-term debt		445,146			27,965			26,292			3,563,810			1,093,729			6,882,940			2,003,668
Repayments:
Related parties		—			—			—			—			—			—			(280,279	)
Financial institutions		(477,094	)		(449,775	)		(369,931	)		(1,665,965	)		(1,985,467	)		(702,315	)		(884,777	)
Interest on stockholders’ equity payed to stockholders		(79,311	)		(1,377,591	)		—			(1,511,657	)		(1,279,900	)		(1,392,300	)		(1,279,900	)
Treasure stock		(605,210	)		(53,797	)		—			(659,007	)		—			(659,007	)		—

Net cash provided by (used in) financing activities		(284,821	)		(1,907,835	)		(778,919	)		259,372			(1,916,079	)		4,694,754			(320,173	)


Increase (decrease) in cash and cash equivalents		2,041,551			624,591			245,441			3,876,961			(927,489	)		255,586			(49,921	)
Cash and cash equivalents, beginning of the period		4,538,662			3,877,362			2,743,828			2,703,252			3,916,758			131,467			305,927

Cash and cash equivalents, end of the period		6,580,213			4,501,953			2,989,269			6,580,213			2,989,269			387,053			256,006

Cash paid during the period for:
Short-term interest		(11,157	)		(8,170	)		(10,367	)		(27,202	)		(31,591	)		(14,997	)		(6,109	)
Long-term interest		(326,204	)		(164,077	)		(196,209	)		(709,424	)		(550,721	)		(412,020	)		(239,586	)
Income tax and social contribution		(579,886	)		(101,492	)		(468,890	)		(1,113,314	)		(1,057,958	)		(386,892	)		(778,068	)

Non-cash transactions:

Additions to property, plant and equipment — interest capitalization		100,330			88,562			119,684			(31,276	)		495,141			(38,981	)		179,648
Transfer of advance for future capital increase to investments		—			—			—			—			—			(256,790	)		(510,500	)
Compensated income tax and social contribution		(194,694	)		(77,646	)		(63,724	)		(354,418	)		(168,564	)		(51,509	)		(24,815	)

The additional information, notes and attachment I are an integral part of the quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in accordance with the requirements of Accounting Practices Generally Accepted in Brazil)

5- Notes to the Quarterly information at September 30, 2006 and 2005

Expressed In thousands of reais

5.1- Operations

Companhia Vale do Rio Doce is a publicly traded corporation whose predominant activities are mining, processing and sale of iron ore, pellets, copper and potash, as well as logistic services, power generation and mineral research and development. In addition, through its direct and indirect subsidiaries and jointly controlled companies, CVRD operates in iron ore, pellets, manganese, ferroalloys, kaolin, steel, aluminum-related products and logistics.

5.2- Presentation of Quarterly information

The quarterly information have been prepared in conformity with accounting practices followed in Brazil, based on corporate legislation, as well as the rules and guidelines issued by the Comissão de Valores Mobiliários — CVM (Brazilian Securities Commission).

5.3- Principles and Practices of Consolidation

The consolidated quarterly information shows the balances of assets and liabilities on September 30, and June 30, 2006 and the operations of the Parent Company, its direct and indirect subsidiaries and its jointly controlled companies for the periods ended on September 30, 2006, June 30, 2006 and September 30, 2005;

Intercompany balances and the Parent Company’s investments in its direct and indirect subsidiaries and jointly controlled companies were eliminated in the consolidation. Minority interests are shown separately on the balance sheet and statement of income;

In the case of investments in companies in which the control is shared with other stockholders, the components of assets and liabilities and revenues and expenses are included in the consolidated quarterly information in proportion to the participation of the Parent Company in the capital of each investee; and

The principal figures of quarterly information of the subsidiaries and jointly controlled companies included in the consolidation are presented in Attachment I.

5.4- Significant Accounting Policies

(a)		The Company adopts the accrual basis of accounting;

(b)		Assets and liabilities that are realizable or due more than twelve months after the quarterly information date are classified as non-current;

(c)		Marketable securities, classified as cash and cash equivalents are represented by less than 90 days applications and are stated at cost plus accrued income earned by the quarterly information date;

(d)		Inventories are stated at average purchase or production cost, and imports in transit at the cost of each item, not exceeding market or realizable value;

(e)		Assets and liabilities in foreign currencies are translated at exchange rates in effect at the quarterly information date, and those in local currency, when applicable, are restated based on contractual indices;

(f)		Amounts given in advance to Centrais Elétricas do Norte do Brasil S.A. – Eletronorte due to long term contract to supply energy, are classified as “Advances to energy suppliers”, in long-term receivables;

(g)		Investments in subsidiaries, jointly-controlled companies and affiliated companies are accounted for by the equity method, based on the stockholders’ equity of the investees, and when applicable increased/decreased by goodwill and negative goodwill to be amortized and provision for losses. Other investments are recorded at cost, less provision for losses when applicable. In the consolidated the exchange rate effect over stockholders equity from investees abroad are classified as monetary and exchange rate variation included as financial results, net;

(h)		Property, plant and equipment, including interest incurred during the construction period of large-scale projects, are recorded at historical cost (increased by monetary restatement up to 1995) and depreciated on the straight-line method, based on the useful lives of the assets. Depletion of mineral reserves is based on the ratio between effective production and estimated capacity;

(i)		Research and development costs are incurred as operational expenses until the proof of its economical feasibility to exploit commercially a mine. After this proof, the costs are capitalized as part of the costs of building and the development;

(j)		During the development of a mine, stripping costs incurred are capitalized as part of the depreciable cost of developing the mine. Post-production stripping costs are recorded as cost of sales;

(k)

Pre-operating costs except for financial charges capitalized as mentioned in (h) above, are deferred and amortized over a period of 10 years. The deferred charges (consolidated) refer basically to projects of expansion of Alunorte and Albras; and

(l)

CVRD follows the accounting practices laid down by to Deliberation CVM 371/00 related to the recognition of liabilities and results from actuarial valuation of employees ´ pension plan.

5.5- Stock Merger — CAEMI

At the Extraordinary General Shareholders Meeting held on March 31, 2006 the merger of outstanding shares issued by Caemi Mineração e Metalurgia — Caemi into the assets of CVRD, was approved with the issuance by CVRD of 64,151,361 (128,302,722 after the split) preferred shares class A.

CVRD held 100% of the common shares of Caemi and 40.06%od the preferred shares, totaling 60.23% of its Capital. After the merger, became wholly owned subsidiary of CVRD.

If CVRD owned 100% of Caemi shares in the periods presented our results would be as follows:


	In million of reais (except when mentioned)
	Consolidated
	09/30/06
				Caemi Additional
	Consolidated			(39.77%)		Pro Forma (unaudited)
Operating results		12,770			—		12,770
Income tax and social contribution		(1,970	)		—		(1,970	)
Minority interests		(737	)		(*)117		(620	)

Net income		10,063			117		10,180


Number of shares outstanding ( in thousands)		2,416,194			—		2,416,194
Net earnings per share outstanding		4.16			—		4.21

	09/30/05
				Caemi Additional
	Consolidated			(39.77%)		Pro Forma (unaudited)
Operating results		10,846			—		10,846
Income tax and social contribution		(2,215	)		—		(2,215	)
Minority interests		(825	)		492		(333	)

Net income		7,806			492		8,298


Number of shares outstanding ( in thousands)		2,303,040			—		2,303,040
Net earnings per share outstanding		3.39			—		3.60


(*)		Represent the effect of the first three months of 2006.

5.6- Acquisition and Divestiment

On November, 2006 the CVRD Board of Directors approved the restructuring of its stake in Usinas Siderúrgicas de Minas Gerais S/A – USIMINAS (Usiminas), involving its entry into the control group of Usiminas, and the partial sale of the common shares owned by CVRD. The common shares will be sold to Nippon Steel, Votorantim Participações S/A, and Camargo Correa S/A, totaling 5,562,928 common shares, or R$ 378.6 million, and the remaining 13,829,192 Usiminas common shares that CVRD currently owns will be sold through a public offer.

During 2006 Third Quarter Companhia Vale do Rio Doce sold 1.361.100 shares of GERDAU for R$ 40.578 generating a gain of R$ 34.438. In the subsequent period after the closing of third quarter, the Companhia Vale do Rio Doce sold the 3.379.825 remanents shares by R$ 104 millions which generated a gain of approximately R$ 88 millions

On July, 2006 Companhia Vale do Rio Doce acquired 45,5 % of Valesul S.A., an aluminum company jointly-controlled, for R$ 60 million. As a result of this acquisition, Valesul is now a direct subsidiary of CVRD.

On May 29, 2006 Companhia Vale do Rio Doce sold its 50% stake in Gulf Industrial Investment Company (GIIC), for R$ 910,349, generating a net revenue of R$ 736.866.

On February 2006 Companhia Vale do Rio Doce sold to JFE Steel Corporation (JFE) for R$ 30.205, its 49% stake in Nova Era Silicon, earning a net revenue of R$ 19.326.

On November and December, 2005 and on February, 2006, CVRD acquired 93%, 6,2% 0,8% common shares of the Canico Resource Corp. (Canico), by R$ 1.6561 R$ 112 and R$ 14, respectively . The Canico is a Canadian company of mineral exploration focused on the development of the Onça-Puma, project of nickel laterite. After theses acquisitions the above-mentioned company to turned a wholly owned subsidiary of the Companhia Vale do Rio Doce

5.7- Cash and Cash Equivalents


	Consolidated				Parent Company
	09/30/06		06/30/06		09/30/06		06/30/06
Cash and bank accounts		622,669		575,239		33,140		25,796
Marketable securities linked to the interbank deposit certificate rate		1,384,817		1,262,704		353,913		90,303
Time deposits		4,572,727		2,664,010		—		—

		6,580,213		4,501,953		387,053		116,099

5.8- Accounts Receivable


	Consolidated						Parent Company
	09/30/06			06/30/06			09/30/06			06/30/06
Domestic		883,894			838,487			883,980			879,646
Export		4,479,943			3,834,401			2,699,269			1,446,256

		5,363,837			4,672,888			3,583,249			2,325,902

Allowance for doubtful accounts		(113,632	)		(110,510	)		(52,456	)		(52,005	)
Allowance for ore weight credits		(37,139	)		(34,507	)		(33,395	)		(30,515	)

		5,213,066			4,527,871			3,497,398			2,243,382

No individual client was responsible for more than 10% of total revenues.

5.9- Related Parties

Derived from sales and purchases of products and services or from loans under normal market conditions, with maturities up to the year 2008, as follows:


	Consolidated
	Assets								Liabilities
	09/30/06				06/30/06				09/30/06				06/30/06
	Customers		Related party		Customers		Related party		Suppliers		Related party Suppliers				Related party
Companhia Nipo-Brasileira de Pelotização NIBRASCO		69,758		897		64,711		—		15,494		21,986		34,644		29,799
Companhia Hispano-Brasileira de Pelotização — HISPANOBRÁS		38,117		130		52,861		131		43,961		148		37,306		11,357
Companhia italo-Brasileira de Pelotização - ITABRASCO		34,813		—		43,797		—		13,497		257		25,819		1,998
Companhia Coreano-Brasileira de Pelotização — KOBRASCO		45,892		—		45,841		600		30,008		3,449		11,414		4,220
Usina Siderúrgica de Minas Gerais S.A. — USIMINAS		54,850		23,540		40,766		26,606		82		31		866		—
Samarco Mineração S.A		4,298		—		4,392		7,379		—		—		—		—
MRS Logistica S.A.		52		3		219		366		3,915		14,641		1,172		14,922
Baovale Mineração S.A		63		—		106		—		21,313		—		18,179		—
Mineração Rio do Norte S.A.		334		88		523		—		31,208		—		24,960		—
Minas da Serra Geral S.A.		133		546		134		546		5,879		5,676		—		5,848
Others		9,503		1,803		14,504		1,224		2,427		6,419		8,816		7,743

Total		257,813		27,007		267,854		36,852		167,784		52,607		163,176		75,887


Registered as:
Current		257,813		16,173		267,854		22,626		167,784		49,812		163,176		73,040
Non-current		—		10,834		—		14,226		—		2,795		—		2,847

		257,813		27,007		267,854		36,852		167,784		52,607		163,176		75,887

5.10— Inventories


	Consolidated				Parent Company
	09/30/06		06/30/06		09/30/06		06/30/06
Finished products
. Iron ore and pellets		742,150		916,155		414,826		534,472
. Manganese and ferroalloys		259,834		276,236		—		—
. Aluminum		261,917		248,421		—		—
. Steel products		96,156		59,328		—		—
. Copper		25,566		26,906		25,566		26,906
. Other		132,305		136,212		17,080		46,505

		1,517,928		1,663,258		457,472		607,883

Spare parts and maintenance supplies		1,925,045		1,679,717		859,830		724,012

		3,442,973		3,342,975		1,317,302		1,331,895

5.11— Taxes to recover or offset


	Consolidated				Parent Company
	09/30/06		06/30/06		09/30/06		06/30/06
Withholding income tax on marketable securities and stockholders’ equity received		58,599		52,687		6,936		9,978
Value-added tax		564,884		551,133		438,370		419,813
PIS and COFINS non cumulative		440,511		355,145		36,926		15,504
IR anticipated		76,304		90,592		—		—
Others		75,945		52,202		45,671		26,459

Total		1,216,243		1,101,759		527,903		471,754


Current		738,056		787,265		311,592		257,182

Non-current		478,187		314,494		216,311		214,572

		1,216,243		1,101,759		527,903		471,754

5.12— Deferred Income Tax and Social Contribution

Income of the company is subject to the normal tax system. The balances of deferred assets and liabilities are presented as follows:


	Net Deferred
	Consolidated						Parent Company
	09/30/06			06/30/06			09/30/06			06/30/06
Tax loss carryforward		611,310			554,819			280,993			107,763

Temporary differences:
. Pension Plan — Valia		211,807			210,961			211,807			210,961
. Contingent liabilities		733,191			672,406			658,609			604,810
. Provision for losses on assets		243,842			181,349			166,858			156,091
. Others		(145,957	)		(165,381	)		(235,498	)		(254,804	)

		1,042,883			899,335			801,776			717,058

Total		1,654,193			1,454,154			1,082,769			824,821

Current		773,557			509,073			691,049			425,575

Non-current		880,636			945,081			391,720			399,246

		1,654,193			1,454,154			1,082,769			824,821

The amounts reported as income tax and social contribution, which affected the results for the period, are as follows:


	Consolidated															Parent Company
	Quarter									Accumulated						Accumulated
	3Q/06			2Q/06			3Q/05			09/30/06			09/30/05			09/30/06			09/30/05
Income before income tax and social contribution		5,021,213			4,732,604			3,756,149			12,770,385			10,846,353			10,932,476			8,876,008
Results of equity investment		14,035			57,280			(15,527	)		54,905			(170,657	)		(6,774,814	)		(3,726,006	)
Results on sale of assets		(34,438	)		(736,866	)		(297,700	)		(790,630	)		(297,700	)		(53,764	)		—

		5,000,810			4,053,018			3,442,922			12,034,660			10,377,996			4,103,898			5,150,002
Income tax and social contribution at combined tax rates		34	%		34	%		34	%		34	%		34	%		34	%		34	%


Federal income tax and social contribution at statutory rates		(1,700,275	)		(1,378,026	)		(1,170,593	)		(4,091,784	)		(3,528,519	)		(1,395,325	)		(1,751,001	)

Adjustments to net income which modify the effect on the results for the period:
Income tax benefit from interest on stockholders’ equity		173,230			184,154			115,863			555,848			551,029			555,848			551,029
Fiscal incentives		74,977			97,977			133,608			242,382			244,853			10,831			109,567

Results of overseas companies not taxed (bilateral international agreements)		693,799			467,349			105,282			1,408,558			506,895			—			—

Reduced incentive aliquot		33,574			26,705			37,627			78,223			87,708			—			—
Other		(67,077	)		8,739			14,144			(163,435	)		(77,458	)		(41,276	)		20,333

Income tax and social contribution		(791,772	)		(593,102	)		(764,069	)		(1,970,208	)		(2,215,492	)		(869,922	)		(1,070,072	)

The deferred assets and liabilities for income tax and social contribution arising from tax losses, negative social contribution bases and temporary differences are recognized from an accounting standpoint considering an analysis of likely future results, based on economic and financial projections prepared based on internal assumptions and macroeconomic, commercial and fiscal scenarios which could change in the future.

We have certain tax incentives relative to our manganese operations in Carajás, our potash operations in Rosario do Catete, our alumina and aluminum operations in Barcarena and our kaolin operations in Ipixuna and Mazagão. The incentives relative to manganese comprise partial exemption up to 2013. The incentive relating to alumina and potash comprise full income tax exemption on defined production levels, which expire in 2009 and 2013, respectively, while the partial exemption incentives relative to aluminum and kaolin expire in 2013, and bauxite in 2008. An amount equal to the tax saving must be appropriated to a reserve account within stockholders’ equity and may not be distributed in the form of cash dividends.

5.13— Consolidated investments


														Equity Results
	Investments				Quarter									Accumulated
	09/30/06		06/30/06		3Q/06			2Q/06			3Q/05			09/30/06			09/30/05

Investments in affiliated companies
Usinas Siderúrgicas de Minas Gerais S.A. — USIMINAS (a)		1,118,497		1,064,154		93,595			59,473			74,379			209,390			313,884
Shandong Yankuang International Company Ltd.		55,273		46,561		—			—			—			—			—
Henan Longyu Energy Resources Co. Ltd. (b)		254,829		200,172		21,235			9,931			(11,084	)		45,543			(11,084	)
Goodwill / Negative goodwill of consolidated companies		5,091,993		5,394,664		(130,750	)		(132,256	)		(57,270	)		(300,947	)		(171,810	)
Other		6,523		6,493		—			—			9,666			—			44,320
Exchange variation in stockholders ´equity of companies abroad		—		—		(2,610	)		(900	)		—			(22,628	)		(3,233	)

Investments at cost
SIDERAR Sociedad Anonima Industrial Y Comercial (a)		32,613		32,465		—			—			—			—			—
Quadrem International Holdings Ltd.		10,140		10,094		—			—			—			—			—
Other (b)		151,657		62,040		4,301			6,018			—			16,394			—
Exchange variation		—		—		194			454			(2,525	)		(2,657	)		(8,503	)

		6,721,525		6,816,643		(14,035	)		(57,280	)		13,166			(54,905	)		163,574


(a)		Interest at market price — Usiminas R$ 1,909,994 and Siderar R$ 238,554; and

(b)		Dividends received from Gerdau, R$ 4,195 (3Q/06 R$ 1,659, 2Q/06 R$ 1,209 and 1Q/06 R$ 1,327), Longyu 2Q/06 R$ 33,147, Usiminas R$ 98,039 (3Q/06 — R$ 38,965, 2Q/06 R$ 59,074) and others at cost R$ 356.

5.14— Property, Plant and Equipment

(a) By type of asset:


				Consolidated									Parent Company
	Average			09/30/06							06/30/06		09/30/06							06/30/06
	deprecia-tion					Accumulated									Accumulated
	rates			Cost		depreciation			Net		Net		Cost		depreciation			Net		Net
Buildings		2.82	%		4,045,973		(1,528,432	)		2,517,541		2,224,384		2,203,660		(767,652	)		1,436,008		1,371,601
Installations		3.69	%		17,881,280		(6,529,988	)		11,351,292		10,336,524		8,496,799		(3,165,809	)		5,330,990		5,060,290
Equipment		9.52	%		5,742,956		(2,729,719	)		3,013,237		3,781,821		2,884,195		(1,020,949	)		1,863,246		1,645,307
Information technology equipment		20.00	%		1,226,867		(491,730	)		735,137		703,945		1,068,310		(386,531	)		681,779		651,734
Railroads		3.87	%		8,755,513		(3,433,341	)		5,322,172		4,902,076		8,436,576		(3,324,465	)		5,112,111		4,981,594
Mineral rights (note 5.4 (h))		1.84	%		1,761,673		(439,301	)		1,322,372		1,092,864		1,304,203		(204,632	)		1,099,571		1,117,506
Others		14.50	%		3,088,465		(1,287,021	)		1,801,444		2,029,454		2,143,197		(831,332	)		1,311,865		1,112,103

					42,502,727		(16,439,532	)		26,063,195		25,071,068		26,536,940		(9,701,370	)		16,835,570		15,940,135
Construction in progress		—			12,056,225		—			12,056,225		11,468,569		7,188,230		—			7,188,230		7,013,348

Total					54,558,952		(16,439,532	)		38,119,420		36,539,637		33,725,170		(9,701,370	)		24,023,800		22,953,483

(b) By business area:


	Consolidated
	09/30/06							06/30/06
			Accumulated
	Cost		depreciation			Net		Net
Ferrous
In operation		26,513,717		(10,868,654	)		15,645,063		15,344,432
Construction in Progress		6,263,395		—			6,263,395		5,938,563

		32,777,112		(10,868,654	)		21,908,458		21,282,995


Non — Ferrous
In operation		3,076,350		(838,673	)		2,237,677		2,188,554
Construction in Progress		3,038,543		—			3,038,543		2,939,831

		6,114,893		(838,673	)		5,276,220		5,128,385


Logistics
In operation		4,072,520		(1,279,478	)		2,793,042		2,227,806
Construction in Progress		213,895		—			213,895		238,096

		4,286,415		(1,279,478	)		3,006,937		2,465,902


Holdings
In operation		7,701,846		(3,080,904	)		4,620,942		4,607,879
Construction in Progress		2,056,420		—			2,056,420		1,636,522

		9,758,266		(3,080,904	)		6,677,362		6,244,401


Corporate Center
In operation		1,138,292		(371,823	)		766,469		702,397
Construction in Progress		483,974		—			483,974		715,557

		1,622,266		(371,823	)		1,250,443		1,417,954

Total		54,558,952		(16,439,532	)		38,119,420		36,539,637

5.15- Loans and Financing

Current


	Consolidated				Parent Company
	09/30/06		06/30/06		09/30/06		06/30/06
Trade finance		843,733		448,208		438,419		—
Working capital		218,404		204,181		—		—

		1,062,137		652,389		438,419		—

Non-current


	Consolidated								Parent Company
	Current liabilities				Long-term liabilities				Current liabilities				Long-term liabilities
	09/30/06		06/30/06		09/30/06		06/30/06		09/30/06		06/30/06		09/30/06		06/30/06
Foreign operations

Loans and financing in:
U.S. dollars		1,412,394		1,533,949		4,663,174		4,371,768		402,094		516,607		1,686,872		1,832,982
Other currencies		7,768		7,827		30,811		31,562		7,768		7,827		30,811		31,562
Notes in U.S. dollars		—		—		4,417,672		4,406,214		—		—		—		—
Export securitization		183,366		181,128		609,017		653,013		—		—		—		—
Perpetual notes		—		—		185,968		173,969		—		—		—		—
Accrued charges		185,340		287,341		—		—		18,717		46,067		—		—

		1,788,868		2,010,245		9,906,642		9,636,526		428,579		570,501		1,717,683		1,864,544


Local operations

Indexed by TJLP, TR and IGP-M		178,182		166,432		339,119		343,497		44,660		44,945		159,350		167,211
Basket of currencies		3,536		3,530		16,824		17,642		3,270		3,259		16,545		17,289
Loans in U.S. dollars		187,708		256,073		226,777		236,398		406		825		—		—
Non-convertible debentures		—		690		352,590		342,680		—		690		11		11
Accrued charges		59,450		77,259		—		—		1,119		901		—		—

		428,876		503,984		935,310		940,217		49,455		50,620		175,906		184,511

		2,217,744		2,514,229		10,841,952		10,576,743		478,034		621,121		1,893,589		2,049,055

(a)		Foreign currency loans and financing were converted into reais at exchange rates effective on the quarterly information date, being US$ 1.00 = R$ 2.1742 on 09/30/06 (R$ 2.1643 in 06/30/06) and ¥ 1.00 = R$ 0.18408 on 09/30/06 (R$ 0.018920 on 06/30/06);

(b)		At September 30, 2006, our consolidated debt was secured as follows:

	•		Loans guaranteed by the Federal Government, to which we gave counter-guarantees of R$227.365;

	•		Securitization program of R$801.223;

	•		Property, plant and equipment of R$98.345;

	•		Other assets R$1.005.221.

(c)

Amortization of principal and financing charges incurred on long-term loans and financing obtained abroad and domestically mature as follows, as of 09/30/06:


	Consolidated				Parent Company
2007		423,473	4	%		53,021	3	%
2008		955,093	9	%		429,980	23	%
2009		754,642	7	%		388,779	21	%
2010 onward		8,170,197	75	%		1,021,809	53	%
No due date (perpetual notes and debentures)		538,547	5	%		—	—

		10,841,952	100	%		1,893,589	100	%

(d)		On October, 2005, the subsidiary Vale Overseas Limited launched a US$ 300 million notes issue maturing in 2034. The notes carry a coupon of 7.65% p.a. The notes form a single series with the US$ 500 million notes issued in January 2004 and 8.25% p.a. coupon.

(e)		In January, 2006, the subsidiary Vale Overseas Limited issued US$ 1 billion 10-year 6.250% p.a. notes, payable semi-annually due 2016, at a price of 99.97% p.a. of the principal amount.

(f)

In January, 2006, the subsidiary Vale Overseas Limited concluded its tender offer for any and all of its US$ 300 million aggregate principal amount outstanding 9.00% p.a. Guaranteed Notes due 2013.

5.16- Contingent Liabilities

At the quarterly information dates the contingent liabilities of the Company were:

(a)

Provisions for contingencies and judicial deposits (booked under long-term liabilities and long-term assets, respectively), considered by management and its legal counsel as sufficient to cover losses from any type of lawsuit, were as follows:


	Consolidated
	Tax judicial			Labor and social
Judicial deposits	deposits			judicial deposits			Civil claims			Others			Total
Balance at 06/30/2006		1,291,736			396,054			263,588			2,585			1,953,963
Addition		77,221			39,215			43,017			907			160,360
Write off		(56,860	)		(3,355	)		(1,434	)		(1,825	)		(63,474	)
Updating’s		8,494			54,598			766			103			63,961

Balance at 06/30/2006		1,320,591			486,512			305,937			1,770			2,114,810


	Parent Company
	Tax judicial			Labor and social
Judicial deposits	deposits			judicial deposits			Civil claims			Others			Total
Balance at 06/30/2006		795,983			297,818			188,730			2,377			1,284,908
Addition		72,145			23,043			13,831			905			109,924
Write off		(56,860	)		(2,800	)		(1,433	)		(1,825	)		(62,918	)
Updating’s		6,910			54,311			766			103			62,090

Balance at 06/30/2006		818,178			372,372			201,894			1,560			1,394,004


	Consolidated
				Labor and social
Provisions for contingencies	Tax contingencies			security claims			Civil claims			Others			Total
Balance at 06/30/2006		1,753,984			696,267			528,147			62,426			3,040,824
Addition		34,799			185,836			35,556			(4,392	)		251,799
Write off		(56,284	)		(118,382	)		(20,343	)		(122	)		(195,131	)
Updating’s		153,956			20,743			3,865			455			179,019

Balance at 06/30/2006		1,886,455			784,464			547,225			58,367			3,276,511


	Parent Company
				Labor and social
Provisions for contingencies	Tax contingencies			security claims			Civil claims			Others			Total
Balance at 06/30/2006		1,367,715			556,072			373,461			25,357			2,322,605
Addition		7,216			158,339			6,677			86			172,318
Write off		(52,610	)		(118,403	)		(18,752	)		(124	)		(189,889	)
Updating’s		151,918			21,414			3,474			455			177,261

Balance at 06/30/2006		1,474,239			617,422			364,860			25,774			2,482,295

		The Company is party to labor, civil, tax and other suits and has been contesting these matters both administratively and in court. When applicable, these are backed by judicial deposits. Provisions for losses are estimated and restated monetarily by management based on the opinions of the legal department and outside counsel.

		Labor and social security — related actions principally comprise claims for (i) payment of time spent traveling from their residences to the work-place, (ii) additional health and safety related payments and (iii) various other matters, often in connection with disputes about the amount of indemnities paid upon dismissal and the one-third extra holiday pay.

		Civil — actions principally related to claims made against us by contractors in connection with losses alleged to have been incurred by them as a result of various past government economic plans during which full indexation of contracts for inflation was not permitted and accidents.

		Tax — related actions principally comprise our challenges of certain revenue taxes, value added tax and income tax.

		In addition to the contingencies for which we have made provisions we have possible losses totaling R$ 2,632,317 (R$ 1,966,662 parent company). Based on the advice of our legal counsel, no provision is maintained.

(b)		Guarantees given to jointly controlled companies are as follows:

Amount of guarantee

Denominated

Counter

Affiliate

09/30/06

06/30/06

currency

Purpose

Final maturity

guarantees

SAMARCO

5,890

8,508

US$

Debt guarantee IFC

2008

None

		The Company expect such guarantees to be not executed and therefore no provisions for losses have been made.

(c)		Upon privatization of the Company in 1997, issued anon-convertible debentures (Debentures) to the stockholders of record, including the federal government. The maturity dates of these Debentures were established to guarantee that pre-privatization stockholders, including the federal government, would share with us in any future benefits from the Company mineral resources.

		A total of 388,559,056 Debentures were issued at a par value of R$ 0.01 (one cent), whose value is to be restated in accordance with the variation in the General Market Price Index (IGP-M), as set forth in the Issue Deed.

		On October 4, 2002, the Comissão de Valores Mobiliários — CVM (Brazilian Securities Commission) approved the Company’s registration request, for public trading of the Debentures. As from October 28, 2002, the Debentures can be traded on the secondary market.

		The debenture holders are entitled to receive semi-annual payments equivalent to a percentage of the net revenue deriving from certain mineral resources owned in May 1997 and included in the Issue Deed.

		According to the Debenture Issue Deed, the amount of the premium must include interest up to the month prior to that of effective payment, plus 1% in the month in which the funds are made available to the debenture holder. Pursuant to this Deed, the payment date shall take place each semester in March and September.

		On the start-up of copper projects in 2006, CVRD began calculating the premium referring to these minerals rights. Considering the iron ore sale, the Company estimates that the threshold for payment will be reached by approximately 2032 and 2019 for the Southern and Northern systems, respectively. Regarding other minerals, such as bauxite and nickel, the forecast for exploitation is for the second half of the decade, and according to the criteria established in the Deed, payment will be due on the net sales revenue in the fourth year after the date of first commercialization. The obligation to make payments to the debenture holders will cease when the pertinent mineral resources are exhausted.

		On 04/03/06 e 02/10/2006 we made available payment related to debentures in the amount of R$4,491 and RS 8,379,r espectively.

5.17- Provision for asset retirement obligations

Expenditures relating to ongoing compliance with environmental regulations are charged to production costs or capitalized as incurred. The Company manages yours relations with the environmental as a strategic factor, having as assumption the full compliance with applicable government rules and its environmental policies according to the specifications of ISO 14,001 and maintains ongoing programs to minimize the environmental impact of its mining operations as well as to reduce the costs that will be incurred upon termination of activities at each mine. On 09/30/06, the provision for asset retirement obligations amounted to R$549,305 (R$336,384 parent company), which was accounted for in “Provision for asset retirement obligations” in non-current liabilities and R$17,191 (R$ 17,191 parent company) in “Other” in current liabilities. The Company adopts the concepts of the Accounting for Asset Retirement Obligations, as follows:

	•		Costs for mine closure are recorded as part of the cost of these assets and a corresponding provision is made for such future expenditure;

	•		The estimated costs are accounted for at the present value of the obligations, discounted using a risk free rate; and

	•		The estimated costs are reviewed annually and changes in the present value are adjusted in the recorded amounts of the assets and liabilities.

5.18- Treasury Stock

The Board of Directors, under the terms of Subparagraph XXXII of Article 14 of the Bylaws and based on Article 30 of Law 6404/76 and CVM Instructions 10 of 02/14/80 and 268 of 11/13/97, approved the acquisition by the Company of its own shares to be held in treasury for later sale or cancellation.

On June 21, 2006, the Board of Directors approved a buy-back program of its preferred shares. The program will involve the acquisition of up to 47,986,763 preferred shares, corresponding to 5% of its outstanding preferred shares on May 31, 2006, to be executed over the next 180 days. Until 09/30/06, 1,281,100 preferred shares had been acquired. Until 09/30/06 has been acquired 15,149,600 common shares.

On 09/30/06, the Company had acquired 28,291,020 common shares and 15,172,516 preferred shares, which are held in treasury in the amount of R$ 790,304. The 28,291,020 common shares guarantee a loan of the subsidiary Alunorte. On September 30, 2006 the market value of 4,924,760 of these shares would be sufficient to offset the balance of the debt.


	Shares										Average quoted market
Class	Quantity				Unit acquisition cost						price
	09/30/06		06/30/06		Average		Low		High		09/30/06		06/30/06
Preferred		15,172,516		1,304,016		43.45		41.13		45.15		43.59		44.56
Common		28,291,020		28,291,020		4.63		3.34		8.68		50.55		51.78

		43,463,536		29,595,036

5.19- Paid-up Capital

At the Extraordinary Shareholders’ Meeting held on March 31,2006 the Capital Stock is in the amount of R$19,492,400,974.56, corresponding to 1,229,828,529 shares, being R$ 9,007,032,395.62 divided into 749.949.429 common shares and R$10,485,368,578.94, divided into 479,879,100 preferred Class “A”, including three (3) special Class shares, all without par value.

After the split the capital stock in the amount of R$19.5 billion, corresponds to 2,459,657,058 shares, being 1,499,898,858 common shares and 957,758,200 preferred Class “A”, including six special class shares without par value (Golden share). The share/ADR proportion was maintained at 1/1; therefore, each common and preferred share will continue to be represented by one ADR supported by one common share or by one ADR supported by one class “A” preferred share, respectively.

Preferred shares have the same rights as common shares, except for the right to elect the members of the Board of Directors. They have priority to a minimum annual dividend of 6% on the portion of capital represented by this class of share or 3% of the book net equity value of the share, whichever is greater.

On May 22, 2005 the Extraordinary Shareholders’ Meeting approved the split of shares.

5.20- Payment to Shareholders

On October 31, 2006, was paid the second installment of the minimum dividend to shareholders for R$1,387,035, equivalent to R$ 0.574057909 per outstanding preferred class A or common share was made. From this amount, R$1,350,000 equivalent to R$ 0.558730080 per outstanding preferred class A or common share were paid in the form of interest on shareholders ´ equity and R$37,035, equivalent to R$0.015327829 per outstanding preferred or common share, in the form of dividends.

On April 04, 2006, was paid the first installment of the minimum dividend to shareholders for R$1,392,300, equivalent to R$ 1.145292894 per outstanding common or preferred class A or common share was made. From this amount, R$809,800 equivalent to R$ 0.666133869 per outstanding preferred class A or common share were paid in the form of interest on shareholders ´ equity and R$582,500, equivalent to R$0.479159025 per outstanding preferred or common share, in the form of dividends.

5.21- Financial Results

Consolidated


	Quarter
	3Q/06									2Q/06									3Q/05
													Monetary
				Monetary and									and									Monetary and
				exchange									exchange									exchange
	Financial			rate variation						Financial			rate variation						Financial			rate variation
	expenses			on liabilities			Total			expenses			on liabilities			Total			expenses			on liabilities			Total
Foreign debt		(128,180	)		(21,807	)		(149,987	)		(123,118	)		76,420			(46,698	)		(152,781	)		388,288			235,507
Local debt		(38,621	)		3,794			(34,827	)		(41,444	)		(100,574	)		(142,018	)		(18,959	)		129,667			110,708
Related parties		(1,507	)		143			(1,364	)		(1,911	)		(7	)		(1,918	)		(5,500	)		758			(4,742	)

		(168,308	)		(17,870	)		(186,178	)		(166,473	)		(24,161	)		(190,634	)		(177,240	)		518,713			341,473
Labor, tax and civil contingencies		(62,594	)		(121,307	)		(183,901	)		(56,236	)		(7,771	)		(64,007	)		(65,724	)		30,752			(34,972	)
Derivatives, net of gain/losses (interest and currencies)		71,261			516			71,777			3,244			27			3,271			3,106			741			3,847
Derivatives, net of gain/losses (gold, aluminum, alumina and copper)		91,078			(1,383	)		89,695			(110,679	)		1,634			(109,045	)		(172,567	)		13,380			(159,187	)
Call option premium		(187,346	)		—			(187,346	)		—			—			—			—			—			—
CPMF		(42,480	)		—			(42,480	)		(42,486	)		—			(42,486	)		(34,536	)		—			(34,536	)
Other		(100,757	)		(2,854	)		(103,611	)		(184,189	)		(49,334	)		(233,523	)		(62,542	)		(94,612	)		(157,154	)

		(399,146	)		(142,898	)		(542,044	)		(556,819	)		(79,605	)		(636,424	)		(509,503	)		468,974			(40,529	)


												Monetary
				Monetary and								and									Monetary and
				exchange								exchange									exchange
	Financial			rate variation					Financial			rate variation						Financial			rate variation
	income			on assets		Total			income			on assets			Total			income			on assets			Total
Related parties		1,395			97		1,492			5,050			(1,443	)		3,607			800			(13,174	)		(12,374	)
Marketable securities		103,191			14,069		117,260			55,001			(9,289	)		45,712			60,473			(104,074	)		(43,601	)
Other		33,622			141,061		174,683			44,713			75,987			120,700			4,067			(226,828	)		(222,761	)

		138,208			155,227		293,435			104,764			65,255			170,019			65,340			(344,076	)		(278,736	)

Financial income (expenses), net		(260,938	)		12,329		(248,609	)		(452,055	)		(14,350	)		(466,405	)		(444,163	)		124,898			(319,265	)


	Accumulated
	09/30/06									09/30/05
				Monetary and									Monetary and
				exchange									exchange
	Financial			rate variation						Financial			rate variation
	expenses			on liabilities			Total			expenses			on liabilities			Total
Foreign debt		(367,259	)		296,872			(70,387	)		(334,780	)		1,158,793			824,013
Local debt		(117,198	)		58,390			(58,808	)		(138,010	)		354,061			216,051
Related parties		(6,082	)		11			(6,071	)		(16,414	)		771			(15,643	)

		(490,539	)		355,273			(135,266	)		(489,204	)		1,513,625			1,024,421

Labor, tax and civil contingencies		(175,740	)		(142,823	)		(318,563	)		(128,310	)		(11,660	)		(139,970	)
Derivatives, net of gain/losses (interest and currencies)		76,094			975			77,069			1,816			3,307			5,123
Derivatives, net of gain/losses (gold, aluminum, alumina and copper)		(178,871	)		50,477			(128,394	)		(165,552	)		52,161			(113,391	)
Call option premium		(187,346	)		—			(187,346	)		—			—			—
CPMF		(133,422	)		—			(133,422	)		(104,231	)		—			(104,231	)
Other		(393,212	)		(207,882	)		(601,094	)		(166,521	)		(255,308	)		(421,829	)

		(1,483,036	)		56,020			(1,427,016	)		(1,052,002	)		1,302,125			250,123


				Monetary and									Monetary and
				exchange									exchange
	Financial			rate variation						Financial			rate variation
	income			on assets			Total			income			on assets			Total
Related parties		7,236			(1,342	)		5,894			15,607			(5,236	)		10,371
Marketable securities		227,218			(47,749	)		179,469			155,081			(320,207	)		(165,126	)
Other		116,625			150,960			267,585			65,629			(672,838	)		(607,209	)

		351,079			101,869			452,948			236,317			(998,281	)		(761,964	)

Financial income (expenses), net		(1,131,957	)		157,889			(974,068	)		(815,685	)		303,844			(511,841	)

Parent Company


	Accumulated
	09/30/06									09/30/05
				Monetary and									Monetary and
				exchange									exchange
	Financial			rate variation						Financial			rate variation
	expenses			on liabilities			Total			expenses			on liabilities			Total
Foreign debt		(81,234	)		(32,960	)		(114,194	)		(49,463	)		289,425			239,962
Local debt		(24,269	)		(65,054	)		(89,323	)		(16,550	)		68,284			51,734
Related parties		(282,941	)		467,913			184,972			(205,406	)		659,117			453,711

		(388,444	)		369,899			(18,545	)		(271,419	)		1,016,826			745,407

Labor, tax and civil contingencies		(166,814	)		(140,098	)		(306,912	)		(118,325	)		(9,354	)		(127,679	)
Derivatives, net of gain/losses (interest and currencies)		2,200			(196	)		2,004			(3,264	)		(546	)		(3,810	)
Derivatives, net of gain/losses (gold)		(16,025	)		3,887			(12,138	)		(8,662	)		7,198			(1,464	)
CPMF		(82,035	)		—			(82,035	)		(61,293	)		—			(61,293	)
Other		(224,190	)		126,591			(97,599	)		(72,067	)		371,571			299,504

		(875,308	)		360,083			(515,225	)		(535,030	)		1,385,695			850,665


				Monetary									Monetary
				and exchange									and exchange
	Financial			rate variation						Financial			rate variation
	income			on assets			Total			income			on assets			Total
Related parties		54,353			(95,645	)		(41,292	)		42,981			(225,571	)		(182,590	)
Marketable securities		45,294			72			45,366			40,466			9,782			50,248
Other		17,810			151,255			169,065			31,904			(39,912	)		(8,008	)

		117,457			55,682			173,139			115,351			(255,701	)		(140,350	)

Financial income (expenses), net		(757,851	)		415,765			(342,086	)		(419,679	)		1,129,994			710,315

5.22- Financial Instruments — Derivatives

The main market risks the Company faces are related to volatility of interest rates, exchange rates and commodities prices. CVRD has a policy of managing risks through the use of derivative instruments. These operations are done with exclusive objective to reduce our risk exposure. We do not use this with speculative purpose.

We keep track and evaluate our position regularly and adjust our strategty always accordingly market conditions. Periodically we reviewed the credit limits and creditworthiness of counterparties on these transactions according to polices and rules to operations with derivatives instruments, the Company’s management considers that chances of unexpected risk situations are not probable.

The following table shows the movement of gains/loss on derivatives:


	Consolidated
	3Q/06
	Interest
	rates (libor)			*Currencies()**		Gold			Aluminium			Alumina			*Copper()**			Total
Gains / (losses) unrealized on 03/31/06		(2,301	)		4,228		(131,294	)		(385,442	)		(160,801	)		—			(675,610	)
Financial settlement		377			—		10,121			26,381			23,670			—			60,549
Financial expenses, net		(715	)		71,976		9,888			69,973			5,434			5,783			162,339
Monetary variations, net		(14	)		530		(406	)		(589	)		(386	)		(2	)		(867	)

Gains / (losses) unrealized on 06/30/06		(2,653	)		76,734		(111,691	)		(289,677	)		(132,083	)		5,781			(453,589	)


	2Q/06
	Interest
	rates (libor)			*Currencies()**		Gold			Aluminium			Alumina			*Copper()**		Total
Gains / (losses) unrealized on 12/31/05		(6,361	)		2,325		(126,624	)		(353,234	)		(158,748	)		—		(642,642	)
Financial settlement		2,692			—		8,253			32,316			29,545			—		72,806
Financial expenses, net		1,358			1,886		(11,688	)		(68,105	)		(30,886	)		—		(107,435	)
Monetary variations, net		10			17		(1,235	)		3,581			(712	)		—		1,661

Gains / (losses) unrealized on 03/31/06		(2,301	)		4,228		(131,294	)		(385,442	)		(160,801	)		—		(675,610	)


	3Q/05
	Interest
	rates (libor)			*Currencies()**			Gold			Aluminium			Alumina			*Copper()**		Total
Gains / (losses) unrealized on 06/30/05		(21,173	)		3,719			(69,555	)		(127,240	)		(50,832	)		—		(265,081	)
Financial settlement		1,453			(884	)		6,122			15,387			16,072			—		38,150
Financial expenses, net		3,397			(292	)		(21,382	)		(116,147	)		(35,036	)		—		(169,460	)
Monetary variations, net		938			(195	)		3,668			6,940			2,772			—		14,123

Gains / (losses) unrealized on 06/30/05		(15,385	)		2,348			(81,147	)		(221,060	)		(67,024	)		—		(382,268	)


	Parent Company
	09/30/06
	Interest rates
	(libor)			*Currencies()**			Gold			*Copper()**		Total
Gains / (losses) unrealized on 12/31/05		(5	)		1,725			(63,408	)		—		(61,688	)
Financial settlement		—			—			15,802			—		15,802
Financial expenses, net		5			2,195			(22,002	)		5,977		(13,825	)
Monetary variations, net		—			(196	)		3,888			—		3,692

Gains / (losses) unrealized on 06/30/06		—			3,724			(65,720	)		5,977		(56,019	)


	09/30/05
	Interest rates
	(libor)			*Currencies()**			Gold			*Copper()**		Total
Gains / (losses) unrealized on 12/31/04		(9,268	)		9,405			(55,406	)		—		(55,269	)
Financial settlement		7,354			(2,081	)		9,775			—		15,048
Financial expenses, net		698			(3,953	)		(8,663	)		—		(11,918	)
Monetary variations, net		480			(1,023	)		7,198			—		6,655

Gains / (losses) unrealized on 06/30/05		(736	)		2,348			(47,096	)		—		(45,484	)


(*)		Included as others in current assets.

Final maturity dates for the above instruments are as follows:


Gold		December 2008
Interest rates (LIBOR)		October 2007
Currencies		December 2011
Alumina		December 2008
Aluminum		December 2008
Copper		December 2008

5.23- Selling, Administrative and Other Operating Expenses


	Consolidated										Parent Company
	Quarter						Accumulated				Accumulated
Administrative	3Q/06		2Q/06		3Q/05		09/30/06		09/30/05		09/30/06		09/30/05
Personnel		152,197		142,299		138,272		431,781		344,878		224,272		181,687
Services of technical consulting		43,674		33,179		89,146		115,289		236,116		71,533		86,366
Advertising and publicity		24,946		54,536		24,422		106,242		68,761		104,505		67,552
Depreciation		62,348		53,240		32,572		167,645		91,866		119,785		41,331
Travel expenses		13,187		13,509		10,116		37,401		34,161		31,638		29,198
Rents and taxes		14,030		15,001		6,255		39,082		39,569		19,308		21,718
Community aborigine		7,737		4,120		3,470		15,920		13,395		15,920		13,395
Other		58,336		64,750		28,407		174,636		69,055		36,978		18,813

Sub total		376,455		380,634		332,660		1,087,996		897,801		623,939		460,060

Sales		25,692		131,160		90,782		261,738		286,445		2,734		1,185

Total		402,147		511,794		423,442		1,349,734		1,184,246		626,673		461,245


	Consolidated										Parent Company
	Quarter						Accumulated				Accumulated
Other operating expenses (income)	3Q/06		2Q/06		3Q/05		09/30/06		09/30/05		09/30/06		09/30/05
Provisions for contingencies		73,717		44,334		118,333		149,071		178,461		12,131		81,000
Provision for loss on ICMS credits		24,335		13,935		15,515		53,128		24,224		—		—
Provision for profit sharing		75,619		78,441		52,966		216,509		159,647		174,000		135,000
Fundação Vale do Rio Doce — FVRD		15,040		2,573		9,642		20,911		42,120		18,883		41,770
Other		159,107		36,619		92,132		272,926		224,774		152,953		(3,063	)

Total		347,818		175,902		288,588		712,545		629,226		357,967		254,707

5.24- Acquisition of INCO

On October 23, 2006 CVRD acquired Inco Limited (Inco) for US$ 13 billion, corresponding to 174,623,019 common shares for Cdn$ 86.00 each share, representing 75.66% of its outstanding shares.

Our acquisition is consistent with our long-term corporate strategy and with our non-ferrous metals business strategy. It is a new step in our strategy of developing, operating and maximizing the performance of large-scale, long-life and low-cost assets.

The proposed transaction will bring a better diversification to our Company’s activities by products, markets and geographic asset base contributing to reducing our business and financial risks.

Inco is a leading Canadian-based nickel company, and one of the largest nickel producers possessing the world’s largest nickel reserve base.

In accordance with CVRD stated purpose of acquiring 100% of the outstanding shares of Inco, CVRD are taking the steps to acquire the remaining shares. Until 03/11/06 CVRD have already acquired 196,078,276 shares by approximately US$ 15 bilion, representing 86.57% of Inco’s capital.

The financial disbursement with the acquisition of 100% of Inco shares is estimated to reach US$ 17.6 billion. . Most part of money is coming from a bridge loan supplied by a syndicate of banks. The bridge loan has a two-year tenor, with an interest rate of Libor plus 40 basis points during the first year and Libor plus 60 basis points during the second year.

CVRD expects to conclude shortly several transactions to take out the bridge loan aiming to extend the debt maturity close to the pre-acquisition level, longer than seven years.

Until 11/03/06 CVRD has already acquired 196,078,276 shares by approximately US$ 15 billion, representing 86,57% of Inco’s capital .

6- Attachment I — Statement of Investments in Subsidiaries and Jointly-Controlled Companies


Period ended september 30, 2006													In thousands of reais
													Accounting information
	Participation (%)				Assets						Liabilities and stockholders’ equity							Statement of income
							Current						Non-current assets
									Investments,
									property plant				Long-term,																Income
									and				deferred							Cost of									tax and
									equipment				income and		Adjusted					products			Operating			Non-			Social			Adjusted
									and deferred				minority		stockholders’			Net		and			income			operating			contributi			net income
	Total		Voting		Circulante		Long-term		charges		Current		interest		equity			revenues		services			(expenses)			result			on			(loss)
Subsidiaries (a)
ALBRAS — Alumínio Brasileiro S.A. (c)		51.00		51.00		417,686		1,402,889		1,050,092		282,483		1,008,443		1,579,741			1,803,302		(1,148,693	)		(67,129	)		122			(138,980	)		448,622
ALUNORTE — Alumina do Norte do Brasil S.A. (c)		57.03		61.74		790,012		158,257		3,707,209		293,098		1,257,132		3,105,248			1,911,731		(1,111,091	)		(103,401	)		365			(130,266	)		567,338
Brasilux S.A.		100.00		100.00		2,261		33,565		535		13,584		—		22,777			—		—			(1,250	)		—			—			(1,250	)
Caemi Mineração e Metalurgia S.A.(b, c)		100.00		100.00		2,507,690		1,204,848		2,106,827		807,737		985,271		4,026,357			4,063,696		(1,616,479	)		(324,365	)		(242,246	)		(407,665	)		1,472,941
Companhia Paulista de Ferro Ligas		100.00		100.00		70,241		166,160		3,831		146,596		96,053		(2,417	)		—		—			4,124			253			(7,306	)		(2,929	)
Companhia Portuária Baia de Sepetiba — CPBS		100.00		100.00		211,640		5,969		148,302		61,595		29		304,287			204,492		(73,556	)		6,574			—			(46,756	)		90,754
CVRD Overseas Ltd.		100.00		100.00		1,113,635		609,018		865,340		1,758,171		43,636		786,186			2,074,881		(1,395,550	)		(30,503	)		—			—			648,828
Docepar S.A.		100.00		100.00		2,621		324,478		149		21,430		273,387		32,431			—		—			(10,690	)		—			(213	)		(10,903	)
Ferrovia Centro — Atlântica S.A.		100.00		100.00		323,681		132,199		1,484,868		211,771		1,900,664		(171,687	)		537,105		(522,180	)		(65,145	)		—			—			(50,220	)
Ferro Gusa Carajás S.A.		77.97		77.97		140,235		152		284,786		343,497		647		81,029			86,443		(92,097	)		(36,306	)		—			—			(41,960	)
Florestas Rio Doce S.A. (c)		100.00		100.00		31,849		35,431		3,730		10,803		32,981		27,226			—		—			6,458			—			(2,958	)		3,500
CVRD International S.A. (d)		100.00		100.00		9,834,500		10,912,583		4,267,129		3,742,503		7,081,542		14,190,167			12,964,755		(9,486,634	)		63,663			750,313			—			4,292,097
Mineração Tacumã Ltda.		100.00		100.00		128		—		1,603,157		16,319		1,773,342		(186,376	)		—		—			(69,681	)		—			—			(69,681	)
Navegação Vale do Rio Doce S.A. — DOCENAVE (c)		100.00		100.00		429,752		23,294		434,188		84,394		541,855		260,985			43,091		(13,137	)		(8,376	)		(5	)		(12,412	)		9,161
Rio Doce International Finance Ltd.		100.00		100.00		589		13,381		—		8,815		138		5,017			—		(647	)		156,846			—			—			156,199
Rio Doce Manganèse Europe — RDME		100.00		100.00		236,355		210		74,895		115,406		2,405		193,649			334,243		(328,144	)		(15,892	)		18			(728	)		(10,504	)
Rio Doce Manganése Norway AS		100.00		100.00		93,366		7,354		61,557		78,421		14,805		69,051			116,442		(106,224	)		(525	)		—			—			9,693
Rio Doce Manganês S.A.		100.00		100.00		416,631		213,276		374,642		288,339		192,097		524,113			461,544		(409,267	)		(127,434	)		(43,946	)		9,303			(109,800	)
Salobo Metais S.A.		100.00		100.00		1,314		—		865,619		684		590,114		276,135			—		—			—			—			—			—
TVV — Terminal de Vila Velha S.A. (c)		100.00		99.89		50,278		7,875		54,891		27,152		9,956		75,936			88,553		(63,624	)		(2,954	)		—			(7,277	)		14,698
Urucum Mineração S.A.		100.00		100.00		106,938		19,346		69,887		28,950		111,322		55,899			106,381		(61,369	)		(26,961	)		(2,731	)		(6,438	)		8,882
Vale Overseas Ltd.		100.00		100.00		65,241		4,532,039		—		65,239		4,532,039		1			—		—			—			—			—			—
Valesul Alumínio S.A. (c)		100.00		100.00		257,452		70,266		119,816		104,816		30,891		311,827			421,871		(322,080	)		(20,256	)		5,590			(27,673	)		57,452

Jointly-controlled companies (a)
California Steel Industries, Inc.		50.00		50.00		1,250,972		4,892		512,074		699,541		326,129		742,268			2,290,987		(1,857,562	)		(123,283	)		—			(144,537	)		165,605
Companhia Coreano-Brasileira de Pelotização — KOBRASCO (c)		50.00		50.00		170,150		27,735		246,128		171,807		105,845		166,361			573,519		(450,804	)		(7,618	)		727			(41,172	)		74,652
Companhia Hispano-Brasileira de Pelotização — HISPANOBRÁS (c)		50.89		51.00		221,885		45,955		76,630		132,162		54,685		157,623			515,694		(415,652	)		(23,530	)		—			(30,757	)		45,755
Companhia Ítalo-Brasileira de Pelotização — ITABRASCO (c)		50.90		51.00		188,929		57,574		74,649		114,114		64,544		142,494			469,854		(386,582	)		(17,382	)		—			(25,099	)		40,791
Companhia Nipo-Brasileira de Pelotização — NIBRASCO (c)		51.00		51.11		308,902		83,074		128,693		310,493		63,398		146,776			867,228		(710,412	)		(56,147	)		—			(39,470	)		61,199
Minas da Serra Geral S.A. — MSG (c)		50.00		50.00		27,845		14,397		83,871		3,065		23,453		99,595			18,467		(8,061	)		(3,737	)		207			(2,238	)		4,638
Mineração Rio do Norte S.A. (c)		40.00		40.00		149,956		507,954		956,587		574,171		227,695		812,631			681,410		(406,274	)		(5,582	)		(676	)		(36,097	)		232,781
MRS Logística S.A. (c)		40.45		37.23		878,852		286,733		1,310,079		785,515		669,992		1,020,157			1,441,932		(764,281	)		(82,585	)		(2,472	)		(201,653	)		390,941
Samarco Mineração S.A. (c)		50.00		50.00		706,259		171,442		1,808,061		881,821		1,036,446		767,495			1,745,106		(609,293	)		(227,157	)		4,440			(158,840	)		754,256
Baovale Mineração S. A. (c)		50.00		100.00		43,089		—		50,378		1,446		—		92,021			22,078		(3,268	)		(17,565	)		—			(2,475	)		(1,230	)
Notes:


Notes:

(a)		The amounts above correspond to totals presented in the quarterly information of these companies on September 30, 2006 adjusted and unaudited;

(b)		Since March 31, 2006 Caemi became a wholly owned subsidiary of CVRD (Note 5.5). The consolidated results of Caemi includes the amount of R$ 247,179 referring to minority interest;

(c)		Dividends received during the period: Albrás R$ 62.593, Alunorte R$ 30.832, Baovale R$ 963, Belém R$ 19,818, Caemi R$ 334,238, CPBS R$ 34.500, Docenave R$ 70,134, Florestas R$ 29.997, Hispanobrás R$ 29,950, Itabrasco R$ 25,450, Kobrasco R$ 24,193, MRS R$ 10,183, MRN R$ 165,198, MSG R$1,480, Nibrasco R$ 46,713, Samarco R$ 437.601, TVV R$18,787, and Valesul R$ 896;

(d)		Previously known as Itabira Rio Doce Company Ltd. – ITACO.

Additional information of the main investee companies available on the CVRD website, www.cvrd.com.br, investors relations.

7- Report of the Independent Accountants on Limited Review

(Convenience Translation into English from the Original Previously Issued in Portuguese)

To the Stockholders and Board of Directors of
Companhia Vale do Rio Doce
Rio de Janeiro – RJ

1.		We have carried out a limited review of the Quarterly Financial Information (ITR) of Companhia Vale do Rio Doce, holding company and consolidated, in respect of the quarter ended September 30, 2006, prepared in accordance with the accounting practices adopted in Brazil and under the responsibility of the Company’s management, comprising the balance sheets, the statements of income and changes in shareholders’ equity and the comments on the Company’s performance.

2.		Except as mentioned in paragraph 3, our limited review was carried out in accordance with the specific procedures established by the Institute of Independent Auditors of Brazil (IBRACON), in conjunction with the Federal Accounting Board, and consisted mainly of: (a) inquires and discussion with the officers responsible for the Company’s and its investees’ accounting, financial and operational areas about the procedures adopted for preparing the Quarterly Financial Information (ITR), and (b) review of the information and subsequent events which have, or may have, relevant effects on the Company’s and its investees’ financial positions and operations.

3.		The financial statements as of September 30, 2006, of certain subsidiaries, jointly owned and associated companies, in which there are relevant investments, have not been reviewed by independent auditors. Accordingly, the conclusions resulting from our review do not cover the amounts of R$6,882,668 thousand of these investments and R$257,325 thousand of the income generated by them for the quarter then ended.

4.		Based on our limited review, except for the effects of the adjustments, if any, which might have been required if the financial statements of the subsidiaries, jointly-owned and associated companies mentioned in paragraph 3 had been reviewed by independent auditors, we are not aware of any relevant adjustment which should be made to the Quarterly Financial Information (ITR), referred to in paragraph 1, for it to be in accordance with the rules issued by the Brazilian Securities Commission (CVM) specifically applicable to the preparation of the obligatory Quarterly Financial Information (ITR).

5.		Our limited review was conducted for the purpose of issuing our report on the Quarterly Financial Information (ITR) referred to in paragraph 1, taken as a whole. The statement of cash flows is presented as additional information, and is not a required part of the Quarterly Financial Information. Such statement has been subjected to the review procedures described in paragraph 2 and we are not aware of any material adjustment that should be made to such statement for it to be adequately presented in relation to the Quarterly Financial Information.

6.		We have previously reviewed the balance sheets, holding company and consolidated, as of June 30, 2006 and the statements of income and cash flows for the quarter and nine months ended September 30, 2005, presented for comparison purposes, over which we issued limited reviews’ reports dated August 2, 2006 and November 9, 2005, respectively, including a qualification regarding the financial statements of certain subsidiaries, jointly-owned and associated companies, which have not been reviewed by independent auditors.

Rio de Janeiro, November 8, 2006


DELOITTE TOUCHE TOHMATSU		Marcelo Cavalcanti Almeida
Auditores Independentes		Accountant

B — Additional Information

8 — Management’s Discussion and Analysis of the Operating Results for the Year Ended September 30, 2006 and
Supplemental Information

		As a result of the analysis some general aspects must be considered, as follows:

		On 09/30/06, about 92% of the consolidated gross revenue and 25% of consolidated total cost are linked to the U.S. dollar. Consequently, fluctuations in the exchange rate between the two currencies have a significant impact on the operating results.

		Approximately 84% of consolidated short-term and long-term loans on 09/30/06 are denominated in U.S. dollars. As a result, exchange rate fluctuations have a significant impact on the financial expenses and income.

		The average Dollar rate fell 12.37% between periods (R$2.19 on 09/30/06 against R$2.49 in 09/30/05), partially offset by price increases, and the end rate fell 2.16% (R$2.17 in 09/30/06 against R$2.22 in 09/30/05).

		In 2006, iron ore prices increased by 19% and pellets prices decreased by 3%.

		The consolidated Trade Balance was:


	In US$ million
	Quarter												Accumulated
	3Q/06			2Q/06			3Q/05			09/30/06			09/30/05
Exports		2,412			2,543			1,723			7,237			5,010
Imports		(229	)		(221	)		(134	)		(678	)		(509	)

		2,183			2,322			1,589			6,559			4,501

8.1

— Comments on Consolidated Operating Results

8.1.1

— Gross revenue


	In thousands of metric tons (except railroad transportation)										In thousands of reais
			Quarter						Accumulated						Quarter				Accumulated
	3Q/06		2Q/06		3Q/05		09/30/06		09/30/05		3Q/06		2Q/06		3Q/05		09/30/06		09/30/05
Iron ore		63,119		59,703		55,203		177,682		157,331		6,024,461		5,129,829		4,462,634		15,301,139		12,288,242
Pellets (*)		9,611		7,438		8,774		24,816		27,247		1,584,879		1,224,643		1,643,421		4,161,162		4,787,234

		72,730		67,141		63,977		202,498		184,578		7,609,340		6,354,472		6,106,055		19,462,301		17,075,476

Manganese		224		198		271		571		663		38,542		25,581		48,920		88,992		174,288
Ferroalloys		131		144		136		401		423		280,974		274,665		225,891		787,132		1,041,744

												319,516		300,246		274,811		876,124		1,216,032

Copper		120		105		96		295		286		608,662		447,328		214,632		1,297,728		643,182
Potash		291		121		197		515		464		118,937		49,377		111,296		217,202		267,175
Kaolin		283		305		280		909		863		114,913		100,151		98,681		321,391		314,212

												842,512		596,856		424,609		1,836,321		1,224,569

Railroad transportation (millions of TKU) (**)		10,745		10,374		10,468		29,454		28,820		715,694		688,756		694,261		1,939,287		1,830,719
Port services		8,197		7,781		8,315		22,167		22,908		146,164		127,014		141,752		378,832		379,002
Boat services		—		—		—		—		—		14,629		12,670		17,637		40,214		49,851
Maritime transportation		—		—		—		—		—		79,571		67,528		84,306		197,337		250,814

												956,058		895,968		937,956		2,555,670		2,510,386

Aluminum		141		125		122		390		367		788,209		736,242		536,302		2,175,548		1,729,792
Alumina		829		867		504		2,186		1,335		588,504		743,806		332,974		1,668,378		929,403
Bauxite		1,049		1,056		1,422		3,213		4,056		62,962		64,248		86,039		192,597		264,258

												1,439,675		1,544,296		955,315		4,036,523		2,923,453

Steel		—		—		—		—		—		414,752		381,832		339,851		1,145,493		1,170,701
Pig iron		66		71		—		137		—		43,356		42,769		—		86,125		—
Other products and services		—		—		—		46		—		17,124		14,226		3,350		55,565		25,141

		—		—		—		—		—		475,232		438,827		343,201		1,287,183		1,195,842

												11,642,333		10,130,665		9,041,947		30,054,122		26,145,758


(*)		Includes revenues derived from services to jointly-controlled in the amounts of R$17,878, R$16,799, R$18,772, R$52,568 and R$52,674 referring to the 3Q/06, 2Q/06, 3Q/05, 09/30/06 and 09/30/05, respectively.

(**)		The Company carried through its railroad system 7,951, 7,962, 8,242, 22,083, and 22,006 million of TKUs of general cargo and 2,794, 2,412, 2,226, 7,371, and 6,814 million of TKUs of iron ore for third parties in 3Q/06, 2Q/06, 3Q/05, 09/30/06 and 09/30/05, respectively.

Sales volume and revenues by products and services:

The 15% gross revenue increase, from R$26,145,758 to R$30,054,122 was due to:

	•		Reference price increase of 19% for iron ore and decreased 3% for pellets;

	•		Increase of copper prices;

	•		Increase of iron ore volumes sold; and

	•		Beginning of the sale of pig iron and coal in 2006.

The above effects were partially offset by:

	•		The devaluation of the average dollar compared with the real was 12%; and

	•		Decrease in ferroalloys prices (due to increase of offer began by the end of 2004) and the decline of manganese volume sold.

Gross consolidated revenue by segment


							Holdings				Trimestres												Acumulado
	Ferrous		Non - Ferrous
	Minerals		Minerals		Logistics		Aluminum		Other		3Q/06		%		2Q/06		%		3Q/05		%		09/30/06		%		09/30/05		%
External market
Americas, except United States		533,008		463		17,622		275,052		—		826,145		7		655,990		6		517,929		6		2,049,106		7		1,784,288		7
United States		249,320		10,358		—		58,351		458,108		776,137		7		671,110		7		560,134		6		1,973,159		7		2,018,770		8
Germany		701,350		77,625		—		—		—		778,975		7		716,065		7		734,431		8		2,111,219		7		2,090,776		8
France		391,757		9,974		—		—		—		401,731		3		276,966		3		276,642		3		900,619		3		856,044		3
England		223,639		475		2,722		11,324		—		238,160		2		197,582		2		124,438		1		601,521		2		435,257		2
Europe, except for Germany, France and England		834,984		277,323		—		494,223		—		1,606,530		14		1,502,731		15		1,316,048		14		4,280,271		14		3,924,127		15
Middle East/Africa/Oceania		378,712		166		1,422		113,327		—		493,627		4		606,604		6		596,025		7		1,512,687		5		1,653,215		6
China		2,084,804		43,264		12,660		25,489		—		2,166,217		19		1,850,157		18		1,429,907		16		5,511,111		18		3,394,959		13
South Korea		254,081		93,569		—		—		—		347,650		3		172,063		2		321,722		4		813,579		3		698,952		3
Japan		787,184		28,225		—		297,802		—		1,113,211		10		863,720		9		794,636		9		2,813,738		9		2,232,962		9
Ásia, other than China, South Korea and Japan		366,532		93,089		—		—		—		459,621		4		523,256		5		238,139		3		1,197,519		4		836,911		3

		6,805,371		634,531		34,426		1,275,568		458,108		9,208,004		80		8,036,244		80		6,910,051		77		23,764,529		79		19,926,261		77
Brazil		1,159,541		207,981		898,697		168,110		—		2,434,329		20		2,094,421		20		2,131,896		23		6,289,593		21		6,219,497		23

Total		7,964,912		842,512		933,123		1,443,678		458,108		11,642,333		100		10,130,665		100		9,041,947		100		30,054,122		100		26,145,758		100

8.1.2 – Cost of products and services

By nature


	Denominated in						Quarter						Accumulated
	R$			US$			3Q/06		2Q/06		3Q/05		09/30/06		09/30/05
Personnel		471,499			27,799			499,298		403,940		377,497		1,275,653		1,031,788
Material		784,624			179,400			964,024		813,058		821,211		2,488,856		2,328,060
Oil and gas		470,691			137,957			608,648		530,903		457,719		1,595,846		1,310,626
Outsourced services		793,880			281,535			1,075,415		930,713		861,637		2,871,129		2,414,664
Energy		394,167			30,239			424,406		338,239		361,033		1,066,424		1,050,050
Raw Material		14,562			504,997			519,559		553,791		481,847		1,597,188		1,644,702
Depreciation and depletion		433,791			12,393			446,184		391,861		366,235		1,205,673		1,074,761
Amortization of goodwill		94,008			—			94,008		94,090		94,726		280,085		286,916
Others		261,323			43,679			305,002		294,127		286,366		851,122		762,343

Total		3,718,545			1,217,999			4,936,544		4,350,722		4,108,271		13,231,976		11,903,910


		75	%		25	%

The 11% increase in the cost of products and services (R$13,231,976 on 09/30/06 against R$ 11,903,910 on 09/30/05) is due to increase in sales volumes and changes in the prices of materials, oil, energy and services which comprise production cost during the period.

8.1.3 – Selling expenses and administrative expenses

Selling expenses decreased by 9%, from R$286,445 on 09/30/05 to R$261,738 on 09/30/06, while administrative expenses increased by 21% from R$897,801 on 09/30/05 to R$1,087,996 on 09/30/06, basically due to personnel agreements and expenses with depreciation.

8.1.4 – Research and development

Research and development increased by 44%, from R$463.014 on 09/30/05 to R$667.184 on 09/30/06, reflecting CVRD expansion plan to diversify production and expansion of production to meet world demand.

8.1.5 – Other operating expenses

Other operating expenses increased by 13%, from R$629,226 on 09/30/05 to R$712,545 on 09/30/06. See note 5.23.

8.1.6 – Net financial results

The net financial result had an impact of R$462,227(expense of R$974,068 on 09/30/06 compared to expense of R$511,841on 09/30/05) due to exchange rate variation effect over the foreign debt, that was partially compensated with the exchange variation on cash equivalents.

8.1.7 – Income tax and social contribution

Income tax and social contribution reflect an expense of R$1.970,208 on 09/30/06 compared with an expense of R$2.215.492 on 09/30/05, mainly caused by decrease of taxable income, partially compensated with not taxable abroad income (International Taxation agreement).

8.1.8 — Cash generation

The operating cash generation measured by EBITDA (earnings before financial results, results of equity investments, interest, income tax and depreciation, amortization and depletion, more dividends received) was R$14,801,250 on 09/30/06, against R$12,500,812 on 09/30/05, an increase of 18%.

EBITDA is not a BR GAAP measure and does not represent cash flow for the periods presented and should not be considered as an alternative to net income (loss), as an indicator of our operating performance or as an alternative to cash flow as a source of liquidity.

Our definition of EBITDA may not be comparable with EBITDA as defined by other companies.

Although EBITDA, as defined above, it does not provide a US GAAP measure of operating cash flows, our management uses it to measure our operating performance and financial analysts in evaluating our business commonly use it.

EBITDA


	Quarter									Accumulated
	3Q/06			2Q/06			3Q/05			09/30/06			09/30/05
Operating profit — EBIT		5,249,419			4,519,423			3,764,548			13,008,728			10,896,920
Depreciation / amortization of goodwill		604,455			540,013			494,585			1,656,785			1,456,288

		5,853,874			5,059,436			4,259,133			14,665,513			12,353,208
Dividends received		40,624			93,786			58,682			135,737			147,604

EBITDA		5,894,498			5,153,222			4,317,815			14,801,250			12,500,812

Depreciation / amortization of goodwill		(604,455	)		(540,013	)		(494,585	)		(1,656,785	)		(1,456,288	)

Dividends received		(40,624	)		(93,786	)		(58,682	)		(135,737	)		(147,604	)
Equity Results		(14,035	)		(57,280	)		13,166			(54,905	)		163,574
Sale of assets		34,438			736,866			297,700			790,630			297,700
Financial results, net		(248,609	)		(466,405	)		(319,265	)		(974,068	)		(511,841	)
Income tax and social contribution		(791,772	)		(593,102	)		(764,069	)		(1,970,208	)		(2,215,492	)
Minority interests		(256,546	)		(234,405	)		(280,619	)		(737,623	)		(824,925	)

Net income		3,972,895			3,905,097			2,711,461			10,062,554			7,805,936


Current liabilities
Current portion of long-term debt — unrelated parties		2,217,744			2,514,229			1,627,663			2,217,744			1,627,663
Short-term debt		1,062,137			652,389			708,488			1,062,137			708,488
Related parties		49,812			73,040			69,097			49,812			69,097

		3,329,693			3,239,658			2,405,248			3,329,693			2,405,248


Long-term liabilities
Long-term debt — unrelated parties		10,841,952			10,576,743			7,145,652			10,841,952			7,145,652
Related parties		2,795			2,847			2,935			2,795			2,935

		10,844,747			10,579,590			7,148,587			10,844,747			7,148,587

Gross debt		14,174,440			13,819,248			9,553,835			14,174,440			9,553,835

Interest paid		337,361			172,247			206,576			736,626			582,312

Stockholders’ equity		38,946,592			35,578,904			25,973,882			38,946,592			25,973,882
EBITDA (LTM) / Interest paid (LTM)		21.37			22.98			19.51			21.37			19.51

EBITDA Margin (LTM)		50	%		49	%		47	%		50	%		47	%

EBIT Margin (LTM)		44	%		43	%		43	%		44	%		43	%
Gross debt / EBITDA (LTM)		0.75			0.79			0.62			0.75			0.62
Gross debt / Equity Capitalization		27			28			27			27			27

Consolidated EBITDA by segment


	EBITDA
	Quarter									Accumulated
Segments	3Q/06			2Q/06			3Q/05			09/30/06			09/30/05
Ferrous minerals		4,445,344			3,656,493			3,671,245			11,040,865			10,052,672
Non-ferrous minerals		427,584			339,293			84,221			883,766			270,487
Logistics		447,515			333,346			340,060			1,015,624			996,357
Holdings
Aluminum		596,016			771,774			305,212			1,804,051			1,107,472
Steel		110,624			135,247			68,490			312,522			252,136
Others		(132,585	)		(82,931	)		(151,413	)		(255,578	)		(178,312	)

		5,894,498			5,153,222			4,317,815			14,801,250			12,500,812

8.2 — Comments on the Parent Company Results

8.2.1 — Gross revenue

The 9% increase in gross revenue (R$14,482,735 on 09/30/06 against R$13,277,033 on 09/30/05) is the result of the 11% increase in sales of iron ore and also for the increase of prices. This effect was compensated in part by the 12% average appreciation of the real against the U. S. dollar. The major part of revenues is linked to the dollar.

8.2.2 — Cost of products and services

Cost of products and services sold to 09/30/06 was R$7,877,551, on 09/30/06 against R$7,032,494 on 09/30/05 representing a 12% increase. The main factors are, higher volumes sold of products in general, contracts readjustments and the increase of assets reflecting increase of expenses related to depreciation.

8.2.3 — Gross margin

The gross margin increased by 1.2 P.P (42,5% on 09/30/06 against 43,7% on 09/30/05) mainly due to the devaluation of the dollar against the real, since most of revenues are linked to the dollar.

8.2.4 — Results of shareholdings by business area

The numbers below do not necessarily reflect the individual results of each company, but rather the amounts effectively applicable to the business area.


Business Area	09/30/06			09/30/05
Ferrous Minerals

. Iron ore		6,313,992			3,183,737
. Pellets		528,738			771,926
. Manganese and ferroalloys		(89,126	)		105,241
Non-Ferrous Minerals		(37,075	)		(29,957	)
Logistics		126,757			171,108
Holdings
. Steel		318,659			373,802
. Aluminum		802,726			538,971
. Research and development		(107,575	)		(58,993	)
Others		(12,921	)		(4,448	)

Gain on investments accounted for by the equity method		7,844,175			5,051,387

Provision for losses		(154,088	)		(97,528	)
Amortization of goodwill		(302,451	)		(171,810	)
Exchange variation in Stockholders’ Equity of companies abroad		(612,822	)		(1,063,126	)


Results of equity investments		6,774,814			3,718,923

Results of equity investments are strongly affected by the exchange rate variation over debt, which had a positive impact due to the appreciation of the Real against the Dollar in the period ended in September, 2006 of 8% in comparison with a 16% decrease during the period ended in September, 2005. This effect is partially offset by the negative exchange rate variation from investments abroad.

Operationally, volumes and average selling prices increased in iron ore and aluminum areas. This increase was partially compensated by decrease in average selling prices and volume in manganese and ferroalloys, manganese and steel areas. The decrease in pellets is due to reduction of quantities sold.

The negative result of equity in others, as above, refers to expenses with subsidiaries of mineral prospection in Africa, South America and Oceania.

8.2.5 — Selling expenses and administrative expenses

Selling expenses increased by R$ 1,549, from R$ 1,185 on 09/30/05 to R$ 2,734 on 09/30/06, while administrative expenses increased by 36%, from R$ 460,060 on 09/30/05 to R$ 623,939 on 09/30/06, basically due to personnel agreement and expenses with depreciation.

8.2.6 — Research and development

Research and development increased by 28%, from R$306,154 on 09/30/05 to R$393,346 on 09/30/06, reflecting CVRD expansion plan to diversify production and expansion of production to meet world demand.

8.2.7 — Other operating expenses

Other operating expenses increased by R$103,260, from R$ 254,707 on 09/30/05 to R$ 357,967 on 09/30/06.

8.2.8 — Net financial results

The net financial results on 09/30/06 had an impact of R$1,052,401 (expense of R$ 342,086 on 09/30/06 compared to expense of R$ 710,31 expense on 09/30/05) basically due to exchange rate variation effect of the Real against the dollar over the foreign debt.

8.2.9 — Income tax and social contribution

Income tax and social contribution reflect an expense of R$869,922 on 09/30/06 compared with an expense of R$1,070,072 on 09/30/05, mainly caused by decrease of taxable income.

* * *

9- Board of Directors, Fiscal Council, Advisory Committees and Executive Officers


Board of Directors		Fiscal Council

Sérgio Ricardo Silva Rosa		Marcelo Amaral Moraes
Chairman		Chairman

Arlindo Magno de Oliveira		Anibal Moreira dos Santos

Eduardo Fernando Jardim Pinto		Bernard Appy

Erik Persson		José Bernardo de Medeiros Neto

Francisco Augusto da Costa e Silva		Executive Officers

Hiroshi Tada		Roger Agnelli
		Chief Executive Officer

Julio Sérgio Gomes de Almeida

		Murilo de Oliveira Ferreira
Jorge Luiz Pacheco		Executive Officer for Equity Holdings and Business Development

Mário da Silveira Teixeira Júnior

		José Carlos Martins
Oscar Augusto de Camargo Filho		Executive Officer for Ferrous Minerals

Renato da Cruz Gomes		Carla Grasso

Advisory Committees of the Board of Directors		Executive Officer for Human Resources and Corporate Services

Controlling Committee		José Lancaster
Antonio José de Figueiredo Ferreira		Executive Officer for Non-Ferrous Minerals
Inácio Clemente da Silva
Paulo Roberto Ferreira de Medeiros		Fábio de Oliveira Barbosa
		Chief Financial Officer and Investor Relations
Executive Development Committee
Arlindo Magno de Oliveira
João Moisés de Oliveira		Gabriel Stoliar
Olga Nietta Loffredi		Executive Officer for Planning
Oscar Augusto de Camargo Filho

		Tito Botelho Martins
Strategic Committee		Executive Officer for Logistics in acting
Roger Agnelli
Gabriel Stoliar		Tito Botelho Martins
Demian Fiocca		Executive Officer for Corporate Affairs
Mário da Silveira Teixeira Júnior
Oscar Augusto de Camargo Filho
Sérgio Ricardo Silva Rosa

		Otto de Souza Marques Júnior
Finance Committee		Chief Officer of Control Department
Fábio de Oliveira Barbosa
Rômulo de Mello Dias
Wanderlei Viçoso Fagundes
Ivan Luiz Modesto Schara		Marcus Vinícius Dias Severini
		Chief Accountant
Governance and Sustainability Committee		CRC-RJ 093892/O-3
Renato da Cruz Gomes
Ricardo Simonsen
Ricardo Carvalho Giambroni

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	COMPANHIA VALE DO RIO DOCE
		(Registrant)

Date: November 14, 2006	By:	/s/ Fabio de Oliveira Barbosa Fabio de Oliveira Barbosa
		Chief Financial Officer