Vale (VALE) 20-F 13 Apr 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document and Entity Information
Entity Registrant Name	Vale S.A.
Entity Central Index Key	917,851
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Common share
Document and Entity Information
Entity Common Stock, Shares Outstanding	5,197,432,081
Golden shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	12

Consolidated Income Statement

Consolidated Income Statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Continuing operations
Net operating revenue	$ 33,967	$ 27,488	$ 23,384
Cost of goods sold and services rendered	(21,039)	(17,650)	(18,751)
Gross Profit	12,928	9,838	4,633
Operating expenses
Selling and administrative expenses	(531)	(507)	(612)
Research and evaluation expenses	(340)	(319)	(395)
Pre operating and operational stoppage	(413)	(453)	(942)
Other operating expenses, net	(420)	(267)	(207)
Total	(1,704)	(1,546)	(2,156)
Impairment and other results on non-current assets	(294)	(1,240)	(8,708)
Operating income (loss)	10,930	7,052	(6,231)
Financial income	3,404	7,968	7,792
Financial expenses	(6,423)	(6,125)	(18,446)
Equity results in associates and joint ventures	98	309	(445)
Impairment and others results in associates and joint ventures	(180)	(1,220)	(349)
Income (loss) before income taxes	7,829	7,984	(17,679)
Income taxes
Current tax	(849)	(943)	(332)
Deferred tax	(646)	(1,838)	5,581
Total	(1,495)	(2,781)	5,249
Net income (loss) from continuing operations	6,334	5,203	(12,430)
Net income (loss) attributable to noncontrolling interests	21	(8)	(501)
Net income (loss) from continuing operations attributable to Vale's stockholders	6,313	5,211	(11,929)
Discontinued operations
Loss from discontinued operations	(813)	(1,227)	(190)
Net income (loss) attributable to noncontrolling interests	(7)	2	10
Loss from discontinued operations attributable to Vale's stockholders	(806)	(1,229)	(200)
Net income (loss)	5,521	3,976	(12,620)
Net income (loss) attributable to noncontrolling interests	14	(6)	(491)
Net income (loss) attributable to Vale's stockholders	$ 5,507	$ 3,982	$ (12,129)
Common share
Basic and diluted earnings (loss) per share (restated):
Basic and diluted earnings (loss) per share	$ 1.05	$ 0.77	$ (2.33)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statement of Comprehensive Income
Net income (loss)	$ 5,521	$ 3,976	$ (12,620)
Items that will not be reclassified subsequently to the income statement
Translation adjustments	(717)	6,460	(18,128)
Retirement benefit obligations	(46)	(70)	69
Total items that will not be reclassified subsequently to the income statement, net of tax	(763)	6,390	(18,059)
Items that may be reclassified subsequently to the income statement
Translation adjustments	1,026	(3,677)	10,244
Available-for-sale financial instruments		1	1
Cash flow hedge		10	816
Net investments hedge	(95)
Transfer of realized results to net income	(11)	(78)	(369)
Total of items that may be reclassified subsequently to the income statement, net of tax	920	(3,744)	10,692
Total comprehensive income (loss)	5,678	6,622	(19,987)
Comprehensive income (loss) attributable to noncontrolling interests	13	111	(543)
Comprehensive income (loss) attributable to Vale's stockholders	5,665	6,511	(19,444)
From continuing operations	5,696	6,642	(19,550)
From discontinued operations	$ (31)	$ (131)	$ 106

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flow from operating activities:
Income (loss) before income taxes from continuing operations	$ 7,829	$ 7,984	$ (17,679)
Continuing operations adjustments for:
Equity results in associates and joint ventures	(98)	(309)	445
Impairment and other results on non-current assets	294	1,240	8,708
Impairment and other results in associates and joint ventures	180	1,220	349
Depreciation, amortization and depletion	3,708	3,487	3,719
Financial results, net	3,019	(1,843)	10,654
Changes in assets and liabilities:
Accounts receivable	1,277	(2,744)	1,671
Inventories	(339)	288	(217)
Suppliers and contractors	232	243	658
Provision - Payroll, related charges and others remunerations	372	133	(578)
Other taxes assets and liabilities, net	(297)	(109)	(222)
Deferred revenue - Gold stream		524	532
Other assets and liabilities, net	(615)	441	(456)
Total	15,562	10,555	7,584
Interest on loans and borrowings paid	(1,686)	(1,663)	(1,457)
Derivatives paid, net	(240)	(1,602)	(1,202)
Interest on participative stockholders' debentures paid	(135)	(84)	(65)
Income taxes	(563)	(388)	(544)
Income taxes-Settlement program	(488)	(417)	(384)
Net cash provided by operating activities from continuing operations	12,450	6,401	3,932
Cash flow from investing activities:
Financial investments redeemed (invested)	(90)	12	308
Loans and advances - net receipts (payments) (note 21)	(445)	(210)	(17)
Guarantees and deposits-net receipts (payments)	(48)	(41)	(67)
Additions to investments	(93)	(239)	(65)
Additions to property, plant and equipment and intangible	(3,831)	(4,951)	(8,114)
Proceeds from disposal of assets and investments (note 15)	922	543	1,456
Dividends and interest on capital received from associates and joint ventures	227	193	318
Proceeds from gold stream transaction		276	368
Net cash used in investing activities from continuing operations	(3,358)	(4,417)	(5,813)
Loans and borrowings
Additions	1,976	6,994	4,995
Repayments	(8,998)	(7,717)	(2,753)
Transactions with stockholders:
Dividends and interest on capital attributed to stockholders	(1,456)	(250)	(1,500)
Dividends and interest on capital paid to noncontrolling interest	(126)	(291)	(15)
Transactions with noncontrolling stockholders (note 15)	(98)	(17)	1,049
Net cash provided by (used in) financing activities from continuing operations	(8,702)	(1,281)	1,776
Net cash provided by (used in) discontinued operations (note 14)	(252)	(118)	140
Increase in cash and cash equivalents	138	585	35
Cash and cash equivalents in the beginning of the year	4,262	3,591	3,974
Effect of exchange rate changes on cash and cash equivalents	(60)	86	(418)
Effects of disposals of subsidiaries and merger, net on cash and cash equivalents	(12)
Cash and cash equivalents at end of the year	4,328	4,262	3,591
Non-cash transactions:
Additions to property, plant and equipment-capitalized loans and borrowing costs	$ 370	$ 653	$ 761

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 4,328	$ 4,262
Accounts receivable	2,600	3,663
Other financial assets	2,022	292
Inventories	3,926	3,349
Prepaid income taxes	781	159
Recoverable taxes	1,172	1,625
Others	538	628
Total current assets other than non-current assets held for sale	15,367	13,978
Non-current assets held for sale	3,587	8,589
Total current assets	18,954	22,567
Non-current assets
Judicial deposits	1,986	962
Other financial assets	3,232	626
Prepaid income taxes	530	527
Recoverable taxes	638	727
Deferred income taxes	6,638	7,343
Others	267	276
Total non-current assets excluding investments, intangible assets and property, plant and equipment	13,291	10,461
Investments in associates and joint ventures	3,568	3,696
Intangibles	8,493	6,871
Property, plant and equipment	54,878	55,419
Total non current assets	80,230	76,447
Total assets	99,184	99,014
Current liabilities
Suppliers and contractors	4,041	3,630
Loans and borrowings	1,703	1,660
Other financial liabilities	374	767
Taxes payable	697	657
Provision for income taxes	355	171
Liabilities related to associates and joint ventures	326	292
Provisions	1,394	952
Dividends and interest on capital	1,441	816
Others	1,604	1,197
Total current liabilities	11,935	10,142
Liabilities associated with non-current assets held for sale	1,179	1,090
Total current liabilities	13,114	11,232
Non-current liabilities
Loans and borrowings	20,786	27,662
Other financial liabilities	2,894	2,087
Taxes payable	4,890	4,961
Deferred income taxes	1,719	1,700
Provisions	7,027	5,748
Liabilities related to associates and joint ventures	670	785
Deferred revenue - Gold stream	1,849	2,090
Others	1,463	1,725
Total non current liabilities	41,298	46,758
Total liabilities	54,412	57,990
Stockholders' equity
Equity attributable to Vale's stockholders	43,458	39,042
Equity attributable to noncontrolling interests	1,314	1,982
Total stockholders' equity	44,772	41,024
Total liabilities and stockholders' equity	$ 99,184	$ 99,014

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Equity attributable to Vale's stockholders	Share capital	Results on conversion of shares	Capital reserve	Results from operation with noncontrolling interest	Profit reserves	Treasury stocks	Unrealized fair value gain (losses)	Cumulative translation adjustments	Retained earnings	Equity attributable to noncontrolling interests	Total
Balance at Dec. 31, 2014	$ 55,122	$ 61,614	$ (152)		$ (449)	$ 19,985	$ (1,477)	$ (1,713)	$ (22,686)		$ 1,199	$ 56,321
Net income (loss)	(12,129)									$ (12,129)	(491)	(12,620)
Other comprehensive income:
Retirement benefit obligations	70							70			(1)	69
Cash flow hedge	447							447				447
Available-for-sale financial instruments	1							1				1
Translation adjustments	(7,833)					(5,371)		203	(2,665)		(51)	(7,884)
Transactions with stockholders:
Dividends and interest on capital of Vale's stockholders	(1,500)					(1,500)						(1,500)
Dividends of noncontrolling interest											(32)	(32)
Acquisitions and disposal of noncontrolling interest (note 15)	(589)				(253)				(336)		1,455	866
Capitalization of noncontrolling interest advances											36	36
Appropriation to undistributed retained earnings						(12,129)				12,129
Balance at Dec. 31, 2015	33,589	61,614	(152)		(702)	985	(1,477)	(992)	(25,687)		2,115	35,704
Net income (loss)	3,982									3,982	(6)	3,976
Other comprehensive income:
Retirement benefit obligations	(70)							(70)				(70)
Cash flow hedge	7							7				7
Available-for-sale financial instruments	1							1				1
Translation adjustments	2,591					195		(93)	2,387	102	117	2,708
Transactions with stockholders:
Dividends and interest on capital of Vale's stockholders	(1,061)									(1,061)		(1,061)
Dividends of noncontrolling interest											(268)	(268)
Acquisitions and disposal of noncontrolling interest (note 15)	3				3						(1)	2
Capitalization of noncontrolling interest advances											25	25
Appropriation to undistributed retained earnings						3,023				(3,023)
Balance at Dec. 31, 2016	39,042	61,614	(152)		(699)	4,203	(1,477)	(1,147)	(23,300)		1,982	41,024
Net income (loss)	5,507									5,507	14	5,521
Other comprehensive income:
Retirement benefit obligations	(46)							(46)				(46)
Net investments hedge (note 24b)	(95)								(95)			(95)
Translation adjustments	299					(158)		10	447		(1)	298
Transactions with stockholders:
Dividends and interest on capital of Vale's stockholders	(2,133)					(658)				(1,475)		(2,133)
Dividends of noncontrolling interest											(202)	(202)
Acquisitions and disposal of noncontrolling interest (note 15)	(255)				(255)						(512)	(767)
Capitalization of noncontrolling interest advances											33	33
Appropriation to undistributed retained earnings						4,032				$ (4,032)
Merger of Valepar (note 29)	1,139			$ 1,139								1,139
Balance at Dec. 31, 2017	$ 43,458	$ 61,614	$ (152)	$ 1,139	$ (954)	$ 7,419	$ (1,477)	$ (1,183)	$ (22,948)		$ 1,314	$ 44,772

Corporate information

Corporate information	12 Months Ended
	Dec. 31, 2017
Corporate information
Corporate information	1. Corporate information Vale S.A. (the “Parent Company”) is a public company headquartered in the city of Rio de Janeiro, Brazil with securities traded on the stock exchanges of São Paulo — B3 S.A. (Vale3), New York - NYSE (VALE), Paris - NYSE Euronext (Vale3) and Madrid — LATIBEX (XVALO). Vale S.A. and its direct and indirect subsidiaries (“Vale” or “Company”) are global producers of iron ore and iron ore pellets, key raw materials for steelmaking, and producers of nickel, which is used to produce stainless steel and metal alloys employed in the production of several products. The Company also produces copper, metallurgical and thermal coal, manganese ore, ferroalloys, platinum group metals, gold, silver and cobalt. The information by segment is presented in note 3. On December 22, 2017 after the conversion of the class “A” preferred shares into common shares, the Company migrated to the special listing segment of B3 S.A. (“Novo Mercado”) , and became a company with no defined controlling shareholder (further details in the notes 4 and 29). As of this date, Vale’s common shares are traded in the Novo Mercado.

Basis for preparation of the fi

Basis for preparation of the financial statements	12 Months Ended
	Dec. 31, 2017
Basis for preparation of the financial statements
Basis for preparation of the financial statements	2. Basis for preparation of the financial statements a) Statement of compliance The consolidated financial statements of the Company (“financial statements”) have been prepared and are being presented in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). b) Basis of presentation The financial statements have been prepared under the historical cost convention as adjusted to reflect: (i) the fair value of financial instruments measured at fair value through income statement or available-for-sale financial instruments measured at fair value through the statement of comprehensive income; and (ii) impairment of assets. The issue of these financial statements was authorized by the Board of Directors on February 27, 2018. c) Consolidation and investments in associates and joint ventures The financial statements reflect the assets, liabilities and transactions of the Parent Company and its direct and indirect controlled entities (“subsidiaries”). These subsidiaries are consolidated when the Company is exposed or has rights to variable returns from its involvement with the investee and has the ability to direct the significant activities of the investee. The Company also consolidates subsidiaries that Vale does not own the majority of the voting capital, but has control through other means, such as a stockholder’s agreement. Intercompany balances and transactions, which include unrealized profits, are eliminated. The entities over which the Company has joint control (“joint ventures”) or significant influence, but not control (“associates”) are presented in note 15. Those investments are accounted for using the equity method. For interests in joint arrangements not classified as joint ventures (“joint operations”), the Company recognizes its share of assets, liabilities and net income. Unrealized gains on downstream or upstream transactions between the Company and its associates and joint ventures are eliminated fully or proportionately to the Company’s interest. The material consolidated entities in each business segment are as follows: Location Main % Ownership % Voting capital % Noncontrolling Direct and indirect subsidiaries Companhia Portuária da Baía de Sepetiba Brazil Iron ore % % % Mineração Corumbaense Reunida S.A. Brazil Iron ore and manganese % % % Minerações Brasileiras Reunidas S.A. (“MBR”) Brazil Iron ore % % % Salobo Metais S.A. Brazil Copper % % % PT Vale Indonesia Indonesia Nickel % % % Vale International Holdings GmbH Austria Holding and research % % % Vale Canada Limited Canada Nickel % % % Vale International S.A. Switzerland Trading and holding % % % Vale Malaysia Minerals Sdn. Bhd. Malaysia Iron ore % % % Vale Manganês S.A. Brazil Manganese and ferroalloys % % % Vale Moçambique S.A. Mozambique Coal % % % Vale Nouvelle Caledonie S.A.S. New Caledonia Nickel % % % Vale Oman Distribution Center LLC Oman Iron ore and pelletizing % % % Vale Oman Pelletizing Company LLC Oman Pelletizing % % % Investments held by investors in Vale’s subsidiaries are classified as noncontrolling interests. The Company treats transactions with noncontrolling interests as transactions with equity owners of the Company as described in note 16. For purchases from noncontrolling interests, the difference between any consideration paid and the proportion acquired of the carrying value of net assets of the subsidiary is recorded in stockholders’ equity. Gains or losses on disposals to noncontrolling interest are also directly recorded in stockholders’ equity in “Results from operation with noncontrolling interest”. As explained in note 14, the Fertilizer Segment is presented as discontinued operations, which includes the following subsidiaries: Location Main % Ownership % Voting capital % Noncontrolling Direct and indirect subsidiaries Compañia Minera Miski Mayo S.A.C. Peru Fertilizers % % % Vale Fertilizantes S.A. Brazil Fertilizers % % % Vale Cubatão Fertilizantes Ltda. Brazil Fertilizers % % % d) Functional currency and presentation currency The financial statements of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which the entity operates (“functional currency”), which in the case of the Parent Company is the Brazilian real (“R$”). For presentation purposes, these financial statements are presented in United States dollar (“US$”) as the Company believes that this is how international investors analyze the financial statements. Transactions in foreign currencies are translated into the functional currency using the exchange rate prevailing at the transaction date. The foreign exchange gains and losses resulting from the translation at the exchange rates prevailing at the end of the year are recognized in the income statement as “financial income or expense”. The exceptions are transactions for which gains and losses are recognized in the statement of comprehensive income. The income statement and statement of financial position of the subsidiaries for which the functional currency is different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and stockholders’ equity, except for the components described in item (iii) are translated at the closing rate at the statement of financial position date; (ii) income and expenses are translated at the average exchange rates, except for specific significant transactions that, are translated at the rate at the transaction date and; (iii) capital, capital reserves and treasury stock are translated at the rate at each transaction date. All resulting exchange differences are recognized directly in the comprehensive income as “translation adjustments”. When a foreign operation is partially disposed of or sold, foreign exchanges differences that were recognized in equity are recognized in the income of statement. The exchange rates used by the Company to translate its foreign operations are as follows: Closing rate Average rate for the year ended 2017 2016 2015 2017 2016 2015 US Dollar (“US$”) Canadian dollar (“CAD”) Australian dollar (“AUD”) Euro (“EUR” or “€”) e) Significant accounting policies Significant and relevant accounting policies for the understanding of the recognition and measurement basis used on the preparation of these financial statements were included in the respective notes. The accounting policies applied in the preparation of these financial statements are consistent with those adopted and disclosed in the financial statements of prior years. The Company has not early adopted any standards and interpretations that have been issued or amended but are not yet effective for the year ended December 31, 2017. The following new accounting standards were issued by IASB, but are not yet effective for 2017. The Company has performed an assessment on the Company’s financial statements and the current expected impacts are detailed below: • IFRS 9 Financial instrument — In July 2014, the IASB issued the final version of IFRS 9 that replaces IAS 39 Financial Instruments: Recognition and Measurement. This standard addresses the classification and measurement of financial assets and liabilities, new impairment model and new rules for hedge accounting. This standard shall apply for annual periods beginning on or after January 1, 2018. The Company has reviewed its financial assets and liabilities and is expecting the following impact from the adoption of the new standard on 1 January 2018: • Classification and measurement — IFRS 9 establishes a new approach to determine whether a financial asset should be measured at amortized cost or fair value, based on the cash flow characteristics and the business model in which an asset is held. The Company does not currently expect the impact of these changes to be significant. • Impairment — IFRS 9 requires “expected credit loss” impairment model for accounts receivables measured at amortized cost, on either a 12-month or the lifetime basis, rather than only incurred credit losses as is the case under IAS 39. Given that Vale’s account receivables are short-term in nature and considering its credit rating and risk management policies in place, the Company does not expect these changes will have a significant impact on its financial statements. • Hedge accounting — the changes in IFRS 9 relating to hedge accounting will have no impact as the Company does not currently apply cash flow or fair value hedge accounting. The Company currently applies the net investment hedge, which there is no changes introduced by this new standard. • IFRS 15 Revenue from Contracts with Customers — In May 2014, the IASB issued IFRS 15, which replaces IAS 18 Revenues and the related interpretations. IFRS 15 introduces the five-step model for revenue recognition from contracts with customers. The new standard is based on the core principle that revenue is recognized when the control of a good or service transfers to a customer of an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard shall apply for annual periods beginning on or after January 1, 2018. The Company will adopt this new standard on the required effective date using the modified retrospective method. Accordingly, the Company will not be required to restate the comparative figures. During 2017, the Company performed a detailed assessment of IFRS 15, based on the contractual arrangements across the Company’s main revenue streams. The result of this assessment and the impacts identified in relation to the IFRS 15 first adoption are summarized as follows: Vale’s revenue is predominantly derived from commodities sales, where the point of recognition is dependent on the sales arrangement, which is governed by parameters established by the International Commercial Terms (Incoterms). There will be no significant impact on the timing of commodities revenue recognition under IFRS 15, since usually the transfer of risks and rewards and the transfer of control under the sales contracts are at the same point in time. However, a significant proportion of Vale’s sales are under CFR (Cost and Freight) or CIF (Cost, Insurance and Freight) Incoterms, in which the Company is responsible for providing shipping services after the date that Vale transfers control of the goods to the customers. Currently, the revenue from shipping services are recognized upon loading, as well as the related costs, and are not considered a separate service under IAS 18. Under IFRS 15, the provision of shipping services for CFR and CIF contracts will be a distinct service and, therefore, a separate performance obligation to which a proportion of the transaction price should be allocated and recognized over time as the shipping services are provided. The impact on the timing of revenue recognition of the proportion allocated to the shipping service is deemed not significant to the Company’s year-end results. Therefore, such revenue will not be presented separately in the Company’s financial statements. The accounting treatment for contracts with provisional pricing features that are currently considered as an embedded derivative in accordance with IAS 39 - Financial Instruments, shall remain unmodified in accordance with IFRS 15 and IFRS 9 - Financial Instruments. In addition, IFRS 15 introduces a new disclosure requirement for the provisional prices impact on the financial statements. When applicable, systems and processes will be amended to allow the disclosure of this information in the Company’s financial statements. IFRS 15 also requires the Company to treat deferred revenue related to the gold stream transaction as variable and, therefore must be adjusted each time there is a change in the underlying production profile. The Company does not expect to record a significant adjustment upon transition to this new standard. • IFRS 16 Lease — In January 2016, the IASB issued IFRS 16, which replaces IAS 17 Leases and related interpretations. The IFRS 16 set forth that the lessee must recognize all leases on the statement of financial position, as the distinction between operating and finance leases is removed. The standard provides certain exemptions from recognizing leases on the statement of financial position, including where the underlying asset is of low value or the lease term is 12 months or less. Under the new standard, the Company will be required to recognize right of use lease assets and lease liabilities on the statement of financial position. Liabilities are measured based on the present value of future lease payments over the lease term. The right of use lease asset generally reflects the lease liability. This standard shall apply for annual periods beginning on or after January 1, 2019. The Company has commenced the qualitative analysis of its main contracts and will continue to assess the quantitative potential effect of IFRS 16 during 2018, which depends on the decision regarding the transition method and the use of practical expedients and/or exemptions. It is therefore not yet possible to estimate the amount of right-of-use assets and lease liabilities that will have to be recognised on adoption of the new standard and how this may affect the Company’s income statement. The information on the main operating leases is presented in note 31. f) Critical accounting estimates and judgments The preparation of financial statements requires the use of certain critical accounting estimates and the application of judgment by management in applying the Company’s accounting policies. These estimates are based on the experience, best knowledge, information available at the statement of financial position date and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Changes in facts and circumstances may lead to the revision of these estimates. Actual future results may differ from the estimates. The significant estimates and judgments applied by Company in the preparation of these financial statements are as follows: Note Significant estimates and judgments 7 Deferred revenue - Gold stream transaction 8 Deferred income taxes 15 Consolidation 18 Mineral reserves and mine useful life 19 Impairment of non-current assets 21 Liabilities related to associates and joint ventures 23 Fair values estimate 26 Asset retirement obligation 27 Litigation 28 Employee postretirement obligations

Information by business segment

Information by business segment and by geographic area	12 Months Ended
	Dec. 31, 2017
Information by business segment and by geographic area
Information by business segment and by geographic area	3. Information by business segment and by geographic area The Company operated five reportable segments during this year: Ferrous Minerals, Coal, Base Metals, Fertilizers (presented as discontinued operations) and Others. The segments are aligned with products and reflect the structure used by Management to evaluate Company performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance are the Executive Boards and the Board of Directors. The performance of the operating segments is assessed based on a measure of adjusted EBITDA. The information presented to the Executive Board on the performance of each segment is derived from the accounting records, adjusted for reallocations between segments. The main activities of the operating segments are as follows: Ferrous minerals - Ferrous minerals comprises the production and extraction of iron ore, iron ore pellets and its logistic services (railroads, ports and terminals), manganese, ferroalloys and others ferrous products and services. Coal - Coal comprises the extraction of metallurgical and thermal coal and its logistic services (railroads, ports and terminals). Base metals - Base metals include the production and extraction of non-ferrous minerals, and are presented as nickel and its by-products (ferro-nickel, copper, gold, precious metals and others) and copper (copper concentrated). Fertilizers (Discontinued operations) - Fertilizers include the production of the three major groups of nutrients (potash, phosphate and nitrogen) and other fertilizers products. The group of assets related to this segment is classified as “Non-current assets and liabilities associated with non-current assets held for sale” (note 14). Others - Other comprises sales and expenses of other products, services, research and evaluation, investments in joint ventures and associates of other business and contingencies not directly related to the core business. a) Adjusted EBITDA The definition of adjusted EBITDA for the Company is the operating income or loss excluding (i) the depreciation, depletion and amortization, (ii) results on measurement or sales of non-current assets, (iii) impairment, (iv) onerous contracts and plus (v) dividends received and interest from associates and joint ventures. Year ended December 31, 2017 Net operating Cost of goods Sales, Research and Pre operating Dividends Adjusted Ferrous minerals Iron ore ) ) ) ) Iron ore Pellets ) ) ) ) Ferroalloys and manganese ) ) — ) — Other ferrous products and services ) ) — ) ) ) ) Coal ) ) ) ) Base metals Nickel and other products ) ) ) ) — Copper ) ) ) — — ) ) ) ) — Others ) ) ) ) ) Total of continuing operations ) ) ) ) Discontinued operations (Fertilizers) ) ) ) ) Total ) ) ) ) Year ended December 31, 2016 Net operating Cost of goods Sales, Research and Pre operating Dividends Adjusted Ferrous minerals Iron ore ) ) ) ) Iron ore Pellets ) ) ) ) Ferroalloys and manganese ) ) — ) — Other ferrous products and services ) ) ) ) — ) ) ) ) Coal ) ) ) — ) Base metals Nickel and other products ) ) ) ) Copper ) ) ) — — Other base metals products — — — — — ) ) ) Others ) ) ) ) ) Total of continuing operations ) ) ) ) Discontinued operations (Fertilizers) ) ) ) ) Total ) ) ) ) Year ended December 31, 2015 Net operating Cost of goods Sales, Research and Pre operating Dividends Adjusted Ferrous minerals Iron ore ) ) ) ) Iron ore Pellets ) ) ) Ferroalloys and manganese ) — ) — ) Other ferrous products and services ) ) ) ) ) ) ) Coal ) ) ) ) ) Base metals Nickel and other products ) ) ) ) — Copper ) ) ) ) — Other base metals products — — — — — ) ) ) — Others ) ) ) — ) Total of continuing operations ) ) ) ) Discontinued operations (Fertilizers) ) ) ) ) — Total ) ) ) ) Adjusted EBITDA is reconciled to net income (loss) as follows: From Continuing operations Year ended December 31 2017 2016 2015 Adjusted EBITDA from continuing operations Depreciation, depletion and amortization ) ) ) Dividends received and interest from associates and joint ventures ) ) ) Impairment and other results on non-current assets ) ) ) Operating income (loss) ) Financial results, net ) ) Equity results in associates and joint ventures ) Impairment and other results in associates and joint ventures ) ) ) Income taxes ) ) Net income (loss) from continuing operations ) Net income (loss) attributable to noncontrolling interests ) ) Net income (loss) attributable to Vale’s stockholders ) From Discontinued operations Year ended December 31 2017 2016 2015 Adjusted EBITDA from discontinued operations Depreciation, depletion and amortization ) ) ) Dividends received and interest from associates and joint ventures ) ) — Impairment of non-current assets ) ) ) Operating income (loss) ) ) Financial results, net ) ) Equity results in associates and joint ventures ) Income taxes ) Loss from discontinued operations ) ) ) Net income (loss) attributable to noncontrolling interests ) Loss attributable to Vale’s stockholders ) ) ) b) Assets by segment Year ended December 31, 2017 Product inventory Investments in Property, plant and Additions to Depreciation, Ferrous minerals Coal Base metals Others Total Year ended December 31, 2016 Product inventory Investments in Property, plant and Additions to Depreciation, Ferrous minerals Coal Base metals Others Total (i) Goodwill is allocated mainly in ferrous minerals and base metals segments in the amount of US$2,157 and US$1,953 in December 31, 2017 and US$1,246 and US$1,835 in December 31, 2016, respectively. (ii) Includes only cash effect. (iii) Refers to amounts recognized in the income statement. c) Investment in associates and joint ventures, intangible and property, plant and equipment by geographic area December 31, 2017 December 31, 2016 Investments Intangible Property, Total Investments Intangible Property, Total Brazil Canada — — Americas, except Brazil and Canada — — Europe — — — — Indonesia — — — — Asia, except Indonesia — — Australia — — — — New Caledonia — — — — Mozambique — — Oman — — — Other regions — — — — — Total d) Net operating revenue by geographic area Year ended December 31, 2017 Ferrous Coal Base metals Others Total Americas, except United States and Brazil — United States of America — Germany — — Europe, except Germany Middle East/Africa/Oceania — Japan — China — — Asia, except Japan and China — Brazil Net operating revenue Year ended December 31, 2016 Ferrous Coal Base metals Others Total Americas, except United States and Brazil — United States of America — Germany — — Europe, except Germany Middle East/Africa/Oceania — Japan — China — Asia, except Japan and China — Brazil Net operating revenue Year ended December 31, 2015 Ferrous Coal Base metals Others Total Americas, except United States and Brazil — United States of America — Germany — — Europe, except Germany — Middle East/Africa/Oceania — Japan — China — Asia, except Japan and China — Brazil Net operating revenue Accounting policy Revenue is recognized when Vale transfers to its customers all of the significant risks and rewards of ownership of the product sold or when the services are rendered. Net revenue excludes any applicable sales taxes and is recognized at the fair value of the consideration received or receivable to the extent that it is probable that economic benefits will flow to Vale and the revenues can be reliably measured. Depending on the contract, revenue sales can be recognized when the product is available at the loading port, loaded on the ship, at the port of discharge or at the custumer’s warehouse. Service revenues are recognized in the amount by which the services are rendered and accepted by the customer. In some cases, the sale price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in the quoted market or contractual prices up to the date of final pricing. Revenue is recognized based on the estimated fair value of the total consideration receivable, and the provisionally priced sales mechanism embedded within these sale arrangements has the character of a derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are recognized as operational revenue in the income statement. Amounts billed to customers for shipping related to products sold by the Company are recognized as revenue when the Company is responsible for shipping. Shipping costs are recognized as operating costs. Commodity price risk — The commodity price risk arises from volatility of iron ore, nickel, copper and coal prices. The Company is mostly exposed to the fluctuations in the iron ore and copper price. The selling price these products can be measured reliably at each period, since the price is quoted on an active market. As of December 31, 2017, the Company had 33 million tons (2016: 36 million tons) provisionally priced based on iron ore forward prices and 106 thousand tons (2016: 116 thousand tons) provisionally priced based on copper forward prices. The final price of these sales will be determined during the first quarter of 2018. A 10% change in the price of iron ore realized on the provisionally priced sales, all other factors held constant, would increase or reduce net income by US$227. A 10% change in the price of copper realized on the provisionally priced sales, all other factors held constant, would increase or reduce net income by US$86.

Special events occurred during

Special events occurred during the year	12 Months Ended
	Dec. 31, 2017
Special events occurred during the year
Special events occurred during the year	4. Special events occurred during the year The special events occurred during the year are those that, in the Company’s judgment, have significant effect on: (i) its operations; and/or (ii) corporate governance structure; and/or (iii) the income statement due to their size and nature. To determine whether an event or transaction should be disclosed as “special events”, the Company considers quantitative and qualitative factors, such as frequency and magnitude. The special events identified by the Company are as follows: a) Vale’s corporate governance restructuring At the General Extraordinary Shareholders’ Meeting, held on June 27, 2017, shareholders approved the corporate restructuring of the Company proposed by Valepar S.A. (former controlling shareholder). The corporate restructuring was based on (i) conversion of Vale class “A” preferred shares into common shares; (ii) amendment of Vale’s by-laws, so as to adjust to Novo Mercado rules; and (iii) the merger of Valepar S.A. into Vale. The transaction was concluded on November 21, 2017 and the restructuring was approved at the General Extraordinary Shareholder’s Meeting on December 21, 2017. Further details are disclosed in note 29. b) Events with significant effect on the income statement Year ended December 31 2017 2016 2015 Nacala Logistic Corridor — — Samarco Provision ) ) — Impairment of non-current assets - Fertilizers business ) ) — Impairment of non-current assets and onerous contracts ) ) ) Gold stream transaction — Deferred income tax in foreign jurisdiction — — Total ) ) ) Nacala Logistic Corridor — In March 2017, the Company concluded the transaction with Mitsui to sell 15% of its stake in Vale Moçambique and 50% of its stake in the Nacala Logistics Corridor and recognized a gain in the income statement of US$458. Further details are disclosed in note 15. Samarco — In 2017, the Company recognized in the income statement the amount of US$38 (2016: US$1,038 (R$3,733 million)) in respect of the addition to the provision to comply with the reparation and compensation programs related to the dam failure of Samarco Mineração S.A. The Company also expensed an amount of US$142 (2016: US$71) applied by Samarco to funds its working capital requirements. Further details are disclosed in note 21. Fertilizers — In December 2016, the Company approved the sale of fertilizers assets and the acquisition of a noncontrolling interest in The Mosaic Company (“Mosaic”). The Company assessed the fair value less cost of sell of the fertilizer business segment and an impairment loss of US$1,738 was recognized in the income statement from discontinued operations in the year ended December 31, 2016. In January 2018 (subsequent event), the Company and Mosaic concluded the transaction, which was preceded by final adjustments agreed by the parties under the original terms and conditions of the negotiation. As consequence of these adjustments, an impairment loss of US$729 was recognized in the income statement from discontinued operations in December 2017. Additionally, in November 2017, the Company entered into an agreement with Yara International ASA to sell its nitrogen assets located in Cubatão, Brazil and an impairment loss of US$156 was recognized in the income statement from discontinued operations in the year ended December 31, 2017. Further details are disclosed in note 14. Impairment of non-current assets and onerous contracts — In 2017, the Company placed an underground mine in Sudbury in “care and maintenance” and an impairment of US$133 was recognized in the income statement. In 2016, the Company recognized an impairment loss of US$1,174 mainly by the reduction in the nickel price projections. In 2015, the Company recognized an impairment loss of US$8,769 mainly by: (i) the reduction in estimated future coal prices combined with the increase of logistics costs and (ii) the reduction the recoverable values of the VNL and VNC CGUs. Further details are disclosed in note 19. Gold stream transaction — In March 2015 and August 2016, a gold transaction with Wheaton Precious Metals Corp. (“WPW”) entered into 2013, was amended to include in each contract an additional 25% of the gold extracted as by-product of the Salobo copper mine. Furthermore, the Company recognized a gain of the result on sale of mineral rights in the amount of US$150 and US$230 in the year ended December 31, 2016 and 2015, respectively, see note 7. Deferred income tax - In 2015, in the first adoption of the Law 12.973, the Company recognized assets deferred income tax related to accumulated losses of subsidiaries abroad in the amount of US$2,952, see note 8.

Costs and expenses by nature

Costs and expenses by nature	12 Months Ended
	Dec. 31, 2017
Costs and expenses by nature
Costs and expenses by nature	5. Costs and expenses by nature a) Cost of goods sold and services rendered Year ended December 31 2017 2016 2015 Personnel Materials and services Fuel oil and gas Maintenance Energy Acquisition of products Depreciation and depletion Freight Others Total Cost of goods sold Cost of services rendered Total b) Selling and administrative expenses Year ended December 31 2017 2016 2015 Personnel Services Depreciation and amortization Travel expenses Taxes and rents Others Total c) Others operational expenses (incomes), net Year ended December 31 2017 2016 2015 Provision for litigation Profit sharing program Disposals (reversals) of materials and inventories ) Others Total

Financial result

Financial result	12 Months Ended
	Dec. 31, 2017
Financial result
Financial result	6. Financial result Year ended December 31 2017 2016 2015 Financial expenses Loans and borrowings gross interest ) ) ) Capitalized loans and borrowing costs Derivative financial instruments ) ) ) Indexation and exchange rate variation (a) ) ) ) Participative stockholders’ debentures ) ) Expenses of REFIS ) ) ) Others ) ) ) ) ) ) Financial income Short-term investments Derivative financial instruments Indexation and exchange rate variation (b) Others Financial results, net ) ) Summary of indexation and exchange rate variation Loans and borrowings ) ) Others ) ) Net (a) + (b) ) ) As from January 1, 2017, the Company applies net investment hedge accounting in foreign operation. Further details are disclosed in note 24.

Deferred revenue - Gold stream

Deferred revenue - Gold stream transaction	12 Months Ended
	Dec. 31, 2017
Deferred revenue - Gold stream transaction
Deferred revenue - Gold stream transaction	7. Deferred revenue - Gold stream transaction In 2013, the Company entered into a gold transaction with Wheaton Precious Metals Corp. (“WPM”), and amended in March 2015 and August 2016, to sell 75% of the gold extracted as a by-product of the Salobo copper mine and 70% of the gold extracted as a by-product of Sudbury nickel mines. The transactions were bifurcated into two identifiable components (i) the sale of the mineral rights and, (ii) the services for gold extraction on the portion in which Vale operates as an agent for WPM gold extraction. The result on sale of mineral rights from the additional transactions of US$150 and US$230 was recognized in the years ended December 31, 2016 and 2015, respectively, under “Other operating expenses, net”. Critical accounting estimates and judgments Defining the gain on sale of mineral interest and the deferred revenue portion of the transaction requires the use of critical accounting estimates as follows:  Discount rates used to measure the present value of future inflows and outflows;  Allocation of costs between nickel or copper and gold based on relative prices;  Expected margin for the independent elements (sale of mineral rights and service for gold extraction) based on Company’s best estimate.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2017
Income taxes
Income taxes	8. Income taxes a) Deferred income tax assets and liabilities December 31, 2017 December 31, 2016 Taxes losses carryforward Temporary differences: Employee post retirement obligations Provision for litigation Timing differences arising on assets Fair value of financial instruments Allocated goodwill ) ) Others ) ) ) Total Assets Liabilities ) ) Changes in deferred tax are as follows: Assets Liabilities Total Balance at December 31, 2015 Taxes losses carryforward ) — ) Timing differences arising on assets — Fair value of financial instruments ) — ) Allocated goodwill — ) Others ) — ) Effect in income statement ) ) ) Transfers between asset and liabilities — Translation adjustment Other comprehensive income ) ) Effect of discontinued operations Income tax — Transfer to net assets held for sale ) — ) Balance at December 31, 2016 Taxes losses carryforward ) — ) Timing differences arising on assets — Fair value of financial instruments — Allocated goodwill — ) Others — Effect in income statement ) ) ) Transfers between asset and liabilities — Translation adjustment ) ) Other comprehensive income ) ) Effect of discontinued operations Income tax — Balance at December 31, 2017 Law 12.973 - The Brazilian corporate tax law was amended at the end of 2014 and became effective as from fiscal year 2015. The change provided that profits from foreign subsidiaries are taxable in Brazil, on an accrual basis, applying the differential between the nominal local tax rate and the Brazilian tax rates (34%) considering the profit before tax in local GAAP (Generally Accepted Accounting Principles) and local currency. Accordingly, from January 1st, 2015 the results from foreign subsidiaries are recognized on that basis. In accordance with article 77 of law 12.973, the losses generated by the foreign subsidiaries, before income taxes and the equity results, may be offset against their future profits, subject to certain conditions. In 2015, in the first adoption, the Company recognized deferred income tax assets related to accumulated losses of subsidiaries abroad in the amount of US$2,952. Based on Company’s projections, the deferred tax assets are expected to be utilized up to 5 years. The tax loss carryforward does not expire in the Brazilian jurisdiction and the compensation is limited to 30% of the taxable income for the year. For local results taxable in Brazil, there is no restriction to compensated profits from foreign subsidiaries against previously recorded deferred tax assets. b) Income tax reconciliation — Income statement The total amount presented as income taxes in the income statement is reconciled to the rate established by law, as follows: Year ended December 31 2017 2016 2015 Income (loss) before income taxes ) Income taxes at statutory rates - 34% ) ) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders’ equity Tax incentives Equity results ) Unrecognized tax losses of the year ) ) ) Nondeductible effect of impairment ) ) ) Others Income taxes ) ) c) Tax incentives In Brazil, Vale has tax incentives to partially reduce the income tax generated by the operations conducted in the North and Northeast regions that includes iron ore, manganese, copper and nickel. The incentive is calculated based on the taxable income of the incentive activity (tax operating income) and takes into account the allocation of tax operating income into different incentives applicable to different tranches of production during the periods specified for each product, generally 10 years. Most of our incentives are expected to expire up to 2024. An amount equal to that obtained with the tax saving must be appropriated in retained earnings reserve account in stockholders’ equity, and cannot be distributed as dividends to stockholders. In addition to those incentives, 30% of the income tax due based on the tax operating income can be reinvested on the purchase of machinery and equipment, subject to subsequent approval by the regulatory agency responsible, Superintendência do Desenvolvimento da Amazonia (“SUDAM”) and the Superintendência do Desenvolvimento do Nordeste (“SUDENE”). The reinvestment is accounted in retained earnings reserve account, which restricts the distribution as dividends to stockholders. Vale is subject to the revision of income tax by local tax authorities in a range up to 10 years depending on jurisdiction where the Company operates. d) Income taxes - Settlement program (“REFIS”) The balance mainly relates to REFIS to settle most of the claims related to the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012. As at December 31, 2017, the balance of US$5,375 (US$485 as current and US$4,890 as non-current) is due in 130 remaining monthly installments, bearing interest at the SELIC rate (Special System for Settlement and Custody), while at December 31, 2016, the balance was US$5,419 (US$458 as current and US$4,961 as non-current). As at December 31, 2017, the SELIC rate was 7,0% per annum (13.75% per annum at December 31, 2016). Accounting policy The recognition of income taxes as deferred taxes is based on temporary differences between carrying amount and the tax basis of assets and liabilities as well as taxes losses carryforwards. The deferred income taxes assets and liabilities are offset when there is a legally enforceable right on the same taxable entity. The deferred taxes assets arising from taxes losses and temporary differences are not recognized when is not probable that future taxable profit will be available against which temporary differences and/or tax losses can be utilized. Income taxes are recognized in the income statement, except for items recognized directly in stockholders’ equity. The provision for income tax is calculated individually for each entity of the Company based on Brazilian tax rates, on an accrual basis, by applying the differential between the nominal local tax rates (based on rules enacted in the location of the entity) and the Brazilian tax rate. Critical accounting estimates and judgments Deferred tax assets arising from tax losses, negative social contribution basis and temporary differences are registered taking into account the analysis of future performance, considering economic and financial projections, prepared based on internal assumptions and macroeconomic environment, trade and tax scenarios that may be subject to changes in the future. The assumptions of future profits are based on production and sales planning, commodity prices, operational costs, restructuring plans, reclamation and planned capital costs.

Basic and diluted earnings (los

Basic and diluted earnings (loss) per share	12 Months Ended
	Dec. 31, 2017
Basic and diluted earnings (loss) per share
Basic and diluted earnings (loss) per share	9. Basic and diluted earnings (loss) per share As disclosed in note 29, the Company converted its class “A” preferred shares into common shares, without changing the amount of share capital. Therefore, the weighted average number of shares was restated as if the conversion had occurred at the beginning of the last comparative year presented. The basic and diluted earnings (loss) per share are presented below: Year ended December 31 2017 2016 2015 Net income (loss) attributable to Vale’s stockholders: Net income (loss) from continuing operations ) Loss from discontinued operations ) ) ) Net income (loss) ) Thousands of shares (restated) Weighted average number of shares outstanding — common shares Basic and diluted earnings (loss) per share from continuing operations (restated): Common share (US$) ) Basic and diluted loss per share from discontinued operations (restated): Common share (US$) ) ) ) Basic and diluted earnings (loss) per share (restated): Common share (US$) ) The Company does not have potential outstanding shares with dilutive effect on the earnings (loss) per share.

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2017
Accounts receivable
Accounts receivable	10. Accounts receivable December 31, 2017 December 31, 2016 Accounts receivable Impairment of accounts receivable ) ) Accounts receivable related to the steel sector - % % % Year ended December 31 2017 2016 2015 Impairment of accounts receivable recorded in the income statement ) ) There is no customer that individually represents over 10% of accounts receivable or revenues. Accounting policy Accounts receivable are financial instruments classified in the category loan and receivables and are the total amount due from sale of products and services rendered by the Company. Accounts receivable are initially recognized at fair value and subsequently measured at amortized cost, less provision for impairment of accounts receivable, when applicable. Commercial credit risk management - For the commercial credit exposure, which arises from sales to final customers, the risk management area, in accordance with the current delegation level, approves or request the approval of credit risk limits for each counterparty. Vale attributes an internal credit risk rating for each counterparty using its own quantitative methodology for credit risk analysis, which is based on market prices, external credit ratings and financial information of the counterparty, as well as qualitative information regarding the counterparty’s strategic position and history of commercial relations. Based on the counterparty’s credit risk, risk mitigation strategies may be used to manage the Company`s credit risk. The main credit risk mitigation strategies include non-recourse sale of receivables, insurance instruments, letters of credit, corporate and bank guarantees, mortgages, among others. Vale has a diversified accounts receivable portfolio from a geographical standpoint, with Asia, Europe and Brazil the regions with more significant exposures. According to each region, different guarantees can be used to enhance the credit quality of the receivables.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2017
Inventories
Inventories	11. Inventories December 31, 2017 December 31, 2016 Product inventory Work in progress Consumable inventory Total In 2017, the Company recognized in the income statement a provision in respect of the net realizable value of product inventory, in the amount of US$86 (2016: US$199 and 2015: US$518). Product inventories by segments are presented in note 3(b). Accounting policy Inventories are stated at the lower of cost or the net realizable value. The inventory production cost is determined on the basis of variable and fixed costs, direct and indirect costs of production, using the average cost method. At each statement of financial position date, inventories are assessed for impairment and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and reversals are included in “Cost of goods sold and services rendered”.

Recoverable taxes

Recoverable taxes	12 Months Ended
	Dec. 31, 2017
Recoverable taxes
Recoverable taxes	12. Recoverable taxes Recoverable taxes are presented net of provisions for losses on tax credits. December 31, 2017 December 31, 2016 Value-added tax Brazilian federal contributions Others Total Current Non-current Total

Other financial assets and liab

Other financial assets and liabilities	12 Months Ended
	Dec. 31, 2017
Other financial assets and liabilities
Other financial assets and liabilities	13. Other financial assets and liabilities Current Non-Current December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Other financial assets Financial investments — — Loans — — Derivative financial instruments (note 24) Related parties (note 30) — — Other financial liabilities Derivative financial instruments (note 24) Related parties (note 30) Participative stockholders’ debentures — — Participative stockholders’ debentures At the time of its privatization in 1997, Vale issued debentures to then-existing stockholders, including the Brazilian Government. The debentures’ terms were set to ensure that pre-privatization stockholders would participate in potential future benefits that might be obtained from exploiting mineral resources. A total of 388,559,056 debentures were issued with a par value of R$0.01 (one cent of Brazilian Real) and are inflation-indexed to the General Market Price Index (“IGP-M”), as set forth in the Issue Deed. The Company paid as remuneration the amount of US$135 and US$84, respectively, for the year ended December 31, 2017 and 2016.

Non-current assets and liabilit

Non-current assets and liabilities held for sale and discontinued operations	12 Months Ended
	Dec. 31, 2017
Non-current assets and liabilities held for sale and discontinued operations
Non-current assets and liabilities held for sale and discontinued operations	14. Non-current assets and liabilities held for sale and discontinued operations December 31, December 31, 2016 Fertilizers Fertilizers Nacala Shipping assets Total Assets Accounts receivable — Inventories — Other current assets — Investments in associates and joint ventures — — Property, plant and equipment and Intangible Other non-current assets — Total assets Liabilities Suppliers and contractors — Other current liabilities — Other non-current liabilities — Total liabilities — Net non-current assets held for sale a) Fertilizers (Discontinued operations) In December 2016, the Company entered into an agreement with The Mosaic Company (“Mosaic”) to sell (i) the phosphate assets located in Brazil, except for the assets located in Cubatão, Brazil; (ii) the control of Compañia Minera Miski Mayo S.A.C., in Peru; (iii) the potassium assets located in Brazil; and (iv) the potash projects in Canada. Originally, the agreed amount was US$2,500, of which US$1,250 would be paid in cash and the remaining consideration would be settled with 42.3 million common shares to be issued by Mosaic. In January 2018 (subsequent event), the Company and Mosaic concluded the transaction, which was preceded by final adjustments agreed by the parties under the original terms and conditions of the negotiation. As consequence of these adjustments, the consideration has changed and the Company received US$1,080 in cash and 34.2 million common shares, corresponding to 8.9% of Mosaic’s equity after the issuance of these shares (US$877, based on the Mosaic’s quotation at closing date of the transaction). Fertilizer’s net assets were adjusted to reflect fair value less cost to sell and a loss of US$729 (US$1,738 in 2016) was recognized in the income statement from discontinued operations. b) Cubatão (part of the fertilizer segment) In November 2017, the Company entered into an agreement with Yara International ASA (“Yara”) to sell its nitrogen assets located in Cubatão, Brazil. The agreed consideration is US$255 to be paid in cash. The Company expects to complete the transaction by the end of 2018, subject to compliance with usual precedent conditions, including approval by the Brazilian anti-trust authority (“CADE”) and other authorities. These assets were adjusted to reflect fair value less cost to sell and a loss of US$156 was recognized in the income statement from discontinued operations. The results for the years and the cash flows of discontinued operations of the Fertilizer segment are presented as follows: Year ended December 31 2017 2016 2015 Discontinued operations Net operating revenue Cost of goods sold and services rendered ) ) ) Operating expenses ) ) ) Impairment of non-current assets ) ) ) Operating income (loss) ) ) Financial Results, net ) ) Equity results in associates and joint ventures ) Loss before income taxes ) ) ) Income taxes ) Loss from discontinued operations ) ) ) Net income (loss) attributable to noncontrolling interests ) Loss attributable to Vale’s stockholders ) ) ) Year ended December 31 2017 2016 2015 Discontinued operations Cash flow from operating activities Loss before income taxes ) ) ) Adjustments: Equity results in associates and joint ventures ) ) Depreciation, amortization and depletion Impairment of non-current assets Others — ) Increase (decrease) in assets and liabilities ) ) Net cash provided by operating activities Cash flow from investing activities Additions to property, plant and equipment ) ) ) Others — ) Net cash used in investing activities ) ) ) Cash flow from financing activities Loans and borrowings Repayments ) ) ) Net cash used in financing activities ) ) ) Net cash provided (used) in discontinued operations ) ) Accounting policy A non-current asset is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The criteria for recognition the non-current assets as held for sale are only considered satisfied when the sale is highly probable and the asset (or disposal group of assets) is available for immediate sale in its present condition. The Company measures the assets held for sale (or group of assets) at the lower of its carrying amount and fair value less costs to sell. If the carrying amount exceeds the fair value less costs to sell an impairment loss is recognized against income statement. Any subsequent reversal of impairment is recognized only to the extent of the loss previously recognized. The assets and liabilities classified as held for sale are presented separately in the statement of financial position. The classification as a discontinued operation occurs through disposal, or when the operation meets the criteria to be classified as held for sale if this occurs earlier. A discontinued operation is a component of a Company business comprising cash flows and operations that may be clearly distinct from the rest of the Company and that represents an important separate line of business or geographical area of operations. The result of discontinued operations is presented in a single amount in the income statement, including the results after income tax of these operations less any impairment loss. Cash flows attributable to operating, investing and financing activities of discontinued operations are disclosed in a separate note. When an operation is classified as a discontinued operation, the income statements of the prior periods are restated as if the operation had been discontinued since the beginning of the comparative period. Any noncontrolling interest relating to a group disposal held for sale is presented in the stockholders’ equity and are not reclassified in the statement of financial position.

Investments in associates and j

Investments in associates and joint ventures	12 Months Ended
	Dec. 31, 2017
Investments in associates and joint ventures
Investments in associates and joint ventures	15. Investments in associates and joint ventures The material non-consolidated entities of the Company are as follows: Location Main % Ownership % Voting capital % Noncontrolling Joint ventures Aliança Geração de Energia S.A. Brazil Energy % % % Companhia Coreano-Brasileira de Pelotização Brazil Pellets % % % Companhia Hispano-Brasileira de Pelotização Brazil Pellets % % % Companhia Ítalo-Brasileira de Pelotização Brazil Pellets % % % Companhia Nipo-Brasileira de Pelotização Brazil Pellets % % % Companhia Siderúrgica do Pecém (“CSP”) Brazil Steel % % % MRS Logística S.A. Brazil Logistics % % % Nacala Corridor Holding Netherlands B.V. Netherlands Coal % % % Samarco Mineração S.A. Brazil Pellets % % % Direct and indirect associates Henan Longyu Energy Resources Co., Ltd. China Coal % % % VLI S.A. Brazil Logistics % % % a) Changes during the year Changes in investments in associates and joint ventures as follows: 2017 2016 Associates Joint ventures Total Associates Joint ventures Total Balance at January 1st, Additions (i) Disposals — — — ) — ) Translation adjustment ) ) ) Equity results in income statement Equity results from discontinued operations — — — — Equity results in statement of comprehensive income — ) ) — — — Dividends declared (ii) ) ) ) ) ) ) Transfer to held for sale — — — ) — ) Others — ) ) Balance at December 31, (i) Refers to the Coal and Other segments in the amounts of US$75 and US$18, respectively, on December 31, 2017 and US$187 and US$52, respectively, on December 31, 2016. (ii) In 2017, the Company received dividends in the amount of US$227, of which US$179 were declared during 2017. The investments by segments are presented in note 3(b). b) Acquisitions and divestiture 2017 Nacala Logistic Corridor - In December 2014 and as amended in November 2016, the Company signed an agreement with Mitsui & Co., Ltd. (“Mitsui”) to transfer 50% of its stake of 66.7% in Nacala Logistic Corridor, which comprises entities that holds railroads and port concessions located in Mozambique and Malawi. Also, Mitsui committed to acquire 15% participation in the holding entity of Vale Moçambique, which holds the Moatize Coal Project. In March 2017, the transaction was concluded and Vale received a consideration of US$690. After the completion of the transaction, the Company (i) holds 81% of Vale Moçambique and retains the control of the Moatize Coal Project and (ii) shares control of the Nacala Logistic Corridor structure (Nacala BV), with Mitsui. As a consequence of sharing control of Nacala BV, the Company: (i) derecognized the assets and liabilities classified as held for sale in the total amount of US$4,144, from which US$4,063 refers to property, plant and equipment and intangibles; (ii) derecognized US$14 related to cash and cash equivalents; (iii) recognized a gain of US$447 in the income statement related to the sale and the re-measurement at fair value, of its remaining interest at Nacala BV based on the consideration received; (iv) reclassified the gain related to the cumulative translation adjustments on to income statements in the amount of US$11; The result of the transaction regarding the assets from Nacala’s logistic corridor was recognized in the income statement as “Impairment and other results on non-current assets”. The results of the transaction with the coal holding entity was recognized in “Results from operation with noncontrolling interest” in the amount of US$105, directly in Stockholders’ Equity. The consideration received was recognized in the statement of cash flows in “Proceeds from disposal of assets and investments” in the amount of US$435 and “Transactions with noncontrolling stockholders” in the amount of US$255. After the conclusion of the transaction, Vale has outstanding loan balances with Nacala BV and Pangea Emirates Ltd due to the deconsolidation of Nacala Logistic Corridor, the balances as at December 31, 2017 are disclosed in note 30(b). In November 2017, Nacala B. V. signed financing contracts in the form of a project finance in order to receive US$2.7 billion contracted that will be used to settle a portion of the loan with the Company. The receipt of the proceeds is subject to precedent conditions for a project finance. 2016 Thyssenkrupp Companhia Siderúrgica do Atlântico Ltd (“CSA”) — In April 2016, the Company sold 100% of its interest at CSA (26.87%) for a non-significant amount. The transaction resulted in a loss of US$75 due to recycling the “Cumulative translation adjustments” recognized in the income statement as “Impairment and others results in associates and joint ventures”. 2015 Energy generation assets - In December 2013, the Company signed agreements with CEMIG Geração e Transmissão S.A. (“CEMIG GT”) to incorporate two joint ventures, Aliança Norte Participações S.A. and Aliança Geração de Energia S.A and exchange of assets and shares. The transaction was completed in the first quarter of 2015, in which Vale received cash proceeds of US$97 and recognized a gain of US$18 as “Impairment and others results in associates and joint ventures” and a gain of US$193 as “Impairment and others results of non-current assets”. Shandong Yankuang International Coking Co., Ltd. (“Yankuang”) - In 2015, the Company completed the sale 100% of its interest at Yankuang, a producer of coking coal, methanol and other products. In this transaction, Vale recognized a gain of US$79 as “Impairment and others results in associates and joint ventures”. Investments in associates and joint ventures Equity results in the income statement Dividends received December 31, December 31, Year ended December 31 Year ended December 31 Associates and joint ventures % ownership % voting capital 2017 2016 2017 2016 2015 2017 2016 2015 Ferrous minerals Baovale Mineração S.A. — — — Companhia Coreano-Brasileira de Pelotização Companhia Hispano-Brasileira de Pelotização Companhia Ítalo-Brasileira de Pelotização Companhia Nipo-Brasileira de Pelotização MRS Logística S.A. Samarco Mineração S.A. — — — — ) — — VLI S.A. — Zhuhai YPM Pellet Co. — — — — — — Others — — — — ) — — — Coal Henan Longyu Energy Resources Co., Ltd. ) ) — — ) ) — — Base metals Korea Nickel Corp. ) ) — — Teal Minerals Inc. — — — ) ) — — — ) ) — — Others Aliança Geração de Energia S.A. Aliança Norte Energia Participações S.A. ) ) — — — California Steel Industries, Inc. ) — Companhia Siderúrgica do Pecém ) ) — — — Mineração Rio Grande do Norte S.A. Thyssenkrupp Companhia Siderúrgica do Atlântico Ltd. — — — — — — ) — — — Others ) ) ) — ) ) Total ) c) Summarized financial information The summarized financial information about relevant associates and joint-ventures for the Company are as follows: December 31, 2017 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets Non-current assets Total assets Current liabilities Non-current liabilities — Total liabilities Stockholders’equity Net income (loss) ) December 31, 2016 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Stockholders’equity Net income (loss) ) (i) Aggregate entity information: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, Companhia Nipo-Brasileira de Pelotização. The stand-alone financial information may differ from the financial information reported herein, since they may be adjusted, when necessary to Vale’s accounting policies including eventual goodwill, provisional price adjustment, etc. Accounting policy Joint arrangements investments - Joint arrangements are all entities over which the Company has shared control with one or more parties. Joint arrangement investments are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The joint operations are recorded in the financial statements to represent the Company’s contractual rights and obligations. The Company does not have material joint operations. Interests in joint ventures are accounted for using the equity method, after initially being recognized at cost. The Company’s investment in joint ventures includes the goodwill identified in the acquisition, net of any accumulated impairment loss. The Company’s interest in the profits or losses of its joint ventures is recognized in the income statement and participation in the changes in reserves is recognized in the Company’s reserves. When the Company’s interest in the losses of an associate or joint venture is equal to or greater than the carrying amount of the investment, including any other receivables, the Company does not recognize additional losses, unless it has incurred obligations or made payments on behalf of the joint venture. Critical accounting estimates and judgments Judgment is required in some circumstances to determine whether after considering all relevant factors, the Company has control, joint control or significant influence over an entity. Significant influence includes situations of collective control. The Company holds the majority of the voting capital in five joint arrangements (Aliança Geração de Energia S.A., Aliança Norte Energia Participações S.A., Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização), but management have concluded that the Company does not have a sufficiently dominant voting interest to have the power to direct the activities of the entity. As a result, these entities are accounted under equity method due to shareholder’s agreements where relevant decisions are shared with other parties.

Noncontrolling interest

Noncontrolling interest	12 Months Ended
	Dec. 31, 2017
Noncontrolling interest
Noncontrolling interest	16. Noncontrolling interest a) Summarized financial information The summarized financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material noncontrolling interest are as follows: December 31, 2017 MBR PTVI VNC Vale Moçambique Compañia Others (ii) Total Current assets — Non-current assets — Related parties - Stockholders — Total assets — Current liabilities — Non-current liabilities — Related parties - Stockholders — Total liabilities — Stockholders’ equity ) — Equity attributable to noncontrolling interests ) Net income (loss) ) ) ) ) — Net income (loss) attributable to noncontrolling interests ) ) ) ) ) Dividends paid to noncontrolling interests — — — — — (i) Discontinued operations (ii) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing December 31, 2016 MBR PTVI VNC Vale Moçambique Compañia Others Total Current assets — Non-current assets — Related parties - Stockholders — Total assets — Current liabilities — Non-current liabilities — Related parties - Stockholders — Total liabilities — Stockholders’ equity ) — Equity attributable to noncontrolling interests ) ) Net income (loss) ) ) — — Net income (loss) attributable to noncontrolling interests ) ) ) ) Dividends paid to noncontrolling interests — — — — — December 31, 2015 MBR PTVI VNC Vale Moçambique Compañia Others Total Net income (loss) ) ) — — Net income (loss) attributable to noncontrolling interests ) ) ) ) Dividends paid to noncontrolling interests — — — — — — (i) Discontinued operation The stand-alone financial information may differ from the financial information reported herein, since they may be adjusted, when necessary to Vale’s accounting policies including eventual goodwill, provisional price adjustment, etc. b) Acquisitions and divestments In March 2017, the Company concluded the transaction with Mitsui to sell 15% of its stake in Vale Moçambique and 50% of its stake in the Nacala Logistics Corridor. After the completion of the transaction, the Company holds 81% of Vale Moçambique and shares control of the Nacala Logistic Corridor with Mitsui. Further details are disclosed in note 15.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2017
Intangibles
Intangibles	17. Intangibles Changes in intangibles are as follows: Goodwill Concessions Right of use Software Total Balance at December 31, 2015 Additions — Disposals — ) — — ) Amortization — ) ) ) ) Impairment of discontinued operations (note 14) ) — — — ) Translation adjustment Transfers — ) Effect of discontinued operations Transfer to net assets held for sale ) — — — ) Balance at December 31, 2016 Cost Accumulated amortization — ) ) ) ) Balance at December 31, 2016 Additions — — Disposals — ) — — ) Amortization — ) ) ) ) Translation adjustment ) ) Merger of Valepar (note 29) — — — Transfers — — — Balance at December 31, 2017 Cost Accumulated amortization — ) ) ) ) Balance at December 31, 2017 a) Goodwill - The goodwill arose from the acquisition of iron ore and nickel businesses. In 2017, the goodwill was recognized on the acquisition of Vale controlling interest by Valepar, based on the expected future returns on the ferrous segment. As the fundamentals are still valid on the date of the merger of Valepar by Vale, the goodwill was fully recognized. The Company has not recognized the deferred taxes over the goodwill, since there are no differences between the tax basis and accounting basis. The Company assess periodically the recoverable amount of the goodwill. b) Concessions - The concessions refer to the agreements with governments for the exploration and the development of ports and railways. The Company holds railway concessions which are valid over a certain period of time. Those assets are classified as intangible assets and amortized over the shorter of their useful lives and the concession term at the end of which they will be returned to the government. c) Right of use - Refers to intangible identified in the business combination of Vale Canada Limited (“Vale Canada”) and to the usufruct contract between the Company and noncontrolling stockholders to use the shares of Empreendimentos Brasileiros de Mineração S.A. (owner of Minerações Brasileiras Reunidas S.A. shares). The amortization of the right of use will expire in 2037 and Vale Canada’s intangible will end in September of 2046. Accounting policy Intangibles are carried at the acquisition cost, net of accumulated amortization and impairment charges. The estimated useful lives are as follows: Useful life Concessions 3 to 50 years Right of use 22 to 31 years Software 5 years

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment
Property, plant and equipment	18. Property, plant and equipment Changes in property, plant and equipment are as follows: Land Building Facilities Equipment Mineral Others Constructions Total Balance at December 31, 2015 Additions (i) — — — — — — Disposals ) ) ) ) ) ) ) ) Assets retirement obligation — — — — — — Depreciation, amortization and depletion — ) ) ) ) ) — ) Transfers to non-current assets held for sale — — — — — ) — ) Impairment (note 19) ) ) ) ) ) ) ) Impairment of discontinued operations (note 14) ) — ) — ) — — ) Translation adjustment Transfers ) ) Effect of discontinued operations Transfer to net assets held for sale ) ) ) ) ) ) ) ) Balance at December 31, 2016 Cost Accumulated depreciation — ) ) ) ) ) — ) Balance at December 31, 2016 Additions (i) — — — — — — Disposals — ) ) ) ) ) ) ) Assets retirement obligation — — — — — — Depreciation, amortization and depletion — ) ) ) ) ) — ) Impairment (note 19) ) — — ) ) — ) ) Translation adjustment ) ) ) Transfers ) ) ) Balance at December 31, 2017 Cost Accumulated depreciation — ) ) ) ) ) — ) Balance at December 31, 2017 (i) Includes capitalized borrowing costs. a) Disposals of assets In June 2016, Vale approved a plan to dispose of its fleet of eleven ships. As consequence, these assets were reclassified to non-current assets held for sale and a loss of US$66 was recognized in the income statement as “Impairment and other results on non-current assets”. In the year ended December 31, 2016, the Company concluded the sale of three Very Large Ore Carriers (“VLOC’s”) and four Capesize vessels for US$409. In the year ended December 31, 2017, the Company concluded the sale of four VLOC’s and two Floating Transfer Stations in the amount of US$391. The Company recognized a loss of US$133 in the income statement as “Impairment and other results on non-current assets”. Additionally, in 2017, the Company recognized a loss of US$348 in the income statement as “Impairment and other results on non-current assets” due to non-viable projects and operating assets written off through sale or obsolescence. Accounting policy Property, plant and equipment is recorded at the cost of acquisition or construction, net of accumulated depreciation and impairment charges. Mineral properties developed internally are determined by (i) direct and indirect costs attributed to build the mining facilities, (ii) financial charges incurred during the construction period, (iii) depreciation of other fixed assets used during construction, (iv) estimated decommissioning and site restoration expenses, and (v) other capitalized expenditures during the development phase (phase when the project demonstrates its economic benefit to the Company, and the Company has ability and intention to complete the project). The depletion of mineral properties is determined based on the ratio between production and total proven and probable mineral reserves. Property, plant and equipment, other than mineral properties are depreciated using the straight-line method based on the estimated useful lives, from the date on which the assets become available for their intended use and are capitalized, except for land which is not depreciated. The estimated useful lives are as follows: Useful life Buildings 15 to 50 years Facilities 3 to 50 years Equipment 3 to 40 years Others: Locomotives 12 to 25 years Wagon 30 to 44 years Railway equipment 5 to 33 years Ships 20 years Others 2 to 50 years The residual values and useful lives of assets are reviewed at the end of each reporting period and adjusted if necessary. a) Mineral reserves Critical accounting estimates and judgments The estimates of proven and probable reserves are regularly evaluated and updated. These reserves are determined using generally accepted geological estimates. The calculation of reserves requires the Company to make assumptions about expected future conditions that are uncertain, including future ore prices, exchange rates, inflation rates, mining technology, availability of permits and production costs. Changes in assumptions could have a significant impact on the proven and probable reserves of the Company. The estimated volume of mineral reserves is used as basis for the calculation of depletion of the mineral properties, and also for the estimated useful life which is a major factor to quantify the provision for asset retirement obligation, environmental recovery of mines and impairment of long lived asset. Any changes to the estimates of the volume of mine reserves and the useful lives of assets may have a significant impact on the depreciation, depletion and amortization charges and assessments of impairment. b) Expenditures and stripping costs (i) Exploration and evaluation expenditures - Expenditures on mining research are accounted for as operating expenses until the effective proof of economic feasibility and commercial viability of a given field can be demonstrated. From then on, the expenditures incurred are capitalized as mineral properties. (ii) Expenditures on feasibility studies, new technologies and others research - The Company also conducts feasibility studies for many businesses which it operates including researching new technologies to optimize the mining process. After these costs are proven to generate future benefits to the Company, the expenditures incurred are capitalized. (iii) Maintenance costs - Significant industrial maintenance costs, including spare parts, assembly services, and others, are recorded in property, plant and equipment and depreciated through the next programmed maintenance overhaul. (iv) Stripping Costs - The cost associated with the removal of overburden and other waste materials (“stripping costs”) incurred during the development of mines, before production takes place, are capitalized as part of the depreciable cost of the mineral properties. These costs are subsequently amortized over the useful life of the mine. Post-production stripping costs are included in the cost of inventory, except when a new project is developed to permit access to a significant ore deposits. In such cases, the cost is capitalized as a non-current asset and is amortized during the extraction of the ore deposits, over the useful life of the ore deposits. Stripping costs are measured at fixed and variable costs directly and indirectly attributable to its removal and, when applicable, net of any impairment losses measured in the same basis adopted for the cash generating unit of which it belongs.

Impairment and onerous contract

Impairment and onerous contracts	12 Months Ended
	Dec. 31, 2017
Impairment and onerous contracts
Impairment and onerous contracts	19. Impairment and onerous contracts The impairment losses (reversals) recognized in the year are presented below: Income statement Impairment (reversals) Segments by class of assets Assets or cash-generating unit 2017 2016 2015 Property, plant and equipment and intangible Iron ore North system — ) Coal Australia — Base metals — nickel Stobie — — Base metals — nickel Newfoundland (VNL) — Base metals — nickel Nouvelle Caledonie (VNC) — Base metals — nickel Onça Puma — — ) Coal Mozambique — — Iron ore Midwest system — — Several segments Other assets Impairment of non-current assets Onerous contracts — Impairment of non-current assets and onerous contracts Investments in associates and joint ventures Iron ore Samarco Mineração S.A. — — Base metals - Copper Teal Minerals Inc. — Impairment of investments in associates and joint ventures — — a) Impairment of non-financial assets The Company has carried out an impairment test for the assets that a triggering event was identified. The recoverable amount is assessed by reference to the higher of value in use (“VIU”) and fair value less costs of disposal (“FVLCD”). The recoverable amount of each Cash Generating Units (“CGU”) under the impairment testing was assessed using FVLCD model, through discounted cash flow techniques, which is classified as “level 3” in the fair value hierarchy. The cash flows were discounted using a post-tax discount rate ranging from 6% to 9%, which represents an estimate of the rate that a market participant would apply having regard to the time value of money and the risks specific to the asset. The Company used its weighted average cost of capital (“WACC”) as a starting point for determining the discount rates, with appropriate adjustments for the risk profile of the countries in which the individual CGU operate. Iron ore and pellets - During 2017, the Company did not identify any changes in the circumstances or indicators that would require reassessment of the carrying amount of the iron ore and pellets CGUs. Of the total goodwill (note 17), US$2,157 is allocated to the group of ferrous mineral CGUs. The impairment analysis based on FVLCD model demonstrates that there were no impairment loss in relation to the individual CGUs or goodwill. In 2016, based on the market circumstances, the Company decided to resume Norte’s system pelletizing plant, based on the studies carried out by management that demonstrates its economic feasibility. Accordingly, the Company reversed the full impairments of US$160 recorded in 2013 and 2015. In 2015, the Company recognized an impairment loss of US$522 due to lack of competitiveness in the Midwest system because of the complex logistic system associated with the decline in iron ore prices. Accordingly, long-lived assets were fully impaired. Coal - Based on the 2017 impairment triggering assessment, the Company has identified trigger of impairment in the Mozambique CGU, driven by a reduction in the proven and probable reserves due to a geological revision undertaken by Management in the last quarter of 2017. However, coal price projections have increased, triggering a discussion around impairment reversal review. The Company carried out an impairment test based on FVLCD model and concluded that there were no changes in the impairment previously recognized. In 2016, the future mining plans of the coal assets in Australia were revised and an impairment loss of US$27 was recognized in the income statement (US$635 in 2015). In 2015, due to a reduction in the estimated future coal prices, at that point in time, associated with an increase in the logistics costs, the Company recognized an impairment loss of US$2,403 in relation to the coal asset in Mozambique. Nickel - Based on the 2017 impairment trigger assessment, the Company has identified impairment indicators in the nickel CGUs, driven by a decrease in the nickel long-term price projections. The Company carried out an impairment test based on FVLCD model and concluded that there were no changes in the impairment previously recognized. Except for an underground mine in Sudbury that was affected by seismic activities and the cost to repair the asset is deemed not recoverable in the current market conditions. Therefore, the Company has placed this asset on “care and maintenance” and an impairment of US$133 was recognized in the income statement. Of the total goodwill (note 17), US$1,953 is allocated to the group of nickel CGUs. The impairment analysis based on FVLCD model demonstrates that there were no impairment loss in relation to the individual CGUs or goodwill. In 2016, the decrease in long term nickel price projections, that significantly reduced the recoverable amounts of the VNL and VNC CGUs, associated with significant capital investments in new processing facilities in recent years, resulted in impairment losses of US$631 and US$284 (2015 - US$3,460 and US$1,462), respectively. b) Onerous contract In 2016, the Company recognized a provision of US$257 (US$357 in 2015) for the costs in respect of certain long-term contracts in the Midwest system for fluvial transportation and port structure, with minimum guaranteed volume. c) Impairment of investments in associates and joint ventures In 2015, the Company recognized an impairment of US$132 in its investment in Samarco (note 21) and US$314 in Teal Minerals Inc. (“Teal”).Teal recognized an impairment of property, plant and equipment due to the revision of future mining plans and the decrease of the copper price. Accounting policy Impairment of non-Financial assets - Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognized for the amount by which the asset´s carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal (“FVLCD”) and value in use (“VIU”). FVLCD is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset from a market participant’s perspective, including any expansion prospects. VIU model is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form. Value in use is determined by applying assumptions specific to the Company’s continued use and cannot take into account future development. These assumptions are different to those used in calculating fair value and consequently the VIU calculation is likely to give a different result to a FVLCD calculation. Assets that have indefinite useful life and are not subject to amortization, such as goodwill, are tested annually for impairment. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Goodwill is allocated to Cash Generating Units or Cash Generating Units groups that are expected to benefit from the business combinations in which the goodwill arose and are identified in accordance with the operating segment. Non-current assets (excluding goodwill) in which the Company recognized impairment in the past are reviewed whenever events or changes in circumstances indicate that the impairment may no longer be applicable. In such cases, an impairment reversal will be recognized. Onerous Contracts - For certain long-term contracts, a provision is recognized when the present value of the unavoidable cost to meet the Company’s obligation exceeds the economic benefits that could be received from those contracts. Critical accounting estimates and judgments The Company determines its cash flows based on the budgets approved by management, which require the use of the following assumptions: (i) mineral reserves and mineral resources measured by internal experts; (ii) costs and investments based on the best estimate of projects as supported by past performance; (iii) sale prices consistent with projections available in reports published by industry considering the market price when appropriate; (iv) the life of each cash-generating unit (ratio between production and mineral reserves); and (v) discount rates that reflect specific risks relating to the relevant assets in each cash-generating unit. These assumptions are subject to risk and uncertainty. Hence, there is a possibility that changes in circumstances will change these projections, which may affect the recoverable amount of the assets.

Loans, borrowings, cash and cas

Loans, borrowings, cash and cash equivalents and financial investments	12 Months Ended
	Dec. 31, 2017
Loans, borrowings, cash and cash equivalents and financial investments
Loans, borrowings, cash and cash equivalents and financial investments	20. Loans, borrowings, cash and cash equivalents and financial investments a) Net debt The Company evaluates the net debt with the objective of ensuring the continuity of its business in the long term, being able to generate value to its stockholders, through the payment of dividends and capital gain. December 31, 2017 December 31, 2016 Debt contracts in the international markets Debt contracts in Brazil Total of loans and borrowings (-) Cash and cash equivalents (-) Financial investments Net debt b) Cash and cash equivalents Cash and cash equivalents includes cash, immediately redeemable deposits and short-term investments with an insignificant risk of change in value. They are readily convertible to cash, being US$1,790 denominated in R$, indexed to the Brazilian Interbank Interest rate (“DI Rate”or”CDI”), US$2,395 denominated in US$, mainly time deposits and US$143 denominated in other currencies. c) Loans and borrowings i) Total debt Current liabilities Non-current liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Debt contracts in the international markets Floating rates in: US$ EUR — — Fixed rates in: US$ — — EUR — — Other currencies Accrued charges — — Debt contracts in Brazil Floating rates in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI Basket of currencies and US$ indexed to LIBOR Fixed rates in: R$ Accrued charges The future flows of debt payments principal, per nature of funding and interest are as follows: Principal Bank loans Capital markets Development Total Estimated future 2018 — 2019 — 2020 2021 Between 2022 and 2025 2026 onwards (i) Estimated future payments of interest, calculated based on interest rate curves and foreign exchange rates applicable as at December 31, 2017 and considering that all amortization payments and payments at maturity on loans and borrowings will be made on their contracted payments dates. The amount includes the estimated values of future interest payments (not yet accrued), in addition to interest already recognized in the financial statements. At December 31, 2017, the average annual interest rates by currency are as follows: Loans and borrowings Average interest rate (i) Total debt US$ % R$ (ii) % EUR (iii) % Other currencies % (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2017. (ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of US$2,329 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 1.89% per year in US$. (iii) Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4.29% per year in US$. ii) Reconciliation of debt to cash flows arising from financing activities Cash flow Non-cash changes December 31, Additions Repayments Interest Transferences Effect of Interest December 31, Loans and borrowings Current — ) ) Non-current — — ) — Total ) ) — iii) Credit and financing lines Contractual Period of the Available amount Type currency Date of agreement agreement Total amount December 31, 2017 Credit lines Revolving credit facilities US$ May 2015 5 years Revolving credit facilities US$ June 2017 5 years Financing lines BNDES - CLN 150 R$ September 2012 10 years BNDES - S11D e S11D Logística R$ May 2014 10 years In June 2017, the Company signed a US$2,000 revolving credit facility, which will be available for five years, to replace the US$2,000 line that was signed in 2013, which was cancelled. At December 31, 2017, the total available amount in revolving credit facilities remains at US$5,000. Liquidity risk - The revolving credit facilities available today were acquired from a syndicate of several global commercial banks. To mitigate such risk, Vale has a revolving credit facilities to assist the short term liquidity management and to enable more efficiency in cash management, being consistent with the strategic focus on cost of capital reduction. iv) Funding In February 2017, the Company issued through Vale Overseas Limited guaranteed notes due August 2026 totaling US$1,000. The notes bears 6.250% coupon per year, payable semi-annually, and were sold at a price of 107.793% of the principal amount. The notes were consolidated with, and formed a single series with, Vale Overseas’s US$1,000 6.250% notes due 2026 issued on August, 2016. Vale applied the net proceeds from the offering to the early redemption of Vale’s €750 notes (due in March 2018). In September 2017, the Company redeemed all of its 5.625% guaranteed notes due 2019 issued through Vale Overseas Limited totaling US$1,000. Additionally, the Company conducted a Tender Offer for the outstanding 4.625% guaranteed notes due 2020 issued by its subsidiary Vale Overseas Limited. The total principal amount of 2020 Notes accepted for purchase pursuant to the Tender Offer was US$501 from a total of US$1,000. v) Guarantees As at December 31, 2017 and 2016, loans and borrowings are secured by property, plant and equipment and receivables in the amount of US$275 and US$472, respectively. The securities issued through Vale’s 100%-owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed by Vale. vi) Covenants Some of the Company’s debt agreements with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such as debt to EBITDA and interest coverage. The Company has not identified any instances of noncompliance as at December 31, 2017 and 2016. Accounting policy Loans and borrowings are initially measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Income statement over the period of the loan, using the effective interest rate method. The fees paid in obtaining the loan are recognized as transaction costs. Loans and borrowing costs are capitalized as part of property, plants and equipment if those costs are directly related to a qualified asset. The capitalization occurs until the qualified asset is ready for its intended use. The average capitalization rate is 22%. Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred.

Liabilities related to associat

Liabilities related to associates and joint ventures	12 Months Ended
	Dec. 31, 2017
Liabilities related to associates and joint ventures
Liabilities related to associates and joint ventures	21. Liabilities related to associates and joint ventures In March 2016 Samarco and its shareholders, Vale S.A. and BHP Billiton Brasil Ltda. (“BHPB”), entered into an Agreement (“Framework Agreement”) with the Brazilian federal government, the two Brazilian states (Espírito Santo and Minas Gerais) and other governmental authorities, in connection with the lawsuit related to the Samarco dam failure (Note 27), in order to implement the programs for remediation and compensation of the areas and communities affected. The Framework Agreement has a 15-year term, renewable for successive one-year periods until all the obligations under the Framework Agreement have been satisfied. Under the Framework Agreement, Samarco, Vale S.A. and BHPB have established a foundation (“Fundação Renova” or “Foundation”) to develop and implement social and economic remediation and compensation, to be funded by Samarco. To the extent that Samarco does not meet its funding obligations to the foundation, each of Vale S.A. and BHPB will provide, under the terms of the Framework Agreement, funds to the Foundation in proportion to its 50% equity interest in Samarco. As the consequence of the dam failure, governmental authorities ordered the suspension of Samarco’s operations. Due to the uncertainties regarding Samarco’s future cash flow, Vale S.A. maintains a provision for the obligation to comply with the reparation and compensation programs under the Framework Agreement (pro rata to its proportional equity interest in Samarco). The movements in the provisions are as follows: 2017 2016 Balance at January 1st, — Additions / Provision recognized Payments ) ) Interest accretion Translation adjustment ) ) Balance at December 31, Current liabilities Non-current liabilities Liabilities In addition to the provision above, Vale S.A. made available in the year ended December 31, 2017 the amount of US$142, which was fully used to fund Samarco’s working capital and was recognized in Vale´s income statement as “Impairment and other results in associates and joint ventures”. Vale S.A intends to make available until the first half of 2018 up to US$48 to Samarco to support its working capital requirements, without any binding obligation to Samarco in this regard. Such amounts will be released by the shareholders, simultaneously and pursuant to the same terms and conditions, subject to the fulfillment of certain milestones. The summarized financial information of Samarco are as follows: December 31, 2017 December 31, 2016 Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Negative reserves ) ) Loss ) ) Under Brazilian legislation and the terms of the joint venture agreement, Vale does not have an obligation to provide funding to Samarco. Therefore, Vale’s investment in Samarco was impaired in full and no provision was recognized in relation to the Samarco’s negative reserves. The contingencies related to the Samarco dam failure are disclosed in note 27. Critical accounting estimates and judgments The provision requires the use of assumptions that may be mainly affected by: (i) changes in scope of work required under the Framework Agreement as result of further technical analysis and the ongoing negotiations with the Federal Prosecution Office, (ii) resolution of uncertainty in respect of the resumption of Samarco´s operations; (iii) updates in the discount rate; and (iv) resolution of existing and potential legal claims. As a result, future expenditures may differ from the amounts currently provided and changes to key assumptions could result in a material impact to the amount of the provision in future reporting periods. At each reporting period, Vale S.A. will reassess the key assumptions used by Samarco in the preparation of the projected cash flows and will adjust the provision, if required.

Financial instruments classific

Financial instruments classification	12 Months Ended
	Dec. 31, 2017
Financial instruments classification
Financial instruments classification	22. Financial instruments classification The Company classifies its financial instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition according to the following categories: December 31, 2017 December 31, 2016 Loans and At fair value Total Loans and At fair value Total Financial assets Current Cash and cash equivalents — — Financial investments — — Derivative financial instruments — — Accounts receivable — — Related parties — — — — Non-current Derivative financial instruments — — Loans — — Related parties — — — — Total of financial assets Financial liabilities Current Suppliers and contractors — — Derivative financial instruments — — Loans and borrowings — — Related parties — — Non-current Derivative financial instruments — — Loans and borrowings — — Related parties — — Participative stockholders’ debentures — — Total of financial liabilities The classification of financial assets and liabilities by currencies are as follows: December 31, 2017 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents Financial investments — — — Derivative financial instruments — — — Accounts receivable — Related parties — — — — Non-current Derivative financial instruments — — — Loans — — — Related parties — — — — — — — Total of financial assets Financial liabilities Current Suppliers and contractors Derivative financial instruments — — — Loans and borrowings — Related parties — — — — Non-current Derivative financial instruments Loans and borrowings — Related parties — — — Participative stockholders’ debentures — — — — — Total of financial liabilities December 31, 2016 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents Financial investments — — — Derivative financial instruments — — — Accounts receivable — Non-current Derivative financial instruments — — — Loans — — — — Total of financial assets Financial liabilities Current Suppliers and contractors Derivative financial instruments — — — Loans and borrowings — Related parties — — — — Non-current Derivative financial instruments — — — Loans and borrowings — Related parties — — — — Participative stockholders’ debentures — — — — — Total of financial liabilities

Fair value estimate

Fair value estimate	12 Months Ended
	Dec. 31, 2017
Fair value estimate
Fair value estimate	23. Fair value estimate Due to the short-term cycle, it is assumed that the fair value of cash and cash equivalents balances, financial investments, accounts receivable and accounts payable approximate their book values. For the measurement and determination of fair value, the Company uses various methods including market, income or cost approaches, in order to estimate the value that market participants would use when pricing the asset or liability. The financial assets and liabilities recorded at fair value are classified and disclosed in accordance with the following levels: Level 1 — Unadjusted quoted prices on an active, liquid and visible market for identical assets or liabilities that are accessible at the measurement date; Level 2 - Quoted prices (adjusted or unadjusted) for identical or similar assets or liabilities on active markets; and Level 3 - Assets and liabilities, for which quoted prices, do not exist, or where prices or valuation techniques are supported by little or no market activity, unobservable or illiquid. a) Assets and liabilities measured and recognized at fair value: December 31, 2017 December 31, 2016 Level 2 Level 3 Total Level 2 Level 3 Total Financial assets Derivative financial instruments Total Financial liabilities Derivative financial instruments Participative stockholders’ debentures — — Total There were no transfers between Level 1 and Level 2, or between Level 2 and Level 3 in the year ended December 31, 2017. The following table presents the changes in Level 3 assets and liabilities for the year ended December 31, 2017: Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2016 Gain recognized in income statement ) ) Balance at December 31, 2017 Methods and techniques of evaluation i) Derivative financial instruments Financial instruments are evaluated by calculating their present value through the use of instrument yield curves at the closing dates. The curves and prices used in the calculation for each group of instruments are detailed in the “market curves”. The pricing method used for European options is the Black & Scholes model. In this model, the fair value of the derivative is a function of the volatility in the price of the underlying asset, the exercise price of the option, the interest rate and period to maturity. In the case of options which income is a function of the average price of the underlying asset over the period of the option, the Company uses Turnbull & Wakeman model. In this model, in addition to the factors that influence the option price in the Black-Scholes model, the formation period of the average price is also considered. In the case of swaps, both the present value of the assets and liability are estimated by discounting the cash flow by the interest rate of the currency in which the swap is denominated. The difference between the present value of assets and liability of the swap generates its fair value. For the TJLP swaps, the calculation of the fair value assumes that TJLP is constant, that is the projections of future cash flow in Brazilian Reais are made on the basis of the last TJLP disclosed. Contracts for the purchase or sale of products, inputs and costs of selling with future settlement are priced using the forward yield curves for each product. Typically, these curves are obtained on the stock exchanges where the products are traded, such as the London Metals Exchange (“LME”), the Commodity Exchange (“COMEX”) or other providers of market prices. When there is no price for the desired maturity, Vale uses an interpolation between the available maturities. The fair value for derivatives are within level 3 are measured using discounted cash flows and option model valuation techniques with main unobservable inputs discount rates, stock prices and commodities prices. Participative stockholders’ debentures - Consist of the debentures issued during the privatization process (note 13), which fair values are measured based on the market approach. Reference prices are available on the secondary market. Critical accounting estimates and judgments The fair values of financial instruments that are not traded in active markets are determined using valuation techniques. Vale uses its own judgment to choose between the various methods. Assumptions are based on the market conditions, at the end of the year. An analysis of the impact if actual results are different from management’s estimates is present on note 33 (sensitivity analysis). b) Fair value of financial instruments not measured at fair value The fair value estimate for level 1 is based on market approach considering the secondary market contracts. For loans allocated to level 2, the income approach is adopted and the fair value for both fixed-indexed rate debt and floating rate debt is determined on a discounted cash flows basis using LIBOR future values and Vale’s bonds curve. The fair values and carrying amounts of loans and borrowings (net of interest) are as follows: Financial liabilities Balance Fair value Level 1 Level 2 December 31, 2017 Debt principal December 31, 2016 Debt principal

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Dec. 31, 2017
Derivatives financial instruments
Derivative financial instruments	24. Derivative financial instruments a) Derivatives effects on statement of financial position Assets December 31, 2017 December 31, 2016 Current Non-current Current Non-current Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap — IPCA swap Eurobonds swap — — — Pré-dolar swap Commodities price risk Nickel Bunker oil — — Others — — — — Total Liabilities December 31, 2017 December 31, 2016 Current Non-current Current Non-current Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap IPCA swap Eurobonds swap — Euro Forward — — — Pré-dolar swap Commodities price risk Nickel — — Bunker oil — — — — — Others — — — — Total b) Effects of derivatives on the income statement, cash flow and other comprehensive income Year ended December 31 Gain (loss) recognized in the Financial settlement inflows Gain (loss) recognized in other 2017 2016 2015 2017 2016 2015 2017 2016 2015 Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap ) ) ) ) — — — IPCA swap ) ) ) — — — Eurobonds swap ) ) ) ) ) — — — Euro forward ) — — — — — — — Pré-dolar swap ) ) ) ) — — — ) ) ) ) — — — Commodities price risk Nickel ) ) ) ) — — — Bunker oil ) ) ) ) ) — — — ) ) ) ) — — — Others ) — — — — — — Derivatives designated as cash flow hedge accounting Bunker oil — — ) — — ) — — Foreign exchange — ) ) — ) ) — — ) ) — ) ) — Total ) ) ) ) — During 2015, the Company implemented bunker oil purchase cash flows protection program and recognized as cost of goods sold and services rendered and financial expense the amounts of US$439 and US$2,477, respectively. In 2016, all derivatives impacts were charged to financial results. The maturity dates of the derivative financial instruments are as follows: Last maturity dates Currencies and interest rates January 2024 Bunker oil December 2017 Nickel December 2019 Others December 2027 c) Hedge in foreign operations Implementation of net investment hedge As at January 1, 2017, Vale S.A., which the functional currency is Reais, designated its debts in US$ and Euro, as an instrument in a hedge of its investment in foreign operations (Vale International S.A. and Vale International Holding GmbH; hedging objects) to mitigate part of the foreign exchange risk on financial statements. At December 31, 2017 the carrying value of the designated debts are US$5,303 and EUR750. The foreign exchange loss of US$144 (US$95, net of taxes), was recognized in the “Cumulative translation adjustments” in stockholders’ equity for the year ended December 31, 2017. This hedge was highly effective throughout the year ended on December 31, 2017. Accounting policy The Company uses financial instruments to hedge its exposure to certain market risks arising from operational, financing and investing activities. Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. At the beginning of the hedge operations, the Company documents the type of hedge, the relationship between the hedging instrument and hedged items, its risk management objective and strategy for undertaking hedge operations. The Company also documents, both at hedge inception and on an ongoing basis that the hedge is expected to continue to be highly effective. The Company adopts the hedge accounting procedure and designates certain derivatives as either: Cash flow hedge - The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity within “Cumulative translation adjustments”. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized in profit or loss when the transaction is recognized in the income statement. Net investment hedge - Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in equity within “Cumulative translation adjustments”. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is partially or fully disposed of or sold. Derivatives at fair value through profit or loss - Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are recognized immediately in the income statement. The Company has performed an assessment of the IFRS 9 - Financial instruments and the expected impacts are detailed in note 2e. Additional information about derivatives financial instruments In millions of United States dollars, except as otherwise stated The risk of the derivatives portfolio is measured using the delta-Normal parametric approach, and considers that the future distribution of the risk factors and its correlations tends to present the same statistic properties verified in the historical data. The value at risk estimate considers a 95% confidence level for a one-business day time horizon. There was no cash amount deposited as margin call regarding derivative positions on December 31, 2017. The following tables detail the derivatives positions for Vale and its controlled companies as of December 31, 2017, with the following information: notional amount, fair value including credit risk, gains or losses in the period, value at risk and the fair value breakdown by year of maturity. a) Foreign exchange and interest rates derivative positions (i) Protection programs for the R$ denominated debt instruments In order to reduce cash flow volatility, swap transactions were implemented to convert into US$ the cash flows from certain debt instruments denominated in R$ with interest rates linked mainly to CDI, TJLP and IPCA. In those swaps, Vale pays fixed or floating rates in US$ and receives payments in R$ linked to the interest rates of the protected debt instruments. The swap transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments linked to R$. These programs transform into US$ the obligations linked to R$ to achieve a currency offset in the Company’s cash flows, by matching its receivables - mainly linked to US$ - with its payables. Notional Fair value Financial Settlement Value at Risk Fair value by year Flow December December Index Average December December December December 2018 2019 2020+ CDI vs. US$ fixed rate swap ) ) ) ) Receivable R$ R$ CDI % Payable US$ US$ Fix % TJLP vs. US$ fixed rate swap ) ) ) ) ) ) Receivable R$ R$ TJLP + % Payable US$ US$ Fix % TJLP vs. US$ floating rate swap ) ) ) ) ) — Receivable R$ R$ TJLP + % Payable US$ US$ Libor + -1.23 % R$ fixed rate vs. US$ fixed rate swap ) ) ) Receivable R$ R$ Fix % Payable US$ US$ Fix -0.28 % IPCA vs. US$ fixed rate swap ) ) ) ) ) Receivable R$ R$ IPCA + % Payable US$ US$ Fix % IPCA vs. CDI swap ) ) Receivable R$ R$ IPCA + % Payable R$ R$ CDI % (ii) Protection program for EUR denominated debt instruments In order to reduce the cash flow volatility, swap and forward transactions were implemented to convert into US$ the cash flows from certain debt instruments issued in Euros by Vale. In those swaps, Vale receives fixed rates in EUR and pays fixed rates in US$. In those forwards only the principal amount of the debt is converted from EUR to US$. The swap and forward transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments linked to EUR. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to EUR/US$ exchange rate. Notional Fair value Financial Settlement Value at Risk Fair value by year Flow December December Index Average December December December December 2018 2019 2020+ EUR fixed rate vs. US$ fixed rate swap ) ) ) ) Receivable € € Fix % Payable US$ US$ Fix % Notional Average Fair value Financial Value at Risk Fair value Flow December December Bought / rate December December December December year Forwards € € B — ) ) — — b) Commodities derivative positions (i) Bunker Oil purchase cash flows protection program In order to reduce the impact of bunker oil price fluctuation on maritime freight hiring/supply and, consequently, reducing the company’s cash flow volatility, bunker oil derivatives were implemented, through zero cost-collars. The derivative transactions were negotiated over-the-counter and the protected item is part of the Vale’s costs linked to bunker oil prices. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to bunker oil prices changes. The contracts expired in 2017. Notional (ton) Fair value Financial settlement Value at Risk Fair value Flow December December Bought / Average strike December December December December 2017 Bunker Oil protection Call options — B — — — — Put options — S — — ) — — — Total — — — As at December 31, 2016, excludes US$24, of transactions in which the financial settlement occurs subsequently of the closing month. (ii) Protection programs for base metals raw materials and products In the operational protection program for nickel sales at fixed prices, derivatives transactions were implemented to convert into floating prices the contracts with clients that required a fixed price, in order to keep nickel revenues exposed to nickel price fluctuations. Those operations are usually implemented through the purchase of nickel forwards. In the operational protection program for the purchase of raw materials and products, derivatives transactions were implemented, usually through the sale of nickel and copper forward or futures, in order to reduce the mismatch between the pricing period of purchases (concentrate, cathode, sinter, scrap and others) and the pricing period of the final product sales to the clients. The derivative transactions are negotiated at London Metal Exchange or over-the-counter and the protected item is part of Vale’s revenues and costs linked to nickel and copper prices. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to nickel and copper prices changes. Notional (ton) Average Fair value Financial settlement Value at Risk Fair value by Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2017 2018 Fixed price sales protection Nickel forwards B ) ) Raw material purchase protection Nickel forwards S ) ) — Copper forwards S ) ) ) ) — Total ) ) ) — c) Wheaton Precious Metals Corp. warrants The company owns warrants of Wheaton Precious Metals Corp. (WPM), a Canadian company with stocks negotiated in Toronto Stock Exchange and New York Stock Exchange. Such warrants configure American call options and were received as part of the payment regarding the sale of part of gold payable flows produced as a sub product from Salobo copper mine and some nickel mines in Sudbury. Notional (quantity) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2023 Call options B — d) Debentures convertible into shares of Valor da Logística Integrada (“VLI”) The company has debentures in which lenders have the option to convert the outstanding debt into a specified quantity of shares of VLI owned by the company. Notional (quantity) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2027 Conversion options S ) ) — ) e) Options related to Minerações Brasileiras Reunidas S.A. (“MBR”) shares The Company entered into a stock sale and purchase agreement that has options related to MBR shares. Mainly, the Company has the right to buy back this non-controlling interest in the subsidiary. Moreover, under certain restrict and contingent conditions, which are beyond the buyer’s control, such as illegality due to changes in the law, the contract has a clause that gives the buyer the right to sell back its stake to the Company. It this case, the Company could settle through cash or shares. Notional (quantity, in millions) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2018+ Options B/S — f) Embedded derivatives in contracts The Company has some nickel concentrate and raw materials purchase agreements in which there are provisions based on nickel and copper future prices behavior. These provisions are considered as embedded derivatives. Notional (ton) Bought / Average strike Fair value Financial settlement Value at Risk Fair value Flow December 31, 2017 December 31, 2016 Sold (US$/ton) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2018 Nickel forwards S Copper forwards S Total — The Company has also a natural gas purchase agreement in which there´s a clause that defines that a premium can be charged if the Company’s pellet sales prices trade above a pre-defined level. This clause is considered an embedded derivative. Notional (volume/month) Bought / Average strike Fair value Financial settlement Value at Risk Fair value by year Flow December 31, 2017 December 31, 2016 Sold (US$/ton) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2018 2019+ Call options S ) ) — ) ) In August 2014 the Company sold part of its stake in Valor da Logística Integrada (“VLI”) to an investment fund managed by Brookfield Asset Management (“Brookfield”). The sales contract includes a clause that establishes, under certain conditions, a minimum return guarantee on Brookfield’s investment. This clause is considered an embedded derivative, with payoff equivalent to that of a put option. Notional (quantity) Bought / Average strike Fair value Financial settlement Value at Risk Fair value Flow December 31, 2017 December 31, 2016 Sold (R$/share) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2027 Put option S ) ) — ) For sensitivity analysis of derivative financial instruments, Financial counterparties’ ratings and market curves please see note 33. 33. Additional information about derivatives financial instruments a) Sensitivity analysis of derivative financial instruments. The following tables present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives positions. The scenarios were defined as follows: - Probable : the probable scenario was based on the estimated risk variables that were used on pricing the derivative instruments as at December 31, 2017. - Scenario I : fair value estimated considering a 25% deterioration in the associated risk variables - Scenario II : fair value estimated considering a 50% deterioration in the associated risk variables The curves used on the pricing of derivatives instruments were developed based on data from B3 S.A., Central Bank of Brazil, London Metals Exchange and Bloomberg. Instrument Instrument’s main risk events Probable Scenario I Scenario II CDI vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) TJLP interest rate decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ floating rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) TJLP interest rate decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation ) ) US$ interest rate inside Brazil decrease Brazilian interest rate increase ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) IPCA index decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase IPCA index decrease Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. ) ) EUR fixed rate vs. US$ fixed rate swap EUR depreciation ) ) Euribor increase US$ Libor decrease ) Protected item: EUR denominated debt EUR depreciation n.a. Instrument Instrument’s main risk events Probable Scenario I Scenario II Bunker Oil protection Forwards and options Bunker Oil price decrease — — — Protected item: Part of costs linked to bunker oil prices Bunker Oil price decrease n.a. — — Nickel sales fixed price protection Forwards Nickel price decrease ) ) Protected item: Part of nickel revenues with fixed prices Nickel price fluctuation n.a. Purchase protection program Nickel forwards Nickel price increase ) ) ) Protected item: Part of costs linked to nickel prices Nickel price increase n.a. Copper forwards Copper price increase ) ) ) Protected item: Part of costs linked to copper prices Copper price increase n.a. WPM warrants WPM stock price decrease Conversion options - VLI VLI stock value increase ) ) ) Options - MBR MBR stock value decrease Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase ) ) Embedded derivatives - Raw material purchase (copper) Copper price increase ) ) Embedded derivatives - Gas purchase Pellet price increase ) ) ) Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease ) ) ) b) Financial counterparties’ ratings The transactions of derivative instruments, cash and cash equivalents as well as investments are held with financial institutions whose exposure limits are periodically reviewed and approved by the delegated authority. The financial institutions credit risk is performed through a methodology that considers, among other information, ratings provided by international rating agencies. The table below presents the ratings in foreign currency published by agencies Moody’s and S&P regarding the main financial institutions that we had outstanding positions as of December 31, 2017. Long term ratings by counterparty Moody’s S&P ANZ Australia and New Zealand Banking Aa3 AA- Banco ABC Ba3 BB Banco Bradesco Ba3 BB Banco do Brasil Ba3 BB Banco de Credito del Peru Baa1 BBB+ Banco do Nordeste Ba3 BB Banco Safra Ba3 BB Banco Santander A3 A- Banco Votorantim Ba3 BB Bank of America A3 A- Bank of China A1 A Bank of Mandiri Baa3 BB+ Bank of Nova Scotia A1 A+ Bank Rakyat Baa3 BB+ Bank of Tokyo Mitsubishi UFJ A1 A- Banpará — BB- Barclays Baa2 BBB BBVA A3 BBB+ BNP Paribas A2 A BTG Pactual Ba3 BB- Caixa Economica Federal Ba3 BB Canadian Imperial Bank A1 A+ China Construction Bank A1 A Citigroup Baa1 BBB+ Credit Agricole A1 A Credit Suisse Baa2 BBB+ Deutsche Bank A3 A- Goldman Sachs A3 BBB+ HSBC A2 A Intesa Sanpaolo Spa A3 BBB Itaú Unibanco Ba3 BB JP Morgan Chase & Co A3 A- Macquarie Group Ltd A3 BBB Mizuho Financial A1 A- Morgan Stanley A3 BBB+ National Australia Bank NAB Aa3 AA- National Bank of Oman Baa3 — Rabobank Aa2 A+ Royal Bank of Canada A1 AA- Societe Generale A2 A Standard Bank Group Ba1 — Standard Chartered A2 BBB+ Sumitomo Mitsui Financial A1 A- UBS Aa3 A- Unicredit Baa1 BBB c) Market curves (i) Products Nickel Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 Copper Maturity Price (US$/lb) Maturity Price (US$/lb) Maturity Price (US$/lb) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 Bunker Oil Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 (ii) Foreign exchange and interest rates US$-Brazil Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 US$ Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 6M 11M 2M 7M 12M 3M 8M 2Y 4M 9M 3Y 5M 10M 4Y TJLP Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 BRL Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 Implicit Inflation (IPCA) Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 EUR Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M -0.41 6M -0.30 11M -0.26 2M -0.39 7M -0.29 12M -0.26 3M -0.38 8M -0.28 2Y -0.15 4M -0.34 9M -0.27 3Y 5M -0.32 10M -0.27 4Y CAD Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 6M 11M 2M 7M 12M 3M 8M 2Y 4M 9M 3Y 5M 10M 4Y Currencies - Ending rates CAD/US$ US$/BRL EUR/US$

Provisions

Provisions	12 Months Ended
	Dec. 31, 2017
Provisions
Provisions	25. Provisions Current liabilities Non-current liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Payroll, related charges and other remunerations (i) — — Onerous contracts (note 19) Environment Restoration Asset retirement obligations (note 26) Provisions for litigation (note 27) — — Employee postretirement obligations (note 28) Provisions (i) Includes profit sharing provision US$780 and US$331 for the year ended December 31, 2017 and 2016, respectively.

Asset retirement obligations

Asset retirement obligations	12 Months Ended
	Dec. 31, 2017
Asset retirement obligations
Asset retirement obligations	26. Asset retirement obligations Provision is made for expected costs for the closure of the mines and deactivation of the related mining assets. Changes in the provision for asset retirement obligations and long-term interest rates (per annum, used to discount these obligations to present value and to update the provisions) are as follows: December 31, 2017 December 31, 2016 Balance at beginning of the year Interest expense Settlements ) ) Revisions on cash flows estimates Translation adjustment Effect of discontinued operations Transfer to net assets held for sale ) ) Balance at end of the year Current Non-current Long-term interest rates (per annum) Brazil % % Canada % % Other regions 0.72% - 6.13 % 1.07% - 8.02 % Accounting policy When the provision is recognized, the corresponding cost is capitalized as part of property, plant and equipment and is depreciated over the useful life of the related mining asset, resulting in an expense recognized in the income statement. The long-term liability is discounted at presented value using a long-term risk free discount rate applicable to the liability and the unwinds are recorded in the income statement and is reduced by payments for mine closure and decommissioning of mining assets. The accrued amounts of these obligations are not deducted from the potential costs covered by insurance or indemnities. Critical accounting estimates and judgments Judgment is required to determine key assumptions used on the asset retirement obligation measurement such as, interest rate, cost of closure, useful life of the mining asset considering the current conditions of closure and the projected date of depletion of each mine. Any changes in these assumptions may significant impact the recorded provision. Therefore, the estimated costs for closure of the mining assets is deemed to be a critical accounting estimate. These estimates are annually reviewed.

Litigation

Litigation	12 Months Ended
	Dec. 31, 2017
Litigation
Litigation	27. Litigation a) Provision for litigation Vale is party to labor, civil, tax and other ongoing lawsuits, at administrative and court levels. Provisions for losses resulting from lawsuits are estimated and updated by the Company, based on analysis from the Company’s legal consultants. Changes in provision for litigation are as follows: Tax litigation Civil litigation Labor litigation Environmental litigation Total of litigation provision Balance at December 31, 2015 Additions Reversals ) ) ) ) ) Payments ) ) ) ) ) Indexation and interest ) Translation adjustment Effect of discontinued operations Net movements of year — ) ) Transfers to net assets held for sale ) ) ) ) ) Balance at December 31, 2016 Additions Reversals ) ) ) ) ) Payments ) ) ) — ) Indexation and interest ) Translation adjustment ) ) ) — ) Merger of Valepar (note 29) (i) — — — Balance at December 31, 2017 (i) refers to litigations of PIS/COFINS of interest on capital. i. Provisions for labor litigation - Consist of lawsuits filed by employees and service suppliers, related to employment relationships mainly in Brazil. The most recurring claims are related to payment of overtime, hours in itinerary, and health and safety. Also the social security in Brazil (“INSS”) contingencies are related to legal and administrative disputes between INSS and Vale due to applicability of compulsory social security charges. b) Contingent liabilities Contingent liabilities of administrative and judicial claims, with expectation of loss classified as possible, and for which the recognition of a provision is not considered necessary by the Company, based on legal advice are as follows: December 31, 2017 December 31, 2016 Tax litigation (i) Civil litigation Labor litigation Environmental litigation Total (i) US$193 from merger of Valepar S.A. i - Tax litigation - Our most significant tax-related contingent liabilities result from disputes related to (i) the deductibility of our payments of social security contributions on the net income (CSLL) from our taxable income, (ii) challenges of certain tax credits we deducted from our PIS and COFINS payments, (iii) assessments of CFEM (royalties), and (iv) charges of value-added tax on services and circulation of goods (ICMS), especially relating to certain tax credits we claimed from the sale and transmission of energy, ICMS charges to anticipate the payment in the entrance of goods to Pará State and ICMS/penalty charges on our own transportation. The changes reported in the period resulted, mainly, from additions of other periods to the existing proceedings related to PIS, COFINS, ICMS, CFEM; as well as the inclusion of Valepar S.A. proceedings and the application interest and inflation adjustments to the disputed amounts. ii - Civil litigation - Most of those claims have been filed by suppliers for indemnification under construction contracts, primarily relating to certain alleged damages, payments and contractual penalties. A number of other claims related to contractual disputes regarding inflation index. iii - Labor litigation - Represents individual claims by employees and service providers, primarily involving demands for additional compensation for overtime work, time spent commuting or health and safety conditions; and the Brazilian federal social security administration (“INSS”) regarding contributions on compensation programs based on profits. iv - Environmental litigation - The most significant claims concern alleged procedural deficiencies in licensing processes, non-compliance with existing environmental licenses or damage to the environment. c) Judicial deposits In addition to the provisions and contingent liabilities, the Company is required by law to make judicial deposits to secure a potential adverse outcome of certain lawsuits. These court-ordered deposits are monetarily adjusted and reported as non-current assets until a judicial decision to draw the deposit occurs. December 31, 2017 December 31, 2016 Tax litigation (i) Civil litigation Labor litigation Environmental litigation Total (i) Includes US$951 related to the merger of Valepar (note 29). d) Contingencies related to Samarco accident (i) Public civil claim filed by the Federal Government and others The federal government, the two Brazilian states affected by the failure (Espirito Santo and Minas Gerais) and other governmental authorities have initiated a public civil lawsuit against Samarco and its shareholders, Vale S.A. and BHPB, with an estimated value indicated by the plaintiffs of US$6.1 billion (R$20.2 billion). The Framework Agreement signed in March 2016, was ratified by the Federal Regional Court (“TRF”) in May 2016. This ratification was suspended by the Superior Court of Justice (“STJ”) in June 2016 and resulted in the restoration of the public civil claim, and maintained other measures, such as: (a) the prohibition of the defendants from transferring or conveying any of their interest in its Brazilian iron ore concessions, without, however, limiting their production and commercial activities and; (b) the order of the deposit with the court of US$363 (R$1.2 billion) by January 2017, which was provisionally replaced by the guarantees provided for under the agreements with Federal Prosecution Office (“MPF”), as detailed in the item (ii) below. (ii) Public civil action filed by Federal Prosecution Office On May 3, 2016, the Federal Prosecution Office (MPF) filed a public civil lawsuit against Samarco and its shareholders and presented several demands, including: (i) the adoption of measures for mitigating the social, economic and environmental impacts resulting from the dam failure and other emergency measures; (ii) the payment of compensation to the community; and (iii) payments for the collective moral damage. The action value indicated by the MPF is US$47 billion (R$155 billion). In January 2017 Samarco, Vale S.A. and BHPB entered into two preliminary agreements with the MPF. The first agreement (“First Agreement”) aims to outline the process and timeline for negotiations of a Final Agreement (“Final Agreement”), initially expected to occur by June 30, 2017 and extended by April 20, 2018. This First Agreement establishes a timeline and actions to set the ground for conciliation of two public civil lawsuits in the amounts of US$6.1 billion (R$20.2 billion) and US$47 billion (R$155 billion), mentioned above, which are actually suspended. In addition, the First Agreement provides for: (a) the appointment of experts to give support the Federal Prosecutors and paid for by the companies to conduct a diagnosis and monitor the progress of the programs under the Framework Agreement, and (b) holding at public hearings and the engagement of technical assistance to the affected people, in order to allow these communities to take part in the definition of the content of the Final Agreement. Samarco, Vale S.A. and BHPB has agreed to provide a guarantee for fulfillment of the obligations regarding the financing and payment of the socio-environmental and socio-economic remediation programs resulting from the Fundão dam failure, pursuant to the two public civil actions, until the signing of the Final Agreement, amounting to US$665 (R$2.2 billion), of which (i) US$30 (R$100 million) in financial investments; (ii) US$393 (R$1.3 billion) in insurance bonds; and (iii) US$242 (R$800 million) in assets of Samarco. If, by April 20, 2018, the negotiations have not been completed, the Federal Prosecutor’s Office may require that the Court re-institute the order for the deposit of US$363 (R$1.2 billion) in relation to the US$6.1 billion (R$20.2 billion) public civil action and US$2.2 billion (R$7.7 billion) related US$47 billion (R$155 billion), mentioned above, which are actually suspended. On March 16, 2017, the 12th Judicial Federal Court of Belo Horizonte partially ratified the First Agreement, which decision includes: (i) ratification of the engagement of experts to perform a socio-environmental impact assessment and assessment of programs under the Framework Agreement and a period for the companies to engage an expert to perform the socio-economic impact assessment; (ii) the consolidation and suspension of related claims aiming to avoid contradictory or conflicting decisions and to establish a unified judicial procedure in order for the parties to be able to reach a final agreement; (iii) accepted the guarantees proposed by Samarco and its shareholders under the Preliminary Agreement on a temporary basis. In addition, the Second Agreement (“Second Agreement”) was signed on January 19, 2017, which establishes a timetable to make funds available to remediate the social, economic and environmental damages caused by the Fundão dam failure in the municipalities of Barra Longa, Rio Doce, Santa Cruz do Escalvado and Ponte Nova, amounting to US$60 (R$200 million). The 12th Judicial Federal Court of Belo Horizonte ratified this Second Agreement. Parties are still negotiating an agreement regarding the choice of the expert to perform the socio-economic impact assessment. In this regard, on November 16 th , 2017, they signed an addendum to the First Agreement, in which the parties defined matters related to the socio-economic impact assessment, its institutional structure and the respective experts, which, in the period of 90 days from the signing of the addendum, shall present their technical and commercial proposals. Alongside, the parties, together with the plaintiffs of the US$6.1 billion (R$20.2 billion) public civil lawsuit, the State Prosecutors and the Public Defenders, are conducting the discussions regarding the Final Agreement. (iii) U.S. Securities class action suits Related to the Vale´s American Depositary Receipts Vale S.A. and certain of its officers were named as defendants in securities class action suits in the Federal Court in New York brought by holders of Vale’s American Depositary Receipts under U.S. federal securities laws. The lawsuits allege that Vale S.A. made false and misleading statements or did not make disclosures concerning the risks and dangers of the operations of Samarco’s Fundão dam and the adequacy of related programs and procedures. The plaintiffs have not specified an amount of alleged damages or indemnities in these actions. On March 23, 2017 the judge issued a decision rejecting a significant portion of the claims against Vale S.A. and the individual defendants, and determining the prosecution of the action with respect to more limited claims. The portion of plaintiffs’ case that remains is related to certain statements about procedures, policies and risk mitigation plans contained in Vale S.A.’s sustainability reports in 2013 and 2014, and certain statements regarding to the responsibility of Vale S.A. for the Fundão dam failure made in a conference call in November 2015. This lawsuit is currently ongoing with under discovery the gathering of documents to be provided to the plaintiffs. Vale S.A. continues to contest the outstanding points related to this lawsuit. Related to the Samarco bonds In March 2017, holders of bonds issued by Samarco filed a class action suit in the Federal Court in New York against Samarco, Vale S.A. and BHPB under U.S. federal securities laws demanding for indemnification for alleged violation of U.S. federal securities laws. The plaintiffs allege that false and misleading statements were made or disclosures omitted concerning the risks and dangers of the operations of Samarco’s Fundão dam and the adequacy of related programs and procedures. It is alleged that with the Fundão dam collapse, the securities have dramatically decreased, in order that the investors who have purchased such securities in a misleading way should be compensated, without, however, specifying an amount for the alleged damages or indemnities in this action. Vale S.A. continues to contest this lawsuit. (iv) Criminal lawsuit On October 20, 2016, the MPF brought a criminal lawsuit in the Brazilian Federal Justice Court against Vale S.A., BHPB, Samarco, VogBr Recursos Hídricos e Geotecnia Ltda. and 22 individuals for alleged crimes against the environment, urban planning and cultural heritage, flooding, landslide, as well as for alleged crimes against the victims of the Fundão dam failure. In November 2017 it was published a decision by means of the Federal Lower Court of Ponte Nova established the resume of the criminal lawsuit and determined the beginning of the Discovery phase. (v) Other lawsuits In addition, Samarco and its shareholders were named as a defendant in several other lawsuits brought by individuals, corporations, governmental entities or public prosecutor seeking personal and property damages. Given the status of these lawsuits, it is not possible at this time to provide a range of possible outcomes or a reliable estimates of potential exposures for Vale S.A. Consequently, no contingent liability has been quantified and no provision was recognized for lawsuits related to Samarco´s dam failure. Accounting policy A provision is recognized when is considered probable that an outflow of resources will be required to settle the obligation and can be reliably estimated. The liability is accounted against an expense in the income statement. This obligation is updated based on the developments of the judicial process or interest accretion and can be reversed if the expectation of loss is not considered probable due to changes in circumstances or when the obligation is settled. Critical accounting estimates and judgments By nature, litigations will be resolved when one or more future event occurs or fails to occur. Typically, the occurrence or not of such events is outside of the Company’s control. Legal uncertainties involve the application of significant estimates and judgments by management regarding the potential out comes of future events.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2017
Employee benefits
Employee benefits	28. Employee benefits a) Employee postretirements obligations In Brazil, the management of the pension plans is responsibility of Fundação Vale do Rio Doce de Seguridade Social (“Valia”) a nonprofit entity with administrative and financial autonomy. The Brazilian plans are as follows: Benefit plan Vale Mais (“Vale Mais”) and benefit plan Valiaprev (“Valiaprev”) - Certain Company’s employees are participants of Vale Mais and Valiaprev plans with components of defined benefit (specific coverage for death, pensions and disability allowances) and components of defined contributions (for programmable benefits). The defined benefits plan is subject to actuarial evaluations. The defined contribution plan represents a fixed amount held on behalf of the participants. Both Vale Mais and Valiaprev were overfunded as at December 31, 2017 and 2016. Defined benefit plan (“Plano BD”) - The Plano BD has been closed to new entrants since the year 2000, when the Vale Mais plan was implemented. It is a plan that has defined benefit characteristics, covering almost exclusively retirees and their beneficiaries. It was overfunded as of December 31, 2017 and 2016 and the contributions made by the Company are not relevant. Abono complementação benefit plan - The Company sponsors a specific group of former employees entitled to receive additional benefits from Valia regular payments plus post-retirement benefit that covers medical, dental and pharmaceutical assistance. The contributions made by the Company finished in 2014. The abono complementação benefit was overfunded as at December 31, 2017 and 2016. Other benefits - The Company sponsors medical plans for employees that meet specific criteria and for employees who use the abono complementação benefit. Although those benefits are not specific retirement plans, actuarial calculations are used to calculate future commitments. As those benefits are related to health care plans they have the nature of underfunded benefits, and are presented as underfunded plans as at December 31, 2017 and 2016. The Foreign plans are managed in accordance with their region. They are divided between plans in Canada, United States of America, United Kingdom, Indonesia, New Caledonia, Japan and Taiwan. Pension plans in Canada are composed of a defined benefit and defined contribution component. Currently the defined benefit plans do not allow new entrants. The foreign defined benefit plans are underfunded as at December 31, 2017 and 2016. Employers’ disclosure about pensions and other post-retirement benefits on the status of the defined benefit elements of all plans is provided as follows. i. Change in benefit obligation Overfunded pension plans Underfunded pension plans Other benefits Benefit obligation as at December 31, 2015 Service costs ) Interest costs Benefits paid ) ) ) Participant contributions — — Effect of changes in the actuarial assumptions Transfer to held for sale ) — ) Translation adjustment Others — — Benefit obligation as at December 31, 2016 Service costs Interest costs Benefits paid ) ) ) Participant contributions — ) — Effect of changes in the actuarial assumptions Translation adjustment ) Benefit obligation as at December 31, 2017 ii. Evolution of assets fair value Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2015 — Interest income — Employer contributions Participant contributions — — Benefits paid ) ) ) Return on plan assets (excluding interest income) — Transfer to held for sale ) — — Translation adjustment — Others — — Fair value of plan assets as at December 31, 2016 — Interest income — Employer contributions Participant contributions — ) — Benefits paid ) ) ) Return on plan assets (excluding interest income) ) — Translation adjustment ) — Fair value of plan assets as at December 31, 2017 — iii. Reconciliation of assets and liabilities recognized in the statement of financial position Plans in Brazil December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Balance at beginning of the year — — — — Interest income — — — — Changes on asset ceiling and onerous liability ) — — — — Translation adjustment ) — — — — Transfer to held for sale — — — ) — — Balance at end of the year — — — — Amount recognized in the statement of financial position Present value of actuarial liabilities ) ) ) ) ) ) Fair value of assets — — Effect of the asset ceiling ) — — ) — — Liabilities — ) ) — ) ) Current liabilities — — ) — — ) Non-current liabilities — ) ) — ) ) Liabilities — ) ) — ) ) Foreign plan December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Amount recognized in the statement of financial position Present value of actuarial liabilities — ) ) — ) ) Fair value of assets — — — — Liabilities — ) ) — ) ) Current liabilities — ) ) — ) ) Non-current liabilities — ) ) — ) ) Liabilities — ) ) — ) ) Total December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Balance at beginning of the year — — — — Interest income — — — — Changes on asset ceiling and onerous liability ) — — — — Translation adjustment ) — — — — Transfer to held for sale — — — ) — — Balance at end of the year — — — — Amount recognized in the statement of financial position Present value of actuarial liabilities ) ) ) ) ) ) Fair value of assets — — Effect of the asset ceiling ) — — ) — — Liabilities — ) ) — ) ) Current liabilities — ) ) — ) ) Non-current liabilities — ) ) — ) ) Liabilities — ) ) — ) ) iv. Costs recognized in the income statement Year ended December 31 2017 2016 2015 Overfunded Underfunded Other Overfunded Underfunded Other Overfunded Underfunded Other Service cost ) Interest on expense on liabilities Interest income on plan assets ) ) — ) ) — ) ) — Interest expense on effect of (asset ceiling)/ onerous liability — — — — — — Total of cost, net v. Costs recognized in the statement of comprehensive income Year ended December 31 2017 2016 2015 Overfunded Underfunded Other Overfunded Underfunded Other Overfunded Underfunded Other Balance at beginning of the year ) ) ) ) ) ) ) ) ) Effect of changes actuarial assumptions ) ) ) ) ) ) Return on plan assets (excluding interest income) — — — ) ) — Change of asset ceiling / costly liabilities (excluding interest income) — — ) — — — — Others ) — ) — — — ) — ) ) ) ) ) Deferred income tax ) ) Others comprehensive income ) ) ) ) ) ) Translation adjustments ) ) ) Transfers/ disposal — ) ) — — — ) — Accumulated other comprehensive income ) ) ) ) ) ) ) ) ) vi. Risks related to plans The Administrators of the plans have committed to strategic planning to strengthen internal controls and risk management. This commitment is archived by conducting audits including of internal controls, which aim to mitigate operational market and credit risks. Risks are presented as follow: Legal - lawsuits: issuing periodic reports to internal audit and directors contemplating the analysis of lawyers about the possibility of loss (remote, probable or possible), aiming to support the administrative decision regarding provisions. Analysis and ongoing monitoring of developments in the legal scenario and its dissemination within the institution in order to subsidize the administrative plans, considering the impact of regulatory changes. Actuarial - the annual actuarial valuation of the benefit plans comprises the assessment of costs, revenues and adequacy of plan funding. It also considers the monitoring of biometric, economic and financial assumptions (asset volatility, changes in interest rates, inflation, life expectancy, salaries and other). Market - profitability projections are performed for the various plans and profiles of investments for 10 years in the management study of assets and liabilities. These projections include the risks of investments in various market segments. Furthermore, the risks for short-term market of the plans are monitored monthly through metrics of VaR (Value at Risk) and stress testing. For exclusive investment funds of Valia, the market risk is measured daily by the custodian asset bank. Credit - assessment of the credit quality of issuers by hiring expert consultants to evaluate financial institutions and internal assessment of payment ability of non-financial companies. For assets of non-financial companies, the assessment is conducted a monitoring of the company until the maturity of the security. vii. Actuarial and economic assumptions and sensitivity analysis All calculations involve future actuarial projections about some parameters, such as: salaries, interest, inflation, the trend of social security in Brazil (“INSS”) benefits, mortality and disability. The economic and actuarial assumptions adopted have been formulated considering the long-term period for maturity and should therefore be examined accordingly. In the short term they may not necessarily be realized. In the evaluations were adopted the following assumptions: Brazil December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Discount rate to determine benefit obligation 9.74% - 9.85 % % 9.74% - 9.91 % 10.98% - 11.14 % % 10.98% - 11.09 % Nominal average rate to determine expense/ income 9.74% - 9.85 % % N/A 10.98% - 11.14 % % N/A Nominal average rate of salary increase 4.25% - 6.34 % 4.25% - 6.34 % N/A 4.85% - 5.95 % % N/A Nominal average rate of benefit increase % % N/A % % N/A Immediate health care cost trend rate N/A N/A % N/A N/A % Ultimate health care cost trend rate N/A N/A % N/A N/A % Nominal average rate of price inflation % % % % % % Foreign December 31, 2017 December 31, 2016 Underfunded Other benefits Underfunded Other benefits Discount rate to determine benefit obligation % % % % Nominal average rate to determine expense/ income % N/A % N/A Nominal average rate of salary increase % N/A % N/A Nominal average rate of benefit increase N/A % N/A % Immediate health care cost trend rate N/A % N/A % Ultimate health care cost trend rate N/A % N/A % Nominal average rate of price inflation % % % % For the sensitivity analysis, the Company considers the effect of 1% in nominal discount rate to determine the actuarial liability. The effects of this change in actuarial liabilities in premise and adopted the average duration of the plan are as follows: December 31, 2017 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase Actuarial liability balance Assumptions made % % % Nominal discount rate - 1% reduction Actuarial liability balance Assumptions made % % % viii. Assets of pension plans Brazilian plan assets as at December 31, 2017 and 2016 includes respectively (i) investments in a portfolio of Vale’s stock and other instruments in the amount of US$37 and US$26 and (ii) Brazilian Federal Government securities in the amount of US$4,617 and US$4,374. Foreign plan assets as at December 31, 2017 and 2016 includes Canadian Government securities in the amount of US$864 and US$735, respectively. ix. Overfunded pension plans Assets by category are as follows: December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities - Corporate — — — — Debt securities - Government — — — — Investments funds - Fixed Income — — — — Investments funds - Equity — — — — International investments — — — — Structured investments - Private Equity funds — — — Structured investments - Real estate funds — — — — Real estate — — — — Loans to participants — — — — Total Funds not related to risk plans ) ) Fair value of plan assets at end of year Measurement of overfunded plan assets at fair value with no observable market variables (level 3) are as follows: Private equity funds Real estate funds Real estate Loans to participants Total Balance as at December 31, 2015 Return on plan assets ) — Assets purchases Assets sold during the year ) — ) ) ) Translation adjustment Transfer to held for sale ) — — ) ) Balance as at December 31, 2016 Return on plan assets ) Assets purchases Assets sold during the year ) — ) ) ) Translation adjustment ) ) ) ) ) Transfer to held for sale — — — — — Balance as at December 31, 2017 x. Underfunded pension plans Assets by category are as follows: December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents — — — Equity securities — — — Debt securities - Corporate — — — — Debt securities - Government — — Investments funds - Fixed Income — — — Investments funds - Equity — — International investments — — — — — — Structured investments - Private Equity funds — — — Real estate — — — — Loans to participants — — — — Others — — — — Total Measurement of underfunded plan assets at fair value with no observable market variables (level 3) are as follows: Private equity funds Real estate Loans to participants Others Total Balance as at December 31, 2015 Return on plan assets — — Assets purchases — — — Assets sold during the year ) — — — ) Translation adjustment Balance as at December 31, 2016 Return on plan assets — Assets purchases — — Assets sold during the year ) ) — — ) Translation adjustment ) Balance as at December 31, 2017 xi. Disbursement of future cash flow Vale expects to disburse US$140 in 2018 in relation to pension plans and other benefits. xii. Expected benefit payments The expected benefit payments, which reflect future services, are as follows: December 31, 2017 Overfunded pension plans Underfunded pension plans Other benefits 2018 2019 2020 2021 2022 2023 and thereafter b) Profit sharing program (“PLR”) The Company recorded as cost of goods sold and services rendered and other operating expenses related to the profit sharing program US$780, US$331 and US$42 for the years ended on December 31, 2017, 2016 and 2015, respectively. c) Long-term compensation plan For the long-term awarding of eligible executives, the Company compensation plans includes Matching Program and Performance Share Unit Program - PSU, with three to four years-vesting cycles, respectively, with the aim of encouraging employee’s retention and stimulating their performance. For the Matching program, the participants can acquire Vale’s common shares in the market without any benefits being provided by Vale. If the shares acquired are held for a period of three years and the participants keep it employment relationship with Vale, the participant is entitled to receive from Vale an award in shares, equivalent to the number of shares originally acquired by the executive. It should be noted that, although a specific custodian of the shares is defined by Vale, the share initially purchased by the executives have no restriction and can be sold at any time. However, if it’s done before the end of the three-year-vesting period, they lose the entitlement of receiving the related award paid by Vale. For PSU program, the eligible executives have the opportunity to receive during a four year-vesting cycle, an award equivalent to the market value of a determined number of common shares and conditioned to Vale’s performance factor measured as an indicator of total return to the shareholders (TSR). This award is paid in cash and can occur in cumulative installments of 20% (at the end of 2nd year), 30% (at the end of 3rd year) and 50% (at the end of 4th year), conditioned to the performance factor of each year. Liabilities of the plans are measured at fair value at every reporting period, based on market rates. Compensation costs incurred are recognized by the defined vesting period of three or four years. For the years ended December 31, 2017, 2016 and 2015 the Company recognized in the income statement the amounts of US$65, US$37 and US$29, respectively, related to long term compensation plan. Accounting policy Employee benefits i. Current benefits — wages, vacations and related taxes Payments of benefits such as wages or accrued vacation, as well the related social security taxes over those benefits are recognized monthly in income, on an accruals basis. ii. Current benefits — profit sharing program The Company has the Annual Incentive Program (AIP) based on Team and business unit’s contribution and Company-wide performance through operational cash generation. The Company makes an accrual based on evaluation periodic of goals achieved and Company result, using the accrual basis and recognition of present obligation arising from past events in the estimated outflow of resources in the future. The accrual is recorded as cost of goods sold and services rendered or operating expenses in accordance with the activity of each employee. iii. Non-current benefits — long-term incentive programs The Company has established a procedure for awarding certain eligible executives (Matching and Virtual Shares Programs) with the goal of encouraging employee retention and optimum performance. Plan liabilities are measured at each reporting date, at their fair values, based on market prices. Obligations are measured at each reporting date, at fair values based on market prices. The compensation costs incurred are recognized in income during the vesting period as defined. iv. Non-current benefits — pension costs and other post-retirement benefits The Company has several retirement plans for its employees. For defined contribution plans, the Company’s obligations are limited to a monthly contribution linked to a pre-defined percentage of the remuneration of employees enrolled in to these plans. For defined benefit plans, actuarial calculations are periodically obtained for liabilities determined in accordance with the Projected Unit Credit Method in order to estimate the Company’s obligation. The liability recognized in the statement of financial position represents the present value of the defined benefit obligation as at that date, less the fair value of plan assets. The Company recognized in the income statement the costs of services, the interest expense of the obligations and the interest income of the plan assets. The remeasurement of gains and losses, return on plan assets (excluding the amount of interest on return of assets, which is recognized in income for the year) and changes in the effect of the ceiling of the active and onerous liabilities are recognized in comprehensive income for the year. For overfunded plans, the Company does not recognize any assets or benefits in the statement of financial position or income statement until such time as the use of the surplus is clearly defined. For underfunded plans, the Company recognizes actuarial liabilities and results arising from the actuarial valuation. Critical accounting estimates and judgments Post-retirement benefits for employees - The amount recognized and disclosed depend on a number of factors that are determined based on actuarial calculations using various assumptions in order to determine costs and liabilities. One of these assumptions is selection and use of the discount rate. Any changes to these assumptions will affect the amount recognized. At the end of each year the Company and external actuaries review the assumptions that will be used for the following year. These assumptions are used in determining the fair values of assets and liabilities, costs and expenses and the future values of estimated cash outflows, which are recorded in the plan obligations.

Stockholders' equity

Stockholders' equity	12 Months Ended
	Dec. 31, 2017
Stockholders' equity
Stockholders' equity	29. Stockholders’ equity a) Conversion of preferred shares and merger of Valepar S.A. At the General Extraordinary Stockholders’ Meeting, held on June 27, 2017, approved the voluntary conversion of Vale class “A” preferred share into common shares (“ON”), based on the conversion rate of 0.9342 common shares for each Vale class “A” preferred share. On August 11, 2017, the voluntary conversion period expired and an aggregate of 1,660,581,830 preferred shares (excluding treasury shares), corresponding to 84.4% of the total outstanding preferred shares, were converted into common shares. At the Extraordinary Stockholders’ Meeting of Valepar S.A, held on August 14, 2017, stockholders approved the merger of Valepar with and into Vale. Thereafter, Valepar ceases to exist and, as consequence, its stockholders hold direct interests in Vale, through the 1.2065 Vale common shares received for each Valepar share held by them. As a result, Vale issued 173,543,667 new common shares to Valepar’s stockholders, all registered and without par value. On August 14, 2017, the merger was accounted in Vale’s stockholders’ equity as capital reserve, based on the accounting appraisal report of Valepar’s net assets, amounting US$1,158. The impacts arising from the merger in the Company’s assets and liabilities are as follows: August 14, 2017 Current assets Judicial deposits (note 27(c)) Intangible (note 17) Current liabilities Provisions for litigation (note 27(a)) Taxes payable (note 8) Net assets At the Extraordinary Stockholders’ Meeting and at the Special Stockholders’ Meeting, held on October 18, 2017, preferred stockholders approved the conversion of all Class “A” preferred shares into common shares of the Company, in the proportion of 0.9342 common share for each class “A” preferred share. During the period from October 20, 2017 until November 21, 2017, inclusive, the stockholders holding Vale’s Class “A” preferred shares dissenting with regard to the resolution of the Special Meeting, had the right to withdraw from the Company, receiving R$24.26 per share which is the equivalent of Vale stockholders’ equity per share at December 31, 2016. At the end of this period, 10,397 common shares were converted into treasury shares (corresponding to 11,130 preferred shares). At the Extraordinary Stockholders’ Meeting held on December 21, 2017 approved the migration of the Company to the special listing segment of B3 S.A. (“Novo Mercado”), following the conversion of the class “A” preferred shares into common shares. The stockholders’ equity corresponds to 5,284,474,770 common shares and 12 preferred shares special class (“PNE” or “Golden shares”), and there were no changes in the amount of share capital. Share position before Conversion of the Issue of new shares Share position after Shares outstanding ON PNA/PNE ) — ) Shares in treasury ON — PNA ) — — Total issued shares ) The basic and diluted earnings per share were recalculated considering the changes in the number of shares, as described above. The comparative information for the years ended December 31, 2016 and 2015 were restated, as presented in note 9. b) Share capital As at December 31, 2017, the share capital was US$61,614 corresponding to 5,284,474,782 shares issued and fully paid without par value. December 31, 2017 December 31, 2016 ON PNE Total ON PNA Total Stockholders Litel Participações S.A. and Litela Participações S.A. — — — — BNDES Participações S.A. — Bradespar S.A. — — — — Mitsui & Co., Ltd — — — — Valepar S.A. — — — Brazilian Government (Golden Share) — — Foreign investors - ADRs — Foreign institutional investors in local market — FMP - FGTS — — PIBB - Fund — Institutional investors — Retail investors in Brazil — Shares outstanding Shares in treasury — Total issued shares Share capital per class of shares (in millions) — Total authorized shares — The Board of Directors may, regardless of changes to by-laws, issue new common shares (up to the total authorized shares), including the capitalization of profits and reserves to the extent authorized. The Company repurchases its shares to hold in treasury for future sale or cancellation. These shares are recorded in a specific account as a reduction of stockholders´ equity at their acquisition value and carried at cost. These programs are approved by the Board of Directors with a determined terms and numbers of shares. Currently, the Company does not have any share repurchase program. Incremental costs directly attributable to the issue of new shares or options are recognized in stockholders’ equity as a deduction from the amount raised, net of taxes. c) Remuneration to the Company’s stockholders The Company’s by-laws determine the minimum remuneration to stockholders of 25% of net income, after appropriations to legal reserve and tax incentive reserve, as follows: 2017 Net income of the year Appropriation to legal reserve ) Appropriation to tax incentive reserve ) Net income after appropriations to legal reserve and tax incentive reserve Minimum mandatory remuneration (i) Appropriation to investments reserve (i) The minimum mandatory remuneration were based on interest on capital and will be paid in 2018, in the amount of US$0.28378015600 per share. Due to the Brazilian legislation, the Company must retain and collect the amount of withholding tax (15%) and cannot be considered when charging the interest on capital to the mandatory dividend. On December 14, 2017, the Board of Directors approved the payment in advance of the stockholders’ remuneration in the gross amount of US$682 (R$2,183 million) based on the interest on capital, as an anticipation relating to 2017. The Board of Directors approved on February 26, 2018 (subsequent event), the complementary payment to the stockholders’ remuneration in the gross amount of US$793 (R$2,538 million) based on the interest on capital. Together, these resolutions comprise the minimum mandatory remuneration for the year ended December 31, 2017 that will be paid in March 2018. The remuneration paid to stockholders based on the on interest on capital during 2017 and 2016 amounted US$1,456 (US$0.282400343 per share) and US$250 (US$0.048511898 per share), respectively. All remuneration was based on interest on capital for those years. d) Profit reserves The amount of profit reserves are distributed as follows: Legal reserve Tax incentive Investments reserve Additional Total of profit Balance as at December 31, 2015 — — — Allocation of Income Translation adjustment — — — Balance as at December 31, 2016 Allocation of Income — Dividends and interest on capital of Vale’s stockholders — — — ) ) Translation adjustment ) ) ) ) Balance as at December 31, 2017 — Legal reserve - Is a legal requirement for Brazilian public companies to retain 5% of the annual net income up to 20% of the capital. The reserve can only be used to compensate losses or to increase capital. Tax incentive reserve - Results from the option to designate a portion of the income tax for investments in projects approved by the Brazilian Government as well as tax incentives. Investment reserve - Aims to ensure the maintenance and development of the main activities that comprise the Company’s operations and to retain budgeted capital for investments. Based on the Company’s by-laws, this reserve is capped to 50% of the annual distributable net income, up to the amount of the share capital. The remaining balance over than 50% of the annual distributable net income is retained based on the capital investments budget submitted for approval in the Stockholder’s Meeting, pursuant to article 196 of the Law 6,404. Additional remuneration reserve - Arises from the remuneration proposed by Management that exceeds the minimum mandatory remuneration of 25% of the adjusted net income. On April 20, 2017, Stockholders approved the payment of the additional remuneration in relation to the year ended December 31, 2016. e) Unrealized fair value gain (losses) Retirement benefit Cash flow hedge Available-for-sale Conversion shares Total gain (losses) Balance as at December 31, 2015 ) ) ) ) ) Other comprehensive income ) — ) Translation adjustment ) ) — ) ) Balance as at December 31, 2016 ) — — ) ) Other comprehensive income ) — — — ) Translation adjustment — — — Balance as at December 31, 2017 ) — — ) ) f) Shareholders Agreement On the date of the merger of Valepar into Vale, August 14, 2017, the former Controlling Shareholders of Valepar executed a new shareholders’ agreement (“Vale Agreement”) that binds only 20% of the totality of Vale’s common shares issued by Vale, and will be in force until November 9, 2020, with no provision for renewal. For 6 months from the date of entry into force of the Vale Agreement, the Shareholders will be obligated not to transfer, by any means, either directly or indirectly, Vale shares they receive as a result of the implementation of the Proposal (“Lock-Up”), except for (i) the transfer of Vale’s shares by the Shareholders to their affiliates and their current shareholders, provided that such transferred shares shall remain subject to the Lock-Up, and (ii) the transfer of shares held by the Shareholders prior to the merger of Valepar. Accounting policy Stockholder’s remuneration - The stockholder’s remuneration is paid on dividends and interest on capital. This remuneration is recognized as a liability in the financial statements of the Company based on bylaws. Any amount above the minimum mandatory remuneration approved by the by-laws shall only be recognized in current liabilities on the date that is approved by stockholders. The Company is permitted to distribute interest attributable to stockholders’ equity. The calculation is based on the stockholders’ equity amounts as stated in the statutory accounting records and the interest rate applied may not exceed the Brazilian Government Long-term Interest Rate (“TJLP”) determined by the Central Bank of Brazil. Also, such interest may not exceed 50% of the net income for the year or 50% of retained earnings plus profit reserves as determined by Brazilian corporate law. The benefit to the Company, as opposed to making a dividend payment, is a reduction in the income tax burden because this interest charge is tax deductible in Brazil. Income tax of 15% is withheld on behalf of the stockholders relative to the interest distribution. Under Brazilian law, interest attributed to stockholders’ equity is considered as part of the annual minimum mandatory dividend. This notional interest distribution is treated for accounting purposes as a deduction from stockholders’ equity in a manner similar to a dividend and the tax deductibility recorded in the income statement.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2017
Related parties
Related parties	30. Related parties The Company’s related parties are predominantly subsidiaries, joint ventures, associates and key management personnel of the Company. Transactions between the parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. Details of material non-consolidated entities are disclosed in note 15. Related party transactions were made by the Company on terms equivalent to those that prevail in arm´s-length transactions, observing the price and usual market conditions, therefore these transactions are under terms that are no less favorable to the Company than those arranged with third parties. Purchases, accounts receivable and other assets, and accounts payable and other liabilities relates largely to amounts charged by joint ventures and associates related to the pelletizing plants lease and railway transportation services. Information about related party transactions and effects on the financial statements is set out below: a) Transactions with related parties Year ended December 31 2017 2016 2015 Joint Ventures Associates Total Joint Ventures Associates Total Joint Ventures Associates Total Net operating revenue Cost and operating expenses ) ) ) ) ) ) ) ) ) Financial result ) ) ) ) — Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the operational leases of the pelletizing plants. Further information in relation to these operational leases is disclosed in note 31. b) Outstanding balances with related parties December 31, 2017 December 31, 2016 Joint Ventures Associates Total Joint Ventures Associates Total Assets Accounts receivable Dividends receivable Loans to related parties — — — — Other assets — — — — Liabilities Supplier and contractors Loans from related parties — — Other liabilities — — In 2017, the loans from/to related parties mainly arose in connection with the transaction of Nacala’s corridor business (further information in relation to this transaction is disclosed in note 15). Loans to related parties corresponds to the loan of US$4,526 to Nacala BV, which carries interest at 7.44% p.a. The loan from related parties mainly relates to the loan from Pangea Emirates Ltd. in the amount of US$1,166, which carries interest at 6.54% p.a. c) The key management personnel remuneration is as follows: Year ended December 31 2017 2016 2015 Short-term benefits Wages or pro-labor Direct and indirect benefits Profit sharing program (“PLR”) — Long-term benefits Shares based Severance

Commitments

Commitments	12 Months Ended
	Dec. 31, 2017
Commitments
Commitments	31. Commitments a) Contractual obligations The table below presents the annual minimum future payments, which are required and non-cancelable, related to contractual obligations of the Company as of December 31. 2018 2019 2020 2021 2022 and thereafter Total Operating lease Purchase obligations Total minimum payments required Operating lease - Vale has operating lease agreements with its joint ventures Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização (together “pelletizing plants”), in which the Company leases their pelletizing plants. These agreements are renewable and last from 3 up to 10 years. The minimum future payments have been calculated considering that all contracts will be renewed automatically. The Company also has operating leases for the exploration and processing of iron ore with joint ventures, port operations with third parties and property leases for its operational facilities with third parties. The total amount of operational leasing expenses for the year ended on December 31, 2017, 2016 and 2015 were US$664, US$266 and US$329, respectively. Purchase obligations - The purchase obligations derive mainly from contracts for the acquisition of fuel, energy and the acquisition of raw materials and services. b) Guarantees provided As of December 31, 2017, corporate guarantees provided by Vale (within the limit of its direct or indirect interest) for the companies Norte Energia S.A. and Companhia Siderúrgica do Pecém S.A. are US$378 and US$1,497, respectively. The net book value of property, plant and equipment pledged to secure judicial claims on December 31, 2017 and 2016 were US$15 and US$35, respectively. c) Nickel Operations — Indonesia The Company´s subsidiary PT Vale Indonesia Tbk (“PTVI”), a public company in Indonesia, has an agreement in place with the Government of Indonesia to operate its mining licenses and it includes a commitment to divest an additional 20% of PTVI’s shares to Indonesian participants by October 2019 (approximately 20% of PTVI’s shares are already registered on the Indonesian Stock Exchange). The existing major shareholders, Vale Canada and Sumitomo Metal Mining, Co., Ltd., will comply with the divestment obligation on a pro rata basis.

Risk management

Risk management	12 Months Ended
	Dec. 31, 2017
Risk management
Risk management	32. Risk management Vale considers that an effective risk management is key to support the achievement of the company objectives and to ensure the financial strength and flexibility of the company and the business continuity. Therefore, Vale has developed its risk management strategy in order to provide an integrated approach of the risks the company is exposed to, considering not only the risks generated by variables traded in financial markets (market risk) and those arising from liquidity risk, but also the risk from counterparties obligations (credit risk) and those relating to inadequate or failed internal processes, people, systems or external events (operational risk), among others. a) Risk management policy The Board of Directors established a corporate risk management policy defining principles and guidelines applicable to this process in the company and the corresponding governance structure. This policy determines that corporate risks should be measured and monitored, regularly, in an integrated manner, in order to ensure that the company overall risk level remains aligned with its strategic guidelines. The Executive Risk Management Committee, created by the Board of Directors, is responsible for supporting the Executive Board in the risk management decisions, issuing opinions and recommendations. It is also responsible for the supervision and revision of the principles and instruments of corporate risk management. The Executive Board is responsible for the approval of the policy deployment into norms, rules and responsibilities and for reporting to the Board of Directors about such procedures. The risk management norms and instructions complement the corporate risk management policy and define practices, processes, controls, roles and responsibilities. The Company may, when necessary, allocate specific risk limits to management activities, including but not limited to, market risk limit, corporate and sovereign credit limit, in accordance with the acceptable corporate risk limit. b) Liquidity risk management The liquidity risk arises from the possibility that Vale might not perform its obligations on due dates, as well as face difficulties to meet its cash requirements due to market liquidity constraints. See note 20 “Loans, borrowing, cash and cash equivalents and financial investments” for details on the Company’s liquidity risk. c) Credit risk management Vale’s exposure to credit risk arises from trade receivables, derivative transactions, guarantees, down payment for suppliers and cash investments. Our credit risk management process provides a framework for assessing and managing counterparties’ credit risk and for maintaining our risk at an acceptable level. (i) Commercial credit risk management See note 10 “Accounts receivables” for details on commercial credit risk. (ii) Treasury credit risk management To manage the credit exposure arising from cash investments and derivative instruments, credit limits are approved to each counterparty with whom we have credit exposure. Furthermore, we control the portfolio diversification and monitor different indicators of solvency and liquidity of the different counterparties that were approved for trading. d) Market risk management Vale is exposed to the behavior of several market risk factors that can impact its cash flow. The assessment of this potential impact arising from the volatility of risk factors and their correlations is performed periodically to support the decision making process regarding the risk management strategy, that may incorporate financial instruments, including derivatives. The portfolio of these financial instruments is monitored on a monthly basis, enabling financial results surveillance and its impact on cash flow. Considering the nature of Vale’s business and operations, the main market risk factors which the Company is exposed to are: · Foreign exchange and interest rates; · Product prices and input costs. e) Foreign exchange and interest rate risk The company’s cash flow is subjected to volatility of several currencies, as its product are predominantly priced in US dollar, while most of the costs, disbursements and investments are denominated in other currencies, mainly Brazilian real and Canadian dollar. In order to reduce the potential impact that arises from this currency mismatch, derivatives instruments may be used as a risk mitigation strategy. Vale implements hedge transactions to protect its cash flow against the market risks that arises from its debt obligations — mainly currency volatility. The hedges cover most of the debts in Brazilian reais and euros. We use swap and forward transactions to convert debt linked to Brazilian real and Euros into US dollar, with volumes, flows and settlement dates similar to those of the debt instruments - or sometimes lower, subject to market liquidity conditions. Hedging instruments with shorter settlement dates are renegotiated through time so that their final maturity matches - or becomes closer - to the debts` final maturity. At each settlement date, the results of the swap and forward transactions partially offset the impact of the foreign exchange rate in Vale’s obligations, contributing to stabilize the cash disbursements in US dollar. Vale has also exposure to interest rates risks over loans and financings. The US Dollar floating rate debt in the portfolio consists mainly of loans including export pre-payments, commercial banks and multilateral organizations loans. In general, such debt instruments are indexed to the LIBOR (London Interbank Offer Rate) in US dollar. We take advantage of the potential correlation between commodity prices and U.S. dollar floating interest rates as a partial natural hedge for our cash flow. f) Risk of product and input prices Vale is also exposed to market risks including commodities price and input price volatilities. In accordance with risk management policy, risk mitigation strategies involving commodities can be used to adjust the cash flow risk profile and reduce Vale’s cash flow volatility. For this kind of risk mitigation strategy, Vale uses predominantly forwards, futures or zero-cost collars. g) Operational risk management The operational risk management is the structured approach that Vale uses to manage uncertainty related to possible inadequate or failure in internal processes, people, systems and external events, in accordance with the principles and guidelines of ISO 31000. The main operational risks are periodically monitored, ensuring the effectiveness of preventive and mitigating key controls in place and the execution of the risk treatment strategy (implementation of new or improved controls, changes in the risk environment, risk sharing by contracting insurance, provisioning of resources, etc.). Therefore, the Company seeks to have a clear view of its major risks, the best cost-benefit mitigation plans and the effectiveness of the controls in place, monitoring the potential impact of operational risk and allocating capital efficiently. h) Capital management The Company’s policy aims at establishing a capital structure that will ensure the continuity of your business in the long term. Within this perspective, the Company has been able to deliver value to stockholders through dividend payments and capital gain, and at the same time maintain a debt profile suitable for its activities, with an amortization well distributed over the years, thus avoiding a concentration in one specific period. i) Insurance Vale contracts several types of insurance policies, such as operational risk policy, engineering risks insurance (projects), civil responsibility, life insurance policy for their employees, among others. The coverage of these policies is similar to the ones used in general by the mining industry and is issued in line with the objectives defined by the Company, with the corporate risk management policy and the limitation imposed by the insurance and reinsurance global market. In general, the company’s assets directly related with its operations are included in the coverage of insurance policies. Insurance management is performed with the support of existing insurance committees in the various operational areas of the Company. Among the management instruments, Vale uses captive reinsurance to balance the price on reinsurance contracts with the market, as well as, enable direct access to key international markets of insurance and reinsurance.

Additional information about de

Additional information about derivatives financial instruments	12 Months Ended
	Dec. 31, 2017
Additional information about derivatives financial instruments
Derivative financial instruments	24. Derivative financial instruments a) Derivatives effects on statement of financial position Assets December 31, 2017 December 31, 2016 Current Non-current Current Non-current Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap — IPCA swap Eurobonds swap — — — Pré-dolar swap Commodities price risk Nickel Bunker oil — — Others — — — — Total Liabilities December 31, 2017 December 31, 2016 Current Non-current Current Non-current Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap IPCA swap Eurobonds swap — Euro Forward — — — Pré-dolar swap Commodities price risk Nickel — — Bunker oil — — — — — Others — — — — Total b) Effects of derivatives on the income statement, cash flow and other comprehensive income Year ended December 31 Gain (loss) recognized in the Financial settlement inflows Gain (loss) recognized in other 2017 2016 2015 2017 2016 2015 2017 2016 2015 Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap ) ) ) ) — — — IPCA swap ) ) ) — — — Eurobonds swap ) ) ) ) ) — — — Euro forward ) — — — — — — — Pré-dolar swap ) ) ) ) — — — ) ) ) ) — — — Commodities price risk Nickel ) ) ) ) — — — Bunker oil ) ) ) ) ) — — — ) ) ) ) — — — Others ) — — — — — — Derivatives designated as cash flow hedge accounting Bunker oil — — ) — — ) — — Foreign exchange — ) ) — ) ) — — ) ) — ) ) — Total ) ) ) ) — During 2015, the Company implemented bunker oil purchase cash flows protection program and recognized as cost of goods sold and services rendered and financial expense the amounts of US$439 and US$2,477, respectively. In 2016, all derivatives impacts were charged to financial results. The maturity dates of the derivative financial instruments are as follows: Last maturity dates Currencies and interest rates January 2024 Bunker oil December 2017 Nickel December 2019 Others December 2027 c) Hedge in foreign operations Implementation of net investment hedge As at January 1, 2017, Vale S.A., which the functional currency is Reais, designated its debts in US$ and Euro, as an instrument in a hedge of its investment in foreign operations (Vale International S.A. and Vale International Holding GmbH; hedging objects) to mitigate part of the foreign exchange risk on financial statements. At December 31, 2017 the carrying value of the designated debts are US$5,303 and EUR750. The foreign exchange loss of US$144 (US$95, net of taxes), was recognized in the “Cumulative translation adjustments” in stockholders’ equity for the year ended December 31, 2017. This hedge was highly effective throughout the year ended on December 31, 2017. Accounting policy The Company uses financial instruments to hedge its exposure to certain market risks arising from operational, financing and investing activities. Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. At the beginning of the hedge operations, the Company documents the type of hedge, the relationship between the hedging instrument and hedged items, its risk management objective and strategy for undertaking hedge operations. The Company also documents, both at hedge inception and on an ongoing basis that the hedge is expected to continue to be highly effective. The Company adopts the hedge accounting procedure and designates certain derivatives as either: Cash flow hedge - The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity within “Cumulative translation adjustments”. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized in profit or loss when the transaction is recognized in the income statement. Net investment hedge - Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in equity within “Cumulative translation adjustments”. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is partially or fully disposed of or sold. Derivatives at fair value through profit or loss - Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are recognized immediately in the income statement. The Company has performed an assessment of the IFRS 9 - Financial instruments and the expected impacts are detailed in note 2e. Additional information about derivatives financial instruments In millions of United States dollars, except as otherwise stated The risk of the derivatives portfolio is measured using the delta-Normal parametric approach, and considers that the future distribution of the risk factors and its correlations tends to present the same statistic properties verified in the historical data. The value at risk estimate considers a 95% confidence level for a one-business day time horizon. There was no cash amount deposited as margin call regarding derivative positions on December 31, 2017. The following tables detail the derivatives positions for Vale and its controlled companies as of December 31, 2017, with the following information: notional amount, fair value including credit risk, gains or losses in the period, value at risk and the fair value breakdown by year of maturity. a) Foreign exchange and interest rates derivative positions (i) Protection programs for the R$ denominated debt instruments In order to reduce cash flow volatility, swap transactions were implemented to convert into US$ the cash flows from certain debt instruments denominated in R$ with interest rates linked mainly to CDI, TJLP and IPCA. In those swaps, Vale pays fixed or floating rates in US$ and receives payments in R$ linked to the interest rates of the protected debt instruments. The swap transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments linked to R$. These programs transform into US$ the obligations linked to R$ to achieve a currency offset in the Company’s cash flows, by matching its receivables - mainly linked to US$ - with its payables. Notional Fair value Financial Settlement Value at Risk Fair value by year Flow December December Index Average December December December December 2018 2019 2020+ CDI vs. US$ fixed rate swap ) ) ) ) Receivable R$ R$ CDI % Payable US$ US$ Fix % TJLP vs. US$ fixed rate swap ) ) ) ) ) ) Receivable R$ R$ TJLP + % Payable US$ US$ Fix % TJLP vs. US$ floating rate swap ) ) ) ) ) — Receivable R$ R$ TJLP + % Payable US$ US$ Libor + -1.23 % R$ fixed rate vs. US$ fixed rate swap ) ) ) Receivable R$ R$ Fix % Payable US$ US$ Fix -0.28 % IPCA vs. US$ fixed rate swap ) ) ) ) ) Receivable R$ R$ IPCA + % Payable US$ US$ Fix % IPCA vs. CDI swap ) ) Receivable R$ R$ IPCA + % Payable R$ R$ CDI % (ii) Protection program for EUR denominated debt instruments In order to reduce the cash flow volatility, swap and forward transactions were implemented to convert into US$ the cash flows from certain debt instruments issued in Euros by Vale. In those swaps, Vale receives fixed rates in EUR and pays fixed rates in US$. In those forwards only the principal amount of the debt is converted from EUR to US$. The swap and forward transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments linked to EUR. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to EUR/US$ exchange rate. Notional Fair value Financial Settlement Value at Risk Fair value by year Flow December December Index Average December December December December 2018 2019 2020+ EUR fixed rate vs. US$ fixed rate swap ) ) ) ) Receivable € € Fix % Payable US$ US$ Fix % Notional Average Fair value Financial Value at Risk Fair value Flow December December Bought / rate December December December December year Forwards € € B — ) ) — — b) Commodities derivative positions (i) Bunker Oil purchase cash flows protection program In order to reduce the impact of bunker oil price fluctuation on maritime freight hiring/supply and, consequently, reducing the company’s cash flow volatility, bunker oil derivatives were implemented, through zero cost-collars. The derivative transactions were negotiated over-the-counter and the protected item is part of the Vale’s costs linked to bunker oil prices. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to bunker oil prices changes. The contracts expired in 2017. Notional (ton) Fair value Financial settlement Value at Risk Fair value Flow December December Bought / Average strike December December December December 2017 Bunker Oil protection Call options — B — — — — Put options — S — — ) — — — Total — — — As at December 31, 2016, excludes US$24, of transactions in which the financial settlement occurs subsequently of the closing month. (ii) Protection programs for base metals raw materials and products In the operational protection program for nickel sales at fixed prices, derivatives transactions were implemented to convert into floating prices the contracts with clients that required a fixed price, in order to keep nickel revenues exposed to nickel price fluctuations. Those operations are usually implemented through the purchase of nickel forwards. In the operational protection program for the purchase of raw materials and products, derivatives transactions were implemented, usually through the sale of nickel and copper forward or futures, in order to reduce the mismatch between the pricing period of purchases (concentrate, cathode, sinter, scrap and others) and the pricing period of the final product sales to the clients. The derivative transactions are negotiated at London Metal Exchange or over-the-counter and the protected item is part of Vale’s revenues and costs linked to nickel and copper prices. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to nickel and copper prices changes. Notional (ton) Average Fair value Financial settlement Value at Risk Fair value by Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2017 2018 Fixed price sales protection Nickel forwards B ) ) Raw material purchase protection Nickel forwards S ) ) — Copper forwards S ) ) ) ) — Total ) ) ) — c) Wheaton Precious Metals Corp. warrants The company owns warrants of Wheaton Precious Metals Corp. (WPM), a Canadian company with stocks negotiated in Toronto Stock Exchange and New York Stock Exchange. Such warrants configure American call options and were received as part of the payment regarding the sale of part of gold payable flows produced as a sub product from Salobo copper mine and some nickel mines in Sudbury. Notional (quantity) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2023 Call options B — d) Debentures convertible into shares of Valor da Logística Integrada (“VLI”) The company has debentures in which lenders have the option to convert the outstanding debt into a specified quantity of shares of VLI owned by the company. Notional (quantity) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2027 Conversion options S ) ) — ) e) Options related to Minerações Brasileiras Reunidas S.A. (“MBR”) shares The Company entered into a stock sale and purchase agreement that has options related to MBR shares. Mainly, the Company has the right to buy back this non-controlling interest in the subsidiary. Moreover, under certain restrict and contingent conditions, which are beyond the buyer’s control, such as illegality due to changes in the law, the contract has a clause that gives the buyer the right to sell back its stake to the Company. It this case, the Company could settle through cash or shares. Notional (quantity, in millions) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2018+ Options B/S — f) Embedded derivatives in contracts The Company has some nickel concentrate and raw materials purchase agreements in which there are provisions based on nickel and copper future prices behavior. These provisions are considered as embedded derivatives. Notional (ton) Bought / Average strike Fair value Financial settlement Value at Risk Fair value Flow December 31, 2017 December 31, 2016 Sold (US$/ton) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2018 Nickel forwards S Copper forwards S Total — The Company has also a natural gas purchase agreement in which there´s a clause that defines that a premium can be charged if the Company’s pellet sales prices trade above a pre-defined level. This clause is considered an embedded derivative. Notional (volume/month) Bought / Average strike Fair value Financial settlement Value at Risk Fair value by year Flow December 31, 2017 December 31, 2016 Sold (US$/ton) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2018 2019+ Call options S ) ) — ) ) In August 2014 the Company sold part of its stake in Valor da Logística Integrada (“VLI”) to an investment fund managed by Brookfield Asset Management (“Brookfield”). The sales contract includes a clause that establishes, under certain conditions, a minimum return guarantee on Brookfield’s investment. This clause is considered an embedded derivative, with payoff equivalent to that of a put option. Notional (quantity) Bought / Average strike Fair value Financial settlement Value at Risk Fair value Flow December 31, 2017 December 31, 2016 Sold (R$/share) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2027 Put option S ) ) — ) For sensitivity analysis of derivative financial instruments, Financial counterparties’ ratings and market curves please see note 33. 33. Additional information about derivatives financial instruments a) Sensitivity analysis of derivative financial instruments. The following tables present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives positions. The scenarios were defined as follows: - Probable : the probable scenario was based on the estimated risk variables that were used on pricing the derivative instruments as at December 31, 2017. - Scenario I : fair value estimated considering a 25% deterioration in the associated risk variables - Scenario II : fair value estimated considering a 50% deterioration in the associated risk variables The curves used on the pricing of derivatives instruments were developed based on data from B3 S.A., Central Bank of Brazil, London Metals Exchange and Bloomberg. Instrument Instrument’s main risk events Probable Scenario I Scenario II CDI vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) TJLP interest rate decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ floating rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) TJLP interest rate decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation ) ) US$ interest rate inside Brazil decrease Brazilian interest rate increase ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) IPCA index decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase IPCA index decrease Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. ) ) EUR fixed rate vs. US$ fixed rate swap EUR depreciation ) ) Euribor increase US$ Libor decrease ) Protected item: EUR denominated debt EUR depreciation n.a. Instrument Instrument’s main risk events Probable Scenario I Scenario II Bunker Oil protection Forwards and options Bunker Oil price decrease — — — Protected item: Part of costs linked to bunker oil prices Bunker Oil price decrease n.a. — — Nickel sales fixed price protection Forwards Nickel price decrease ) ) Protected item: Part of nickel revenues with fixed prices Nickel price fluctuation n.a. Purchase protection program Nickel forwards Nickel price increase ) ) ) Protected item: Part of costs linked to nickel prices Nickel price increase n.a. Copper forwards Copper price increase ) ) ) Protected item: Part of costs linked to copper prices Copper price increase n.a. WPM warrants WPM stock price decrease Conversion options - VLI VLI stock value increase ) ) ) Options - MBR MBR stock value decrease Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase ) ) Embedded derivatives - Raw material purchase (copper) Copper price increase ) ) Embedded derivatives - Gas purchase Pellet price increase ) ) ) Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease ) ) ) b) Financial counterparties’ ratings The transactions of derivative instruments, cash and cash equivalents as well as investments are held with financial institutions whose exposure limits are periodically reviewed and approved by the delegated authority. The financial institutions credit risk is performed through a methodology that considers, among other information, ratings provided by international rating agencies. The table below presents the ratings in foreign currency published by agencies Moody’s and S&P regarding the main financial institutions that we had outstanding positions as of December 31, 2017. Long term ratings by counterparty Moody’s S&P ANZ Australia and New Zealand Banking Aa3 AA- Banco ABC Ba3 BB Banco Bradesco Ba3 BB Banco do Brasil Ba3 BB Banco de Credito del Peru Baa1 BBB+ Banco do Nordeste Ba3 BB Banco Safra Ba3 BB Banco Santander A3 A- Banco Votorantim Ba3 BB Bank of America A3 A- Bank of China A1 A Bank of Mandiri Baa3 BB+ Bank of Nova Scotia A1 A+ Bank Rakyat Baa3 BB+ Bank of Tokyo Mitsubishi UFJ A1 A- Banpará — BB- Barclays Baa2 BBB BBVA A3 BBB+ BNP Paribas A2 A BTG Pactual Ba3 BB- Caixa Economica Federal Ba3 BB Canadian Imperial Bank A1 A+ China Construction Bank A1 A Citigroup Baa1 BBB+ Credit Agricole A1 A Credit Suisse Baa2 BBB+ Deutsche Bank A3 A- Goldman Sachs A3 BBB+ HSBC A2 A Intesa Sanpaolo Spa A3 BBB Itaú Unibanco Ba3 BB JP Morgan Chase & Co A3 A- Macquarie Group Ltd A3 BBB Mizuho Financial A1 A- Morgan Stanley A3 BBB+ National Australia Bank NAB Aa3 AA- National Bank of Oman Baa3 — Rabobank Aa2 A+ Royal Bank of Canada A1 AA- Societe Generale A2 A Standard Bank Group Ba1 — Standard Chartered A2 BBB+ Sumitomo Mitsui Financial A1 A- UBS Aa3 A- Unicredit Baa1 BBB c) Market curves (i) Products Nickel Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 Copper Maturity Price (US$/lb) Maturity Price (US$/lb) Maturity Price (US$/lb) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 Bunker Oil Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 (ii) Foreign exchange and interest rates US$-Brazil Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 US$ Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 6M 11M 2M 7M 12M 3M 8M 2Y 4M 9M 3Y 5M 10M 4Y TJLP Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 BRL Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 Implicit Inflation (IPCA) Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 EUR Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M -0.41 6M -0.30 11M -0.26 2M -0.39 7M -0.29 12M -0.26 3M -0.38 8M -0.28 2Y -0.15 4M -0.34 9M -0.27 3Y 5M -0.32 10M -0.27 4Y CAD Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 6M 11M 2M 7M 12M 3M 8M 2Y 4M 9M 3Y 5M 10M 4Y Currencies - Ending rates CAD/US$ US$/BRL EUR/US$

Basis for preparation of the 40

Basis for preparation of the financial statements (Policies)	12 Months Ended
	Dec. 31, 2017
Significant accounting policies
Information by business segment and by geographic area	The Company operated five reportable segments during this year: Ferrous Minerals, Coal, Base Metals, Fertilizers (presented as discontinued operations) and Others. The segments are aligned with products and reflect the structure used by Management to evaluate Company performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance are the Executive Boards and the Board of Directors. The performance of the operating segments is assessed based on a measure of adjusted EBITDA.
Revenue	Revenue is recognized when Vale transfers to its customers all of the significant risks and rewards of ownership of the product sold or when the services are rendered. Net revenue excludes any applicable sales taxes and is recognized at the fair value of the consideration received or receivable to the extent that it is probable that economic benefits will flow to Vale and the revenues can be reliably measured. Depending on the contract, revenue sales can be recognized when the product is available at the loading port, loaded on the ship, at the port of discharge or at the custumer’s warehouse. Service revenues are recognized in the amount by which the services are rendered and accepted by the customer. In some cases, the sale price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in the quoted market or contractual prices up to the date of final pricing. Revenue is recognized based on the estimated fair value of the total consideration receivable, and the provisionally priced sales mechanism embedded within these sale arrangements has the character of a derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are recognized as operational revenue in the income statement. Amounts billed to customers for shipping related to products sold by the Company are recognized as revenue when the Company is responsible for shipping. Shipping costs are recognized as operating costs.
Income taxes	The recognition of income taxes as deferred taxes is based on temporary differences between carrying amount and the tax basis of assets and liabilities as well as taxes losses carryforwards. The deferred income taxes assets and liabilities are offset when there is a legally enforceable right on the same taxable entity. The deferred taxes assets arising from taxes losses and temporary differences are not recognized when is not probable that future taxable profit will be available against which temporary differences and/or tax losses can be utilized. Income taxes are recognized in the income statement, except for items recognized directly in stockholders’ equity. The provision for income tax is calculated individually for each entity of the Company based on Brazilian tax rates, on an accrual basis, by applying the differential between the nominal local tax rates (based on rules enacted in the location of the entity) and the Brazilian tax rate.
Accounts receivable	Accounts receivable are financial instruments classified in the category loan and receivables and are the total amount due from sale of products and services rendered by the Company. Accounts receivable are initially recognized at fair value and subsequently measured at amortized cost, less provision for impairment of accounts receivable, when applicable.
Inventories	Inventories are stated at the lower of cost or the net realizable value. The inventory production cost is determined on the basis of variable and fixed costs, direct and indirect costs of production, using the average cost method. At each statement of financial position date, inventories are assessed for impairment and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and reversals are included in “Cost of goods sold and services rendered”.
Non-current assets and liabilities held for sale and discontinued operations	A non-current asset is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The criteria for recognition the non-current assets as held for sale are only considered satisfied when the sale is highly probable and the asset (or disposal group of assets) is available for immediate sale in its present condition. The Company measures the assets held for sale (or group of assets) at the lower of its carrying amount and fair value less costs to sell. If the carrying amount exceeds the fair value less costs to sell an impairment loss is recognized against income statement. Any subsequent reversal of impairment is recognized only to the extent of the loss previously recognized. The assets and liabilities classified as held for sale are presented separately in the statement of financial position. The classification as a discontinued operation occurs through disposal, or when the operation meets the criteria to be classified as held for sale if this occurs earlier. A discontinued operation is a component of a Company business comprising cash flows and operations that may be clearly distinct from the rest of the Company and that represents an important separate line of business or geographical area of operations. The result of discontinued operations is presented in a single amount in the income statement, including the results after income tax of these operations less any impairment loss. Cash flows attributable to operating, investing and financing activities of discontinued operations are disclosed in a separate note. When an operation is classified as a discontinued operation, the income statements of the prior periods are restated as if the operation had been discontinued since the beginning of the comparative period. Any noncontrolling interest relating to a group disposal held for sale is presented in the stockholders’ equity and are not reclassified in the statement of financial position.
Investments	Joint arrangements investments - Joint arrangements are all entities over which the Company has shared control with one or more parties. Joint arrangement investments are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The joint operations are recorded in the financial statements to represent the Company’s contractual rights and obligations. The Company does not have material joint operations. Interests in joint ventures are accounted for using the equity method, after initially being recognized at cost. The Company’s investment in joint ventures includes the goodwill identified in the acquisition, net of any accumulated impairment loss. The Company’s interest in the profits or losses of its joint ventures is recognized in the income statement and participation in the changes in reserves is recognized in the Company’s reserves. When the Company’s interest in the losses of an associate or joint venture is equal to or greater than the carrying amount of the investment, including any other receivables, the Company does not recognize additional losses, unless it has incurred obligations or made payments on behalf of the joint venture.
Intangibles	Intangibles are carried at the acquisition cost, net of accumulated amortization and impairment charges. The estimated useful lives are as follows: Useful life Concessions 3 to 50 years Right of use 22 to 31 years Software 5 years
Property, plant and equipment	Property, plant and equipment is recorded at the cost of acquisition or construction, net of accumulated depreciation and impairment charges. Mineral properties developed internally are determined by (i) direct and indirect costs attributed to build the mining facilities, (ii) financial charges incurred during the construction period, (iii) depreciation of other fixed assets used during construction, (iv) estimated decommissioning and site restoration expenses, and (v) other capitalized expenditures during the development phase (phase when the project demonstrates its economic benefit to the Company, and the Company has ability and intention to complete the project). The depletion of mineral properties is determined based on the ratio between production and total proven and probable mineral reserves. Property, plant and equipment, other than mineral properties are depreciated using the straight-line method based on the estimated useful lives, from the date on which the assets become available for their intended use and are capitalized, except for land which is not depreciated. The estimated useful lives are as follows: Useful life Buildings 15 to 50 years Facilities 3 to 50 years Equipment 3 to 40 years Others: Locomotives 12 to 25 years Wagon 30 to 44 years Railway equipment 5 to 33 years Ships 20 years Others 2 to 50 years The residual values and useful lives of assets are reviewed at the end of each reporting period and adjusted if necessary.
Exploration and evaluation expenditures	Exploration and evaluation expenditures - Expenditures on mining research are accounted for as operating expenses until the effective proof of economic feasibility and commercial viability of a given field can be demonstrated. From then on, the expenditures incurred are capitalized as mineral properties.
Expenditures on feasibility studies, new technologies and others research	Expenditures on feasibility studies, new technologies and others research - The Company also conducts feasibility studies for many businesses which it operates including researching new technologies to optimize the mining process. After these costs are proven to generate future benefits to the Company, the expenditures incurred are capitalized.
Maintenance costs	Maintenance costs - Significant industrial maintenance costs, including spare parts, assembly services, and others, are recorded in property, plant and equipment and depreciated through the next programmed maintenance overhaul.
Stripping Costs	Stripping Costs - The cost associated with the removal of overburden and other waste materials (“stripping costs”) incurred during the development of mines, before production takes place, are capitalized as part of the depreciable cost of the mineral properties. These costs are subsequently amortized over the useful life of the mine. Post-production stripping costs are included in the cost of inventory, except when a new project is developed to permit access to a significant ore deposits. In such cases, the cost is capitalized as a non-current asset and is amortized during the extraction of the ore deposits, over the useful life of the ore deposits. Stripping costs are measured at fixed and variable costs directly and indirectly attributable to its removal and, when applicable, net of any impairment losses measured in the same basis adopted for the cash generating unit of which it belongs.
Impairment and onerous contracts	Impairment of non-Financial assets - Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognized for the amount by which the asset´s carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal (“FVLCD”) and value in use (“VIU”). FVLCD is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset from a market participant’s perspective, including any expansion prospects. VIU model is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form. Value in use is determined by applying assumptions specific to the Company’s continued use and cannot take into account future development. These assumptions are different to those used in calculating fair value and consequently the VIU calculation is likely to give a different result to a FVLCD calculation. Assets that have indefinite useful life and are not subject to amortization, such as goodwill, are tested annually for impairment. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Goodwill is allocated to Cash Generating Units or Cash Generating Units groups that are expected to benefit from the business combinations in which the goodwill arose and are identified in accordance with the operating segment. Non-current assets (excluding goodwill) in which the Company recognized impairment in the past are reviewed whenever events or changes in circumstances indicate that the impairment may no longer be applicable. In such cases, an impairment reversal will be recognized. Onerous Contracts - For certain long-term contracts, a provision is recognized when the present value of the unavoidable cost to meet the Company’s obligation exceeds the economic benefits that could be received from those contracts.
Loans and borrowings	Loans and borrowings are initially measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Income statement over the period of the loan, using the effective interest rate method. The fees paid in obtaining the loan are recognized as transaction costs. Loans and borrowing costs are capitalized as part of property, plants and equipment if those costs are directly related to a qualified asset. The capitalization occurs until the qualified asset is ready for its intended use. The average capitalization rate is 22%. Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred.
Fair value estimate	Due to the short-term cycle, it is assumed that the fair value of cash and cash equivalents balances, financial investments, accounts receivable and accounts payable approximate their book values. For the measurement and determination of fair value, the Company uses various methods including market, income or cost approaches, in order to estimate the value that market participants would use when pricing the asset or liability. The financial assets and liabilities recorded at fair value are classified and disclosed in accordance with the following levels: Level 1 — Unadjusted quoted prices on an active, liquid and visible market for identical assets or liabilities that are accessible at the measurement date; Level 2 - Quoted prices (adjusted or unadjusted) for identical or similar assets or liabilities on active markets; and Level 3 - Assets and liabilities, for which quoted prices, do not exist, or where prices or valuation techniques are supported by little or no market activity, unobservable or illiquid.
Derivative financial instruments	The Company uses financial instruments to hedge its exposure to certain market risks arising from operational, financing and investing activities. Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. At the beginning of the hedge operations, the Company documents the type of hedge, the relationship between the hedging instrument and hedged items, its risk management objective and strategy for undertaking hedge operations. The Company also documents, both at hedge inception and on an ongoing basis that the hedge is expected to continue to be highly effective. The Company adopts the hedge accounting procedure and designates certain derivatives as either: Cash flow hedge - The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity within “Cumulative translation adjustments”. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized in profit or loss when the transaction is recognized in the income statement. Net investment hedge - Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in equity within “Cumulative translation adjustments”. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is partially or fully disposed of or sold. Derivatives at fair value through profit or loss - Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are recognized immediately in the income statement. The Company has performed an assessment of the IFRS 9 - Financial instruments and the expected impacts are detailed in note 2e.
Asset retirement obligations	When the provision is recognized, the corresponding cost is capitalized as part of property, plant and equipment and is depreciated over the useful life of the related mining asset, resulting in an expense recognized in the income statement. The long-term liability is discounted at presented value using a long-term risk free discount rate applicable to the liability and the unwinds are recorded in the income statement and is reduced by payments for mine closure and decommissioning of mining assets. The accrued amounts of these obligations are not deducted from the potential costs covered by insurance or indemnities.
Litigation	A provision is recognized when is considered probable that an outflow of resources will be required to settle the obligation and can be reliably estimated. The liability is accounted against an expense in the income statement. This obligation is updated based on the developments of the judicial process or interest accretion and can be reversed if the expectation of loss is not considered probable due to changes in circumstances or when the obligation is settled.
Employee benefits	i. Current benefits — wages, vacations and related taxes Payments of benefits such as wages or accrued vacation, as well the related social security taxes over those benefits are recognized monthly in income, on an accruals basis. ii. Current benefits — profit sharing program The Company has the Annual Incentive Program (AIP) based on Team and business unit’s contribution and Company-wide performance through operational cash generation. The Company makes an accrual based on evaluation periodic of goals achieved and Company result, using the accrual basis and recognition of present obligation arising from past events in the estimated outflow of resources in the future. The accrual is recorded as cost of goods sold and services rendered or operating expenses in accordance with the activity of each employee. iii. Non-current benefits — long-term incentive programs The Company has established a procedure for awarding certain eligible executives (Matching and Virtual Shares Programs) with the goal of encouraging employee retention and optimum performance. Plan liabilities are measured at each reporting date, at their fair values, based on market prices. Obligations are measured at each reporting date, at fair values based on market prices. The compensation costs incurred are recognized in income during the vesting period as defined. iv. Non-current benefits — pension costs and other post-retirement benefits The Company has several retirement plans for its employees. For defined contribution plans, the Company’s obligations are limited to a monthly contribution linked to a pre-defined percentage of the remuneration of employees enrolled in to these plans. For defined benefit plans, actuarial calculations are periodically obtained for liabilities determined in accordance with the Projected Unit Credit Method in order to estimate the Company’s obligation. The liability recognized in the statement of financial position represents the present value of the defined benefit obligation as at that date, less the fair value of plan assets. The Company recognized in the income statement the costs of services, the interest expense of the obligations and the interest income of the plan assets. The remeasurement of gains and losses, return on plan assets (excluding the amount of interest on return of assets, which is recognized in income for the year) and changes in the effect of the ceiling of the active and onerous liabilities are recognized in comprehensive income for the year. For overfunded plans, the Company does not recognize any assets or benefits in the statement of financial position or income statement until such time as the use of the surplus is clearly defined. For underfunded plans, the Company recognizes actuarial liabilities and results arising from the actuarial valuation.
Stockholders' equity	Stockholder’s remuneration - The stockholder’s remuneration is paid on dividends and interest on capital. This remuneration is recognized as a liability in the financial statements of the Company based on bylaws. Any amount above the minimum mandatory remuneration approved by the by-laws shall only be recognized in current liabilities on the date that is approved by stockholders. The Company is permitted to distribute interest attributable to stockholders’ equity. The calculation is based on the stockholders’ equity amounts as stated in the statutory accounting records and the interest rate applied may not exceed the Brazilian Government Long-term Interest Rate (“TJLP”) determined by the Central Bank of Brazil. Also, such interest may not exceed 50% of the net income for the year or 50% of retained earnings plus profit reserves as determined by Brazilian corporate law. The benefit to the Company, as opposed to making a dividend payment, is a reduction in the income tax burden because this interest charge is tax deductible in Brazil. Income tax of 15% is withheld on behalf of the stockholders relative to the interest distribution. Under Brazilian law, interest attributed to stockholders’ equity is considered as part of the annual minimum mandatory dividend. This notional interest distribution is treated for accounting purposes as a deduction from stockholders’ equity in a manner similar to a dividend and the tax deductibility recorded in the income statement.

Basis for preparation of the 41

Basis for preparation of the financial statements (Tables)	12 Months Ended
	Dec. 31, 2017
Basis for preparation of the financial statements
Schedule of material consolidated entities in each business segment	Location Main % Ownership % Voting capital % Noncontrolling Direct and indirect subsidiaries Companhia Portuária da Baía de Sepetiba Brazil Iron ore % % % Mineração Corumbaense Reunida S.A. Brazil Iron ore and manganese % % % Minerações Brasileiras Reunidas S.A. (“MBR”) Brazil Iron ore % % % Salobo Metais S.A. Brazil Copper % % % PT Vale Indonesia Indonesia Nickel % % % Vale International Holdings GmbH Austria Holding and research % % % Vale Canada Limited Canada Nickel % % % Vale International S.A. Switzerland Trading and holding % % % Vale Malaysia Minerals Sdn. Bhd. Malaysia Iron ore % % % Vale Manganês S.A. Brazil Manganese and ferroalloys % % % Vale Moçambique S.A. Mozambique Coal % % % Vale Nouvelle Caledonie S.A.S. New Caledonia Nickel % % % Vale Oman Distribution Center LLC Oman Iron ore and pelletizing % % % Vale Oman Pelletizing Company LLC Oman Pelletizing % % %
Schedule of subsidiaries included in the discontinued operations presentation	Location Main % Ownership % Voting capital % Noncontrolling Direct and indirect subsidiaries Compañia Minera Miski Mayo S.A.C. Peru Fertilizers % % % Vale Fertilizantes S.A. Brazil Fertilizers % % % Vale Cubatão Fertilizantes Ltda. Brazil Fertilizers % % %
Schedule of exchange rates used to translate its foreign operations	Closing rate Average rate for the year ended 2017 2016 2015 2017 2016 2015 US Dollar (“US$”) Canadian dollar (“CAD”) Australian dollar (“AUD”) Euro (“EUR” or “€”)

Information by business segme42

Information by business segment and by geographic area (Tables)	12 Months Ended
	Dec. 31, 2017
Information by business segment and by geographic area
Schedule of adjusted EBITDA and assets by segment	Year ended December 31, 2017 Net operating Cost of goods Sales, Research and Pre operating Dividends Adjusted Ferrous minerals Iron ore ) ) ) ) Iron ore Pellets ) ) ) ) Ferroalloys and manganese ) ) — ) — Other ferrous products and services ) ) — ) ) ) ) Coal ) ) ) ) Base metals Nickel and other products ) ) ) ) — Copper ) ) ) — — ) ) ) ) — Others ) ) ) ) ) Total of continuing operations ) ) ) ) Discontinued operations (Fertilizers) ) ) ) ) Total ) ) ) ) Year ended December 31, 2016 Net operating Cost of goods Sales, Research and Pre operating Dividends Adjusted Ferrous minerals Iron ore ) ) ) ) Iron ore Pellets ) ) ) ) Ferroalloys and manganese ) ) — ) — Other ferrous products and services ) ) ) ) — ) ) ) ) Coal ) ) ) — ) Base metals Nickel and other products ) ) ) ) Copper ) ) ) — — Other base metals products — — — — — ) ) ) Others ) ) ) ) ) Total of continuing operations ) ) ) ) Discontinued operations (Fertilizers) ) ) ) ) Total ) ) ) ) Year ended December 31, 2015 Net operating Cost of goods Sales, Research and Pre operating Dividends Adjusted Ferrous minerals Iron ore ) ) ) ) Iron ore Pellets ) ) ) Ferroalloys and manganese ) — ) — ) Other ferrous products and services ) ) ) ) ) ) ) Coal ) ) ) ) ) Base metals Nickel and other products ) ) ) ) — Copper ) ) ) ) — Other base metals products — — — — — ) ) ) — Others ) ) ) — ) Total of continuing operations ) ) ) ) Discontinued operations (Fertilizers) ) ) ) ) — Total ) ) ) ) Adjusted EBITDA is reconciled to net income (loss) as follows: From Continuing operations Year ended December 31 2017 2016 2015 Adjusted EBITDA from continuing operations Depreciation, depletion and amortization ) ) ) Dividends received and interest from associates and joint ventures ) ) ) Impairment and other results on non-current assets ) ) ) Operating income (loss) ) Financial results, net ) ) Equity results in associates and joint ventures ) Impairment and other results in associates and joint ventures ) ) ) Income taxes ) ) Net income (loss) from continuing operations ) Net income (loss) attributable to noncontrolling interests ) ) Net income (loss) attributable to Vale’s stockholders ) From Discontinued operations Year ended December 31 2017 2016 2015 Adjusted EBITDA from discontinued operations Depreciation, depletion and amortization ) ) ) Dividends received and interest from associates and joint ventures ) ) — Impairment of non-current assets ) ) ) Operating income (loss) ) ) Financial results, net ) ) Equity results in associates and joint ventures ) Income taxes ) Loss from discontinued operations ) ) ) Net income (loss) attributable to noncontrolling interests ) Loss attributable to Vale’s stockholders ) ) ) b) Assets by segment Year ended December 31, 2017 Product inventory Investments in Property, plant and Additions to Depreciation, Ferrous minerals Coal Base metals Others Total Year ended December 31, 2016 Product inventory Investments in Property, plant and Additions to Depreciation, Ferrous minerals Coal Base metals Others Total (i) Goodwill is allocated mainly in ferrous minerals and base metals segments in the amount of US$2,157 and US$1,953 in December 31, 2017 and US$1,246 and US$1,835 in December 31, 2016, respectively. (ii) Includes only cash effect. (iii) Refers to amounts recognized in the income statement.
Schedule of Investment in associates and joint ventures, intangible, property, plant and equipment by geographical area and net operating revenue by geographic area	December 31, 2017 December 31, 2016 Investments Intangible Property, Total Investments Intangible Property, Total Brazil Canada — — Americas, except Brazil and Canada — — Europe — — — — Indonesia — — — — Asia, except Indonesia — — Australia — — — — New Caledonia — — — — Mozambique — — Oman — — — Other regions — — — — — Total d) Net operating revenue by geographic area Year ended December 31, 2017 Ferrous Coal Base metals Others Total Americas, except United States and Brazil — United States of America — Germany — — Europe, except Germany Middle East/Africa/Oceania — Japan — China — — Asia, except Japan and China — Brazil Net operating revenue Year ended December 31, 2016 Ferrous Coal Base metals Others Total Americas, except United States and Brazil — United States of America — Germany — — Europe, except Germany Middle East/Africa/Oceania — Japan — China — Asia, except Japan and China — Brazil Net operating revenue Year ended December 31, 2015 Ferrous Coal Base metals Others Total Americas, except United States and Brazil — United States of America — Germany — — Europe, except Germany — Middle East/Africa/Oceania — Japan — China — Asia, except Japan and China — Brazil Net operating revenue

Special events occurred durin43

Special events occurred during the year (Tables)	12 Months Ended
	Dec. 31, 2017
Special events occurred during the year
Schedule of special events	Year ended December 31 2017 2016 2015 Nacala Logistic Corridor — — Samarco Provision ) ) — Impairment of non-current assets - Fertilizers business ) ) — Impairment of non-current assets and onerous contracts ) ) ) Gold stream transaction — Deferred income tax in foreign jurisdiction — — Total ) ) )

Costs and expenses by nature (T

Costs and expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2017
Costs and expenses by nature
Schedule of cost of goods sold and services rendered	Year ended December 31 2017 2016 2015 Personnel Materials and services Fuel oil and gas Maintenance Energy Acquisition of products Depreciation and depletion Freight Others Total Cost of goods sold Cost of services rendered Total
Schedule of selling and administrative expenses	Year ended December 31 2017 2016 2015 Personnel Services Depreciation and amortization Travel expenses Taxes and rents Others Total
Schedule of other operational expenses (income), net	Year ended December 31 2017 2016 2015 Provision for litigation Profit sharing program Disposals (reversals) of materials and inventories ) Others Total

Financial result (Tables)

Financial result (Tables)	12 Months Ended
	Dec. 31, 2017
Financial result
Schedule of financial results	Year ended December 31 2017 2016 2015 Financial expenses Loans and borrowings gross interest ) ) ) Capitalized loans and borrowing costs Derivative financial instruments ) ) ) Indexation and exchange rate variation (a) ) ) ) Participative stockholders’ debentures ) ) Expenses of REFIS ) ) ) Others ) ) ) ) ) ) Financial income Short-term investments Derivative financial instruments Indexation and exchange rate variation (b) Others Financial results, net ) ) Summary of indexation and exchange rate variation Loans and borrowings ) ) Others ) ) Net (a) + (b) ) )

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income taxes
Schedule of deferred income tax assets and liabilities	December 31, 2017 December 31, 2016 Taxes losses carryforward Temporary differences: Employee post retirement obligations Provision for litigation Timing differences arising on assets Fair value of financial instruments Allocated goodwill ) ) Others ) ) ) Total Assets Liabilities ) )
Schedule of changes in deferred tax	Assets Liabilities Total Balance at December 31, 2015 Taxes losses carryforward ) — ) Timing differences arising on assets — Fair value of financial instruments ) — ) Allocated goodwill — ) Others ) — ) Effect in income statement ) ) ) Transfers between asset and liabilities — Translation adjustment Other comprehensive income ) ) Effect of discontinued operations Income tax — Transfer to net assets held for sale ) — ) Balance at December 31, 2016 Taxes losses carryforward ) — ) Timing differences arising on assets — Fair value of financial instruments — Allocated goodwill — ) Others — Effect in income statement ) ) ) Transfers between asset and liabilities — Translation adjustment ) ) Other comprehensive income ) ) Effect of discontinued operations Income tax — Balance at December 31, 2017
Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law	Year ended December 31 2017 2016 2015 Income (loss) before income taxes ) Income taxes at statutory rates - 34% ) ) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders’ equity Tax incentives Equity results ) Unrecognized tax losses of the year ) ) ) Nondeductible effect of impairment ) ) ) Others Income taxes ) )

Basic and diluted earnings (l47

Basic and diluted earnings (loss) per share (Tables)	12 Months Ended
	Dec. 31, 2017
Basic and diluted earnings (loss) per share
Schedule of basic and diluted earnings (loss) per share	Year ended December 31 2017 2016 2015 Net income (loss) attributable to Vale’s stockholders: Net income (loss) from continuing operations ) Loss from discontinued operations ) ) ) Net income (loss) ) Thousands of shares (restated) Weighted average number of shares outstanding — common shares Basic and diluted earnings (loss) per share from continuing operations (restated): Common share (US$) ) Basic and diluted loss per share from discontinued operations (restated): Common share (US$) ) ) ) Basic and diluted earnings (loss) per share (restated): Common share (US$) )

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2017
Accounts receivable
Schedule of accounts receivable	December 31, 2017 December 31, 2016 Accounts receivable Impairment of accounts receivable ) ) Accounts receivable related to the steel sector - % % %
Accounts receivable
Accounts receivable
Schedule of impairment of accounts receivables recorded in income statement	Year ended December 31 2017 2016 2015 Impairment of accounts receivable recorded in the income statement ) )

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventories
Schedule of inventories	December 31, 2017 December 31, 2016 Product inventory Work in progress Consumable inventory Total

Recoverable taxes (Tables)

Recoverable taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Recoverable taxes
Schedule of recoverable taxes	December 31, 2017 December 31, 2016 Value-added tax Brazilian federal contributions Others Total Current Non-current Total

Other Financial Assets And Li51

Other Financial Assets And Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Other financial assets and liabilities
Schedule of other financial assets and liabilities	Current Non-Current December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Other financial assets Financial investments — — Loans — — Derivative financial instruments (note 24) Related parties (note 30) — — Other financial liabilities Derivative financial instruments (note 24) Related parties (note 30) Participative stockholders’ debentures — —

Non-current assets and liabil52

Non-current assets and liabilities held for sale and discontinued operations (Tables)	12 Months Ended
	Dec. 31, 2017
Non-current assets and liabilities held for sale and discontinued operations
Schedule of Non-current assets and liabilities held for sale and discontinued operations	December 31, December 31, 2016 Fertilizers Fertilizers Nacala Shipping assets Total Assets Accounts receivable — Inventories — Other current assets — Investments in associates and joint ventures — — Property, plant and equipment and Intangible Other non-current assets — Total assets Liabilities Suppliers and contractors — Other current liabilities — Other non-current liabilities — Total liabilities — Net non-current assets held for sale
Summary of the results for the years and the cash flows of discontinued operations of the Fertilizer segment	Year ended December 31 2017 2016 2015 Discontinued operations Net operating revenue Cost of goods sold and services rendered ) ) ) Operating expenses ) ) ) Impairment of non-current assets ) ) ) Operating income (loss) ) ) Financial Results, net ) ) Equity results in associates and joint ventures ) Loss before income taxes ) ) ) Income taxes ) Loss from discontinued operations ) ) ) Net income (loss) attributable to noncontrolling interests ) Loss attributable to Vale’s stockholders ) ) ) Year ended December 31 2017 2016 2015 Discontinued operations Cash flow from operating activities Loss before income taxes ) ) ) Adjustments: Equity results in associates and joint ventures ) ) Depreciation, amortization and depletion Impairment of non-current assets Others — ) Increase (decrease) in assets and liabilities ) ) Net cash provided by operating activities Cash flow from investing activities Additions to property, plant and equipment ) ) ) Others — ) Net cash used in investing activities ) ) ) Cash flow from financing activities Loans and borrowings Repayments ) ) ) Net cash used in financing activities ) ) ) Net cash provided (used) in discontinued operations ) )

Investments in associates and53

Investments in associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Investments in associates and joint ventures
Schedule of material non consolidated entities - joint ventures	Location Main % Ownership % Voting capital % Noncontrolling Joint ventures Aliança Geração de Energia S.A. Brazil Energy % % % Companhia Coreano-Brasileira de Pelotização Brazil Pellets % % % Companhia Hispano-Brasileira de Pelotização Brazil Pellets % % % Companhia Ítalo-Brasileira de Pelotização Brazil Pellets % % % Companhia Nipo-Brasileira de Pelotização Brazil Pellets % % % Companhia Siderúrgica do Pecém (“CSP”) Brazil Steel % % % MRS Logística S.A. Brazil Logistics % % % Nacala Corridor Holding Netherlands B.V. Netherlands Coal % % % Samarco Mineração S.A. Brazil Pellets % % %
Schedule of material non consolidated entities - direct and indirect associates	Direct and indirect associates Henan Longyu Energy Resources Co., Ltd. China Coal % % % VLI S.A. Brazil Logistics % % %
Schedule of changes in investments in associates and joint ventures	2017 2016 Associates Joint ventures Total Associates Joint ventures Total Balance at January 1st, Additions (i) Disposals — — — ) — ) Translation adjustment ) ) ) Equity results in income statement Equity results from discontinued operations — — — — Equity results in statement of comprehensive income — ) ) — — — Dividends declared (ii) ) ) ) ) ) ) Transfer to held for sale — — — ) — ) Others — ) ) Balance at December 31, (i) Refers to the Coal and Other segments in the amounts of US$75 and US$18, respectively, on December 31, 2017 and US$187 and US$52, respectively, on December 31, 2016. (ii) In 2017, the Company received dividends in the amount of US$227, of which US$179 were declared during 2017.
Schedule of investments in associates and joint ventures, equity results and dividends received	Investments in associates and joint ventures Equity results in the income statement Dividends received December 31, December 31, Year ended December 31 Year ended December 31 Associates and joint ventures % ownership % voting capital 2017 2016 2017 2016 2015 2017 2016 2015 Ferrous minerals Baovale Mineração S.A. — — — Companhia Coreano-Brasileira de Pelotização Companhia Hispano-Brasileira de Pelotização Companhia Ítalo-Brasileira de Pelotização Companhia Nipo-Brasileira de Pelotização MRS Logística S.A. Samarco Mineração S.A. — — — — ) — — VLI S.A. — Zhuhai YPM Pellet Co. — — — — — — Others — — — — ) — — — Coal Henan Longyu Energy Resources Co., Ltd. ) ) — — ) ) — — Base metals Korea Nickel Corp. ) ) — — Teal Minerals Inc. — — — ) ) — — — ) ) — — Others Aliança Geração de Energia S.A. Aliança Norte Energia Participações S.A. ) ) — — — California Steel Industries, Inc. ) — Companhia Siderúrgica do Pecém ) ) — — — Mineração Rio Grande do Norte S.A. Thyssenkrupp Companhia Siderúrgica do Atlântico Ltd. — — — — — — ) — — — Others ) ) ) — ) ) Total )
Summarized financial information about relevant associates and joint ventures	December 31, 2017 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets Non-current assets Total assets Current liabilities Non-current liabilities — Total liabilities Stockholders’equity Net income (loss) ) December 31, 2016 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Stockholders’equity Net income (loss) ) (i) Aggregate entity information: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, Companhia Nipo-Brasileira de Pelotização.

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	12 Months Ended
	Dec. 31, 2017
Noncontrolling interest
Summary of financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material noncontrolling	December 31, 2017 MBR PTVI VNC Vale Moçambique Compañia Others (ii) Total Current assets — Non-current assets — Related parties - Stockholders — Total assets — Current liabilities — Non-current liabilities — Related parties - Stockholders — Total liabilities — Stockholders’ equity ) — Equity attributable to noncontrolling interests ) Net income (loss) ) ) ) ) — Net income (loss) attributable to noncontrolling interests ) ) ) ) ) Dividends paid to noncontrolling interests — — — — — (i) Discontinued operations (ii) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing December 31, 2016 MBR PTVI VNC Vale Moçambique Compañia Others Total Current assets — Non-current assets — Related parties - Stockholders — Total assets — Current liabilities — Non-current liabilities — Related parties - Stockholders — Total liabilities — Stockholders’ equity ) — Equity attributable to noncontrolling interests ) ) Net income (loss) ) ) — — Net income (loss) attributable to noncontrolling interests ) ) ) ) Dividends paid to noncontrolling interests — — — — — December 31, 2015 MBR PTVI VNC Vale Moçambique Compañia Others Total Net income (loss) ) ) — — Net income (loss) attributable to noncontrolling interests ) ) ) ) Dividends paid to noncontrolling interests — — — — — — (i) Discontinued operation

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2017
Intangibles
Schedule of changes in intangibles	Goodwill Concessions Right of use Software Total Balance at December 31, 2015 Additions — Disposals — ) — — ) Amortization — ) ) ) ) Impairment of discontinued operations (note 14) ) — — — ) Translation adjustment Transfers — ) Effect of discontinued operations Transfer to net assets held for sale ) — — — ) Balance at December 31, 2016 Cost Accumulated amortization — ) ) ) ) Balance at December 31, 2016 Additions — — Disposals — ) — — ) Amortization — ) ) ) ) Translation adjustment ) ) Merger of Valepar (note 29) — — — Transfers — — — Balance at December 31, 2017 Cost Accumulated amortization — ) ) ) ) Balance at December 31, 2017
Schedule of estimated useful lives of intangibles	Useful life Concessions 3 to 50 years Right of use 22 to 31 years Software 5 years

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment
Schedule of changes in property, plant and equipment	Land Building Facilities Equipment Mineral Others Constructions Total Balance at December 31, 2015 Additions (i) — — — — — — Disposals ) ) ) ) ) ) ) ) Assets retirement obligation — — — — — — Depreciation, amortization and depletion — ) ) ) ) ) — ) Transfers to non-current assets held for sale — — — — — ) — ) Impairment (note 19) ) ) ) ) ) ) ) Impairment of discontinued operations (note 14) ) — ) — ) — — ) Translation adjustment Transfers ) ) Effect of discontinued operations Transfer to net assets held for sale ) ) ) ) ) ) ) ) Balance at December 31, 2016 Cost Accumulated depreciation — ) ) ) ) ) — ) Balance at December 31, 2016 Additions (i) — — — — — — Disposals — ) ) ) ) ) ) ) Assets retirement obligation — — — — — — Depreciation, amortization and depletion — ) ) ) ) ) — ) Impairment (note 19) ) — — ) ) — ) ) Translation adjustment ) ) ) Transfers ) ) ) Balance at December 31, 2017 Cost Accumulated depreciation — ) ) ) ) ) — ) Balance at December 31, 2017 (i) Includes capitalized borrowing costs.
Schedule of estimated useful lives of property, plant and equipment	Useful life Buildings 15 to 50 years Facilities 3 to 50 years Equipment 3 to 40 years Others: Locomotives 12 to 25 years Wagon 30 to 44 years Railway equipment 5 to 33 years Ships 20 years Others 2 to 50 years

Impairment and onerous contra57

Impairment and onerous contracts (Tables)	12 Months Ended
	Dec. 31, 2017
Impairment and onerous contracts
Schedule of impairment losses (reversals) recognized	Income statement Impairment (reversals) Segments by class of assets Assets or cash-generating unit 2017 2016 2015 Property, plant and equipment and intangible Iron ore North system — ) Coal Australia — Base metals — nickel Stobie — — Base metals — nickel Newfoundland (VNL) — Base metals — nickel Nouvelle Caledonie (VNC) — Base metals — nickel Onça Puma — — ) Coal Mozambique — — Iron ore Midwest system — — Several segments Other assets Impairment of non-current assets Onerous contracts — Impairment of non-current assets and onerous contracts Investments in associates and joint ventures Iron ore Samarco Mineração S.A. — — Base metals - Copper Teal Minerals Inc. — Impairment of investments in associates and joint ventures — —

Loans, borrowings, cash and c58

Loans, borrowings, cash and cash equivalents and financial investments (Tables)	12 Months Ended
	Dec. 31, 2017
Loans, borrowings, cash and cash equivalents and financial investments
Schedule of net debt	December 31, 2017 December 31, 2016 Debt contracts in the international markets Debt contracts in Brazil Total of loans and borrowings (-) Cash and cash equivalents (-) Financial investments Net debt
Schedule of total debt	Current liabilities Non-current liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Debt contracts in the international markets Floating rates in: US$ EUR — — Fixed rates in: US$ — — EUR — — Other currencies Accrued charges — — Debt contracts in Brazil Floating rates in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI Basket of currencies and US$ indexed to LIBOR Fixed rates in: R$ Accrued charges
Schedule of future flows of debt payments	Principal Bank loans Capital markets Development Total Estimated future 2018 — 2019 — 2020 2021 Between 2022 and 2025 2026 onwards (i) Estimated future payments of interest, calculated based on interest rate curves and foreign exchange rates applicable as at December 31, 2017 and considering that all amortization payments and payments at maturity on loans and borrowings will be made on their contracted payments dates. The amount includes the estimated values of future interest payments (not yet accrued), in addition to interest already recognized in the financial statements.
Schedule of average annual interest rates by currency	Loans and borrowings Average interest rate (i) Total debt US$ % R$ (ii) % EUR (iii) % Other currencies % (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2017. (ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of US$2,329 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 1.89% per year in US$. (iii) Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4.29% per year in US$.
Schedule of reconciliation of debt to cash flows arising from financing activities	Cash flow Non-cash changes December 31, Additions Repayments Interest Transferences Effect of Interest December 31, Loans and borrowings Current — ) ) Non-current — — ) — Total ) ) —
Schedule credit and financing lines	Contractual Period of the Available amount Type currency Date of agreement agreement Total amount December 31, 2017 Credit lines Revolving credit facilities US$ May 2015 5 years Revolving credit facilities US$ June 2017 5 years Financing lines BNDES - CLN 150 R$ September 2012 10 years BNDES - S11D e S11D Logística R$ May 2014 10 years

Liabilities related to associ59

Liabilities related to associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Liabilities related to associates and joint ventures
Summarized financial information about relevant associates and joint ventures	December 31, 2017 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets Non-current assets Total assets Current liabilities Non-current liabilities — Total liabilities Stockholders’equity Net income (loss) ) December 31, 2016 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Stockholders’equity Net income (loss) ) (i) Aggregate entity information: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, Companhia Nipo-Brasileira de Pelotização.
Dam failure of Samarco
Liabilities related to associates and joint ventures
Schedule of movements of provision related to the dam failure of Samarco	2017 2016 Balance at January 1st, — Additions / Provision recognized Payments ) ) Interest accretion Translation adjustment ) ) Balance at December 31, Current liabilities Non-current liabilities Liabilities
Samarco
Liabilities related to associates and joint ventures
Summarized financial information about relevant associates and joint ventures	December 31, 2017 December 31, 2016 Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Negative reserves ) ) Loss ) )

Financial instruments classif60

Financial instruments classification (Tables)	12 Months Ended
	Dec. 31, 2017
Financial instruments classification
Schedule of financial instruments classification based on its recognition and by currency	December 31, 2017 December 31, 2016 Loans and At fair value Total Loans and At fair value Total Financial assets Current Cash and cash equivalents — — Financial investments — — Derivative financial instruments — — Accounts receivable — — Related parties — — — — Non-current Derivative financial instruments — — Loans — — Related parties — — — — Total of financial assets Financial liabilities Current Suppliers and contractors — — Derivative financial instruments — — Loans and borrowings — — Related parties — — Non-current Derivative financial instruments — — Loans and borrowings — — Related parties — — Participative stockholders’ debentures — — Total of financial liabilities The classification of financial assets and liabilities by currencies are as follows: December 31, 2017 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents Financial investments — — — Derivative financial instruments — — — Accounts receivable — Related parties — — — — Non-current Derivative financial instruments — — — Loans — — — Related parties — — — — — — — Total of financial assets Financial liabilities Current Suppliers and contractors Derivative financial instruments — — — Loans and borrowings — Related parties — — — — Non-current Derivative financial instruments Loans and borrowings — Related parties — — — Participative stockholders’ debentures — — — — — Total of financial liabilities December 31, 2016 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents Financial investments — — — Derivative financial instruments — — — Accounts receivable — Non-current Derivative financial instruments — — — Loans — — — — Total of financial assets Financial liabilities Current Suppliers and contractors Derivative financial instruments — — — Loans and borrowings — Related parties — — — — Non-current Derivative financial instruments — — — Loans and borrowings — Related parties — — — — Participative stockholders’ debentures — — — — — Total of financial liabilities

Fair value estimate (Tables)

Fair value estimate (Tables)	12 Months Ended
	Dec. 31, 2017
Fair value estimate
Schedule of assets and liabilities measured and recognized at fair value	December 31, 2017 December 31, 2016 Level 2 Level 3 Total Level 2 Level 3 Total Financial assets Derivative financial instruments Total Financial liabilities Derivative financial instruments Participative stockholders’ debentures — — Total
Schedule of changes in Level 3 assets and liabilities	Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2016 Gain recognized in income statement ) ) Balance at December 31, 2017
Schedule of fair value and carrying amounts of non-current loans	Financial liabilities Balance Fair value Level 1 Level 2 December 31, 2017 Debt principal December 31, 2016 Debt principal

Derivative financial instrume62

Derivative financial instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative financial instruments
Schedule of derivatives effects on statement of financial position	Assets December 31, 2017 December 31, 2016 Current Non-current Current Non-current Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap — IPCA swap Eurobonds swap — — — Pré-dolar swap Commodities price risk Nickel Bunker oil — — Others — — — — Total Liabilities December 31, 2017 December 31, 2016 Current Non-current Current Non-current Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap IPCA swap Eurobonds swap — Euro Forward — — — Pré-dolar swap Commodities price risk Nickel — — Bunker oil — — — — — Others — — — — Total
Schedule of effects of derivatives on the income statement, cash flow and other comprehensive income	Year ended December 31 Gain (loss) recognized in the Financial settlement inflows Gain (loss) recognized in other 2017 2016 2015 2017 2016 2015 2017 2016 2015 Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap ) ) ) ) — — — IPCA swap ) ) ) — — — Eurobonds swap ) ) ) ) ) — — — Euro forward ) — — — — — — — Pré-dolar swap ) ) ) ) — — — ) ) ) ) — — — Commodities price risk Nickel ) ) ) ) — — — Bunker oil ) ) ) ) ) — — — ) ) ) ) — — — Others ) — — — — — — Derivatives designated as cash flow hedge accounting Bunker oil — — ) — — ) — — Foreign exchange — ) ) — ) ) — — ) ) — ) ) — Total ) ) ) ) —
Schedule of maturity dates of the derivative financial instruments	Last maturity dates Currencies and interest rates January 2024 Bunker oil December 2017 Nickel December 2019 Others December 2027
Bunker Oil protection
Derivative financial instruments
Schedule of protection program	Notional (ton) Fair value Financial settlement Value at Risk Fair value Flow December December Bought / Average strike December December December December 2017 Bunker Oil protection Call options — B — — — — Put options — S — — ) — — — Total — — —
Base metals
Derivative financial instruments
Schedule of protection program	Notional (ton) Average Fair value Financial settlement Value at Risk Fair value by Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2017 2018 Fixed price sales protection Nickel forwards B ) ) Raw material purchase protection Nickel forwards S ) ) — Copper forwards S ) ) ) ) — Total ) ) ) —
Call options- WPM - Bought
Derivative financial instruments
Schedule of protection program	Notional (quantity) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2023 Call options B —
Conversion options - Debentures - Sold
Derivative financial instruments
Schedule of protection program	Notional (quantity) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2027 Conversion options S ) ) — )
Options
Derivative financial instruments
Schedule of protection program	Notional (quantity, in millions) Average Fair value Financial settlement Value at Risk Fair value Flow December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, 2018+ Options B/S —
Embedded derivatives -forward contracts
Derivative financial instruments
Schedule of protection program	Notional (ton) Bought / Average strike Fair value Financial settlement Value at Risk Fair value Flow December 31, 2017 December 31, 2016 Sold (US$/ton) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2018 Nickel forwards S Copper forwards S Total —
Embedded - Call options - sold
Derivative financial instruments
Schedule of protection program	Notional (volume/month) Bought / Average strike Fair value Financial settlement Value at Risk Fair value by year Flow December 31, 2017 December 31, 2016 Sold (US$/ton) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2018 2019+ Call options S ) ) — ) )
Embedded - Put options - sold
Derivative financial instruments
Schedule of protection program	Notional (quantity) Bought / Average strike Fair value Financial settlement Value at Risk Fair value Flow December 31, 2017 December 31, 2016 Sold (R$/share) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 2027 Put option S ) ) — )
Debt in Brazilian real with derivative offset
Derivative financial instruments
Schedule of protection program	Notional Fair value Financial Settlement Value at Risk Fair value by year Flow December December Index Average December December December December 2018 2019 2020+ CDI vs. US$ fixed rate swap ) ) ) ) Receivable R$ R$ CDI % Payable US$ US$ Fix % TJLP vs. US$ fixed rate swap ) ) ) ) ) ) Receivable R$ R$ TJLP + % Payable US$ US$ Fix % TJLP vs. US$ floating rate swap ) ) ) ) ) — Receivable R$ R$ TJLP + % Payable US$ US$ Libor + -1.23 % R$ fixed rate vs. US$ fixed rate swap ) ) ) Receivable R$ R$ Fix % Payable US$ US$ Fix -0.28 % IPCA vs. US$ fixed rate swap ) ) ) ) ) Receivable R$ R$ IPCA + % Payable US$ US$ Fix % IPCA vs. CDI swap ) ) Receivable R$ R$ IPCA + % Payable R$ R$ CDI %
Eurobonds with derivative offset
Derivative financial instruments
Schedule of protection program	Notional Fair value Financial Settlement Value at Risk Fair value by year Flow December December Index Average December December December December 2018 2019 2020+ EUR fixed rate vs. US$ fixed rate swap ) ) ) ) Receivable € € Fix % Payable US$ US$ Fix % Notional Average Fair value Financial Value at Risk Fair value Flow December December Bought / rate December December December December year Forwards € € B — ) ) — —

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2017
Provisions
Schedule of provisions	Current liabilities Non-current liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Payroll, related charges and other remunerations (i) — — Onerous contracts (note 19) Environment Restoration Asset retirement obligations (note 26) Provisions for litigation (note 27) — — Employee postretirement obligations (note 28) Provisions (i) Includes profit sharing provision US$780 and US$331 for the year ended December 31, 2017 and 2016, respectively.

Asset retirement obligations (T

Asset retirement obligations (Tables)	12 Months Ended
	Dec. 31, 2017
Asset retirement obligations
Schedule of changes in the provision of asset retirement obligations and long-term interest rates	December 31, 2017 December 31, 2016 Balance at beginning of the year Interest expense Settlements ) ) Revisions on cash flows estimates Translation adjustment Effect of discontinued operations Transfer to net assets held for sale ) ) Balance at end of the year Current Non-current Long-term interest rates (per annum) Brazil % % Canada % % Other regions 0.72% - 6.13 % 1.07% - 8.02 %

Litigation (Tables)

Litigation (Tables)	12 Months Ended
	Dec. 31, 2017
Litigation
Schedule of changes in provision for litigations	Tax litigation Civil litigation Labor litigation Environmental litigation Total of litigation provision Balance at December 31, 2015 Additions Reversals ) ) ) ) ) Payments ) ) ) ) ) Indexation and interest ) Translation adjustment Effect of discontinued operations Net movements of year — ) ) Transfers to net assets held for sale ) ) ) ) ) Balance at December 31, 2016 Additions Reversals ) ) ) ) ) Payments ) ) ) — ) Indexation and interest ) Translation adjustment ) ) ) — ) Merger of Valepar (note 29) (i) — — — Balance at December 31, 2017 (i) refers to litigations of PIS/COFINS of interest on capital.
Schedule of contingent liabilities	December 31, 2017 December 31, 2016 Tax litigation (i) Civil litigation Labor litigation Environmental litigation Total (i) US$193 from merger of Valepar S.A.
Schedule of judicial deposits	December 31, 2017 December 31, 2016 Tax litigation (i) Civil litigation Labor litigation Environmental litigation Total (i) Includes US$951 related to the merger of Valepar (note 29).

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2017
Employee benefits
Schedule of changes in benefit obligation and assets fair value	Overfunded pension plans Underfunded pension plans Other benefits Benefit obligation as at December 31, 2015 Service costs ) Interest costs Benefits paid ) ) ) Participant contributions — — Effect of changes in the actuarial assumptions Transfer to held for sale ) — ) Translation adjustment Others — — Benefit obligation as at December 31, 2016 Service costs Interest costs Benefits paid ) ) ) Participant contributions — ) — Effect of changes in the actuarial assumptions Translation adjustment ) Benefit obligation as at December 31, 2017
Schedule of assets fair value	Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2015 — Interest income — Employer contributions Participant contributions — — Benefits paid ) ) ) Return on plan assets (excluding interest income) — Transfer to held for sale ) — — Translation adjustment — Others — — Fair value of plan assets as at December 31, 2016 — Interest income — Employer contributions Participant contributions — ) — Benefits paid ) ) ) Return on plan assets (excluding interest income) ) — Translation adjustment ) — Fair value of plan assets as at December 31, 2017 —
Summary of reconciliation of assets and liabilities recognized in the statement of financial position	Plans in Brazil December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Balance at beginning of the year — — — — Interest income — — — — Changes on asset ceiling and onerous liability ) — — — — Translation adjustment ) — — — — Transfer to held for sale — — — ) — — Balance at end of the year — — — — Amount recognized in the statement of financial position Present value of actuarial liabilities ) ) ) ) ) ) Fair value of assets — — Effect of the asset ceiling ) — — ) — — Liabilities — ) ) — ) ) Current liabilities — — ) — — ) Non-current liabilities — ) ) — ) ) Liabilities — ) ) — ) ) Foreign plan December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Amount recognized in the statement of financial position Present value of actuarial liabilities — ) ) — ) ) Fair value of assets — — — — Liabilities — ) ) — ) ) Current liabilities — ) ) — ) ) Non-current liabilities — ) ) — ) ) Liabilities — ) ) — ) ) Total December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Balance at beginning of the year — — — — Interest income — — — — Changes on asset ceiling and onerous liability ) — — — — Translation adjustment ) — — — — Transfer to held for sale — — — ) — — Balance at end of the year — — — — Amount recognized in the statement of financial position Present value of actuarial liabilities ) ) ) ) ) ) Fair value of assets — — Effect of the asset ceiling ) — — ) — — Liabilities — ) ) — ) ) Current liabilities — ) ) — ) ) Non-current liabilities — ) ) — ) ) Liabilities — ) ) — ) )
Summary of costs recognized in the income statement	Year ended December 31 2017 2016 2015 Overfunded Underfunded Other Overfunded Underfunded Other Overfunded Underfunded Other Service cost ) Interest on expense on liabilities Interest income on plan assets ) ) — ) ) — ) ) — Interest expense on effect of (asset ceiling)/ onerous liability — — — — — — Total of cost, net
Summary of costs recognized in the statement of comprehensive income	Year ended December 31 2017 2016 2015 Overfunded Underfunded Other Overfunded Underfunded Other Overfunded Underfunded Other Balance at beginning of the year ) ) ) ) ) ) ) ) ) Effect of changes actuarial assumptions ) ) ) ) ) ) Return on plan assets (excluding interest income) — — — ) ) — Change of asset ceiling / costly liabilities (excluding interest income) — — ) — — — — Others ) — ) — — — ) — ) ) ) ) ) Deferred income tax ) ) Others comprehensive income ) ) ) ) ) ) Translation adjustments ) ) ) Transfers/ disposal — ) ) — — — ) — Accumulated other comprehensive income ) ) ) ) ) ) ) ) )
Schedule of actuarial and economic assumptions and sensitivity analysis	Brazil December 31, 2017 December 31, 2016 Overfunded Underfunded Other benefits Overfunded Underfunded Other benefits Discount rate to determine benefit obligation 9.74% - 9.85 % % 9.74% - 9.91 % 10.98% - 11.14 % % 10.98% - 11.09 % Nominal average rate to determine expense/ income 9.74% - 9.85 % % N/A 10.98% - 11.14 % % N/A Nominal average rate of salary increase 4.25% - 6.34 % 4.25% - 6.34 % N/A 4.85% - 5.95 % % N/A Nominal average rate of benefit increase % % N/A % % N/A Immediate health care cost trend rate N/A N/A % N/A N/A % Ultimate health care cost trend rate N/A N/A % N/A N/A % Nominal average rate of price inflation % % % % % % Foreign December 31, 2017 December 31, 2016 Underfunded Other benefits Underfunded Other benefits Discount rate to determine benefit obligation % % % % Nominal average rate to determine expense/ income % N/A % N/A Nominal average rate of salary increase % N/A % N/A Nominal average rate of benefit increase N/A % N/A % Immediate health care cost trend rate N/A % N/A % Ultimate health care cost trend rate N/A % N/A % Nominal average rate of price inflation % % % % December 31, 2017 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase Actuarial liability balance Assumptions made % % % Nominal discount rate - 1% reduction Actuarial liability balance Assumptions made % % %
Schedule of expected benefit payments	December 31, 2017 Overfunded pension plans Underfunded pension plans Other benefits 2018 2019 2020 2021 2022 2023 and thereafter
Overfunded pension plans
Employee benefits
Schedule of assets fair value	December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities - Corporate — — — — Debt securities - Government — — — — Investments funds - Fixed Income — — — — Investments funds - Equity — — — — International investments — — — — Structured investments - Private Equity funds — — — Structured investments - Real estate funds — — — — Real estate — — — — Loans to participants — — — — Total Funds not related to risk plans ) ) Fair value of plan assets at end of year
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3)	Private equity funds Real estate funds Real estate Loans to participants Total Balance as at December 31, 2015 Return on plan assets ) — Assets purchases Assets sold during the year ) — ) ) ) Translation adjustment Transfer to held for sale ) — — ) ) Balance as at December 31, 2016 Return on plan assets ) Assets purchases Assets sold during the year ) — ) ) ) Translation adjustment ) ) ) ) ) Transfer to held for sale — — — — — Balance as at December 31, 2017
Underfunded pension plans
Employee benefits
Schedule of assets fair value	December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents — — — Equity securities — — — Debt securities - Corporate — — — — Debt securities - Government — — Investments funds - Fixed Income — — — Investments funds - Equity — — International investments — — — — — — Structured investments - Private Equity funds — — — Real estate — — — — Loans to participants — — — — Others — — — — Total
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3)	Private equity funds Real estate Loans to participants Others Total Balance as at December 31, 2015 Return on plan assets — — Assets purchases — — — Assets sold during the year ) — — — ) Translation adjustment Balance as at December 31, 2016 Return on plan assets — Assets purchases — — Assets sold during the year ) ) — — ) Translation adjustment ) Balance as at December 31, 2017

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders' equity
Summary of impacts on assets and liabilities from merger of Valepar	August 14, 2017 Current assets Judicial deposits (note 27(c)) Intangible (note 17) Current liabilities Provisions for litigation (note 27(a)) Taxes payable (note 8) Net assets
Schedule of shares converted and issued	Share position before Conversion of the Issue of new shares Share position after Shares outstanding ON PNA/PNE ) — ) Shares in treasury ON — PNA ) — — Total issued shares )
Schedule of share capital	December 31, 2017 December 31, 2016 ON PNE Total ON PNA Total Stockholders Litel Participações S.A. and Litela Participações S.A. — — — — BNDES Participações S.A. — Bradespar S.A. — — — — Mitsui & Co., Ltd — — — — Valepar S.A. — — — Brazilian Government (Golden Share) — — Foreign investors - ADRs — Foreign institutional investors in local market — FMP - FGTS — — PIBB - Fund — Institutional investors — Retail investors in Brazil — Shares outstanding Shares in treasury — Total issued shares Share capital per class of shares (in millions) — Total authorized shares —
Schedule of stockholders' remuneration	2017 Net income of the year Appropriation to legal reserve ) Appropriation to tax incentive reserve ) Net income after appropriations to legal reserve and tax incentive reserve Minimum mandatory remuneration (i) Appropriation to investments reserve (i) The minimum mandatory remuneration were based on interest on capital and will be paid in 2018, in the amount of US$0.28378015600 per share. Due to the Brazilian legislation, the Company must retain and collect the amount of withholding tax (15%) and cannot be considered when charging the interest on capital to the mandatory dividend.
Schedule of profit reserves	Legal reserve Tax incentive Investments reserve Additional Total of profit Balance as at December 31, 2015 — — — Allocation of Income Translation adjustment — — — Balance as at December 31, 2016 Allocation of Income — Dividends and interest on capital of Vale’s stockholders — — — ) ) Translation adjustment ) ) ) ) Balance as at December 31, 2017 —
Schedule of unrealized fair value gain (losses)	Retirement benefit Cash flow hedge Available-for-sale Conversion shares Total gain (losses) Balance as at December 31, 2015 ) ) ) ) ) Other comprehensive income ) — ) Translation adjustment ) ) — ) ) Balance as at December 31, 2016 ) — — ) ) Other comprehensive income ) — — — ) Translation adjustment — — — Balance as at December 31, 2017 ) — — ) )

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2017
Related parties
Schedule of transactions with related parties	Year ended December 31 2017 2016 2015 Joint Ventures Associates Total Joint Ventures Associates Total Joint Ventures Associates Total Net operating revenue Cost and operating expenses ) ) ) ) ) ) ) ) ) Financial result ) ) ) ) —
Schedule of loans from/to related parties	December 31, 2017 December 31, 2016 Joint Ventures Associates Total Joint Ventures Associates Total Assets Accounts receivable Dividends receivable Loans to related parties — — — — Other assets — — — — Liabilities Supplier and contractors Loans from related parties — — Other liabilities — —
Schedule of remuneration of key management personnel	Year ended December 31 2017 2016 2015 Short-term benefits Wages or pro-labor Direct and indirect benefits Profit sharing program (“PLR”) — Long-term benefits Shares based Severance

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments
Schedule of annual minimum required and non-cancelable future payments related to the contractual obligations	2018 2019 2020 2021 2022 and thereafter Total Operating lease Purchase obligations Total minimum payments required

Additional information about 70

Additional information about derivatives financial instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Additional information about derivatives financial instruments
Schedule of sensitivity analysis of derivative financial instruments	Instrument Instrument’s main risk events Probable Scenario I Scenario II CDI vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) TJLP interest rate decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ floating rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) TJLP interest rate decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation ) ) US$ interest rate inside Brazil decrease Brazilian interest rate increase ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation ) ) ) US$ interest rate inside Brazil decrease ) ) ) Brazilian interest rate increase ) ) ) IPCA index decrease ) ) ) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase IPCA index decrease Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. ) ) EUR fixed rate vs. US$ fixed rate swap EUR depreciation ) ) Euribor increase US$ Libor decrease ) Protected item: EUR denominated debt EUR depreciation n.a. Instrument Instrument’s main risk events Probable Scenario I Scenario II Bunker Oil protection Forwards and options Bunker Oil price decrease — — — Protected item: Part of costs linked to bunker oil prices Bunker Oil price decrease n.a. — — Nickel sales fixed price protection Forwards Nickel price decrease ) ) Protected item: Part of nickel revenues with fixed prices Nickel price fluctuation n.a. Purchase protection program Nickel forwards Nickel price increase ) ) ) Protected item: Part of costs linked to nickel prices Nickel price increase n.a. Copper forwards Copper price increase ) ) ) Protected item: Part of costs linked to copper prices Copper price increase n.a. WPM warrants WPM stock price decrease Conversion options - VLI VLI stock value increase ) ) ) Options - MBR MBR stock value decrease Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase ) ) Embedded derivatives - Raw material purchase (copper) Copper price increase ) ) Embedded derivatives - Gas purchase Pellet price increase ) ) ) Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease ) ) )
Summary of ratings of financial institutions counterparties	The table below presents the ratings in foreign currency published by agencies Moody’s and S&P regarding the main financial institutions that we had outstanding positions as of December 31, 2017. Long term ratings by counterparty Moody’s S&P ANZ Australia and New Zealand Banking Aa3 AA- Banco ABC Ba3 BB Banco Bradesco Ba3 BB Banco do Brasil Ba3 BB Banco de Credito del Peru Baa1 BBB+ Banco do Nordeste Ba3 BB Banco Safra Ba3 BB Banco Santander A3 A- Banco Votorantim Ba3 BB Bank of America A3 A- Bank of China A1 A Bank of Mandiri Baa3 BB+ Bank of Nova Scotia A1 A+ Bank Rakyat Baa3 BB+ Bank of Tokyo Mitsubishi UFJ A1 A- Banpará — BB- Barclays Baa2 BBB BBVA A3 BBB+ BNP Paribas A2 A BTG Pactual Ba3 BB- Caixa Economica Federal Ba3 BB Canadian Imperial Bank A1 A+ China Construction Bank A1 A Citigroup Baa1 BBB+ Credit Agricole A1 A Credit Suisse Baa2 BBB+ Deutsche Bank A3 A- Goldman Sachs A3 BBB+ HSBC A2 A Intesa Sanpaolo Spa A3 BBB Itaú Unibanco Ba3 BB JP Morgan Chase & Co A3 A- Macquarie Group Ltd A3 BBB Mizuho Financial A1 A- Morgan Stanley A3 BBB+ National Australia Bank NAB Aa3 AA- National Bank of Oman Baa3 — Rabobank Aa2 A+ Royal Bank of Canada A1 AA- Societe Generale A2 A Standard Bank Group Ba1 — Standard Chartered A2 BBB+ Sumitomo Mitsui Financial A1 A- UBS Aa3 A- Unicredit Baa1 BBB
Schedule of pricing of derivatives instruments	(i) Products Nickel Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 Copper Maturity Price (US$/lb) Maturity Price (US$/lb) Maturity Price (US$/lb) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 Bunker Oil Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT JUN18 DEC18 JAN18 JUL18 DEC19 FEB18 AUG18 DEC20 MAR18 SEP18 DEC21 APR18 OCT18 MAY18 NOV18 (ii) Foreign exchange and interest rates US$-Brazil Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 US$ Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 6M 11M 2M 7M 12M 3M 8M 2Y 4M 9M 3Y 5M 10M 4Y TJLP Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 BRL Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 Implicit Inflation (IPCA) Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 01/02/18 11/01/18 01/04/21 02/01/18 12/03/18 04/01/21 03/01/18 01/02/19 07/01/21 04/02/18 04/01/19 10/01/21 05/02/18 07/01/19 01/03/22 06/01/18 10/01/19 04/01/22 07/02/18 01/02/20 07/01/22 08/01/18 04/01/20 10/03/22 09/03/18 07/01/20 01/02/23 10/01/18 10/01/20 07/03/23 EUR Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M -0.41 6M -0.30 11M -0.26 2M -0.39 7M -0.29 12M -0.26 3M -0.38 8M -0.28 2Y -0.15 4M -0.34 9M -0.27 3Y 5M -0.32 10M -0.27 4Y CAD Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 6M 11M 2M 7M 12M 3M 8M 2Y 4M 9M 3Y 5M 10M 4Y Currencies - Ending rates CAD/US$ US$/BRL EUR/US$

Basis for preparation of the 71

Basis for preparation of the financial statements - Subsidiaries (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017
Companhia Portuaria da Baia de Sepetiba
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Mineracao Corumbaense Reunida S.A.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Mineracoes Brasileiras Reunidas S.A. (MBR)
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		62.50%
% Voting capital		98.30%
% Noncontrolling interest		37.50%
Salobo Metais S.A.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
PT Vale Indonesia
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		59.20%
% Voting capital		59.20%
% Noncontrolling interest		40.80%
Vale International Holdings GmbH
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Vale Canada Limited
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Vale International S.A.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Vale Malaysia Minerals Sdn. Bhd.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Vale Manganes S.A.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Vale Mocambique S.A.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)	81.00%	81.00%
% Voting capital		81.00%
% Noncontrolling interest		19.00%
Vale Nouvelle Caledonie S.A.S.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		95.00%
% Voting capital		95.00%
% Noncontrolling interest		5.00%
Vale Oman Distribution Center LLC
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Vale Oman Pelletizing Company LLC
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		70.00%
% Voting capital		70.00%
% Noncontrolling interest		30.00%
Compania Minera Miski Mayo S.A.C. | Discontinued operations
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		40.00%
% Voting capital		51.00%
% Noncontrolling interest		60.00%
Vale Fertilizantes S.A. | Discontinued operations
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
Vale Cubatao Fertilizantes Ltda. | Discontinued operations
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%

Basis for preparation of the 72

Basis for preparation of the financial statements - Presentation currency (Details)	12 Months Ended
	Dec. 31, 2017$ / R$R$ / $	Dec. 31, 2017$ / R$R$ / €	Dec. 31, 2017$ / R$R$ / $	Dec. 31, 2017$ / R$R$ / $	Dec. 31, 2016R$ / $	Dec. 31, 2016R$ / $R$ / €	Dec. 31, 2016R$ / $R$ / $	Dec. 31, 2016R$ / $R$ / $	Dec. 31, 2015R$ / $	Dec. 31, 2015R$ / $R$ / €	Dec. 31, 2015R$ / $R$ / $	Dec. 31, 2015R$ / $R$ / $	Dec. 31, 2017€ / $	Dec. 31, 2017$ / $	Dec. 31, 2017R$ / $	Dec. 31, 2017R$ / €	Dec. 31, 2017R$ / $	Dec. 31, 2017R$ / $	Dec. 31, 2016R$ / €	Dec. 31, 2016R$ / $	Dec. 31, 2016R$ / $	Dec. 31, 2015R$ / €	Dec. 31, 2015R$ / $	Dec. 31, 2015R$ / $
Exchange rates used to translate operations
Closing rate	3.3080	3.3080	3.3080	3.3080	3.2591	3.2591	3.2591	3.2591	3.9048	3.9048	3.9048	3.9048	1.1953	0.7961	3.3080	3.9693	2.6344	2.5849	3.4384	2.4258	2.3560	4.2504	2.8171	2.8532
Average rate	3.1925	3.6088	2.4618	2.4474	3.4833	3.8543	2.6280	2.5876	3.3387	3.6999	2.6020	2.4979

Information by business segme73

Information by business segment and by geographic area - Number of segments (Details)	12 Months Ended
	Dec. 31, 2017segmentitem
Information by business segment and by geographic area
Number of reportable segments | segment	5
Fertilizers
Information by business segment and by geographic area
Number of major groups of nutrients | item	3

Information by business segme74

Information by business segment and by geographic area - Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of operating segments [line items]
Net operating revenue	$ 33,967	$ 27,488	$ 23,384
Cost of goods sold and services rendered	(17,555)	(14,383)	(15,515)
Sales, administrative and other operating expenses	(860)	(663)	(636)
Research and evaluation expenses	(340)	(319)	(395)
Pre operating and operational stoppage	(280)	(343)	(642)
Dividends received and interest from associates and joint ventures	406	193	318
Total of continuing operations Adjusted EBITDA	15,338	11,972	6,514
Net operating revenue	35,713	29,363	25,609
Cost of goods sold and services rendered	(19,161)	(15,928)	(16,984)
Sales, administrative and other operating expenses	(962)	(750)	(673)
Research and evaluation expenses	(352)	(342)	(477)
Pre operating and operational stoppage	(305)	(359)	(712)
Dividends received and interest from associates and joint ventures	409	197	318
Adjusted EBITDA	15,342	12,181	7,081
Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	25,129	20,351	16,562
Cost of goods sold and services rendered	(11,410)	(9,124)	(10,241)
Sales, administrative and other operating expenses	(356)	(571)	(380)
Research and evaluation expenses	(109)	(106)	(128)
Pre operating and operational stoppage	(192)	(187)	(169)
Dividends received and interest from associates and joint ventures	130	113	255
Total of continuing operations Adjusted EBITDA	13,192	10,476	5,899
Coal
Disclosure of operating segments [line items]
Net operating revenue	1,567	839	526
Cost of goods sold and services rendered	(1,354)	(872)	(839)
Sales, administrative and other operating expenses	(44)	35	(140)
Research and evaluation expenses	(14)	(15)	(22)
Pre operating and operational stoppage	(4)	(41)	(61)
Dividends received and interest from associates and joint ventures	179		28
Total of continuing operations Adjusted EBITDA	330	(54)	(508)
Base metals
Disclosure of operating segments [line items]
Net operating revenue	6,871	6,139	6,163
Cost of goods sold and services rendered	(4,416)	(4,128)	(4,296)
Sales, administrative and other operating expenses	(179)	30	44
Research and evaluation expenses	(62)	(83)	(111)
Pre operating and operational stoppage	(75)	(114)	(412)
Dividends received and interest from associates and joint ventures		4
Total of continuing operations Adjusted EBITDA	2,139	1,848	1,388
Others
Disclosure of operating segments [line items]
Net operating revenue	400	159	133
Cost of goods sold and services rendered	(375)	(259)	(139)
Sales, administrative and other operating expenses	(281)	(157)	(160)
Research and evaluation expenses	(155)	(116)	(134)
Pre operating and operational stoppage	(9)	(1)
Dividends received and interest from associates and joint ventures	97	76	35
Total of continuing operations Adjusted EBITDA	(323)	(298)	(265)
Iron ore | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	18,524	15,784	12,330
Cost of goods sold and services rendered	(7,950)	(6,622)	(7,604)
Sales, administrative and other operating expenses	(284)	(486)	(398)
Research and evaluation expenses	(88)	(91)	(121)
Pre operating and operational stoppage	(181)	(150)	(124)
Dividends received and interest from associates and joint ventures	30	10	22
Total of continuing operations Adjusted EBITDA	10,051	8,445	4,105
Iron ore Pellets | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	5,653	3,827	3,600
Cost of goods sold and services rendered	(2,876)	(2,002)	(2,121)
Sales, administrative and other operating expenses	(65)	(73)	9
Research and evaluation expenses	(19)	(13)	(4)
Pre operating and operational stoppage	(7)	(22)	(24)
Dividends received and interest from associates and joint ventures	81	103	225
Total of continuing operations Adjusted EBITDA	2,767	1,820	1,685
Ferroalloys and manganese | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	469	302	162
Cost of goods sold and services rendered	(278)	(231)	(175)
Sales, administrative and other operating expenses	(12)	(4)	1
Pre operating and operational stoppage	(4)	(11)	(19)
Total of continuing operations Adjusted EBITDA	175	56	(31)
Other ferrous products and services | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	483	438	470
Cost of goods sold and services rendered	(306)	(269)	(341)
Sales, administrative and other operating expenses	5	(8)	8
Research and evaluation expenses	(2)	(2)	(3)
Pre operating and operational stoppage		(4)	(2)
Dividends received and interest from associates and joint ventures	19		8
Total of continuing operations Adjusted EBITDA	199	155	140
Nickel and other products | Base metals
Disclosure of operating segments [line items]
Net operating revenue	4,667	4,472	4,693
Cost of goods sold and services rendered	(3,437)	(3,204)	(3,393)
Sales, administrative and other operating expenses	(152)	(95)	(154)
Research and evaluation expenses	(49)	(78)	(103)
Pre operating and operational stoppage	(75)	(114)	(411)
Dividends received and interest from associates and joint ventures		4
Total of continuing operations Adjusted EBITDA	954	985	632
Copper | Base metals
Disclosure of operating segments [line items]
Net operating revenue	2,204	1,667	1,470
Cost of goods sold and services rendered	(979)	(924)	(903)
Sales, administrative and other operating expenses	(27)	(25)	(32)
Research and evaluation expenses	(13)	(5)	(8)
Pre operating and operational stoppage			(1)
Total of continuing operations Adjusted EBITDA	1,185	713	526
Other base metals products | Base metals
Disclosure of operating segments [line items]
Sales, administrative and other operating expenses		150	230
Total of continuing operations Adjusted EBITDA		150	230
Discontinued operations
Disclosure of operating segments [line items]
Adjusted EBITDA	4	209	567
Discontinued operations | Fertilizers
Disclosure of operating segments [line items]
Net operating revenue	1,746	1,875	2,225
Cost of goods sold and services rendered	(1,606)	(1,545)	(1,469)
Sales, administrative and other operating expenses	(102)	(87)	(37)
Research and evaluation expenses	(12)	(22)	(82)
Pre operating and operational stoppage	(25)	(16)	(70)
Dividends received and interest from associates and joint ventures	3	4
Adjusted EBITDA	$ 4	$ 209	$ 567

Information by business segme75

Information by business segment and by geographic area - Adjusted EBITDA reconciled to net income (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Information by business segment and by geographic area
Adjusted EBITDA from continuing operations		$ 15,338	$ 11,972	$ 6,514
Adjusted EBITDA		15,342	12,181	7,081
Depreciation, depletion and amortization		(3,708)	(3,487)	(3,719)
Dividends received and interest from associates and joint ventures		(406)	(193)	(318)
Impairment and other results on non-current assets	$ 193	(294)	(1,240)	(8,708)
Operating income (loss)		10,930	7,052	(6,231)
Financial results, net		(3,019)	1,843	(10,654)
Equity results in associates and joint ventures		98	309	(445)
Impairment and others results in associates and joint ventures	$ 18	(180)	(1,220)	(349)
Income taxes		(1,495)	(2,781)	5,249
Net income (loss) from continuing operations		6,334	5,203	(12,430)
Loss from discontinued operations		(813)	(1,227)	(190)
Net income (loss) attributable to noncontrolling interests		21	(8)	(501)
Net income (loss) attributable to noncontrolling interests from discontinued operations		(7)	2	10
Net income (loss) from continuing operations attributable to Vale's stockholders		6,313	5,211	(11,929)
Loss from discontinued operations attributable to Vale's stockholders		(806)	(1,229)	(200)
Discontinued operations
Information by business segment and by geographic area
Adjusted EBITDA		4	209	567
Depreciation, depletion and amortization		(1)	(347)	(310)
Dividends received and interest from associates and joint ventures		(3)	(4)
Impairment of non-current assets		(885)	(1,738)	(157)
Operating income (loss)		(885)	(1,880)	100
Financial results, net		(28)	20	(147)
Equity results in associates and joint ventures		(2)	3	6
Income taxes		102	630	(149)
Loss from discontinued operations		(813)	(1,227)	(190)
Net income (loss) attributable to noncontrolling interests from discontinued operations		(7)	2	10
Loss from discontinued operations attributable to Vale's stockholders		$ (806)	$ (1,229)	$ (200)

Information by business segme76

Information by business segment and by geographic area - Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Information by business segment and by geographic area
Product inventory	$ 2,867	$ 2,373
Investments in associates and joint ventures	3,568	3,696	$ 2,940
Property, plant and equipment and intangible	63,371	62,290
Additions to property, plant and equipment and intangible	3,831	4,951
Depreciation, depletion and amortization	3,708	3,487
Discontinued operations
Information by business segment and by geographic area
Investments in associates and joint ventures		90
Ferrous minerals
Information by business segment and by geographic area
Product inventory	1,770	1,134
Investments in associates and joint ventures	1,922	1,808
Property, plant and equipment and intangible	36,103	34,834
Additions to property, plant and equipment and intangible	2,679	3,246
Depreciation, depletion and amortization	1,767	1,618
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Goodwill	2,157	1,246
Coal
Information by business segment and by geographic area
Product inventory	82	126
Investments in associates and joint ventures	317	285
Property, plant and equipment and intangible	1,719	1,907
Additions to property, plant and equipment and intangible	118	612
Depreciation, depletion and amortization	297	191
Base metals
Information by business segment and by geographic area
Product inventory	1,009	1,110
Investments in associates and joint ventures	13	12
Property, plant and equipment and intangible	23,603	23,372
Additions to property, plant and equipment and intangible	1,010	1,057
Depreciation, depletion and amortization	1,614	1,658
Base metals | Nickel and other products
Information by business segment and by geographic area
Goodwill	1,953	1,835
Others
Information by business segment and by geographic area
Product inventory	6	3
Investments in associates and joint ventures	1,316	1,591
Property, plant and equipment and intangible	1,946	2,177
Additions to property, plant and equipment and intangible	24	36
Depreciation, depletion and amortization	$ 30	$ 20

Information by business segme77

Information by business segment and by geographic area - Investments in associates and joint ventures, intangibles and property, plant and equipment by geographic area (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Information by business segment and by geographic area
Investments in associates and joint ventures	$ 3,568	$ 3,696	$ 2,940
Intangible assets and goodwill	8,493	6,871	5,324
Property, plant and equipment	54,878	55,419	$ 54,102
Total	66,939	65,986
Brazil
Information by business segment and by geographic area
Investments in associates and joint ventures	2,993	3,172
Intangible assets and goodwill	6,231	4,720
Property, plant and equipment	33,782	34,509
Total	43,006	42,401
Canada
Information by business segment and by geographic area
Intangible assets and goodwill	2,118	2,002
Property, plant and equipment	10,967	10,267
Total	13,085	12,269
Americas, except Brazil and Canada
Information by business segment and by geographic area
Investments in associates and joint ventures	200	185
Property, plant and equipment	427	30
Total	627	215
Europe
Information by business segment and by geographic area
Property, plant and equipment	394	639
Total	394	639
Indonesia
Information by business segment and by geographic area
Property, plant and equipment	2,787	2,972
Total	2,787	2,972
Asia, except Indonesia
Information by business segment and by geographic area
Investments in associates and joint ventures	372	339
Property, plant and equipment	1,100	1,201
Total	1,472	1,540
Australia
Information by business segment and by geographic area
Property, plant and equipment	45	43
Total	45	43
New Caledonia
Information by business segment and by geographic area
Property, plant and equipment	2,965	3,087
Total	2,965	3,087
Mozambique
Information by business segment and by geographic area
Intangible assets and goodwill	143	149
Property, plant and equipment	1,532	1,715
Total	1,675	1,864
Oman
Information by business segment and by geographic area
Intangible assets and goodwill	1
Property, plant and equipment	868	956
Total	869	$ 956
Other regions
Information by business segment and by geographic area
Investments in associates and joint ventures	3
Property, plant and equipment	11
Total	$ 14

Information by business segme78

Information by business segment and by geographic area - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Information by business segment and by geographic area
Net operating revenue	$ 33,967	$ 27,488	$ 23,384
Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	1,672	1,526	1,499
United States of America
Information by business segment and by geographic area
Net operating revenue	1,310	1,005	855
Germany
Information by business segment and by geographic area
Net operating revenue	1,389	1,379	1,433
Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	4,113	3,269	3,096
Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	1,952	1,367	1,190
Japan
Information by business segment and by geographic area
Net operating revenue	2,456	1,741	1,959
China
Information by business segment and by geographic area
Net operating revenue	14,018	12,747	9,095
Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	3,582	2,390	2,240
Brazil
Information by business segment and by geographic area
Net operating revenue	3,475	2,064	2,017
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	25,129	20,351	16,562
Ferrous minerals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	593	334	359
Ferrous minerals | United States of America
Information by business segment and by geographic area
Net operating revenue	355	232	30
Ferrous minerals | Germany
Information by business segment and by geographic area
Net operating revenue	1,097	1,077	1,042
Ferrous minerals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	1,721	1,482	1,464
Ferrous minerals | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	1,768	1,252	1,009
Ferrous minerals | Japan
Information by business segment and by geographic area
Net operating revenue	1,927	1,292	1,512
Ferrous minerals | China
Information by business segment and by geographic area
Net operating revenue	13,442	11,985	8,400
Ferrous minerals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	1,332	912	1,081
Ferrous minerals | Brazil
Information by business segment and by geographic area
Net operating revenue	2,894	1,785	1,665
Coal
Information by business segment and by geographic area
Net operating revenue	1,567	839	526
Coal | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue		20	18
Coal | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	396	218	102
Coal | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	171	95	97
Coal | Japan
Information by business segment and by geographic area
Net operating revenue	130	121	74
Coal | China
Information by business segment and by geographic area
Net operating revenue		63	44
Coal | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	711	305	169
Coal | Brazil
Information by business segment and by geographic area
Net operating revenue	159	17	22
Base metals
Information by business segment and by geographic area
Net operating revenue	6,871	6,139	6,163
Base metals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	1,009	1,172	1,122
Base metals | United States of America
Information by business segment and by geographic area
Net operating revenue	872	749	804
Base metals | Germany
Information by business segment and by geographic area
Net operating revenue	292	302	391
Base metals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	1,985	1,552	1,530
Base metals | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	13	20	84
Base metals | Japan
Information by business segment and by geographic area
Net operating revenue	399	328	373
Base metals | China
Information by business segment and by geographic area
Net operating revenue	576	699	651
Base metals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	1,539	1,173	990
Base metals | Brazil
Information by business segment and by geographic area
Net operating revenue	186	144	218
Others
Information by business segment and by geographic area
Net operating revenue	400	159	133
Others | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	70
Others | United States of America
Information by business segment and by geographic area
Net operating revenue	83	24	21
Others | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	11	17
Others | Brazil
Information by business segment and by geographic area
Net operating revenue	$ 236	$ 118	$ 112

Information by business segme79

Information by business segment and by geographic area - Commodity price risk (Details) t in Thousands, $ in Millions	Dec. 31, 2017USD ($)t	Dec. 31, 2016t
Iron ore
Information by business segment and by geographic area
Volume of commodity | t	33,000	36,000
Copper
Information by business segment and by geographic area
Volume of commodity | t	106	116
Commodity price risk | Iron ore
Information by business segment and by geographic area
Percentage of change in price of iron ore	10.00%	10.00%
Increase or reduction in net income due to change iron ore price | $	$ 227
Commodity price risk | Copper
Information by business segment and by geographic area
Percentage of change in price of iron ore	10.00%
Increase or reduction in net income due to change iron ore price | $	$ 86

Special events occurred durin80

Special events occurred during the year (Details) R$ in Millions, $ in Millions	1 Months Ended					12 Months Ended
	Dec. 31, 2017USD ($)	Mar. 31, 2017	Nov. 30, 2016	Aug. 31, 2016	Mar. 31, 2015	Dec. 31, 2017USD ($)	Dec. 31, 2016BRL (R$)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Events with significant effect on the income statement
Impairment of non-current assets and onerous contracts						$ (271)		$ (1,174)	$ (8,769)
Gold stream transaction								150	230
Deferred tax assets recognized in the first adoption of Law 12.973									2,952
Total						(878)		(3,871)	(5,587)
Salobo copper mine
Events with significant effect on the income statement
Additional rights to gold extracts held by WPM (as a percent)				25.00%	25.00%
Discontinued operations
Events with significant effect on the income statement
Impairment of non-current assets						(885)		(1,738)	(157)
Sudbury
Events with significant effect on the income statement
Impairment of non-current assets and onerous contracts						(133)
Fertilizers | Discontinued operations
Events with significant effect on the income statement
Impairment of non-current assets						(885)		(1,738)	$ (157)
Fertilizers | Nitrogen | Discontinued operations
Events with significant effect on the income statement
Impairment of non-current assets	$ (729)					(156)
Nacala Logistics Corridor
Events with significant effect on the income statement
Recognized a gain in the income statement related to the sale						458
Mitsui & Co., Ltd | Vale Mocambique
Events with significant effect on the income statement
Percentage of ownership sold in subsidiaries		15.00%
Mitsui & Co., Ltd | Nacala Logistics Corridor
Events with significant effect on the income statement
Percentage of ownership sold in subsidiaries		50.00%	50.00%
Asset retirement obligations
Events with significant effect on the income statement
Provision						(180)		(1,109)
Estimate to comply reparation and compensation programs						38	R$ 3733	1,038
Expensed amount to fund working capital requirements						$ 142		$ 71

Costs and expenses by nature -

Costs and expenses by nature - Cost of goods sold and services (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Costs and expenses by nature
Personnel	$ 2,295	$ 2,087	$ 2,092
Materials and services	3,814	3,108	2,954
Fuel oil and gas	1,313	1,233	1,207
Maintenance	3,096	2,747	2,518
Energy	963	694	482
Acquisition of products	543	511	829
Depreciation and depletion	3,484	3,267	3,236
Freight	3,346	2,509	3,496
Others	2,185	1,494	1,937
Total	21,039	17,650	18,751
Cost of goods sold	20,426	17,148	18,233
Cost of services rendered	613	502	518
Total	$ 21,039	$ 17,650	$ 18,751

Costs and expenses by nature 82

Costs and expenses by nature - Selling and administrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Costs and expenses by nature
Personnel	$ 234	$ 209	$ 253
Services	77	72	106
Depreciation and depletion	91	120	131
Travel expenses	8	8	11
Taxes and rents	12	13	16
Others	109	85	95
Selling and administrative expenses	$ 531	$ 507	$ 612

Costs and expenses by nature 83

Costs and expenses by nature - Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Costs and expenses by nature
Profit sharing program	$ 149	$ 76	$ 15
Disposals (reversals) of materials and inventories	17	(23)	55
Others	85	77	126
Others operational expenses (incomes), net	420	267	207
Provision for litigation
Costs and expenses by nature
Provision	$ 169	$ 137	$ 11

Financial result (Details)

Financial result (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial expenses
Loans and borrowings gross interest	$ (1,697)	$ (1,768)	$ (1,647)
Capitalized loans and borrowing costs	370	653	761
Derivative financial instruments	(533)	(484)	(3,553)
Indexation and exchange rate variation	(2,617)	(2,964)	(13,825)
Participative stockholders' debentures	(625)	(417)	965
Expenses of REFIS	(397)	(514)	(547)
Others	(924)	(631)	(600)
Total financial expenses	(6,423)	(6,125)	(18,446)
Financial income
Short-term investments	176	92	140
Derivative financial instruments	987	1,740	1,076
Indexation and exchange rate variation	1,939	6,058	6,465
Others	302	78	111
Total financial income	3,404	7,968	7,792
Financial results, net	(3,019)	1,843	(10,654)
Summary of indexation and exchange rate variation
Loans and borrowings	(257)	5,099	(10,460)
Others	(421)	(2,005)	3,100
Net	$ (678)	$ 3,094	$ (7,360)

Deferred revenue - Gold strea85

Deferred revenue - Gold stream transaction (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)installment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Deferred revenue-Gold stream transaction
Deferred revenue recognized	$ (420)	$ (267)	$ (207)
Number of identifiable components in gold transaction | installment	2
Salobo copper mine
Deferred revenue-Gold stream transaction
Rights to gold extracts held by WPM (as a percent)		75.00%
Sudbury nickel mine
Deferred revenue-Gold stream transaction
Rights to gold extracts held by WPM (as a percent)		70.00%
Sale of the mineral rights
Deferred revenue-Gold stream transaction
Deferred revenue recognized		$ 150	$ 230

Income taxes -Deferred income t

Income taxes -Deferred income tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 4,919	$ 5,643	$ 6,234
Assets	6,638	7,343
Liabilities	(1,719)	(1,700)	$ (1,670)
Tax losses carryforward
Deferred income tax assets and liabilities
Deferred tax asset (liability)	4,471	6,194
Employee post retirement obligations
Deferred income tax assets and liabilities
Deferred tax asset (liability)	684	620
Provision for litigation
Deferred income tax assets and liabilities
Deferred tax asset (liability)	457	215
Timing differences arising on assets
Deferred income tax assets and liabilities
Deferred tax asset (liability)	1,268	1,264
Fair value of financial instruments
Deferred income tax assets and liabilities
Deferred tax asset (liability)	549	167
Allocated goodwill
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(2,433)	(2,247)
Others
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(77)	(570)
Temporary differences
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 448	$ (551)

Income taxes - Changes in defer

Income taxes - Changes in deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total
Balance at beginning of year	$ 5,643	$ 6,234
Effect in income statement	(646)	(1,838)	$ 5,581
Translation adjustment	(99)	864
Other comprehensive income	(81)	(33)
Effect of discontinued operations - Net income tax	102	627
Effect of discontinued operations - Transfer to net assets held for sale		(211)
Balance at end of year	4,919	5,643	6,234
Assets
Balance at beginning of year	7,343	7,904
Effect in income statement	(755)	(2,180)
Transfers between asset and liabilities	40	322
Translation adjustment	(24)	900
Other comprehensive income	(68)	(19)
Effect of discontinued operations - Net income tax	102	627
Effect of discontinued operations - Transfer to net assets held for sale		(211)
Balance at end of year	6,638	7,343	7,904
Liabilities
Balance at beginning of year	1,700	1,670
Effect in income statement	(109)	(342)
Transfers between asset and liabilities	40	322
Translation adjustment	75	36
Other comprehensive income	13	14
Balance at end of year	1,719	1,700	$ 1,670
Tax losses carryforward
Total
Balance at beginning of year	6,194
Effect in income statement	(2,143)	(1,391)
Balance at end of year	4,471	6,194
Assets
Effect in income statement	(2,143)	(1,391)
Timing differences arising on assets
Total
Balance at beginning of year	1,264
Effect in income statement	103	298
Balance at end of year	1,268	1,264
Assets
Effect in income statement	103	298
Fair value of financial instruments
Total
Balance at beginning of year	167
Effect in income statement	388	(802)
Balance at end of year	549	167
Assets
Effect in income statement	388	(802)
Allocated goodwill
Total
Balance at beginning of year	(2,247)
Effect in income statement	109	342
Balance at end of year	(2,433)	(2,247)
Liabilities
Effect in income statement	(109)	(342)
Others
Total
Balance at beginning of year	(570)
Effect in income statement	897	(285)
Balance at end of year	(77)	(570)
Assets
Effect in income statement	$ 897	$ (285)

Income taxes - Tax Law (Details

Income taxes - Tax Law (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2015
Income taxes
Brazilian tax rates (as a percent)	34.00%
Recognized deferred income tax assets related to accumulated losses of subsidiaries abroad		$ 2,952
Maximum realization period of deferred tax assets	5 years
Limitation of tax loss carryforward in Brazil, as percent of taxable income	30.00%

Income taxes - Income tax recon

Income taxes - Income tax reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income taxes
Income (loss) before income taxes	$ 7,829	$ 7,984	$ (17,679)
Statutory rates (as a percent)	34.00%
Income taxes at statutory rates	$ (2,662)	(2,715)	6,011
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders' equity	728	87	356
Tax incentives	372	344	61
Equity results	35	107	(151)
Unrecognized tax losses of the year	(432)	(708)	(901)
Nondeductible effect of impairment	(43)	(97)	(1,865)
Others	507	201	1,738
Tax income (expense)	$ (1,495)	$ (2,781)	$ 5,249

Income taxes - Tax incentives (

Income taxes - Tax incentives (Details)	12 Months Ended
	Dec. 31, 2017
Income taxes
Tax incentive period	10 years
Income tax that can be reinvested on machinery and equipment (as a percent)	30.00%
Maximum period subject to the revision of income tax by local authorities	10 years

Income taxes - Settlement progr

Income taxes - Settlement program (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)installment	Dec. 31, 2016USD ($)
Income taxes
Income tax and social contribution settlement liability	$ 5,375	$ 5,419
Current income tax and social contribution settlement liability	485	458
Non-current income tax and social contribution settlement liability	$ 4,890	$ 4,961
Remaining monthly installments of settlement liability | installment	130
SELIC rate (in percentage)	7.00%	13.75%

Basic and diluted earnings (l92

Basic and diluted earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss) attributable to Vale's stockholders:
Net income (loss) from continuing operations	$ 6,313	$ 5,211	$ (11,929)
Loss from discontinued operations	(806)	(1,229)	(200)
Net income (loss) attributable to Vale's stockholders	$ 5,507	$ 3,982	$ (12,129)
Thousands of shares (restated)
Weighted average number of shares outstanding - common shares	5,197,432	5,197,432	5,197,432
Common share
Basic and diluted earnings (loss) per share from continuing operations (restated):
Basic and diluted earnings (loss) per share from continuing operations	$ 1.21	$ 1	$ (2.30)
Basic and diluted loss per share from discontinued operations (restated):
Basic and diluted loss per share from discontinued operations	(0.16)	(0.23)	(0.03)
Basic and diluted earnings (loss) per share (restated):
Basic and diluted earnings (loss) per share	$ 1.05	$ 0.77	$ (2.33)

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable
Accounts receivable	$ 2,600	$ 3,663
Impairment of accounts receivable recorded in the income statement	$ (4)	$ (5)	$ 11
Steel industry market
Accounts receivable
Accounts receivable related to the steel sector - %	82.90%	83.44%
Accounts receivable
Accounts receivable
Impairment of accounts receivable	$ (60)	$ (60)
Carrying amount
Accounts receivable
Accounts receivable	$ 2,660	$ 3,723

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventories
Product inventory	$ 2,219	$ 1,573
Work in progress	648	800
Consumable inventory	1,059	976
Total	3,926	3,349
Write-down to net realizable value recorded in the income statement	$ 86	$ 199	$ 518

Recoverable taxes (Details)

Recoverable taxes (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Recoverable taxes
Value-added tax	$ 887	$ 724
Brazilian federal contributions	880	1,599
Others	43	29
Total	1,810	2,352
Current	1,172	1,625
Non-current	$ 638	$ 727

Other financial assets and li96

Other financial assets and liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017R$ / shares	Dec. 31, 2017USD ($)shares
Other financial assets
Financial investments		$ 18			$ 18
Derivative financial instruments - Current		274			106
Related parties - Current					1,898
Total other financial assets - Current		292			2,022
Loans - Non-current		180			151
Derivative financial instruments - Non-current		446			453
Related parties - Non-current					2,628
Total other financial assets - Non-current		626			3,232
Other financial liabilities
Derivative financial instruments - Current		414			104
Related parties - Current		353			270
Total other financial liabilities - Current		767			374
Derivative financial instruments - Non-current		1,225			686
Related parties- Non-Current		87			975
Participative stockholders' debentures - Non-Current		775			1,233
Total other financial liabilities - Non-Current		2,087			$ 2,894
Number of debentures issued (in shares) | shares					388,559,056
Par value of debentures issued | R$ / shares				R$ 0.01
Annual remuneration paid	$ 135	$ 84	$ 65

Non-current assets and liabil97

Non-current assets and liabilities held for sale and discontinued operations (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Accounts receivable	$ 2,600	$ 3,663
Inventories	3,926	3,349
Other current assets	538	628
Investments in associates and joint ventures	3,568	3,696	$ 2,940
Other non-current assets	267	276
Total assets	99,184	99,014
Liabilities
Suppliers and contractors	4,041	3,630
Other current liabilities	1,604	1,197
Other non-current liabilities	1,463	1,725
Total liabilities	54,412	57,990
Discontinued operations
Assets
Accounts receivable		92
Inventories		389
Other current assets		221
Investments in associates and joint ventures		90
Property, plant and equipment and Intangible		7,115
Other non-current assets		682
Total assets		8,589
Liabilities
Suppliers and contractors		321
Other current liabilities		205
Other non-current liabilities		564
Total liabilities		1,090
Net non-current assets held for sale		7,499
Discontinued operations | Fertilizers
Assets
Accounts receivable	90	86
Inventories	460	387
Other current assets	110	107
Investments in associates and joint ventures	83	90
Property, plant and equipment and Intangible	2,149	2,694
Other non-current assets	695	679
Total assets	3,587	4,043
Liabilities
Suppliers and contractors	324	280
Other current liabilities	215	192
Other non-current liabilities	640	559
Total liabilities	1,179	1,031
Net non-current assets held for sale	$ 2,408	3,012
Discontinued operations | Nacala
Assets
Accounts receivable		6
Inventories		2
Other current assets		114
Property, plant and equipment and Intangible		4,064
Other non-current assets		3
Total assets		4,189
Liabilities
Suppliers and contractors		41
Other current liabilities		13
Other non-current liabilities		5
Total liabilities		59
Net non-current assets held for sale		4,130
Discontinued operations | Shipping assets
Assets
Property, plant and equipment and Intangible		357
Total assets		357
Liabilities
Net non-current assets held for sale		$ 357

Non-current assets and liabil98

Non-current assets and liabilities held for sale and discontinued operations - Sale of Fertilizers assets (Details) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)shares	Nov. 30, 2017USD ($)
Fertilizers | Discontinued operations
Non-current assets and liabilities held for sale and discontinued operations
Loss recognized on adjustment of net assets held for sale		$ 729	$ 1,738
Fertilizers | The Mosaic Company ("Mosaic")
Non-current assets and liabilities held for sale and discontinued operations
Transaction price on disposal of non-current assets held for sale			2,500
Cash consideration on disposal of non-current assets held for sale			$ 1,250
Number of common shares to be received on disposal of non-current assets held for sale | shares			42.3
Cash received from disposal of non-current assets held for sale	$ 1,080
Number of common shares received on disposal of non-current assets held for sale | shares	34.2
Percentage of total outstanding common shares to be received on disposal of non-current assets held for sale	8.9
Value of common shares to be received on disposal of non-current assets held for sale	$ 877
Cubatao | Discontinued operations
Non-current assets and liabilities held for sale and discontinued operations
Loss recognized on adjustment of net assets held for sale		$ 156
Cubatao | Yara
Non-current assets and liabilities held for sale and discontinued operations
Cash consideration on disposal of non-current assets held for sale				$ 255

Non-current assets and liabil99

Non-current assets and liabilities held for sale and discontinued operations - Results of discontinued operations of the Fertilizer segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Discontinued operations
Loss from discontinued operations	$ (813)	$ (1,227)	$ (190)
Net income (loss) attributable to noncontrolling interests	(7)	2	10
Loss from discontinued operations attributable to Vale's stockholders	(806)	(1,229)	(200)
Discontinued operations
Discontinued operations
Impairment of non-current assets	(885)	(1,738)	(157)
Loss from discontinued operations	(813)	(1,227)	(190)
Net income (loss) attributable to noncontrolling interests	(7)	2	10
Loss from discontinued operations attributable to Vale's stockholders	(806)	(1,229)	(200)
Fertilizers | Discontinued operations
Discontinued operations
Net operating revenue	1,746	1,875	2,225
Cost of goods sold and services rendered	(1,605)	(1,887)	(1,762)
Operating expenses	(141)	(130)	(206)
Impairment of non-current assets	(885)	(1,738)	(157)
Operating income (loss)	(885)	(1,880)	100
Financial Results, net	(28)	20	(147)
Equity results in associates and joint ventures	(2)	3	6
Loss before income taxes	(915)	(1,857)	(41)
Income taxes	102	630	(149)
Loss from discontinued operations	(813)	(1,227)	(190)
Net income (loss) attributable to noncontrolling interests	(7)	2	10
Loss from discontinued operations attributable to Vale's stockholders	$ (806)	$ (1,229)	$ (200)

Non-current assets and liabi100

Non-current assets and liabilities held for sale and discontinued operations - Cash flows of discontinued operations of the Fertilizer segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flow from financing activities
Net cash provided (used) by discontinued operations	$ (252)	$ (118)	$ 140
Discontinued operations
Adjustments:
Impairment of non-current assets	885	1,738	157
Fertilizers | Discontinued operations
Cash flow from operating activities
Loss before income taxes	(915)	(1,857)	(41)
Adjustments:
Equity results in associates and joint ventures	2	(3)	(6)
Depreciation, amortization and depletion	1	347	310
Impairment of non-current assets	885	1,738	157
Others		(20)	148
Increase (decrease) in assets and liabilities	114	(25)	(9)
Net cash provided by operating activities	87	180	559
Cash flow from investing activities
Additions to property, plant and equipment	(305)	(292)	(257)
Others		11	(89)
Net cash used in investing activities	(305)	(281)	(346)
Cash flow from financing activities
Repayments	(34)	(17)	(73)
Net cash used in financing activities	(34)	(17)	(73)
Net cash provided (used) by discontinued operations	$ (252)	$ (118)	$ 140

Investments in associates an101

Investments in associates and joint ventures - Ownership and voting capital (Details)	12 Months Ended
	Dec. 31, 2017
Henan Longyu Energy Resources Co., Ltd.
Investments in associates and joint ventures
% Ownership	25.00%
% Voting capital	25.00%
% Noncontrolling interest	75.00%
VLI S.A.
Investments in associates and joint ventures
% Ownership	37.60%
% Voting capital	37.60%
% Noncontrolling interest	62.40%
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
% Ownership	55.00%
% Voting capital	55.00%
% Noncontrolling interest	45.00%
Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
% Noncontrolling interest	50.00%
Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	50.90%
% Voting capital	51.00%
% Noncontrolling interest	49.10%
Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	50.90%
% Voting capital	51.00%
% Noncontrolling interest	49.10%
Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	51.00%
% Voting capital	51.10%
% Noncontrolling interest	49.00%
Companhia Siderurgica do Pecem ("CSP")
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
% Noncontrolling interest	50.00%
MRS Logistica S.A.
Investments in associates and joint ventures
% Ownership	48.20%
% Voting capital	46.80%
% Noncontrolling interest	51.80%
Nacala BV
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
% Noncontrolling interest	50.00%
Samarco Mineracao S.A.
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
% Noncontrolling interest	50.00%

Investments in associates an102

Investments in associates and joint ventures - Changes during the year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments in associates and joint ventures
Balance at January 1st,	$ 3,696	$ 2,940
Additions	93	239
Disposals		(7)
Translation adjustment	(30)	513
Equity results in income statement	98	309	$ (445)
Equity results in statement of comprehensive income	(152)
Dividends declared	(283)	(202)
Transfer to held for sale		(90)
Others	146	(9)
Balance at December 31,	3,568	3,696	2,940
Dividends received	227
Dividend declared and received	179
Coal
Investments in associates and joint ventures
Balance at January 1st,	285
Additions	75	187
Equity results in income statement	20	(4)	(3)
Balance at December 31,	317	285
Others
Investments in associates and joint ventures
Balance at January 1st,	1,591
Additions	18	52
Equity results in income statement	(252)	138	(336)
Balance at December 31,	1,316	1,591
Discontinued operations
Investments in associates and joint ventures
Balance at January 1st,	90
Equity results in income statement	(2)	3	6
Equity results from discontinued operations		3
Balance at December 31,		90
Associates
Investments in associates and joint ventures
Balance at January 1st,	1,437	1,323
Additions	1	1
Disposals		(7)
Translation adjustment	(2)	175
Equity results in income statement	57	69
Dividends declared	(57)	(37)
Transfer to held for sale		(90)
Others	5
Balance at December 31,	1,441	1,437	1,323
Associates | Discontinued operations
Investments in associates and joint ventures
Equity results from discontinued operations		3
Joint ventures
Investments in associates and joint ventures
Balance at January 1st,	2,259	1,617
Additions	92	238
Translation adjustment	(28)	338
Equity results in income statement	41	240
Equity results in statement of comprehensive income	(152)
Dividends declared	(226)	(165)
Others	141	(9)
Balance at December 31,	$ 2,127	$ 2,259	$ 1,617

Investments in associates an103

Investments in associates and joint ventures - Acquisitions and divestiture (Details) $ in Millions	1 Months Ended				3 Months Ended	12 Months Ended
	Nov. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Nov. 30, 2016	Apr. 30, 2016USD ($)	Mar. 31, 2015USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Investments in associates and joint ventures
Results from operation with noncontrolling interest						$ (767)	$ 2	$ 866
Proceeds from disposal of assets and investments						922	543	1,456
Transactions with noncontrolling stockholders						98	17	(1,049)
Number joint ventures incorporated | item					2
Cash proceeds					$ 97
Gain recognized as impairment and others results in associates and joint ventures					18	(180)	(1,220)	(349)
Gain recognized as results on measurement or sales of non-current assets					$ 193	(294)	$ (1,240)	$ (8,708)
Nacala Logistics Corridor
Investments in associates and joint ventures
Ownership held (as a percent)			66.70%
Consideration received from the sale of interest in subsidiary		$ 690
Derecognized the assets and liabilities classified as held for sale						4,144
Recognized a gain in the income statement related to the sale and the re-measurement at fair value						458
Reclassification of gain related to the cumulative translation adjustments on to income statements						11
Nacala Logistics Corridor | Property, plant and equipment and intangibles
Investments in associates and joint ventures
Derecognized the assets and liabilities classified as held for sale						4,063
Nacala Logistics Corridor | Cash and cash equivalents
Investments in associates and joint ventures
Derecognized the assets and liabilities classified as held for sale						$ 14
Nacala Logistics Corridor | Mitsui & Co., Ltd
Investments in associates and joint ventures
Percentage of ownership sold in subsidiaries		50.00%	50.00%
Vale Mocambique S.A.
Investments in associates and joint ventures
Ownership held (as a percent)		81.00%				81.00%
Ownership held to be sold (as a percent)			15.00%
Results from operation with noncontrolling interest						$ 105
Transactions with noncontrolling stockholders						255
Vale Mocambique S.A. | Mitsui & Co., Ltd
Investments in associates and joint ventures
Percentage of ownership sold in subsidiaries		15.00%
Thyssenkrupp Companhia Siderurgica do Atlantico Ltd
Investments in associates and joint ventures
Percentage of ownership sold				100.00%
% Ownership				26.87%
Losses on disposals of investments				$ (75)
Yankuang
Investments in associates and joint ventures
Percentage of ownership sold								100.00%
Recognized gain								$ 79
Nacala Logistics Corridor
Investments in associates and joint ventures
Proceeds from disposal of assets and investments						435
Nacala BV
Investments in associates and joint ventures
Project finance cost receivable which will be used to settle a portion of the loan outstanding balance	$ 2,700
Nacala BV | Nacala Logistics Corridor
Investments in associates and joint ventures
Recognized a gain in the income statement related to the sale and the re-measurement at fair value						$ 447

Investments in associates an104

Investments in associates and joint ventures -Carrying amount, equity in results and dividend received (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments in associates and joint ventures
Investments in associates and joint ventures		$ 3,568	$ 3,696	$ 2,940
Equity results in income statement		98	309	(445)
Dividends received		$ 227	193	318
VLI S.A.
Investments in associates and joint ventures
% Ownership		37.60%
% Voting capital		37.60%
Henan Longyu Energy Resources Co., Ltd.
Investments in associates and joint ventures
% Ownership		25.00%
% Voting capital		25.00%
Thyssenkrupp Companhia Siderurgica do Atlantico Ltd
Investments in associates and joint ventures
% Ownership	26.87%
Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.90%
% Voting capital		51.00%
Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.90%
% Voting capital		51.00%
Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		51.00%
% Voting capital		51.10%
MRS Logistica S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		48.20%
% Voting capital		46.80%
Samarco Mineracao S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		55.00%
% Voting capital		55.00%
Ferrous minerals
Investments in associates and joint ventures
Investments in associates and joint ventures		$ 1,922	1,808
Equity results in income statement		329	179	26
Dividends received		$ 130	113	255
Ferrous minerals | VLI S.A.
Investments in associates and joint ventures
% Ownership		37.60%
% Voting capital		37.60%
Investments in associates and joint ventures		$ 968	969
Equity results in income statement		29	36	46
Dividends received		$ 19		8
Ferrous minerals | Zhuhai YPM Pellet Co
Investments in associates and joint ventures
% Ownership		25.00%
% Voting capital		25.00%
Investments in associates and joint ventures		$ 23	21
Ferrous minerals | Others
Investments in associates and joint ventures
Equity results in income statement				(2)
Ferrous minerals | Baovale Mineracao S.A
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Investments in associates and joint ventures		$ 26	26
Equity results in income statement		7	9
Dividends received		$ 1
Ferrous minerals | Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Investments in associates and joint ventures		$ 89	68
Equity results in income statement		50	17	25
Dividends received		$ 19	26	19
Ferrous minerals | Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.89%
% Voting capital		51.00%
Investments in associates and joint ventures		$ 82	59
Equity results in income statement		41	15	14
Dividends received		$ 16	27	16
Ferrous minerals | Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.90%
% Voting capital		51.00%
Investments in associates and joint ventures		$ 80	69
Equity results in income statement		40	16	21
Dividends received		$ 17	9	14
Ferrous minerals | Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		51.00%
% Voting capital		51.11%
Investments in associates and joint ventures		$ 137	108
Equity results in income statement		93	29	46
Dividends received		$ 29	41	30
Ferrous minerals | MRS Logistica S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		48.16%
% Voting capital		46.75%
Investments in associates and joint ventures		$ 517	488
Equity results in income statement		69	57	43
Dividends received		$ 29	10	22
Ferrous minerals | Samarco Mineracao S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Equity results in income statement				(167)
Dividends received				146
Coal
Investments in associates and joint ventures
Investments in associates and joint ventures		$ 317	285
Equity results in income statement		$ 20	(4)	(3)
Dividends received				28
Coal | Henan Longyu Energy Resources Co., Ltd.
Investments in associates and joint ventures
% Ownership		25.00%
% Voting capital		25.00%
Investments in associates and joint ventures		$ 317	285
Equity results in income statement		20	(4)	(3)
Dividends received				28
Base metals
Investments in associates and joint ventures
Investments in associates and joint ventures		13	12
Equity results in income statement		$ 1	(4)	(132)
Dividends received			4
Base metals | Korea Nickel Corp
Investments in associates and joint ventures
% Ownership		25.00%
% Voting capital		25.00%
Investments in associates and joint ventures		$ 13	12
Equity results in income statement		$ 1	(1)	(3)
Dividends received			4
Base metals | Teal Minerals Inc.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Equity results in income statement			(3)	(129)
Others
Investments in associates and joint ventures
Investments in associates and joint ventures		$ 1,316	1,591
Equity results in income statement		(252)	138	(336)
Dividends received		$ 97	76	35
Others | Mineracao Rio Grande do Norte S.A.
Investments in associates and joint ventures
% Ownership		40.00%
% Voting capital		40.00%
Investments in associates and joint ventures		$ 101	129
Equity results in income statement		13	48	40
Dividends received		41	32	3
Others | Thyssenkrupp Companhia Siderurgica do Atlantico Ltd
Investments in associates and joint ventures
Equity results in income statement				(80)
Others | Others
Investments in associates and joint ventures
Investments in associates and joint ventures		22	20
Equity results in income statement		$ (68)	(8)	(13)
Dividends received			1	2
Others | Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		55.00%
% Voting capital		55.00%
Investments in associates and joint ventures		$ 571	582
Equity results in income statement		27	46	50
Dividends received		$ 29	39	30
Others | Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		51.00%
% Voting capital		51.00%
Investments in associates and joint ventures		$ 160	148
Equity results in income statement		$ (2)	(6)	1
Others | California Steel Industries, Inc
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Investments in associates and joint ventures		$ 200	185
Equity results in income statement		42	33	(27)
Dividends received		$ 27	4
Others | Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Investments in associates and joint ventures		$ 262	527
Equity results in income statement		$ (264)	$ 25	$ (307)

Investments in associates an105

Investments in associates and joint ventures - Financial information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Investments in associates and joint ventures
Current assets	$ 18,954	$ 22,567
Non-current assets	80,230	76,447
Total assets	99,184	99,014
Current liabilities	13,114	11,232
Non-current liabilities	41,298	46,758
Total liabilities	54,412	57,990
Stockholders' equity	44,772	41,024	$ 35,704	$ 56,321
Net income (loss)	$ 6,334	5,203	$ (12,430)
Number of joint ventures accounted under equity method | item	5
Henan Longyu Energy Resources Co., Ltd.
Investments in associates and joint ventures
Current assets	$ 1,072	903
Non-current assets	422	456
Total assets	1,494	1,359
Current liabilities	226	200
Non-current liabilities		19
Total liabilities	226	219
Stockholders' equity	1,268	1,140
Net income (loss)	79	(17)
VLI S.A.
Investments in associates and joint ventures
Current assets	738	389
Non-current assets	4,170	4,169
Total assets	4,908	4,558
Current liabilities	537	677
Non-current liabilities	1,799	1,304
Total liabilities	2,336	1,981
Stockholders' equity	2,574	2,577
Net income (loss)	77	95
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Current assets	137	115
Non-current assets	1,200	1,208
Total assets	1,337	1,323
Current liabilities	86	165
Non-current liabilities	213	100
Total liabilities	299	265
Stockholders' equity	1,038	1,058
Net income (loss)	49	84
Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Current assets	759	743
Non-current assets	3,712	3,809
Total assets	4,471	4,552
Current liabilities	1,060	664
Non-current liabilities	2,887	2,835
Total liabilities	3,947	3,499
Stockholders' equity	524	1,053
Net income (loss)	(528)	49
Pelletizing
Investments in associates and joint ventures
Current assets	760	392
Non-current assets	310	318
Total assets	1,070	710
Current liabilities	301	109
Non-current liabilities	5	3
Total liabilities	306	112
Stockholders' equity	764	598
Net income (loss)	442	152
MRS Logistica S.A.
Investments in associates and joint ventures
Current assets	309	233
Non-current assets	2,063	2,091
Total assets	2,372	2,324
Current liabilities	454	433
Non-current liabilities	844	877
Total liabilities	1,298	1,310
Stockholders' equity	1,074	1,014
Net income (loss)	$ 143	$ 118

Noncontrolling interest - Finan

Noncontrolling interest - Financial information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summarized financial information
Current assets	$ 18,954	$ 22,567
Non-current assets	80,230	76,447
Total assets	99,184	99,014
Current liabilities	13,114	11,232
Non-current liabilities	41,298	46,758
Total liabilities	54,412	57,990
Stockholders' equity	44,772	41,024	$ 35,704	$ 56,321
Equity attributable to noncontrolling interests	1,314	1,982
Net income (loss)	5,521	3,976	(12,620)
Income (loss) attributable to noncontrolling interests	14	(6)	(491)
Mineracoes Brasileiras Reunidas S.A. (MBR)
Summarized financial information
Current assets	408	32
Non-current assets	3,041	3,182
Related parties - Stockholders	591	551
Total assets	4,040	3,765
Current liabilities	170	106
Related parties - Stockholders	226	37
Non-current liabilities	288	198
Total liabilities	684	341
Stockholders' equity	3,356	3,424
Equity attributable to noncontrolling interests	1,342	1,406
Net income (loss)	434	400	250
Income (loss) attributable to noncontrolling interests	174	165	66
Dividends paid to noncontrolling interests	113	262
PT Vale Indonesia
Summarized financial information
Current assets	394	444
Non-current assets	1,586	1,668
Related parties - Stockholders	147	132
Total assets	2,127	2,244
Current liabilities	128	139
Related parties - Stockholders	3	6
Non-current liabilities	237	261
Total liabilities	368	406
Stockholders' equity	1,759	1,838
Equity attributable to noncontrolling interests	735	741
Net income (loss)	(15)	2	36
Income (loss) attributable to noncontrolling interests	(6)	1	15
Vale Nouvelle Caledonie S.A.S.
Summarized financial information
Current assets	251	383
Non-current assets	2,046	2,101
Related parties - Stockholders	115	79
Total assets	2,412	2,563
Current liabilities	142	124
Related parties - Stockholders	1,318	1,055
Non-current liabilities	202	177
Total liabilities	1,682	1,356
Stockholders' equity	730	1,207
Equity attributable to noncontrolling interests	37	40
Net income (loss)	(572)	(807)	(1,916)
Income (loss) attributable to noncontrolling interests	(28)	(40)	(373)
Vale Mocambique S.A.
Summarized financial information
Current assets	381	386
Non-current assets	1,653	1,796
Related parties - Stockholders	253	358
Total assets	2,287	2,540
Current liabilities	128	95
Related parties - Stockholders	8,232	7,861
Non-current liabilities	32	29
Total liabilities	8,392	7,985
Stockholders' equity	(6,105)	(5,445)
Equity attributable to noncontrolling interests	(1,101)	(272)
Net income (loss)	(659)	(541)	(3,766)
Income (loss) attributable to noncontrolling interests	(104)	(27)	(188)
Compania Minera Miski Mayo S.A.C.
Summarized financial information
Current assets	78	94
Non-current assets	436	429
Related parties - Stockholders	6	13
Total assets	520	536
Current liabilities	36	35
Related parties - Stockholders	9	11
Non-current liabilities	97	99
Total liabilities	142	145
Stockholders' equity	380	391
Equity attributable to noncontrolling interests	228	235
Net income (loss)	(11)	3	16
Income (loss) attributable to noncontrolling interests	(6)	2	10
Dividends paid to noncontrolling interests		28	40
Others
Summarized financial information
Equity attributable to noncontrolling interests	73	(168)
Income (loss) attributable to noncontrolling interests	(16)	$ (107)	$ (21)
Dividends paid to noncontrolling interests	$ 13

Noncontrolling interest - Acqui

Noncontrolling interest - Acquisitions and divestments (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2017	Nov. 30, 2016	Dec. 31, 2017
Vale Mocambique S.A.
Summarized financial information
Ownership interest in subsidiary (as a percent)	81.00%		81.00%
Nacala Logistics Corridor
Summarized financial information
Ownership interest in subsidiary (as a percent)		66.70%
Mitsui & Co., Ltd | Vale Mocambique S.A.
Summarized financial information
Ownership sold (as a percent)	15.00%
Mitsui & Co., Ltd | Nacala Logistics Corridor
Summarized financial information
Ownership sold (as a percent)	50.00%	50.00%

Intangibles - Changes in Intang

Intangibles - Changes in Intangibles (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Changes in intangibles
Balance at beginning of year	$ 6,871	$ 5,324
Additions	1,006	1,114
Disposals	(9)	(12)
Amortization	(353)	(403)
Translation adjustment	(4)	828
Merger of Valepar	964
Transfers	18	83
Effect of discontinued operations
Transfer to net assets held for sale		(33)
Balance at end of year	8,493	6,871
Discontinued operations
Changes in intangibles
Impairment of discontinued operations		(30)
Goodwill
Changes in intangibles
Balance at beginning of year	3,081	2,956
Translation adjustment	65	188
Merger of Valepar	964
Effect of discontinued operations
Transfer to net assets held for sale		(33)
Balance at end of year	4,110	3,081
Goodwill | Discontinued operations
Changes in intangibles
Impairment of discontinued operations		(30)
Concessions
Changes in intangibles
Balance at beginning of year	3,301	1,814
Additions	980	1,100
Disposals	(9)	(12)
Amortization	(209)	(248)
Translation adjustment	(79)	570
Transfers	18	77
Effect of discontinued operations
Balance at end of year	4,002	3,301
Right of use
Changes in intangibles
Balance at beginning of year	147	207
Additions		1
Amortization	(2)	(2)
Translation adjustment	7	9
Transfers		(68)
Effect of discontinued operations
Balance at end of year	152	147
Software
Changes in intangibles
Balance at beginning of year	342	347
Additions	26	13
Amortization	(142)	(153)
Translation adjustment	3	61
Transfers		74
Effect of discontinued operations
Balance at end of year	229	342
Carrying amount
Changes in intangibles
Balance at beginning of year	9,340
Effect of discontinued operations
Balance at end of year	10,980	9,340
Carrying amount | Goodwill
Changes in intangibles
Balance at beginning of year	3,081
Effect of discontinued operations
Balance at end of year	4,110	3,081
Carrying amount | Concessions
Changes in intangibles
Balance at beginning of year	4,467
Effect of discontinued operations
Balance at end of year	5,075	4,467
Carrying amount | Right of use
Changes in intangibles
Balance at beginning of year	222
Effect of discontinued operations
Balance at end of year	241	222
Carrying amount | Software
Changes in intangibles
Balance at beginning of year	1,570
Effect of discontinued operations
Balance at end of year	1,554	1,570
Accumulated amortization
Changes in intangibles
Balance at beginning of year	(2,469)
Effect of discontinued operations
Balance at end of year	(2,487)	(2,469)
Accumulated amortization | Concessions
Changes in intangibles
Balance at beginning of year	(1,166)
Effect of discontinued operations
Balance at end of year	(1,073)	(1,166)
Accumulated amortization | Right of use
Changes in intangibles
Balance at beginning of year	(75)
Effect of discontinued operations
Balance at end of year	(89)	(75)
Accumulated amortization | Software
Changes in intangibles
Balance at beginning of year	(1,228)
Effect of discontinued operations
Balance at end of year	$ (1,325)	$ (1,228)

Intangibles - Estimated useful

Intangibles - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2017
Software
Estimated useful lives of intangibles
Useful life	5 years
Minimum | Concessions
Estimated useful lives of intangibles
Useful life	3 years
Minimum | Right of use
Estimated useful lives of intangibles
Useful life	22 years
Maximum | Concessions
Estimated useful lives of intangibles
Useful life	50 years
Maximum | Right of use
Estimated useful lives of intangibles
Useful life	31 years

Property, plant and equipment -

Property, plant and equipment - Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property, plant and equipment
Balance at beginning of year	$ 55,419	$ 54,102
Additions	3,392	5,240
Disposals	(636)	(566)
Assets retirement obligation	425	311
Depreciation, amortization and depletion	(3,509)	(3,554)
Transfers to non-current assets held for sale		(497)
Impairment	(271)	(917)
Translation adjustment	76	5,752
Transfers	(18)	(83)
Effect of discontinued operations
Transfer to net assets held for sale		(2,661)
Balance at end of year	54,878	55,419
Land
Property, plant and equipment
Balance at beginning of year	724	766
Disposals		(1)
Impairment	(20)	(1)
Translation adjustment	79	111
Transfers	(65)	26
Effect of discontinued operations
Transfer to net assets held for sale		(124)
Balance at end of year	718	724
Building
Property, plant and equipment
Balance at beginning of year	10,674	9,101
Disposals	(11)	(8)
Depreciation, amortization and depletion	(587)	(517)
Impairment		(448)
Translation adjustment	(122)	702
Transfers	2,146	2,177
Effect of discontinued operations
Transfer to net assets held for sale		(333)
Balance at end of year	12,100	10,674
Facilities
Property, plant and equipment
Balance at beginning of year	9,471	8,292
Disposals	(57)	(9)
Depreciation, amortization and depletion	(736)	(705)
Impairment		(175)
Translation adjustment	(105)	960
Transfers	3,213	1,253
Effect of discontinued operations
Transfer to net assets held for sale		(80)
Balance at end of year	11,786	9,471
Equipment
Property, plant and equipment
Balance at beginning of year	6,794	7,307
Disposals	(67)	(19)
Depreciation, amortization and depletion	(814)	(906)
Impairment	(34)	(110)
Translation adjustment	(83)	639
Transfers	1,097	978
Effect of discontinued operations
Transfer to net assets held for sale		(1,095)
Balance at end of year	6,893	6,794
Mineral properties
Property, plant and equipment
Balance at beginning of year	8,380	10,304
Disposals	(138)	(125)
Assets retirement obligation	425	311
Depreciation, amortization and depletion	(618)	(795)
Impairment	(131)	(165)
Translation adjustment	222	748
Transfers	929	230
Effect of discontinued operations
Transfer to net assets held for sale		(538)
Balance at end of year	9,069	8,380
Others
Property, plant and equipment
Balance at beginning of year	7,515	7,206
Disposals	(212)	(384)
Depreciation, amortization and depletion	(754)	(631)
Transfers to non-current assets held for sale		(497)
Impairment		(88)
Translation adjustment	47	861
Transfers	1,597	1,110
Effect of discontinued operations
Transfer to net assets held for sale		(62)
Balance at end of year	8,193	7,515
Constructions in progress
Property, plant and equipment
Balance at beginning of year	11,861	11,126
Additions	3,392	5,240
Disposals	(151)	(20)
Impairment	(86)	70
Translation adjustment	38	1,731
Transfers	(8,935)	(5,857)
Effect of discontinued operations
Transfer to net assets held for sale		(429)
Balance at end of year	6,119	11,861
Discontinued operations
Property, plant and equipment
Impairment		(1,708)
Discontinued operations | Land
Property, plant and equipment
Impairment		(53)
Discontinued operations | Facilities
Property, plant and equipment
Impairment		(65)
Discontinued operations | Mineral properties
Property, plant and equipment
Impairment		(1,590)
Carrying amount
Property, plant and equipment
Balance at beginning of year	84,265
Effect of discontinued operations
Balance at end of year	87,064	84,265
Carrying amount | Land
Property, plant and equipment
Balance at beginning of year	724
Effect of discontinued operations
Balance at end of year	718	724
Carrying amount | Building
Property, plant and equipment
Balance at beginning of year	16,678
Effect of discontinued operations
Balance at end of year	19,163	16,678
Carrying amount | Facilities
Property, plant and equipment
Balance at beginning of year	15,664
Effect of discontinued operations
Balance at end of year	18,292	15,664
Carrying amount | Equipment
Property, plant and equipment
Balance at beginning of year	11,953
Effect of discontinued operations
Balance at end of year	12,840	11,953
Carrying amount | Mineral properties
Property, plant and equipment
Balance at beginning of year	16,066
Effect of discontinued operations
Balance at end of year	17,471	16,066
Carrying amount | Others
Property, plant and equipment
Balance at beginning of year	11,319
Effect of discontinued operations
Balance at end of year	12,461	11,319
Carrying amount | Constructions in progress
Property, plant and equipment
Balance at beginning of year	11,861
Effect of discontinued operations
Balance at end of year	6,119	11,861
Accumulated amortization
Property, plant and equipment
Balance at beginning of year	(28,846)
Effect of discontinued operations
Balance at end of year	(32,186)	(28,846)
Accumulated amortization | Building
Property, plant and equipment
Balance at beginning of year	(6,004)
Effect of discontinued operations
Balance at end of year	(7,063)	(6,004)
Accumulated amortization | Facilities
Property, plant and equipment
Balance at beginning of year	(6,193)
Effect of discontinued operations
Balance at end of year	(6,506)	(6,193)
Accumulated amortization | Equipment
Property, plant and equipment
Balance at beginning of year	(5,159)
Effect of discontinued operations
Balance at end of year	(5,947)	(5,159)
Accumulated amortization | Mineral properties
Property, plant and equipment
Balance at beginning of year	(7,686)
Effect of discontinued operations
Balance at end of year	(8,402)	(7,686)
Accumulated amortization | Others
Property, plant and equipment
Balance at beginning of year	(3,804)
Effect of discontinued operations
Balance at end of year	$ (4,268)	$ (3,804)

Property, plant and equipmen111

Property, plant and equipment - Disposal of assets (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)Asset	Mar. 31, 2015USD ($)	Dec. 31, 2017USD ($)Asset	Dec. 31, 2016USD ($)Asset	Dec. 31, 2015USD ($)
Non-current assets and liabilities held for sale and discontinued operations
Loss due to sale of assets | $		$ (193)	$ 294	$ 1,240	$ 8,708
Shipping assets
Non-current assets and liabilities held for sale and discontinued operations
Number of ships approved to be sold | Asset	11
Loss due to sale of assets | $	$ 66		133
Proceeds from sale of assets | $			391	$ 409
Number of shipping assets sold | Asset				4
Impairment and other results on non-current assets | $			$ 348
Shipping assets | VLOC's
Non-current assets and liabilities held for sale and discontinued operations
Number of shipping assets sold | Asset			4	3
Shipping assets | Floating Transfer Stations
Non-current assets and liabilities held for sale and discontinued operations
Number of shipping assets sold | Asset			2

Property, plant and equipmen112

Property, plant and equipment - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2017
Ships
Property, plant and equipment
Useful life	20 years
Minimum | Building
Property, plant and equipment
Useful life	15 years
Minimum | Facilities
Property, plant and equipment
Useful life	3 years
Minimum | Equipment
Property, plant and equipment
Useful life	3 years
Minimum | Locomotives
Property, plant and equipment
Useful life	12 years
Minimum | Wagon
Property, plant and equipment
Useful life	30 years
Minimum | Railway equipment
Property, plant and equipment
Useful life	5 years
Minimum | Others
Property, plant and equipment
Useful life	2 years
Maximum | Building
Property, plant and equipment
Useful life	50 years
Maximum | Facilities
Property, plant and equipment
Useful life	50 years
Maximum | Equipment
Property, plant and equipment
Useful life	40 years
Maximum | Locomotives
Property, plant and equipment
Useful life	25 years
Maximum | Wagon
Property, plant and equipment
Useful life	44 years
Maximum | Railway equipment
Property, plant and equipment
Useful life	33 years
Maximum | Others
Property, plant and equipment
Useful life	50 years

Impairment and onerous contr113

Impairment and onerous contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current assets
Impairment and onerous contracts
Impairment loss	$ 271	$ 917	$ 8,412
Onerous contracts
Impairment and onerous contracts
Impairment loss		257	357
Non-current assets and onerous contracts
Impairment and onerous contracts
Impairment loss	$ 271	1,174	8,769
Investments in associates and joint ventures
Impairment and onerous contracts
Impairment loss			446
Minimum
Impairment and onerous contracts
Discount rate applied to cash flow projections	6.00%
Maximum
Impairment and onerous contracts
Discount rate applied to cash flow projections	9.00%
Ferrous minerals
Impairment and onerous contracts
Goodwill	$ 2,157
Goodwill impairment	0
Nickel CGU
Impairment and onerous contracts
Goodwill	1,953
Goodwill impairment	0
Iron ore | North system
Impairment and onerous contracts
Impairment loss			55
Reversal of impairment loss		(160)
Iron ore | Midwest system
Impairment and onerous contracts
Impairment loss			522
Iron ore | Samarco Mineracao S.A.
Impairment and onerous contracts
Impairment loss			132
Coal | Australia
Impairment and onerous contracts
Impairment loss		27	635
Coal | Mozambique
Impairment and onerous contracts
Impairment loss			2,403
Base metals | Stobie
Impairment and onerous contracts
Impairment loss	133
Base metals | Newfoundland
Impairment and onerous contracts
Impairment loss		631	3,460
Base metals | Vale Nouvelle Caledonie S.A.S.
Impairment and onerous contracts
Impairment loss		284	1,462
Base metals | Onca Puma
Impairment and onerous contracts
Reversal of impairment loss			(252)
Base metals | Teal Minerals Inc.
Impairment and onerous contracts
Impairment loss			314
Several segments | Other assets
Impairment and onerous contracts
Impairment loss	$ 138	$ 135	$ 127

Loans, borrowings, cash and 114

Loans, borrowings, cash and cash equivalents and financial investments - Net debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loans and borrowings
Total of loans and borrowings	$ 22,489	$ 29,322
Cash and cash equivalents	4,328	4,262	$ 3,591	$ 3,974
Financial Investments	18	18
Net debt	18,143	25,042
Debt contracts in the international markets
Loans and borrowings
Total of loans and borrowings	17,288	21,130
Debt contract in Brazil
Loans and borrowings
Total of loans and borrowings	$ 5,201	$ 8,192

Loans, borrowings, cash and 115

Loans, borrowings, cash and cash equivalents and financial investments - Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loans and borrowings
Cash and cash equivalents	$ 4,328	$ 4,262	$ 3,591	$ 3,974
R$
Loans and borrowings
Cash and cash equivalents	1,790
US$
Loans and borrowings
Cash and cash equivalents	2,395
Other currencies
Loans and borrowings
Cash and cash equivalents	$ 143

Loans, borrowings, cash and 116

Loans, borrowings, cash and cash equivalents and financial investments - Debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Loans and borrowings
Current debt	$ 1,703	$ 1,660
Non-current debt	20,786	27,662
Debt contracts in the international markets
Loans and borrowings
Current debt, accrued charges	263	304
Current debt	590	555
Non-current debt	16,698	20,575
Debt contracts in the international markets | Floating rate | US$
Loans and borrowings
Current debt, before accrued charges	310	234
Non-current debt, before accrued charges	2,764	5,489
Debt contracts in the international markets | Floating rate | EUR
Loans and borrowings
Non-current debt, before accrued charges	240	211
Debt contracts in the international markets | Fixed rate | US$
Loans and borrowings
Non-current debt, before accrued charges	12,588	13,083
Debt contracts in the international markets | Fixed rate | EUR
Loans and borrowings
Non-current debt, before accrued charges	900	1,583
Debt contracts in the international markets | Fixed rate | Other currencies
Loans and borrowings
Current debt, before accrued charges	17	17
Non-current debt, before accrued charges	206	209
Debt contract in Brazil
Loans and borrowings
Current debt, accrued charges	259	294
Current debt	1,113	1,105
Non-current debt, accrued charges	12	33
Non-current debt	4,088	7,087
Debt contract in Brazil | Floating rate | R$
Loans and borrowings
Current debt, before accrued charges	447	402
Non-current debt, before accrued charges	3,195	5,621
Debt contract in Brazil | Floating rate | Basket of currencies and US$
Loans and borrowings
Current debt, before accrued charges	339	343
Non-current debt, before accrued charges	708	1,217
Debt contract in Brazil | Fixed rate | R$
Loans and borrowings
Current debt, before accrued charges	68	66
Non-current debt, before accrued charges	$ 173	$ 216

Loans, borrowings, cash and 117

Loans, borrowings, cash and cash equivalents and financial investments - Debt payments (Details) $ in Millions	Dec. 31, 2017USD ($)
Loans and borrowings
Principal	$ 21,955
Estimated future interest payments	13,085
2,018
Loans and borrowings
Principal	1,181
Estimated future interest payments	1,245
2,019
Loans and borrowings
Principal	1,750
Estimated future interest payments	1,149
2,020
Loans and borrowings
Principal	2,575
Estimated future interest payments	1,090
2,021
Loans and borrowings
Principal	2,623
Estimated future interest payments	945
Between 2022 and 2025
Loans and borrowings
Principal	4,982
Estimated future interest payments	2,727
2026 onwards
Loans and borrowings
Principal	8,844
Estimated future interest payments	5,929
Bank loans
Loans and borrowings
Bank borrowings, undiscounted cash flows	3,157
Bank loans | 2018
Loans and borrowings
Bank borrowings, undiscounted cash flows	161
Bank loans | 2019
Loans and borrowings
Bank borrowings, undiscounted cash flows	849
Bank loans | 2020
Loans and borrowings
Bank borrowings, undiscounted cash flows	983
Bank loans | 2021
Loans and borrowings
Bank borrowings, undiscounted cash flows	574
Bank loans | Between 2022 and 2025
Loans and borrowings
Bank borrowings, undiscounted cash flows	503
Bank loans | 2026 onwards
Loans and borrowings
Bank borrowings, undiscounted cash flows	87
Capital markets
Loans and borrowings
Bonds issued, undiscounted cash flows	14,298
Capital markets | 2020
Loans and borrowings
Bonds issued, undiscounted cash flows	831
Capital markets | 2021
Loans and borrowings
Bonds issued, undiscounted cash flows	1,353
Capital markets | Between 2022 and 2025
Loans and borrowings
Bonds issued, undiscounted cash flows	3,529
Capital markets | 2026 onwards
Loans and borrowings
Bonds issued, undiscounted cash flows	8,585
Development agencies
Loans and borrowings
Principal	4,500
Development agencies | 2018
Loans and borrowings
Principal	1,020
Development agencies | 2019
Loans and borrowings
Principal	901
Development agencies | 2020
Loans and borrowings
Principal	761
Development agencies | 2021
Loans and borrowings
Principal	696
Development agencies | Between 2022 and 2025
Loans and borrowings
Principal	950
Development agencies | 2026 onwards
Loans and borrowings
Principal	$ 172

Loans, borrowings, cash and 118

Loans, borrowings, cash and cash equivalents and financial investments - Average annual interest rate by currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Loans and borrowings
Total debt	$ 22,489	$ 29,322
Derivative instrument to mitigate cash flow of floating rate debt | Debt in Brazilian real with derivative offset
Loans and borrowings
Notional amount	$ 2,329
Average cost (as a percent)	1.89%
Derivative instrument to mitigate cash flow of floating rate debt | Eurobonds with derivative offset
Loans and borrowings
Average cost (as a percent)	4.29%
US$
Loans and borrowings
Average interest rate	5.39%
Total debt	$ 16,940
R$
Loans and borrowings
Average interest rate	8.14%
Total debt	$ 4,147
EUR
Loans and borrowings
Average interest rate	3.34%
Total debt	$ 1,177
Other currencies
Loans and borrowings
Average interest rate	3.23%
Total debt	$ 225

Loans, borrowings, cash and 119

Loans, borrowings, cash and cash equivalents and financial investments - Reconciliation of debt to cash flows arising from financing activities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Reconciliation of debt to cash flows arising from financing activities
Loans and borrowings at beginning of the period	$ 29,322
Additions	1,976
Repayments	(8,998)
Interest Paid	(1,686)
Effect of exchange adjustments	178
Interest accretion	1,697
Loans and borrowings at end of the period	22,489
Current
Reconciliation of debt to cash flows arising from financing activities
Loans and borrowings at beginning of the period	1,660
Repayments	(8,998)
Interest Paid	(1,686)
Transferences	8,971
Effect of exchange adjustments	59
Interest accretion	1,697
Loans and borrowings at end of the period	1,703
Non-current
Reconciliation of debt to cash flows arising from financing activities
Loans and borrowings at beginning of the period	27,662
Additions	1,976
Transferences	(8,971)
Effect of exchange adjustments	119
Loans and borrowings at end of the period	$ 20,786

Loans, borrowings, cash and 120

Loans, borrowings, cash and cash equivalents and financial investments - Credit and financing lines (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Revolving credit facilities, May 2015 | US$
Loans and borrowings
Period of the agreement	5 years
Total amount	$ 3,000
Available amount	$ 3,000
Revolving credit facilities, June 2017 | US$
Loans and borrowings
Period of the agreement	5 years
Total amount	$ 2,000
Available amount	2,000
Revolving credit facilities 2013
Loans and borrowings
Cancelled amount	2,000
Revolving credit facilities
Loans and borrowings
Available amount	$ 5,000
BNDES | Financing lines, September 2012 | R$ | CLN 150
Loans and borrowings
Period of the agreement	10 years
Total amount	$ 1,174
Available amount	$ 6
BNDES | Financing lines, May 2014 | R$
Loans and borrowings
Period of the agreement	10 years
Total amount	$ 1,863
Available amount	$ 307

Loans, borrowings, cash and 121

Loans, borrowings, cash and cash equivalents and financial investments - Funding (Details) € in Millions, $ in Millions	1 Months Ended
	Sep. 30, 2017USD ($)	Feb. 28, 2017EUR (€)	Dec. 31, 2017USD ($)	Feb. 28, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2016USD ($)
Loans and borrowings
Total of loans and borrowings			$ 22,489		$ 29,322
Notes due 2026
Loans and borrowings
Notes and debentures issued						$ 1,000
Notes due August 2026
Loans and borrowings
Notes and debentures issued				$ 1,000
Interest rate				6.25%
Issued price (as a percent)		107.793%
Notes due March 2018
Loans and borrowings
Redemption of Notes | €		€ 750
5.625% Guaranteed notes due 2019
Loans and borrowings
Interest rate	5.625%
Redemption of Notes	$ 1,000
4.625% Guaranteed notes due 2020
Loans and borrowings
Notes and debentures issued	1,000
Notes tender offer accepted	$ 501
Interest rate	4.625%

Loans, borrowings, cash and 122

Loans, borrowings, cash and cash equivalents and financial investments - Guarantees and Policy (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Loans and borrowings
Property, plant and equipment and receivables security for borrowings	$ 275	$ 472
Capitalization rate (as a percent)	22.00%
Vale Overseas Limited
Loans and borrowings
Proportion of ownership interest in subsidiary	100.00%

Liabilities related to assoc123

Liabilities related to associates and joint ventures - Framework agreement (Details)	Mar. 02, 2016state
Framework agreement
Number of states affected by dam failure	2
Samarco
Framework agreement
Proportion of ownership interest in joint venture	50.00%
Dam failure of Samarco
Framework agreement
Number of states affected by dam failure	2
Framework agreement
Framework agreement
Term of agreement	15 years
Renewal period	1 year

Liabilities related to assoc124

Liabilities related to associates and joint ventures - Movements of provision (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Dam failure of Samarco
Events with significant effect on the income statement
Balance at beginning of the year		$ 1,077
Additions / Provisions recognized		38	$ 1,163
Payments		(294)	(139)
Interest accretion		182	72
Translation adjustment		(7)	(19)
Balance at end of the year		996	1,077
Current liabilities		326	292
Noncurrent liabilities		670	$ 785
Samarco
Events with significant effect on the income statement
Proceeds from debt used for working capital	$ 142
Short-term facilities available for operations		$ 48

Liabilities related to assoc125

Liabilities related to associates and joint ventures - Information of Samarco (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments in associates and joint ventures
Current assets	$ 18,954	$ 22,567
Non-current assets	80,230	76,447
Total assets	99,184	99,014
Current liabilities	13,114	11,232
Non-current liabilities	41,298	46,758
Total liabilities	54,412	57,990
Stockholders' equity	44,772	41,024	$ 35,704	$ 56,321
Net income (loss)	6,334	5,203	$ (12,430)
Samarco
Investments in associates and joint ventures
Current assets	66	164
Non-current assets	6,016	5,978
Total assets	6,082	6,142
Current liabilities	5,481	4,851
Non-current liabilities	3,636	3,415
Total liabilities	9,117	8,266
Stockholders' equity	(3,035)	(2,124)
Net income (loss)	$ (930)	$ (965)

Financial instruments classi126

Financial instruments classification (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Total current financial assets	$ 8,950	$ 8,217
Total noncurrent financial assets	3,232	626
Total of financial assets	12,182	8,843
Total current financial liabilities	6,118	6,057
Total noncurrent financial liabilities	23,680	29,749
Total of financial liabilities	29,798	35,806
Loans and receivables or amortized cost
Financial instruments
Total current financial liabilities	6,014	5,643
Total noncurrent financial liabilities	21,761	27,749
Total of financial liabilities	27,775	33,392
At fair value through net income
Financial instruments
Total current financial liabilities	104	414
Total noncurrent financial liabilities	1,919	2,000
Total of financial liabilities	2,023	2,414
Loans and receivables or amortized cost
Financial instruments
Total current financial assets	8,844	7,943
Total noncurrent financial assets	2,779	180
Total of financial assets	11,623	8,123
At fair value through profit or loss
Financial instruments
Total current financial assets	106	274
Total noncurrent financial assets	453	446
Total of financial assets	559	720
Cash and cash equivalents
Financial instruments
Total current financial assets	4,328	4,262
Cash and cash equivalents | Loans and receivables or amortized cost
Financial instruments
Total current financial assets	4,328	4,262
Financial investments
Financial instruments
Total current financial assets	18	18
Financial investments | Loans and receivables or amortized cost
Financial instruments
Total current financial assets	18	18
Derivative financial instruments
Financial instruments
Total current financial assets	106	274
Derivative financial instruments | At fair value through profit or loss
Financial instruments
Total current financial assets	106	274
Accounts receivable
Financial instruments
Total current financial assets	2,600	3,663
Accounts receivable | Loans and receivables or amortized cost
Financial instruments
Total current financial assets	2,600	3,663
Related parties
Financial instruments
Total current financial assets	1,898
Related parties | Loans and receivables or amortized cost
Financial instruments
Total current financial assets	1,898
Derivative financial instruments
Financial instruments
Total noncurrent financial assets	453	446
Derivative financial instruments | At fair value through profit or loss
Financial instruments
Total noncurrent financial assets	453	446
Loans
Financial instruments
Total noncurrent financial assets	151	180
Loans | Loans and receivables or amortized cost
Financial instruments
Total noncurrent financial assets	151	180
Related parties
Financial instruments
Total noncurrent financial assets	2,628
Related parties | Loans and receivables or amortized cost
Financial instruments
Total noncurrent financial assets	2,628
Suppliers and contractors
Financial instruments
Total current financial liabilities	4,041	3,630
Suppliers and contractors | Loans and receivables or amortized cost
Financial instruments
Total current financial liabilities	4,041	3,630
Derivative financial instruments
Financial instruments
Total current financial liabilities	104	414
Derivative financial instruments | At fair value through net income
Financial instruments
Total current financial liabilities	104	414
Loans and borrowings
Financial instruments
Total current financial liabilities	1,703	1,660
Loans and borrowings | Loans and receivables or amortized cost
Financial instruments
Total current financial liabilities	1,703	1,660
Related parties
Financial instruments
Total current financial liabilities	270	353
Related parties | Loans and receivables or amortized cost
Financial instruments
Total current financial liabilities	270	353
Derivative financial instruments
Financial instruments
Total noncurrent financial liabilities	686	1,225
Derivative financial instruments | At fair value through net income
Financial instruments
Total noncurrent financial liabilities	686	1,225
Loans and borrowings
Financial instruments
Total noncurrent financial liabilities	20,786	27,662
Loans and borrowings | Loans and receivables or amortized cost
Financial instruments
Total noncurrent financial liabilities	20,786	27,662
Related parties
Financial instruments
Total noncurrent financial liabilities	975	87
Related parties | Loans and receivables or amortized cost
Financial instruments
Total noncurrent financial liabilities	975	87
Participative stockholders' debentures
Financial instruments
Total noncurrent financial liabilities	1,233	775
Participative stockholders' debentures | At fair value through net income
Financial instruments
Total noncurrent financial liabilities	$ 1,233	$ 775

Financial instruments classi127

Financial instruments classification - Classification of financial assets and liabilities by currencies (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Financial instruments
Total current financial assets	$ 8,950	$ 8,217
Total noncurrent financial assets	3,232	626
Total of financial assets	12,182	8,843
Total current financial liabilities	6,118	6,057
Total noncurrent financial liabilities	23,680	29,749
Total of financial liabilities	29,798	35,806
R$
Financial instruments
Total current financial assets	2,097	1,403
Total noncurrent financial assets	389	435
Total of financial assets	2,486	1,838
Total current financial liabilities	3,327	2,966
Total noncurrent financial liabilities	5,328	7,783
Total of financial liabilities	8,655	10,749
US$
Financial instruments
Total current financial assets	6,690	6,396
Total noncurrent financial assets	2,843	142
Total of financial assets	9,533	6,538
Total current financial liabilities	2,267	2,225
Total noncurrent financial liabilities	17,005	19,963
Total of financial liabilities	19,272	22,188
CAD
Financial instruments
Total current financial assets	54	45
Total noncurrent financial assets		49
Total of financial assets	54	94
Total current financial liabilities	404	629
Total noncurrent financial liabilities	207	209
Total of financial liabilities	611	838
EUR
Financial instruments
Total current financial assets	11	57
Total of financial assets	11	57
Total current financial liabilities	86	160
Total noncurrent financial liabilities	1,140	1,794
Total of financial liabilities	1,226	1,954
Others currencies
Financial instruments
Total current financial assets	98	316
Total of financial assets	98	316
Total current financial liabilities	34	77
Total of financial liabilities	34	77
Cash and cash equivalents
Financial instruments
Total current financial assets	4,328	4,262
Cash and cash equivalents | R$
Financial instruments
Total current financial assets	1,790	961
Cash and cash equivalents | US$
Financial instruments
Total current financial assets	2,395	2,899
Cash and cash equivalents | CAD
Financial instruments
Total current financial assets	48	45
Cash and cash equivalents | EUR
Financial instruments
Total current financial assets	11	56
Cash and cash equivalents | Others currencies
Financial instruments
Total current financial assets	84	301
Financial investments
Financial instruments
Total current financial assets	18	18
Financial investments | R$
Financial instruments
Total current financial assets	1	1
Financial investments | US$
Financial instruments
Total current financial assets	17	17
Derivative financial instruments
Financial instruments
Total current financial assets	106	274
Derivative financial instruments | R$
Financial instruments
Total current financial assets	60	104
Derivative financial instruments | US$
Financial instruments
Total current financial assets	46	170
Accounts receivable
Financial instruments
Total current financial assets	2,600	3,663
Accounts receivable | R$
Financial instruments
Total current financial assets	246	337
Accounts receivable | US$
Financial instruments
Total current financial assets	2,334	3,310
Accounts receivable | CAD
Financial instruments
Total current financial assets	6
Accounts receivable | EUR
Financial instruments
Total current financial assets		1
Accounts receivable | Others currencies
Financial instruments
Total current financial assets	14	15
Related parties
Financial instruments
Total current financial assets	1,898
Related parties | US$
Financial instruments
Total current financial assets	1,898
Derivative financial instruments
Financial instruments
Total noncurrent financial assets	453	446
Derivative financial instruments | R$
Financial instruments
Total noncurrent financial assets	384	400
Derivative financial instruments | US$
Financial instruments
Total noncurrent financial assets	69	46
Loans
Financial instruments
Total noncurrent financial assets	151	180
Loans | R$
Financial instruments
Total noncurrent financial assets	5	35
Loans | US$
Financial instruments
Total noncurrent financial assets	146	96
Loans | CAD
Financial instruments
Total noncurrent financial assets		49
Related parties
Financial instruments
Total noncurrent financial assets	2,628
Related parties | US$
Financial instruments
Total noncurrent financial assets	2,628
Suppliers and contractors
Financial instruments
Total current financial liabilities	4,041	3,630
Suppliers and contractors | R$
Financial instruments
Total current financial liabilities	2,464	1,897
Suppliers and contractors | US$
Financial instruments
Total current financial liabilities	1,108	948
Suppliers and contractors | CAD
Financial instruments
Total current financial liabilities	386	612
Suppliers and contractors | EUR
Financial instruments
Total current financial liabilities	49	96
Suppliers and contractors | Others currencies
Financial instruments
Total current financial liabilities	34	77
Derivative financial instruments
Financial instruments
Total current financial liabilities	104	414
Derivative financial instruments | R$
Financial instruments
Total current financial liabilities	95	317
Derivative financial instruments | US$
Financial instruments
Total current financial liabilities	9	97
Loans and borrowings
Financial instruments
Total current financial liabilities	1,703	1,660
Loans and borrowings | R$
Financial instruments
Total current financial liabilities	768	752
Loans and borrowings | US$
Financial instruments
Total current financial liabilities	880	827
Loans and borrowings | CAD
Financial instruments
Total current financial liabilities	18	17
Loans and borrowings | EUR
Financial instruments
Total current financial liabilities	37	64
Related parties
Financial instruments
Total current financial liabilities	270	353
Related parties | US$
Financial instruments
Total current financial liabilities	270	353
Derivative financial instruments
Financial instruments
Total noncurrent financial liabilities	686	1,225
Derivative financial instruments | R$
Financial instruments
Total noncurrent financial liabilities	638	1,052
Derivative financial instruments | US$
Financial instruments
Total noncurrent financial liabilities	48	173
Loans and borrowings
Financial instruments
Total noncurrent financial liabilities	20,786	27,662
Loans and borrowings | R$
Financial instruments
Total noncurrent financial liabilities	3,379	5,869
Loans and borrowings | US$
Financial instruments
Total noncurrent financial liabilities	16,060	19,790
Loans and borrowings | CAD
Financial instruments
Total noncurrent financial liabilities	207	209
Loans and borrowings | EUR
Financial instruments
Total noncurrent financial liabilities	1,140	1,794
Related parties
Financial instruments
Total noncurrent financial liabilities	975	87
Related parties | R$
Financial instruments
Total noncurrent financial liabilities	78	87
Related parties | US$
Financial instruments
Total noncurrent financial liabilities	897
Participative stockholders' debentures
Financial instruments
Total noncurrent financial liabilities	1,233	775
Participative stockholders' debentures | R$
Financial instruments
Total noncurrent financial liabilities	$ 1,233	$ 775

Fair value estimate - Assets an

Fair value estimate - Assets and liabilities measured and recognized at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair value estimate
Financial assets	$ 12,182	$ 8,843
Financial liabilities	29,798	35,806
Transfers from level 1 to 2 assets	0
Transfers from level 2 to 1 assets	0
Transfers from level 1 to 2 liabilities	0
Transfers from level 2 to 1 liabilities	0
Transfers in to level 3	0
Transfers out of level 3	0
Fair value measurement
Fair value estimate
Financial assets	559	720
Financial liabilities	2,023	2,414
Fair value measurement | Derivative risk
Fair value estimate
Financial assets	559	720
Derivative risk | Fair value measurement
Fair value estimate
Financial liabilities	790	1,639
Participative stockholders' debentures | Fair value measurement
Fair value estimate
Financial liabilities	1,233	775
Level 2 | Fair value measurement
Fair value estimate
Financial assets	289	405
Financial liabilities	1,814	1,965
Level 2 | Fair value measurement | Derivative risk
Fair value estimate
Financial assets	289	405
Level 2 | Derivative risk | Fair value measurement
Fair value estimate
Financial liabilities	581	1,190
Level 2 | Participative stockholders' debentures | Fair value measurement
Fair value estimate
Financial liabilities	1,233	775
Level 3 | Fair value measurement
Fair value estimate
Financial assets	270	315
Financial liabilities	209	449
Level 3 | Fair value measurement | Derivative risk
Fair value estimate
Financial assets	270	315
Level 3 | Derivative risk | Fair value measurement
Fair value estimate
Financial liabilities	$ 209	$ 449

Fair value estimate - Changes i

Fair value estimate - Changes in assets and liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Changes in financial assets
Financial assets at beginning of period	$ 99,014
Financial assets at end of period	99,184
Changes in financial liabilities
Financial liabilities at beginning of period	57,990
Financial liabilities at end of period	54,412
Level 3 | Fair value measurement
Changes in financial assets
Financial assets at beginning of period	315
Gain on financial assets recognized in income statement	(45)
Financial assets at end of period	270
Changes in financial liabilities
Financial liabilities at beginning of period	449
Gain (loss) on financial liabilities recognized in income statement	(240)
Financial liabilities at end of period	$ 209

Fair value estimate - Fair valu

Fair value estimate - Fair value of financial instruments not measured at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair value of financial instruments
Financial liabilities	$ 29,798	$ 35,806
Debt principal | Carrying amount
Fair value of financial instruments
Financial liabilities	21,955	28,691
Debt principal | Fair value
Fair value of financial instruments
Financial liabilities	23,088	27,375
Level 1 | Debt principal
Fair value of financial instruments
Financial liabilities	14,935	13,874
Level 2 | Debt principal
Fair value of financial instruments
Financial liabilities	$ 8,153	$ 13,501

Derivative financial instrum131

Derivative financial instruments - Effects of derivatives on statement of financial position (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Derivative financial instruments
Current assets	$ 106	$ 274
Non-current assets	453	446
Current liabilities	104	414
Non-current liabilities	686	1,225
Derivatives not designated as hedge
Derivative financial instruments
Current assets	106	274
Non-current assets	453	446
Current liabilities	104	414
Non-current liabilities	686	1,225
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Derivative financial instruments
Current assets	69	140
Non-current assets	141	85
Current liabilities	104	371
Non-current liabilities	475	772
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. USD fixed and floating rate swap
Derivative financial instruments
Current assets	38	132
Non-current assets		1
Current liabilities	95	293
Non-current liabilities	410	638
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Derivative financial instruments
Current assets	9	7
Non-current assets	82	61
Current liabilities		20
Non-current liabilities	41	57
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Derivative financial instruments
Non-current assets	27
Current liabilities	4	7
Non-current liabilities		45
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Euro forward
Derivative financial instruments
Current liabilities		46
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre dollar swap
Derivative financial instruments
Current assets	22	1
Non-current assets	32	23
Current liabilities	5	5
Non-current liabilities	24	32
Derivatives not designated as hedge | Commodity price risk
Derivative financial instruments
Current assets	37	134
Non-current assets	3	2
Current liabilities		43
Non-current liabilities		2
Derivatives not designated as hedge | Commodity price risk | Nickel
Derivative financial instruments
Current assets	22	4
Non-current assets	3	2
Current liabilities		5
Non-current liabilities		2
Derivatives not designated as hedge | Commodity price risk | Bunker Oil
Derivative financial instruments
Current assets	15	130
Current liabilities		38
Derivatives not designated as hedge | Others
Derivative financial instruments
Non-current assets	309	359
Non-current liabilities	$ 211	$ 451

Derivative financial instrum132

Derivative financial instruments - Effects of derivatives on the income statement, cash flow and other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative financial instruments
Gain (loss) recognized in the income statement	$ 454	$ 1,256	$ (2,916)
Financial settlement inflows (outflows)	(240)	(1,602)	(1,202)
Gain or (loss) recognized in other comprehensive income		2	452
Cost of good sold and services rendered			439
Financial expense			2,477
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Derivative financial instruments
Gain (loss) recognized in the income statement	313	959	(1,502)
Financial settlement inflows (outflows)	(241)	(770)	(378)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. USD fixed and floating rate swap
Derivative financial instruments
Gain (loss) recognized in the income statement	152	869	(1,172)
Financial settlement inflows (outflows)	(181)	(513)	(330)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Derivative financial instruments
Gain (loss) recognized in the income statement	43	78	(61)
Financial settlement inflows (outflows)	(20)	(25)	7
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Derivative financial instruments
Gain (loss) recognized in the income statement	36	(19)	(130)
Financial settlement inflows (outflows)	(39)	(142)	(13)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Euro forward
Derivative financial instruments
Gain (loss) recognized in the income statement	46	(46)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre dollar swap
Derivative financial instruments
Gain (loss) recognized in the income statement	36	77	(139)
Financial settlement inflows (outflows)	(1)	(90)	(42)
Derivatives not designated as hedge | Commodity price risk
Derivative financial instruments
Gain (loss) recognized in the income statement	(50)	226	(791)
Financial settlement inflows (outflows)	1	(829)	(332)
Derivatives not designated as hedge | Commodity price risk | Nickel
Derivative financial instruments
Gain (loss) recognized in the income statement	30	(42)	(49)
Financial settlement inflows (outflows)	4	(30)	(62)
Derivatives not designated as hedge | Commodity price risk | Bunker Oil
Derivative financial instruments
Gain (loss) recognized in the income statement	(80)	268	(742)
Financial settlement inflows (outflows)	(3)	(799)	(270)
Derivatives not designated as hedge | Others
Derivative financial instruments
Gain (loss) recognized in the income statement	$ 191	74	(142)
Derivatives designated as hedge
Derivative financial instruments
Gain (loss) recognized in the income statement		(3)	(481)
Financial settlement inflows (outflows)		(3)	(492)
Gain or (loss) recognized in other comprehensive income		2	452
Derivatives designated as hedge | Bunker Oil
Derivative financial instruments
Gain (loss) recognized in the income statement			(439)
Financial settlement inflows (outflows)			(450)
Gain or (loss) recognized in other comprehensive income			435
Derivatives designated as hedge | Foreign exchange
Derivative financial instruments
Gain (loss) recognized in the income statement		(3)	(42)
Financial settlement inflows (outflows)		(3)	(42)
Gain or (loss) recognized in other comprehensive income		$ 2	$ 17

Derivative financial instrum133

Derivative financial instruments - Hedge in foreign operations (Details) - 12 months ended Dec. 31, 2017 - Hedges of net investment in foreign operations - Currency risk € in Millions, $ in Millions	USD ($)	EUR (€)	USD ($)
Derivative financial instruments
Carrying value designated debt		€ 750	$ 5,303
Foreign exchange loss	$ 144
Foreign exchange loss (net of taxes)	$ 95

Derivatives financial instrumen

Derivatives financial instruments - Protection programs for the R$ denominated debt instruments (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017BRL (R$)	Dec. 31, 2017USD ($)	Dec. 31, 2016BRL (R$)	Dec. 31, 2016USD ($)
Derivative financial instruments
Confidence level to estimate value at risk (as a percentage)				95.00%	95.00%
Number of business day time horizon	1 day
Financial settlement inflows (outflows)	$ (240)	$ (1,602)	$ (1,202)
CDI vs. US$ fixed rate swap
Derivative financial instruments
Receivable | R$				R$ 3540		R$ 6289
Payable					$ 1,104		$ 2,105
Average receivable rate				101.33%	101.33%
Average payable rate				3.20%	3.20%
Fair value of liabilities					$ (33)		(121)
Financial settlement inflows (outflows)	13
Value at risk					15
CDI vs. US$ fixed rate swap | 2018
Derivative financial instruments
Fair value of assets					27
CDI vs. US$ fixed rate swap | 2019
Derivative financial instruments
Fair value of liabilities					(24)
CDI vs. US$ fixed rate swap | 2020+
Derivative financial instruments
Fair value of liabilities					(37)
TJLP vs. US$ fixed rate swap
Derivative financial instruments
Receivable | R$				R$ 2982		4,360
Payable					$ 1,323		2,030
Average receivable rate				1.25%	1.25%
Average payable rate				1.55%	1.55%
Fair value of liabilities					$ (380)		(622)
Financial settlement inflows (outflows)	(191)
Value at risk					37
TJLP vs. US$ fixed rate swap | 2018
Derivative financial instruments
Fair value of liabilities					(80)
TJLP vs. US$ fixed rate swap | 2019
Derivative financial instruments
Fair value of liabilities					(245)
TJLP vs. US$ fixed rate swap | 2020+
Derivative financial instruments
Fair value of liabilities					(56)
TJLP vs. USD floating rate swap
Derivative financial instruments
Receivable | R$				R$ 216		242
Payable					$ 123		140
Average receivable rate				0.88%	0.88%
Average payable rate				(1.23%)	(1.23%)
Fair value of liabilities					$ (54)		(55)
Financial settlement inflows (outflows)	(2)
Value at risk					3
TJLP vs. USD floating rate swap | 2018
Derivative financial instruments
Fair value of liabilities					(4)
TJLP vs. USD floating rate swap | 2019
Derivative financial instruments
Fair value of liabilities					(50)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments
Receivable | R$				R$ 1158		1,031
Payable					$ 385		343
Average receivable rate				8.02%	8.02%
Average payable rate				(0.28%)	(0.28%)
Fair value of liabilities							(13)
Fair value of assets					$ 25
Financial settlement inflows (outflows)	(1)
Value at risk					27
R$ fixed rate vs. US$ fixed rate swap | 2018
Derivative financial instruments
Fair value of assets					18
R$ fixed rate vs. US$ fixed rate swap | 2019
Derivative financial instruments
Fair value of assets					13
R$ fixed rate vs. US$ fixed rate swap | 2020+
Derivative financial instruments
Fair value of liabilities					(6)
IPCA vs. US$ fixed rate swap
Derivative financial instruments
Receivable | R$				R$ 1000		1,000
Payable					$ 434		434
Average receivable rate				6.55%	6.55%
Average payable rate				3.98%	3.98%
Fair value of liabilities					$ (35)		(51)
Financial settlement inflows (outflows)	0
Value at risk					9
IPCA vs. US$ fixed rate swap | 2018
Derivative financial instruments
Fair value of assets					7
IPCA vs. US$ fixed rate swap | 2019
Derivative financial instruments
Fair value of liabilities					(15.5)
IPCA vs. US$ fixed rate swap | 2020+
Derivative financial instruments
Fair value of liabilities					(27)
IPCA vs. CDI swap
Derivative financial instruments
Receivable | R$				R$ 1350		R$ 1350
Payable					$ 1,350		1,350
Average receivable rate				6.62%	6.62%
Average payable rate				98.58%	98.58%
Fair value of assets					$ 85		$ 42
Financial settlement inflows (outflows)	$ (20)
Value at risk					0.4
IPCA vs. CDI swap | 2018
Derivative financial instruments
Fair value of assets					2
IPCA vs. CDI swap | 2019
Derivative financial instruments
Fair value of liabilities					0
IPCA vs. CDI swap | 2020+
Derivative financial instruments
Fair value of assets					$ 83

Derivatives financial instru135

Derivatives financial instruments - Protection program for EUR denominated debt instruments (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)$ / €	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)
Derivative financial instruments
Financial settlement inflows (outflows)	$ (240)	$ (1,602)	$ (1,202)
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments
Receivable | €				€ 500		€ 500
Payable					$ 613		$ 613
Average receivable rate				3.75%	3.75%
Average payable rate				4.29%	4.29%
Fair value of liabilities							(52)
Fair value of assets					$ 23
Financial settlement inflows (outflows)	$ (7)
Value at risk					6
EUR fixed rate vs. US$ fixed rate swap | 2018
Derivative financial instruments
Fair value of liabilities					(4)
EUR fixed rate vs. US$ fixed rate swap | 2019
Derivative financial instruments
Fair value of liabilities					(4)
EUR fixed rate vs. US$ fixed rate swap | 2020+
Derivative financial instruments
Fair value of assets					31
EUR Forwards
Derivative financial instruments
Notional amount | €				€ 0		€ 500
Average rate (USD/EUR) | $ / €	1.143
Fair value of liabilities							$ (46)
Fair value of assets					$ 0
Financial settlement inflows (outflows)	$ (32)

Derivatives financial instru136

Derivatives financial instruments - Bunker Oil purchase cash flows protection program (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)T	Dec. 31, 2015USD ($)
Derivative financial instruments
Financial settlement inflows (outflows)	$ (240)	$ (1,602)	$ (1,202)
Bunker Oil protection
Derivative financial instruments
Fair value of assets		116
Excluded transactions of Financial settlement		$ 24
Call options - Bunker Oil -bought
Derivative financial instruments
Notional amount (ton) | T		2,856,000
Fair value of assets		$ 130
Put options - Bunker Oil - sold
Derivative financial instruments
Notional amount (ton) | T		2,856,000
Fair value of liabilities		$ (14)

Derivatives financial instru137

Derivatives financial instruments - Protection programs for base metals raw materials and products (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)$ / T	Dec. 31, 2017USD ($)$ / TT	Dec. 31, 2016USD ($)T	Dec. 31, 2015USD ($)
Derivative financial instruments
Financial settlement inflows (outflows)		$ (240)	$ (1,602)	$ (1,202)
Base metals
Derivative financial instruments
Fair value of liabilities		(0.4)
Fair value of assets			$ 0
Financial settlement inflows (outflows) | €	€ 0
Value at risk		0.1
Base metals | 2017
Derivative financial instruments
Fair value of liabilities		$ (0.4)
Nickel forwards - Fixed price sales - Bought
Derivative financial instruments
Notional amount (ton) | T		9,621	11,615
Average strike per ton | $ / T	10,253	10,253
Fair value of liabilities			$ (1)
Fair value of assets		$ 24
Financial settlement inflows (outflows)		(2)
Value at risk		4
Nickel forwards - Fixed price sales - Bought | 2017
Derivative financial instruments
Fair value of assets		21
Nickel forwards - Fixed price sales - Bought | 2018
Derivative financial instruments
Fair value of assets		$ 3
Nickel forwards - Raw material purchase - Sold
Derivative financial instruments
Notional amount (ton) | T		292	134
Average strike per ton | $ / T	11,597	11,597
Fair value of liabilities		$ (0.3)
Fair value of assets			$ 0.1
Financial settlement inflows (outflows)		0.3
Value at risk		0.1
Nickel forwards - Raw material purchase - Sold | 2017
Derivative financial instruments
Fair value of liabilities		$ (0.3)
Copper forwards - Raw material purchase - Sold
Derivative financial instruments
Notional amount (ton) | T		79	441
Average strike per ton | $ / T	6,941	6,941
Fair value of liabilities			$ (0.1)
Fair value of assets		$ 0
Financial settlement inflows (outflows)		(0.3)
Value at risk		0
Copper forwards - Raw material purchase - Sold | 2017
Derivative financial instruments
Fair value of assets		$ 0

Derivatives financial instru138

Derivatives financial instruments - Wheaton Precious Metals Corp. warrants (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)EquityInstruments$ / shares	Dec. 31, 2016USD ($)EquityInstruments	Dec. 31, 2015USD ($)
Derivative financial instruments
Financial settlement inflows (outflows)	$ (240)	$ (1,602)	$ (1,202)
Call options- WPM - Bought
Derivative financial instruments
Notional (quantity) | EquityInstruments	10,000,000	10,000,000
Average strike per share | $ / shares	44
Fair value of assets	$ 39	$ 44
Value at risk	4
Call options- WPM - Bought | 2023
Derivative financial instruments
Fair value of assets	$ 39

Derivatives financial instru139

Derivatives financial instruments - Debentures convertible into shares of Valor da Logstica Integrada (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)item$ / shares	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Derivative financial instruments
Financial settlement inflows (outflows)	$ (240)	$ (1,602)	$ (1,202)
Conversion options - Debentures - Sold
Derivative financial instruments
Notional (quantity) | item	140,239	140,239
Average strike per share | $ / shares	8,530
Fair value of liabilities	$ (57)	$ (72)
Value at risk	3
Conversion options - Debentures - Sold | 2027
Derivative financial instruments
Fair value of liabilities	$ (57)

Derivatives financial instru140

Derivatives financial instruments - Options related to MBR shares (Details) item in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)R$ / sharesitem	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Derivative financial instruments
Financial settlement inflows (outflows)	$ (240)	$ (1,602)	$ (1,202)
Options
Derivative financial instruments
Notional (quantity) | item	2,139	2,139
Average strike per share | R$ / shares	1.7
Fair value of assets	$ 251	$ 121
Value at risk	12
Options | 2018
Derivative financial instruments
Fair value of assets	$ 251

Derivatives financial instru141

Derivatives financial instruments - Embedded derivatives in contracts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)$ / TR$ / sharesitemT	Dec. 31, 2016USD ($)itemT	Dec. 31, 2015USD ($)
Derivative financial instruments
Financial settlement inflows (outflows)	$ (240)	$ (1,602)	$ (1,202)
Embedded derivatives
Derivative financial instruments
Fair value of assets	1	$ 2
Value at risk	$ 1
Embedded - Nickel forwards - sold
Derivative financial instruments
Notional volume (in ton) | T	2,627	5,626
Average strike (USD/ton) | $ / T	11,729
Fair value of assets	$ 1	$ 0
Value at risk	$ 1
Embedded - Copper forwards - sold
Derivative financial instruments
Notional volume (in ton) | T	2,718	3,684
Average strike (USD/ton) | $ / T	6,808
Fair value of assets	$ 0	$ 2
Value at risk	$ 0
Embedded - Call options - sold
Derivative financial instruments
Notional volume (volume/month) | item	746,667	746,667
Average strike (USD/ton) | $ / T	233
Fair value of liabilities	$ (2)	$ (2)
Value at risk	$ 1
Embedded - Put options - sold
Derivative financial instruments
Notional (quantity) | item	1,105,070,863	1,105,070,863
Average strike rate per share | R$ / shares	3.86
Fair value of liabilities	$ (133)	$ (182)
Value at risk	10
2018 | Embedded derivatives
Derivative financial instruments
Fair value of assets	1
2018 | Embedded - Nickel forwards - sold
Derivative financial instruments
Fair value of assets	1
2018 | Embedded - Copper forwards - sold
Derivative financial instruments
Fair value of assets	0
2018 | Embedded - Call options - sold
Derivative financial instruments
Fair value of assets	0
2019+ | Embedded - Call options - sold
Derivative financial instruments
Fair value of liabilities	(2)
2027 | Embedded - Put options - sold
Derivative financial instruments
Fair value of liabilities	$ (133)

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Provisions
Provisions, current liabilities	$ 1,394	$ 952
Provisions, non-current liabilities	7,027	5,748
Payroll, related charges and other remunerations
Provisions
Provisions, current liabilities	1,101	725
Onerous contracts
Provisions
Provisions, current liabilities	102	101
Provisions, non-current liabilities	364	473
Environment Restoration
Provisions
Provisions, current liabilities	30	10
Provisions, non-current liabilities	79	111
Asset retirement obligations
Provisions
Provisions, current liabilities	87	47
Provisions, non-current liabilities	3,081	2,472
Provision for litigation
Provisions
Provisions, non-current liabilities	1,473	839
Employee postretirement obligations
Provisions
Provisions, current liabilities	74	69
Provisions, non-current liabilities	2,030	1,853
Profit sharing provision
Provisions
Provisions, current liabilities	$ 780	$ 331

Asset retirement obligations -

Asset retirement obligations - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Asset retirement obligations
Provisions, current liabilities	$ 1,394	$ 952
Provisions, non-current liabilities	7,027	5,748
Asset retirement obligations
Change in the provision for asset retirement obligations
Balance at beginning of the year	2,519	2,474
Additions	70	115
Settlements	(60)	(77)
Revisions on cash flows estimates	620	230
Translation adjustment	96	134
Effect of discontinued operations
Transfer to net assets held for sale	(77)	(357)
Balance at end of the year	3,168	2,519
Asset retirement obligations
Provisions, current liabilities	87	47
Provisions, non-current liabilities	$ 3,081	$ 2,472

Asset retirement obligations144

Asset retirement obligations - Changes in long-term interest rates (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Brazil
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	5.34%	5.73%
Canada
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	0.57%	0.55%
Other regions | Minimum
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	0.72%	1.07%
Other regions | Maximum
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	6.13%	8.02%

Litigation (Details)

Litigation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Provision for litigation
Litigation
Balance at beginning of the year	$ 839	$ 822
Additions	343	364
Reversals	(174)	(227)
Payments	(225)	(220)
Indexation and interest	81	31
Translation adjustment	(22)	135
Merger of Valepar	631
Effect of discontinued operations
Balance at end of the year	1,473	839
Tax litigation
Litigation
Balance at beginning of the year	214	269
Additions	40	23
Reversals	(18)	(37)
Payments	(117)	(53)
Indexation and interest	10	9
Translation adjustment	(10)	20
Merger of Valepar	631
Effect of discontinued operations
Balance at end of the year	750	214
Civil litigation
Litigation
Balance at beginning of the year	84	79
Additions	53	96
Reversals	(36)	(63)
Payments	(3)	(59)
Indexation and interest	35	16
Translation adjustment	(2)	21
Effect of discontinued operations
Balance at end of the year	131	84
Labor litigation
Litigation
Balance at beginning of the year	534	454
Additions	244	243
Reversals	(118)	(122)
Payments	(105)	(103)
Indexation and interest	37	9
Translation adjustment	(10)	89
Effect of discontinued operations
Balance at end of the year	582	534
Environmental litigation
Litigation
Balance at beginning of the year	7	20
Additions	6	2
Reversals	(2)	(5)
Payments		(5)
Indexation and interest	(1)	(3)
Translation adjustment		5
Effect of discontinued operations
Balance at end of the year	$ 10	7
Discontinued operations | Provision for litigation
Effect of discontinued operations
Net movements of year		6
Transfers to net assets held for sale		(72)
Discontinued operations | Tax litigation
Effect of discontinued operations
Transfers to net assets held for sale		(17)
Discontinued operations | Civil litigation
Effect of discontinued operations
Net movements of year		(1)
Transfers to net assets held for sale		(5)
Discontinued operations | Labor litigation
Effect of discontinued operations
Net movements of year		8
Transfers to net assets held for sale		(44)
Discontinued operations | Environmental litigation
Effect of discontinued operations
Net movements of year		(1)
Transfers to net assets held for sale		$ (6)

Litigation - Contingent liabili

Litigation - Contingent liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Tax litigation
Contingent liabilities
Contingent liabilities	$ 8,840	$ 7,636
Tax litigation | Valepar S.A
Contingent liabilities
Contingent liabilities		193
Civil litigation
Contingent liabilities
Contingent liabilities	1,623	1,515
Labor litigation
Contingent liabilities
Contingent liabilities	1,952	2,419
Environmental litigation
Contingent liabilities
Contingent liabilities	2,190	1,882
Administrative and judicial claims
Contingent liabilities
Contingent liabilities	$ 14,605	$ 13,452

Litigation - Judicial deposits

Litigation - Judicial deposits (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Judicial deposits
Deposits with court	$ 1,986	$ 962
Tax litigation
Judicial deposits
Deposits with court	1,201	193
Civil litigation
Judicial deposits
Deposits with court	60	62
Labor litigation
Judicial deposits
Deposits with court	712	691
Environmental litigation
Judicial deposits
Deposits with court	$ 13	16
Valepar S.A | Tax litigation
Judicial deposits
Deposits with court		$ 951

Litigation - Contingencies rela

Litigation - Contingencies related to Samarco accident (Details) R$ in Millions, $ in Millions

Nov. 16, 2017

Jan. 19, 2017BRL (R$)

Jan. 19, 2017USD ($)

Oct. 20, 2016individual

May 03, 2016BRL (R$)

May 03, 2016USD ($)

Jan. 31, 2017BRL (R$)agreementlawsuit

Jan. 31, 2017USD ($)agreementlawsuit

Mar. 31, 2016BRL (R$)

Mar. 31, 2016USD ($)

Dec. 31, 2017BRL (R$)

Dec. 31, 2017USD ($)

Jan. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Mar. 02, 2016state

Contingencies

Number of states affected by dam failure | state

2

Deposits with court

$ 1,986

$ 962

Public civil claim filed by the Federal Government and others

Contingencies

Amount of claims

R$ 20200

$ 6,100

Deposits with court

R$ 1200

$ 363

Public civil action filed by Federal Prosecution Office

Contingencies

Amount of claims

R$ 155000

$ 47,000

Deposits with court

R$ 7700

2,200

Number of preliminary agreement on judicial claim | agreement

2

2

Number of public civil lawsuits under first agreement | lawsuit

2

2

Samarco dam failure, first preliminary agreement

Contingencies

Amount of claims

R$ 20200

$ 6,100

Guarantee for funding of remediation and compensation programs

2,200

665

Guarantee for funding of remediation and compensation programs in financial investments

100

30

Guarantee for funding of remediation and compensation programs in insurance bonds

1,300

393

Guarantee for funding of remediation and compensation programs in joint venture assets

R$ 800

242

Period to present proposals

90 days

Samarco dam failure, second preliminary agreement

Contingencies

Amount of claims

R$ 200

$ 60

U.S. Securities class action suits

Contingencies

Number of defendants named in a legal action | individual

22

Other lawsuits

Contingencies

Contingent liabilities

0

Provision recognized for lawsuits

$ 0

Employee Benefits - Benefit obl

Employee Benefits - Benefit obligation and assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Overfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	$ 3,343	$ 2,474
Service costs	7	10
Interest costs/income	360	362
Benefits paid	(326)	(281)
Participant contributions		1
Effect of changes in the actuarial assumptions	64	271
Transfer to held for sale		(9)
Translation adjustment	(51)	515
Benefit obligation (Plan assets) as at end of the year	3,397	3,343
Overfunded pension plans | Plan assets
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	(4,694)	(3,435)
Interest costs/income	513	512
Benefits paid	(326)	(281)
Return on plan assets (excluding interest income)	(21)	281
Employer contributions	45	42
Participant contributions		1
Transfers		(13)
Translation adjustment	(77)	717
Benefit obligation (Plan assets) as at end of the year	(4,828)	(4,694)
Overfunded pension plans | Asset ceiling
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,351	961
Interest costs/income	152	156
Changes on asset ceiling and onerous liability	(45)	35
Transfer to held for sale		(2)
Translation adjustment	(27)	201
Benefit obligation (Plan assets) as at end of the year	1,431	1,351
Underfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	626
Benefit obligation (Plan assets) as at end of the year	694	626
Current liabilities	(16)	(16)
Non-current liabilities	(678)	(610)
Liabilities	(694)	(626)
Underfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	4,045	3,689
Service costs	86	76
Interest costs/income	183	175
Benefits paid	(275)	(259)
Participant contributions	(12)
Effect of changes in the actuarial assumptions	167	117
Translation adjustment	276	124
Others		123
Benefit obligation (Plan assets) as at end of the year	4,470	4,045
Underfunded pension plans | Plan assets
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	(3,419)	(3,094)
Interest costs/income	151	151
Benefits paid	(275)	(259)
Return on plan assets (excluding interest income)	174	71
Employer contributions	65	99
Participant contributions	(12)
Translation adjustment	254	105
Others		158
Benefit obligation (Plan assets) as at end of the year	(3,776)	(3,419)
Other benefits
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,296
Benefit obligation (Plan assets) as at end of the year	1,410	1,296
Current liabilities	(58)	(53)
Non-current liabilities	(1,352)	(1,243)
Liabilities	(1,410)	(1,296)
Other benefits | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,296	1,223
Service costs	30	(16)
Interest costs/income	67	66
Benefits paid	(65)	(61)
Effect of changes in the actuarial assumptions	11	75
Transfer to held for sale		(59)
Translation adjustment	71	68
Benefit obligation (Plan assets) as at end of the year	1,410	1,296
Other benefits | Plan assets
Change in benefit obligation
Benefits paid	(65)	(61)
Employer contributions	65	61
Plans in Brazil | Overfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	3,343
Benefit obligation (Plan assets) as at end of the year	3,397	3,343
Plans in Brazil | Overfunded pension plans | Plan assets
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	(4,694)
Benefit obligation (Plan assets) as at end of the year	(4,828)	(4,694)
Plans in Brazil | Overfunded pension plans | Asset ceiling
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,351	961
Interest costs/income	152	156
Changes on asset ceiling and onerous liability	(45)	35
Transfer to held for sale		(2)
Translation adjustment	(27)	201
Benefit obligation (Plan assets) as at end of the year	1,431	1,351
Plans in Brazil | Underfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	129
Benefit obligation (Plan assets) as at end of the year	162	129
Non-current liabilities	(162)	(129)
Liabilities	(162)	(129)
Plans in Brazil | Underfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	386
Benefit obligation (Plan assets) as at end of the year	401	386
Plans in Brazil | Underfunded pension plans | Plan assets
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	(257)
Benefit obligation (Plan assets) as at end of the year	(239)	(257)
Plans in Brazil | Other benefits
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	227
Benefit obligation (Plan assets) as at end of the year	258	227
Current liabilities	(22)	(18)
Non-current liabilities	(236)	(209)
Liabilities	(258)	(227)
Plans in Brazil | Other benefits | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	227
Benefit obligation (Plan assets) as at end of the year	258	227
Foreign plan | Underfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	497
Benefit obligation (Plan assets) as at end of the year	532	497
Current liabilities	(16)	(16)
Non-current liabilities	(516)	(481)
Liabilities	(532)	(497)
Foreign plan | Underfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	3,659
Benefit obligation (Plan assets) as at end of the year	4,069	3,659
Foreign plan | Underfunded pension plans | Plan assets
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	(3,162)
Benefit obligation (Plan assets) as at end of the year	(3,537)	(3,162)
Foreign plan | Other benefits
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,069
Benefit obligation (Plan assets) as at end of the year	1,152	1,069
Current liabilities	(36)	(35)
Non-current liabilities	(1,116)	(1,034)
Liabilities	(1,152)	(1,069)
Foreign plan | Other benefits | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,069
Benefit obligation (Plan assets) as at end of the year	$ 1,152	$ 1,069

Employee benefits - Costs recog

Employee benefits - Costs recognized in the income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Overfunded pension plans
Costs recognized in the income statement
Service cost	$ 7	$ 10	$ 20
Interest on expense on liabilities	360	362	359
Interest income on plan assets	(513)	(512)	(491)
Interest expense on effect of (asset ceiling)/ onerous liability	152	156	132
Total of cost, net	6	16	20
Underfunded pension plans
Costs recognized in the income statement
Service cost	86	76	94
Interest on expense on liabilities	183	175	178
Interest income on plan assets	(151)	(151)	(151)
Total of cost, net	118	100	121
Other benefits
Costs recognized in the income statement
Service cost	30	(16)	28
Interest on expense on liabilities	67	66	66
Total of cost, net	$ 97	$ 50	$ 94

Employee benefits - Costs re151

Employee benefits - Costs recognized in the statement of comprehensive income and risks related to plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Costs recognized in the statement of comprehensive income
Total retirement benefit obligation	$ (46)	$ (70)	$ 69
Overfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(153)	(113)	(143)
Effect of changes actuarial assumptions	(65)	(271)	184
Return on plan assets (excluding interest income)		281	(284)
Change of asset ceiling / costly liabilities (excluding interest income)	47	(36)	70
Others	(3)
Total	(21)	(26)	(30)
Deferred income tax	7	9	10
Total retirement benefit obligation	(14)	(17)	(20)
Translation adjustments	4	(23)	49
Transfers/ disposal			1
Accumulated other comprehensive income	(163)	(153)	(113)
Underfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(496)	(495)	(570)
Effect of changes actuarial assumptions	(167)	(117)	70
Return on plan assets (excluding interest income)	167	71	(8)
Others		35	2
Total		(11)	64
Deferred income tax	(3)	16	2
Total retirement benefit obligation	(3)	5	66
Translation adjustments	4	(6)	10
Transfers/ disposal	(1)		(1)
Accumulated other comprehensive income	(496)	(496)	(495)
Other benefits
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(160)	(95)	(132)
Effect of changes actuarial assumptions	(27)	(75)	31
Others	(14)		1
Total	(41)	(75)	32
Deferred income tax	12	17	(9)
Total retirement benefit obligation	(29)	(58)	23
Translation adjustments	1	(7)	14
Transfers/ disposal	(1)
Accumulated other comprehensive income	$ (189)	$ (160)	$ (95)

Employee benefits - Actuarial a

Employee benefits - Actuarial and economic assumptions and sensitivity analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Actuarial and economic assumptions and sensitivity analysis
Profitability projections of investments period (in years)	10 years
Overfunded pension plans | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate-1% increase - Actuarial liability balance	$ 3,126
Nominal discount rate-1% increase - Assumptions made	10.75%
Nominal discount rate-1% reduction - Actuarial liability balance	$ 3,715
Nominal discount rate-1% reduction - Assumptions made	8.75%
Overfunded pension plans | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate of benefit increase	4.85%	6.00%
Nominal average rate of price inflation	4.25%	4.85%
Overfunded pension plans | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.74%	10.98%
Nominal average rate to determine expense/ income	9.74%	10.98%
Nominal average rate of salary increase	4.25%	4.85%
Overfunded pension plans | Plans in Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.85%	11.14%
Nominal average rate to determine expense/ income	9.85%	11.14%
Nominal average rate of salary increase	6.34%	5.95%
Underfunded pension plans | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate-1% increase - Actuarial liability balance	$ 3,943
Nominal discount rate-1% increase - Assumptions made	4.85%
Nominal discount rate-1% reduction - Actuarial liability balance	$ 5,073
Nominal discount rate-1% reduction - Assumptions made	2.85%
Underfunded pension plans | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.84%	10.98%
Nominal average rate to determine expense/ income	9.84%	10.98%
Nominal average rate of salary increase		6.95%
Nominal average rate of benefit increase	4.85%	6.00%
Nominal average rate of price inflation	4.25%	4.85%
Underfunded pension plans | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate of salary increase	4.25%
Underfunded pension plans | Plans in Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate of salary increase	6.34%
Underfunded pension plans | Foreign plan
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	3.26%	3.84%
Nominal average rate to determine expense/ income	3.84%	4.01%
Nominal average rate of salary increase	3.27%	4.05%
Nominal average rate of price inflation	2.10%	2.00%
Other benefits | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate-1% increase - Actuarial liability balance	$ 1,232
Nominal discount rate-1% increase - Assumptions made	5.61%
Nominal discount rate-1% reduction - Actuarial liability balance	$ 1,620
Nominal discount rate-1% reduction - Assumptions made	3.61%
Other benefits | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Immediate health care cost trend rate	7.38%	8.00%
Ultimate health care cost trend rate	7.38%	8.00%
Nominal average rate of price inflation	4.25%	4.85%
Other benefits | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.74%	10.98%
Other benefits | Plans in Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.91%	11.09%
Other benefits | Foreign plan
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	3.44%	3.90%
Nominal average rate of benefit increase	3.00%	3.00%
Immediate health care cost trend rate	5.99%	6.30%
Ultimate health care cost trend rate	4.56%	4.50%
Nominal average rate of price inflation	2.10%	2.00%

Employee benefits - Assets of p

Employee benefits - Assets of pension plans (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Plans in Brazil | Portfolio of Vale's stock
Assets of pension plans
Plan assets	$ 37	$ 26
Plans in Brazil | Brazilian Federal Government securities
Assets of pension plans
Plan assets	4,617	4,374
Foreign plan | Canadian Government securities
Assets of pension plans
Plan assets	$ 864	$ 735

Employee benefits - Overfunded

Employee benefits - Overfunded pension plans - Assets by category (Details) - Overfunded pension plans - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets by category
International investments	$ 24	$ 12
Real estate	365	370
Loans to participants	224	260
Total	6,699	6,317
Funds not related to risk plans	(1,871)	(1,623)
Fair value of plan assets at end of year	4,828	4,694
Corporate
Assets by category
Debt securities	72	117
Government
Assets by category
Debt securities	2,757	2,612
Fixed income
Assets by category
Investments funds	2,515	2,411
Equity
Assets by category
Investments funds	531	168
Private Equity funds
Assets by category
Structured investments	196	357
Real estate funds
Assets by category
Structured investments	15	10
Level 1
Assets by category
International investments	24	12
Total	5,827	5,420
Level 1 | Government
Assets by category
Debt securities	2,757	2,612
Level 1 | Fixed income
Assets by category
Investments funds	2,515	2,411
Level 1 | Equity
Assets by category
Investments funds	531	168
Level 1 | Private Equity funds
Assets by category
Structured investments		217
Level 2
Assets by category
Total	72	117
Level 2 | Corporate
Assets by category
Debt securities	72	117
Level 3
Assets by category
Real estate	365	370
Loans to participants	224	260
Total	800	780	$ 710
Level 3 | Private Equity funds
Assets by category
Structured investments	196	140
Level 3 | Real estate funds
Assets by category
Structured investments	$ 15	$ 10

Employee benefits - Overfund155

Employee benefits - Overfunded pension plans - Measurement of assets at fair value (Details) - Overfunded pension plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Measurement of plan assets
Assets as at beginning of the year	$ 6,317
Assets as at end of the year	6,699	$ 6,317
Level 3
Measurement of plan assets
Assets as at beginning of the year	780	710
Return on plan assets	68	17
Assets purchases	127	90
Assets sold during the year	(162)	(161)
Translation adjustment	(13)	136
Transfer to held for sale		(12)
Assets as at end of the year	800	780
Level 3 | Private equity funds
Measurement of plan assets
Assets as at beginning of the year	140	136
Return on plan assets	37	(19)
Assets purchases	31	30
Assets sold during the year	(8)	(23)
Translation adjustment	(4)	26
Transfer to held for sale		(10)
Assets as at end of the year	196	140
Level 3 | Real estate funds
Measurement of plan assets
Assets as at beginning of the year	10	6
Return on plan assets	(2)
Assets purchases	8	3
Translation adjustment	(1)	1
Assets as at end of the year	15	10
Level 3 | Real estate
Measurement of plan assets
Assets as at beginning of the year	370	319
Return on plan assets	4	3
Assets purchases	13	2
Assets sold during the year	(17)	(17)
Translation adjustment	(5)	63
Assets as at end of the year	365	370
Level 3 | Loans to participants
Measurement of plan assets
Assets as at beginning of the year	260	249
Return on plan assets	29	33
Assets purchases	75	55
Assets sold during the year	(137)	(121)
Translation adjustment	(3)	46
Transfer to held for sale		(2)
Assets as at end of the year	$ 224	$ 260

Employee benefits - Underfunded

Employee benefits - Underfunded pension plans - Assets by category (Details) - Underfunded pension plans - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets by category
Cash and cash equivalents	$ 32	$ 24
Equity securities	1,367	1,240
International investments		27
Real estate	44	24
Loans to participants	5	6
Others	195	173
Total	3,776	3,419
Level 1
Assets by category
Cash and cash equivalents	4
Equity securities	1,364	1,240
Total	1,773	1,557
Level 2
Assets by category
Cash and cash equivalents	28	24
Equity securities	3
International investments		27
Total	1,562	1,472
Level 3
Assets by category
Real estate	44	24
Loans to participants	5	6
Others	195	173
Total	441	390
Corporate
Assets by category
Debt securities	338	10
Corporate | Level 2
Assets by category
Debt securities	338	10
Government
Assets by category
Debt securities	942	819
Government | Level 1
Assets by category
Debt securities	141	83
Government | Level 2
Assets by category
Debt securities	801	736
Fixed income
Assets by category
Investments funds	159	449
Fixed income | Level 1
Assets by category
Investments funds	159	142
Fixed income | Level 2
Assets by category
Investments funds		307
Equity
Assets by category
Investments funds	400	460
Equity | Level 1
Assets by category
Investments funds	8	92
Equity | Level 2
Assets by category
Investments funds	392	368
Private Equity funds
Assets by category
Structured investments	294	187
Private Equity funds | Level 1
Assets by category
Structured investments	97
Private Equity funds | Level 3
Assets by category
Structured investments	$ 197	$ 187

Employee benefits - Underfun157

Employee benefits - Underfunded pension plans, Measurement of plan assets at fair value (Details) - Level 3 - Underfunded pension plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Measurement of plan assets
Assets as at beginning of the year	$ 390	$ 282
Return on plan assets	19	24
Assets purchases	30	176
Assets sold during the year	(19)	(110)
Translation adjustment	(21)	18
Assets as at end of the year	441	390
Private equity funds
Measurement of plan assets
Assets as at beginning of the year	187	98
Return on plan assets	8	15
Assets purchases	13	176
Assets sold during the year	(18)	(110)
Translation adjustment	(7)	8
Assets as at end of the year	197	187
Real estate funds
Measurement of plan assets
Assets as at beginning of the year	24	20
Return on plan assets	1
Assets purchases	17
Assets sold during the year	(1)
Translation adjustment	(3)	4
Assets as at end of the year	44	24
Loans to participants
Measurement of plan assets
Assets as at beginning of the year	6	5
Translation adjustment	1	1
Assets as at end of the year	5	6
Others
Measurement of plan assets
Assets as at beginning of the year	173	159
Return on plan assets	10	9
Translation adjustment	(12)	5
Assets as at end of the year	$ 195	$ 173

Employee benefits - Expected be

Employee benefits - Expected benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Employee benefits
Disbursement of cash flow in 2018	$ 140
2018 | Overfunded pension plans
Employee benefits
Expected benefit payments	97
2018 | Underfunded pension plans
Employee benefits
Expected benefit payments	251
2018 | Other benefits
Employee benefits
Expected benefit payments	67
2019 | Overfunded pension plans
Employee benefits
Expected benefit payments	102
2019 | Underfunded pension plans
Employee benefits
Expected benefit payments	252
2019 | Other benefits
Employee benefits
Expected benefit payments	68
2020 | Overfunded pension plans
Employee benefits
Expected benefit payments	108
2020 | Underfunded pension plans
Employee benefits
Expected benefit payments	252
2020 | Other benefits
Employee benefits
Expected benefit payments	70
2021 | Overfunded pension plans
Employee benefits
Expected benefit payments	82
2021 | Underfunded pension plans
Employee benefits
Expected benefit payments	253
2021 | Other benefits
Employee benefits
Expected benefit payments	72
2022 | Overfunded pension plans
Employee benefits
Expected benefit payments	117
2022 | Underfunded pension plans
Employee benefits
Expected benefit payments	256
2022 | Other benefits
Employee benefits
Expected benefit payments	74
2023 and thereafter | Overfunded pension plans
Employee benefits
Expected benefit payments	641
2023 and thereafter | Underfunded pension plans
Employee benefits
Expected benefit payments	1,311
2023 and thereafter | Other benefits
Employee benefits
Expected benefit payments	$ 397

Employee benefits - Profit shar

Employee benefits - Profit sharing program ("PLR") (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Amount of profit sharing program expense charged to cost of goods sold and services rendered and other operating expenses	$ 780	$ 331	$ 42

Employee benefits - Long-term c

Employee benefits - Long-term compensation plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Long term compensation plan costs	$ 65	$ 37	$ 29
Matching Program
Employee benefits
Vesting period (in years)	3 years
Performance Share Unit Program - PSU
Employee benefits
Vesting period (in years)	4 years
Award paid during 2nd year (in percentage)	20.00%
Award paid during 3rd year (in percentage)	30.00%
Award paid during 4th year (in percentage)	50.00%

Stockholders' equity - Conversi

Stockholders' equity - Conversion preferred shares (Details) - Class A Preferred shares	Oct. 18, 2017	Aug. 17, 2017shares	Jun. 27, 2017
Share capital
Conversion rate for each share of preferred share to common share	0.9342		0.9342
Number of preference shares converted		1,660,581,830
Total number of preferred shares converted (as a percentage)		84.40%

Stockholders' equity - Merger o

Stockholders' equity - Merger of Valepar S.A (Details) $ / shares in Units, $ in Millions	Aug. 14, 2017USD ($)EquityInstruments	Dec. 31, 2016$ / sharesshares	Dec. 31, 2017EquityInstrumentsshares	Aug. 10, 2017shares
Share capital
Number of shares outstanding | shares		5,153,374,926	5,197,432,093	5,153,374,926
Valepar S.A
Share capital
Number of shares outstanding | shares		1,736,775,045
Common share
Share capital
Number of shares outstanding | shares		3,185,653,000	5,197,432,081	3,185,653,000
Number of shares converted into treasury shares | shares		10,397
Common share | Valepar S.A
Share capital
Number of shares outstanding | shares		1,716,435,045
Class A Preferred shares
Share capital
Number of shares outstanding | shares			12	1,967,721,926
Right to withdraw consideration per share | $ / shares		$ 24.26
Number of shares converted into treasury shares | shares		11,130
Valepar S.A
Share capital
Shares issued | EquityInstruments			173,543,667
Number of shares issued to be issued for each share of the Valepar	1.2065
Current assets | $	$ 24
Judicial deposits | $	951
Intangible | $	964
Current liabilities | $	20
Provisions for litigation | $	631
Taxes payable | $	130
Net assets | $	$ 1,158
Valepar S.A | Common share
Share capital
Shares issued | EquityInstruments	173,543,667		173,543,667

Stockholders' equity - Share po

Stockholders' equity - Share position (Details)	5 Months Ended
	Dec. 31, 2017EquityInstrumentsshares	Aug. 14, 2017EquityInstruments	Aug. 10, 2017shares	Dec. 31, 2016shares
Share capital
Shares outstanding	5,197,432,093		5,153,374,926	5,153,374,926
Shares in treasury	87,042,689			90,941,194
Total issued shares	5,284,474,782		5,244,316,120	5,244,316,120
Shares outstanding, voluntary conversion	(129,486,500)
Shares in treasury, voluntary conversion	(133,385,005)
Common share
Share capital
Shares outstanding	5,197,432,081		3,185,653,000	3,185,653,000
Shares in treasury	87,042,689		31,535,402	31,535,402
Total issued shares	5,284,474,770			3,217,188,402
Conversion of the remaining preferred shares	1,838,235,414
Shares in treasury conversion of the remaining preferred shares	55,507,287
Preferred share
Share capital
Shares outstanding	12			1,967,721,926
Shares in treasury			59,405,792	59,405,792
Total issued shares	12			2,027,127,718
Shares in treasury conversion of the remaining preferred shares	(59,405,792)
Class A Preferred shares
Share capital
Shares outstanding	12		1,967,721,926
Conversion of the remaining preferred shares	(1,967,721,914)
Valepar S.A
Share capital
Issue of new shares | EquityInstruments	173,543,667
Valepar S.A | Common share
Share capital
Issue of new shares | EquityInstruments	173,543,667	173,543,667

Stockholders' equity - Share ca

Stockholders' equity - Share capital (Details) - USD ($) $ in Millions	Dec. 31, 2017	Aug. 10, 2017	Dec. 31, 2016
Share capital
Shares outstanding	5,197,432,093	5,153,374,926	5,153,374,926
Shares in treasury	87,042,689		90,941,194
Total issued shares	5,284,474,782	5,244,316,120	5,244,316,120
Amounts per class of shares (in millions)	$ 61,614		$ 61,614
Total authorized shares	7,000,000,000		10,800,000,000
Common share
Share capital
Shares outstanding	5,197,432,081	3,185,653,000	3,185,653,000
Shares in treasury	87,042,689	31,535,402	31,535,402
Total issued shares	5,284,474,770		3,217,188,402
Amounts per class of shares (in millions)	$ 61,614		$ 38,525
Total authorized shares	7,000,000,000		3,600,000,000
Preferred share
Share capital
Shares outstanding	12		1,967,721,926
Shares in treasury		59,405,792	59,405,792
Total issued shares	12		2,027,127,718
Amounts per class of shares (in millions)			$ 23,089
Total authorized shares			7,200,000,000
Class A Preferred shares
Share capital
Shares outstanding	12	1,967,721,926
Litel Participacoes S.A. and Litela Participacoes S.A.
Share capital
Shares outstanding	1,108,483,410
Litel Participacoes S.A. and Litela Participacoes S.A. | Common share
Share capital
Shares outstanding	1,108,483,410
BNDESPar
Share capital
Shares outstanding	401,457,757		272,564,154
BNDESPar | Common share
Share capital
Shares outstanding	401,457,757		206,378,882
BNDESPar | Preferred share
Share capital
Shares outstanding			66,185,272
Bradespar S.A.
Share capital
Shares outstanding	332,965,266
Bradespar S.A. | Common share
Share capital
Shares outstanding	332,965,266
Mitsui & Co., Ltd
Share capital
Shares outstanding	286,347,055
Mitsui & Co., Ltd | Common share
Share capital
Shares outstanding	286,347,055
Valepar S.A
Share capital
Shares outstanding			1,736,775,045
Valepar S.A | Common share
Share capital
Shares outstanding			1,716,435,045
Valepar S.A | Preferred share
Share capital
Shares outstanding			20,340,000
Brazilian Government (Golden Share)
Share capital
Shares outstanding	12		12
Brazilian Government (Golden Share) | Preferred share
Share capital
Shares outstanding	12		12
Foreign investors-ADRs
Share capital
Shares outstanding	1,292,115,112		1,396,948,305
Foreign investors-ADRs | Common share
Share capital
Shares outstanding	1,292,115,112		786,067,634
Foreign investors-ADRs | Preferred share
Share capital
Shares outstanding			610,880,671
FMP-FGTS
Share capital
Shares outstanding	62,061,672		70,662,746
FMP-FGTS | Common share
Share capital
Shares outstanding	62,061,672		70,662,746
PIBB-Fund
Share capital
Shares outstanding	2,632,618		1,912,831
PIBB-Fund | Common share
Share capital
Shares outstanding	2,632,618		741,730
PIBB-Fund | Preferred share
Share capital
Shares outstanding			1,171,101
Foreign institutional investors in local market
Share capital
Shares outstanding	1,129,164,954		1,088,621,672
Foreign institutional investors in local market | Common share
Share capital
Shares outstanding	1,129,164,954		262,868,264
Foreign institutional investors in local market | Preferred share
Share capital
Shares outstanding			825,753,408
Institutional investors
Share capital
Shares outstanding	277,003,730		238,006,809
Institutional investors | Common share
Share capital
Shares outstanding	277,003,730		104,510,549
Institutional investors | Preferred share
Share capital
Shares outstanding			133,496,260
Retail investors in Brazil
Share capital
Shares outstanding	305,200,507		347,883,352
Retail investors in Brazil | Common share
Share capital
Shares outstanding	305,200,507		37,988,150
Retail investors in Brazil | Preferred share
Share capital
Shares outstanding			309,895,202

Stockholders' equity - Remunera

Stockholders' equity - Remuneration to the Company's stockholders (Details) $ / shares in Units, R$ in Millions, $ in Millions	Feb. 26, 2018BRL (R$)	Feb. 26, 2018USD ($)	Dec. 14, 2017BRL (R$)	Dec. 14, 2017USD ($)	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)
Stockholders' equity
Minimum percentage of remuneration on the adjusted net income					25.00%
Net income of the year					$ 5,507	$ 3,982	$ (12,129)
Appropriation to legal reserve					(275)
Appropriation to tax incentive reserve					(216)
Net income after appropriations to legal reserve and tax incentive reserve					5,016
Minimum mandatory remuneration					1,475
Appropriation to investments reserve					$ 3,541
Minimum mandatory remuneration per share | $ / shares					$ 0.283780156
Advance of the stockholders' remuneration			R$ 2183	$ 682
Complementary stockholders' remuneration payment	R$ 2538	$ 793
Remuneration paid to stockholders					$ 1,456	$ 250
Remuneration paid to stockholders based on the on interest on capital (per share) | $ / shares					$ 0.282400343	$ 0.048511898

Stockholders' equity - Profit r

Stockholders' equity - Profit reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Profit reserves
Balance	$ 41,024	$ 35,704	$ 56,321
Allocation of Income (loss)	5,521	3,976	(12,620)
Dividends and interest on capital of Vale's stockholders	(2,133)	(1,061)	(1,500)
Translation adjustments	1,026	(3,677)	10,244
Balance	$ 44,772	41,024	35,704
Maximum percentage of distributable income reserve for maintenance and development	50.00%
Percentage of distributable income retained for capital investments budget	50.00%
Investments reserve
Profit reserves
Balance	$ 1,808
Allocation of Income (loss)	3,541	1,808
Translation adjustments	(140)
Balance	5,209	1,808
Legal reserve
Profit reserves
Balance	1,384	985
Allocation of Income (loss)	275	204
Translation adjustments	(29)	195
Balance	1,630	1,384	985
Tax incentive reserve
Profit reserves
Balance	377
Allocation of Income (loss)	216	377
Translation adjustments	(13)
Balance	580	377
Additional Remuneration reserve
Profit reserves
Balance	634
Allocation of Income (loss)		634
Dividends and interest on capital of Vale's stockholders	(658)
Translation adjustments	24
Balance		634
Profit reserves
Profit reserves
Balance	4,203	985
Allocation of Income (loss)	4,032	3,023
Dividends and interest on capital of Vale's stockholders	(658)
Translation adjustments	(158)	195
Balance	$ 7,419	$ 4,203	$ 985

Stockholders' equity - Unrealiz

Stockholders' equity - Unrealized fair value gain (losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Unrealized fair value gain (losses)
Balance	$ 41,024	$ 35,704	$ 56,321
Translation adjustments	1,026	(3,677)	10,244
Balance	44,772	41,024	35,704
Unrealized fair value gain (losses)
Unrealized fair value gain (losses)
Balance	(1,147)	(992)
Other comprehensive income	(46)	(62)
Translation adjustments	10	(93)
Balance	(1,183)	(1,147)	(992)
Retirement benefit obligations
Unrealized fair value gain (losses)
Balance	(809)	(703)
Other comprehensive income	(46)	(70)
Translation adjustments	10	(36)
Balance	(845)	(809)	(703)
Cash flow hedge
Unrealized fair value gain (losses)
Balance		(6)
Other comprehensive income		7
Translation adjustments		(1)
Balance			(6)
Available-for-sale- financial instruments
Unrealized fair value gain (losses)
Balance		(1)
Other comprehensive income		1
Balance			(1)
Conversion shares
Unrealized fair value gain (losses)
Balance	(338)	(282)
Translation adjustments		(56)
Balance	$ (338)	$ (338)	$ (282)

Stockholders' equity - Sharehol

Stockholders' equity - Shareholders' Agreement (Details) - Valepar Agreement	Aug. 14, 2017
Shareholders Agreement
Percentage of shareholders that will be bind by a new shareholders' agreement post merger	20.00%
Valepar Agreement term (in months)	6 months

Related parties (Details)

Related parties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Transactions with related parties
Net operating revenue	$ 736	$ 512	$ 492
Cost and operating expenses	(1,972)	(966)	(898)
Financial result	104	(49)	8
Outstanding balances with related parties
Accounts receivable	111	104
Dividends receivable	126	73
Loans to related parties	4,526
Other assets	17
Supplier and contractors	212	106
Loans from related parties	1,245	440
Others liabilities	612	359
Joint Ventures
Transactions with related parties
Net operating revenue	399	166	139
Cost and operating expenses	(1,943)	(916)	(815)
Financial result	118	(29)
Outstanding balances with related parties
Accounts receivable	73	69
Dividends receivable	112	53
Loans to related parties	4,526
Other assets	17
Supplier and contractors	192	95
Others liabilities	612	359
Associates
Transactions with related parties
Net operating revenue	337	346	353
Cost and operating expenses	(29)	(50)	(83)
Financial result	(14)	(20)	$ 8
Outstanding balances with related parties
Accounts receivable	38	35
Dividends receivable	14	20
Supplier and contractors	20	11
Loans from related parties	1,245	$ 440
Nacala BV
Outstanding balances with related parties
Loans to related parties	$ 4,526
Loans from/to related parties
Interest rate	7.44%
Pangea Emirates Ltd
Outstanding balances with related parties
Loans from related parties	$ 1,166
Loans from/to related parties
Interest rate	6.54%

Related parties - Key managemen

Related parties - Key management personnel remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Short- term benefits
Wages or pro- labor	$ 9	$ 8	$ 8
Direct and indirect benefits	10	4	6
Profit sharing program ("PLR")	10		8
Total short- term benefits:	29	12	22
Long- term benefits
Shares based	16	1	1
Severance	7	5	6
Total short and long-term benefits	$ 52	$ 18	$ 29

Commitments - Contractual oblig

Commitments - Contractual obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments
Operating lease	$ 1,053
Purchase obligations	8,263
Total minimum payments required	9,316
Pelletizing companies
Commitments
Operational leasing expenses	664	$ 266	$ 329
2,018
Commitments
Operating lease	283
Purchase obligations	2,191
Total minimum payments required	2,474
2,019
Commitments
Operating lease	192
Purchase obligations	1,021
Total minimum payments required	1,213
2,020
Commitments
Operating lease	179
Purchase obligations	686
Total minimum payments required	865
2,021
Commitments
Operating lease	178
Purchase obligations	604
Total minimum payments required	782
2022 and thereafter
Commitments
Operating lease	221
Purchase obligations	3,761
Total minimum payments required	$ 3,982
Minimum | Pelletizing companies
Commitments
Lease term (in years)	3 years
Maximum | Pelletizing companies
Commitments
Lease term (in years)	10 years

Commitments - Guarantees provid

Commitments - Guarantees provided(Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Judicial Claims
Commitments
Property, plant and equipment, Net Carrying Value Pledged	$ 15	$ 35
Norte Energia S.A.
Commitments
Guaranteed amount	378
Companhia Siderurgica do Pecem S.A.
Commitments
Guaranteed amount	$ 1,497

Commitments - Nickel Operations

Commitments - Nickel Operations (Details) - PTVI	12 Months Ended
	Dec. 31, 2017
Commitments
Divestment of shares to Indonesian participants ( as a percentage )	20.00%
Shares registered with Indonesian stock exchange ( as a percentage )	20.00%

Additional information about174

Additional information about derivatives financial instruments - Sensitivity analysis of derivative financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Scenario I
Derivative financial instruments
Percentage of deterioration of risk variables	25.00%
Scenario II
Derivative financial instruments
Percentage of deterioration of risk variables	50.00%
CDI vs. US$ fixed rate swap
Derivative financial instruments
Fair value of liabilities	$ (33)	$ (121)
CDI vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments
Fair value of liabilities	(33)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments
Fair value of liabilities	(300)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments
Fair value of liabilities	(567)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments
Fair value of liabilities	(33)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(42)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(53)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments
Fair value of liabilities	(33)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(35)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(37)
TJLP vs. US$ fixed rate swap
Derivative financial instruments
Fair value of liabilities	(380)	(622)
TJLP vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments
Fair value of liabilities	(380)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments
Fair value of liabilities	(705)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments
Fair value of liabilities	(1,029)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments
Fair value of liabilities	(380)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(395)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(409)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments
Fair value of liabilities	(380)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(405)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(427)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Probable
Derivative financial instruments
Fair value of liabilities	(380)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(403)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(425)
TJLP vs. US$ floating rate swap | R$ depreciation | Probable
Derivative financial instruments
Fair value of liabilities	(54)
TJLP vs. US$ floating rate swap | R$ depreciation | Scenario I
Derivative financial instruments
Fair value of liabilities	(83)
TJLP vs. US$ floating rate swap | R$ depreciation | Scenario II
Derivative financial instruments
Fair value of liabilities	(112)
TJLP vs. US$ floating rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments
Fair value of liabilities	(54)
TJLP vs. US$ floating rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(54)
TJLP vs. US$ floating rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(56)
TJLP vs. US$ floating rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments
Fair value of liabilities	(54)
TJLP vs. US$ floating rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(55)
TJLP vs. US$ floating rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(57)
TJLP vs. US$ floating rate swap | TJLP interest rate decrease | Probable
Derivative financial instruments
Fair value of liabilities	(54)
TJLP vs. US$ floating rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(55)
TJLP vs. US$ floating rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(56)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments
Fair value of liabilities		(13)
Fair value of assets	25
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments
Fair value of assets	25
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments
Fair value of liabilities	(57)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments
Fair value of liabilities	(138)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments
Fair value of assets	25
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments
Fair value of assets	13
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments
Fair value of assets	1
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments
Fair value of assets	25
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(2)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(25)
IPCA vs. US$ fixed rate swap
Derivative financial instruments
Fair value of liabilities	(35)	(51)
IPCA vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments
Fair value of liabilities	(34)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments
Fair value of liabilities	(150)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments
Fair value of liabilities	(266)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments
Fair value of liabilities	(34)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(39)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(44)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments
Fair value of liabilities	(34)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(50)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(64)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Probable
Derivative financial instruments
Fair value of liabilities	(34)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(43)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(52)
IPCA vs. CDI swap | Brazilian interest rate increase | Probable
Derivative financial instruments
Fair value of assets	85
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments
Fair value of assets	53
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments
Fair value of assets	25
IPCA vs. CDI swap | IPCA index decrease | Probable
Derivative financial instruments
Fair value of assets	85
IPCA vs. CDI swap | IPCA index decrease | Scenario I
Derivative financial instruments
Fair value of assets	67
IPCA vs. CDI swap | IPCA index decrease | Scenario II
Derivative financial instruments
Fair value of assets	50
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(67)
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(50)
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments
Fair value of liabilities		$ (52)
Fair value of assets	23
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Probable
Derivative financial instruments
Fair value of assets	23
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario I
Derivative financial instruments
Fair value of liabilities	(158)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario II
Derivative financial instruments
Fair value of liabilities	(338)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Probable
Derivative financial instruments
Fair value of assets	23
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario I
Derivative financial instruments
Fair value of assets	15
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario II
Derivative financial instruments
Fair value of assets	8
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Probable
Derivative financial instruments
Fair value of assets	23
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario I
Derivative financial instruments
Fair value of assets	6
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(12)
Protected item: EUR denominated debt | EUR depreciation | Scenario I
Derivative financial instruments
Fair value of assets	158
Protected item: EUR denominated debt | EUR depreciation | Scenario II
Derivative financial instruments
Fair value of assets	338
Nickel sales fixed price protection - Forwards | Nickel price decrease | Probable
Derivative financial instruments
Fair value of assets	24
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(6)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	(37)
Protected item: Part of nickel revenues with fixed prices | Nickel price fluctuation | Scenario I
Derivative financial instruments
Fair value of assets	6
Protected item: Part of nickel revenues with fixed prices | Nickel price fluctuation | Scenario II
Derivative financial instruments
Fair value of assets	37
Purchase protection program - Nickel forwards | Nickel price increase | Probable
Derivative financial instruments
Fair value of assets	0
Purchase protection program - Nickel forwards | Nickel price increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(1)
Purchase protection program - Nickel forwards | Nickel price increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(2)
Protected item: Part of costs linked to nickel prices | Nickel price increase | Scenario I
Derivative financial instruments
Fair value of assets	1
Protected item: Part of costs linked to nickel prices | Nickel price increase | Scenario II
Derivative financial instruments
Fair value of assets	2
Purchase protection program - Copper forwards | Copper price increase | Probable
Derivative financial instruments
Fair value of liabilities	0
Purchase protection program - Copper forwards | Copper price increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(0.2)
Purchase protection program - Copper forwards | Copper price increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(0.3)
Protected item: Part of costs linked to copper prices | Copper price increase | Scenario I
Derivative financial instruments
Fair value of assets	0.2
Protected item: Part of costs linked to copper prices | Copper price increase | Scenario II
Derivative financial instruments
Fair value of assets	0.3
WPM Warrants | WPM stock price decrease | Probable
Derivative financial instruments
Fair value of assets	39
WPM Warrants | WPM stock price decrease | Scenario I
Derivative financial instruments
Fair value of assets	19
WPM Warrants | WPM stock price decrease | Scenario II
Derivative financial instruments
Fair value of assets	6
Conversion options - VLI | VLI stock value increase | Probable
Derivative financial instruments
Fair value of liabilities	(57)
Conversion options - VLI | VLI stock value increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(92)
Conversion options - VLI | VLI stock value increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(137)
Options - MBR | MBR stock value decrease | Probable
Derivative financial instruments
Fair value of assets	251
Options - MBR | MBR stock value decrease | Scenario I
Derivative financial instruments
Fair value of assets	150
Options - MBR | MBR stock value decrease | Scenario II
Derivative financial instruments
Fair value of assets	74
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Probable
Derivative financial instruments
Fair value of assets	1
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(7)
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(14)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Probable
Derivative financial instruments
Fair value of assets	0
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(5)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(9)
Embedded derivatives - Gas purchase | Pellet price increase | Probable
Derivative financial instruments
Fair value of liabilities	(2)
Embedded derivatives - Gas purchase | Pellet price increase | Scenario I
Derivative financial instruments
Fair value of liabilities	(4)
Embedded derivatives - Gas purchase | Pellet price increase | Scenario II
Derivative financial instruments
Fair value of liabilities	(7)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Probable
Derivative financial instruments
Fair value of liabilities	(133)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario I
Derivative financial instruments
Fair value of liabilities	(262)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario II
Derivative financial instruments
Fair value of liabilities	$ (472)

Additional information about175

Additional information about derivatives financial instruments - Market curves, Products (Details)	12 Months Ended
	Dec. 31, 2017$ / lb$ / T
SPOT | Nickel
Product price market curves
Price	12,260
SPOT | Copper
Product price market curves
Price | $ / lb	3.30
SPOT | Bunker Oil
Product price market curves
Price	375
JAN18 | Nickel
Product price market curves
Price	12,725
JAN18 | Copper
Product price market curves
Price | $ / lb	3.28
JAN18 | Bunker Oil
Product price market curves
Price	376
FEB18 | Nickel
Product price market curves
Price	12,745
FEB18 | Copper
Product price market curves
Price | $ / lb	3.28
FEB18 | Bunker Oil
Product price market curves
Price	376
MAR18 | Nickel
Product price market curves
Price	12,767
MAR18 | Copper
Product price market curves
Price | $ / lb	3.29
MAR18 | Bunker Oil
Product price market curves
Price	376
APR18 | Nickel
Product price market curves
Price	12,789
APR18 | Copper
Product price market curves
Price | $ / lb	3.29
APR18 | Bunker Oil
Product price market curves
Price	375
MAY18 | Nickel
Product price market curves
Price	12,812
MAY18 | Copper
Product price market curves
Price | $ / lb	3.30
MAY18 | Bunker Oil
Product price market curves
Price	375
JUN18 | Nickel
Product price market curves
Price	12,833
JUN18 | Copper
Product price market curves
Price | $ / lb	3.30
JUN18 | Bunker Oil
Product price market curves
Price	374
JUL18 | Nickel
Product price market curves
Price	12,857
JUL18 | Copper
Product price market curves
Price | $ / lb	3.31
JUL18 | Bunker Oil
Product price market curves
Price	372
AUG18 | Nickel
Product price market curves
Price	12,878
AUG18 | Copper
Product price market curves
Price | $ / lb	3.31
AUG18 | Bunker Oil
Product price market curves
Price	371
SEP18 | Nickel
Product price market curves
Price	12,896
SEP18 | Copper
Product price market curves
Price | $ / lb	3.31
SEP18 | Bunker Oil
Product price market curves
Price	369
OCT18 | Nickel
Product price market curves
Price	12,920
OCT18 | Copper
Product price market curves
Price | $ / lb	3.31
OCT18 | Bunker Oil
Product price market curves
Price	368
NOV18 | Nickel
Product price market curves
Price	12,940
NOV18 | Copper
Product price market curves
Price | $ / lb	3.31
NOV18 | Bunker Oil
Product price market curves
Price	366
DEC18 | Nickel
Product price market curves
Price	12,960
DEC18 | Copper
Product price market curves
Price | $ / lb	3.32
DEC18 | Bunker Oil
Product price market curves
Price	364
DEC19 | Nickel
Product price market curves
Price	13,167
DEC19 | Copper
Product price market curves
Price | $ / lb	3.33
DEC19 | Bunker Oil
Product price market curves
Price	303
DEC20 | Nickel
Product price market curves
Price	13,354
DEC20 | Copper
Product price market curves
Price | $ / lb	3.33
DEC20 | Bunker Oil
Product price market curves
Price	277
DEC21 | Nickel
Product price market curves
Price	13,454
DEC21 | Copper
Product price market curves
Price | $ / lb	3.33
DEC21 | Bunker Oil
Product price market curves
Price	255

Additional information about176

Additional information about derivatives financial instruments - Market curves, Interest rates (Details)	Dec. 31, 2017
US$-Brazil Interest Rate | Maturity on 01/02/18
Interest rate curves
Interest rate	2.86%
US$-Brazil Interest Rate | Maturity on 02/01/18
Interest rate curves
Interest rate	4.04%
US$-Brazil Interest Rate | Maturity on 03/01/18
Interest rate curves
Interest rate	3.27%
US$-Brazil Interest Rate | Maturity on 04/02/18
Interest rate curves
Interest rate	2.96%
US$-Brazil Interest Rate | Maturity on 05/02/18
Interest rate curves
Interest rate	2.84%
US$-Brazil Interest Rate | Maturity on 06/01/18
Interest rate curves
Interest rate	2.78%
US$-Brazil Interest Rate | Maturity on 07/02/18
Interest rate curves
Interest rate	2.73%
US$-Brazil Interest Rate | Maturity on 08/01/18
Interest rate curves
Interest rate	2.72%
US$-Brazil Interest Rate | Maturity on 09/03/18
Interest rate curves
Interest rate	2.69%
US$-Brazil Interest Rate | Maturity on 10/01/18
Interest rate curves
Interest rate	2.71%
US$-Brazil Interest Rate | Maturity on 11/01/18
Interest rate curves
Interest rate	2.77%
US$-Brazil Interest Rate | Maturity on 12/03/18
Interest rate curves
Interest rate	2.71%
US$-Brazil Interest Rate | Maturity on 01/02/19
Interest rate curves
Interest rate	2.82%
US$-Brazil Interest Rate | Maturity on 04/01/19
Interest rate curves
Interest rate	2.85%
US$-Brazil Interest Rate | Maturity on 07/01/19
Interest rate curves
Interest rate	2.91%
US$-Brazil Interest Rate | Maturity on 10/01/19
Interest rate curves
Interest rate	2.94%
US$-Brazil Interest Rate | Maturity on 01/02/20
Interest rate curves
Interest rate	3.02%
US$-Brazil Interest Rate | Maturity on 04/01/20
Interest rate curves
Interest rate	3.03%
US$-Brazil Interest Rate | Maturity on 07/01/20
Interest rate curves
Interest rate	3.06%
US$-Brazil Interest Rate | Maturity on 10/01/20
Interest rate curves
Interest rate	3.13%
US$-Brazil Interest Rate | Maturity on 01/04/21
Interest rate curves
Interest rate	3.19%
US$-Brazil Interest Rate | Maturity on 04/01/21
Interest rate curves
Interest rate	3.22%
US$-Brazil Interest Rate | Maturity on 07/01/21
Interest rate curves
Interest rate	3.26%
US$-Brazil Interest Rate | Maturity on 10/01/21
Interest rate curves
Interest rate	3.31%
US$-Brazil Interest Rate | Maturity on 01/03/22
Interest rate curves
Interest rate	3.42%
US$-Brazil Interest Rate | Maturity on 04/01/22
Interest rate curves
Interest rate	3.43%
US$-Brazil Interest Rate | Maturity on 07/01/22
Interest rate curves
Interest rate	3.44%
US$-Brazil Interest Rate | Maturity on 10/03/22
Interest rate curves
Interest rate	3.48%
US$-Brazil Interest Rate | Maturity on 01/02/23
Interest rate curves
Interest rate	3.60%
US$-Brazil Interest Rate | Maturity on 07/03/23
Interest rate curves
Interest rate	3.65%
US$ Interest Rate | JAN18
Interest rate curves
Interest rate	1.57%
US$ Interest Rate | FEB18
Interest rate curves
Interest rate	1.62%
US$ Interest Rate | MAR18
Interest rate curves
Interest rate	1.70%
US$ Interest Rate | APR18
Interest rate curves
Interest rate	1.77%
US$ Interest Rate | MAY18
Interest rate curves
Interest rate	1.81%
US$ Interest Rate | JUN18
Interest rate curves
Interest rate	1.83%
US$ Interest Rate | JUL18
Interest rate curves
Interest rate	1.85%
US$ Interest Rate | AUG18
Interest rate curves
Interest rate	1.87%
US$ Interest Rate | SEP18
Interest rate curves
Interest rate	1.88%
US$ Interest Rate | OCT18
Interest rate curves
Interest rate	1.89%
US$ Interest Rate | NOV18
Interest rate curves
Interest rate	1.90%
US$ Interest Rate | 2018
Interest rate curves
Interest rate	1.90%
US$ Interest Rate | 2019
Interest rate curves
Interest rate	2.11%
US$ Interest Rate | 2020
Interest rate curves
Interest rate	2.23%
US$ Interest Rate | 2021
Interest rate curves
Interest rate	2.29%
TJLP | Maturity on 01/02/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 02/01/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 03/01/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 04/02/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 05/02/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 06/01/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 07/02/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 08/01/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 09/03/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 10/01/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 11/01/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 12/03/18
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 01/02/19
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 04/01/19
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 07/01/19
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 10/01/19
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 01/02/20
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 04/01/20
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 07/01/20
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 10/01/20
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 01/04/21
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 04/01/21
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 07/01/21
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 10/01/21
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 01/03/22
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 04/01/22
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 07/01/22
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 10/03/22
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 01/02/23
Interest rate curves
Interest rate	7.00%
TJLP | Maturity on 07/03/23
Interest rate curves
Interest rate	7.00%
BRL Interest Rate | Maturity on 01/02/18
Interest rate curves
Interest rate	6.89%
BRL Interest Rate | Maturity on 02/01/18
Interest rate curves
Interest rate	6.90%
BRL Interest Rate | Maturity on 03/01/18
Interest rate curves
Interest rate	6.82%
BRL Interest Rate | Maturity on 04/02/18
Interest rate curves
Interest rate	6.76%
BRL Interest Rate | Maturity on 05/02/18
Interest rate curves
Interest rate	6.73%
BRL Interest Rate | Maturity on 06/01/18
Interest rate curves
Interest rate	6.71%
BRL Interest Rate | Maturity on 07/02/18
Interest rate curves
Interest rate	6.66%
BRL Interest Rate | Maturity on 08/01/18
Interest rate curves
Interest rate	6.67%
BRL Interest Rate | Maturity on 09/03/18
Interest rate curves
Interest rate	6.70%
BRL Interest Rate | Maturity on 10/01/18
Interest rate curves
Interest rate	6.72%
BRL Interest Rate | Maturity on 11/01/18
Interest rate curves
Interest rate	6.74%
BRL Interest Rate | Maturity on 12/03/18
Interest rate curves
Interest rate	6.80%
BRL Interest Rate | Maturity on 01/02/19
Interest rate curves
Interest rate	6.87%
BRL Interest Rate | Maturity on 04/01/19
Interest rate curves
Interest rate	7.11%
BRL Interest Rate | Maturity on 07/01/19
Interest rate curves
Interest rate	7.41%
BRL Interest Rate | Maturity on 10/01/19
Interest rate curves
Interest rate	7.78%
BRL Interest Rate | Maturity on 01/02/20
Interest rate curves
Interest rate	8.07%
BRL Interest Rate | Maturity on 04/01/20
Interest rate curves
Interest rate	8.38%
BRL Interest Rate | Maturity on 07/01/20
Interest rate curves
Interest rate	8.63%
BRL Interest Rate | Maturity on 10/01/20
Interest rate curves
Interest rate	8.88%
BRL Interest Rate | Maturity on 01/04/21
Interest rate curves
Interest rate	9.06%
BRL Interest Rate | Maturity on 04/01/21
Interest rate curves
Interest rate	9.24%
BRL Interest Rate | Maturity on 07/01/21
Interest rate curves
Interest rate	9.40%
BRL Interest Rate | Maturity on 10/01/21
Interest rate curves
Interest rate	9.55%
BRL Interest Rate | Maturity on 01/03/22
Interest rate curves
Interest rate	9.66%
BRL Interest Rate | Maturity on 04/01/22
Interest rate curves
Interest rate	9.75%
BRL Interest Rate | Maturity on 07/01/22
Interest rate curves
Interest rate	9.84%
BRL Interest Rate | Maturity on 10/03/22
Interest rate curves
Interest rate	9.92%
BRL Interest Rate | Maturity on 01/02/23
Interest rate curves
Interest rate	9.99%
BRL Interest Rate | Maturity on 07/03/23
Interest rate curves
Interest rate	10.12%
Implicit Inflation (IPCA) | Maturity on 01/02/18
Interest rate curves
Interest rate	4.27%
Implicit Inflation (IPCA) | Maturity on 02/01/18
Interest rate curves
Interest rate	4.27%
Implicit Inflation (IPCA) | Maturity on 03/01/18
Interest rate curves
Interest rate	4.20%
Implicit Inflation (IPCA) | Maturity on 04/02/18
Interest rate curves
Interest rate	4.14%
Implicit Inflation (IPCA) | Maturity on 05/02/18
Interest rate curves
Interest rate	4.11%
Implicit Inflation (IPCA) | Maturity on 06/01/18
Interest rate curves
Interest rate	4.09%
Implicit Inflation (IPCA) | Maturity on 07/02/18
Interest rate curves
Interest rate	4.04%
Implicit Inflation (IPCA) | Maturity on 08/01/18
Interest rate curves
Interest rate	4.05%
Implicit Inflation (IPCA) | Maturity on 09/03/18
Interest rate curves
Interest rate	4.08%
Implicit Inflation (IPCA) | Maturity on 10/01/18
Interest rate curves
Interest rate	4.10%
Implicit Inflation (IPCA) | Maturity on 11/01/18
Interest rate curves
Interest rate	4.12%
Implicit Inflation (IPCA) | Maturity on 12/03/18
Interest rate curves
Interest rate	4.18%
Implicit Inflation (IPCA) | Maturity on 01/02/19
Interest rate curves
Interest rate	4.24%
Implicit Inflation (IPCA) | Maturity on 04/01/19
Interest rate curves
Interest rate	4.33%
Implicit Inflation (IPCA) | Maturity on 07/01/19
Interest rate curves
Interest rate	4.52%
Implicit Inflation (IPCA) | Maturity on 10/01/19
Interest rate curves
Interest rate	4.57%
Implicit Inflation (IPCA) | Maturity on 01/02/20
Interest rate curves
Interest rate	4.62%
Implicit Inflation (IPCA) | Maturity on 04/01/20
Interest rate curves
Interest rate	4.66%
Implicit Inflation (IPCA) | Maturity on 07/01/20
Interest rate curves
Interest rate	4.69%
Implicit Inflation (IPCA) | Maturity on 10/01/20
Interest rate curves
Interest rate	4.72%
Implicit Inflation (IPCA) | Maturity on 01/04/21
Interest rate curves
Interest rate	4.72%
Implicit Inflation (IPCA) | Maturity on 04/01/21
Interest rate curves
Interest rate	4.75%
Implicit Inflation (IPCA) | Maturity on 07/01/21
Interest rate curves
Interest rate	4.78%
Implicit Inflation (IPCA) | Maturity on 10/01/21
Interest rate curves
Interest rate	4.81%
Implicit Inflation (IPCA) | Maturity on 01/03/22
Interest rate curves
Interest rate	4.82%
Implicit Inflation (IPCA) | Maturity on 04/01/22
Interest rate curves
Interest rate	4.82%
Implicit Inflation (IPCA) | Maturity on 07/01/22
Interest rate curves
Interest rate	4.84%
Implicit Inflation (IPCA) | Maturity on 10/03/22
Interest rate curves
Interest rate	4.85%
Implicit Inflation (IPCA) | Maturity on 01/02/23
Interest rate curves
Interest rate	4.87%
Implicit Inflation (IPCA) | Maturity on 07/03/23
Interest rate curves
Interest rate	4.91%
EUR Interest Rate | JAN18
Interest rate curves
Interest rate	0.41%
EUR Interest Rate | FEB18
Interest rate curves
Interest rate	0.39%
EUR Interest Rate | MAR18
Interest rate curves
Interest rate	0.38%
EUR Interest Rate | APR18
Interest rate curves
Interest rate	0.34%
EUR Interest Rate | MAY18
Interest rate curves
Interest rate	0.32%
EUR Interest Rate | JUN18
Interest rate curves
Interest rate	0.30%
EUR Interest Rate | JUL18
Interest rate curves
Interest rate	0.29%
EUR Interest Rate | AUG18
Interest rate curves
Interest rate	0.28%
EUR Interest Rate | SEP18
Interest rate curves
Interest rate	0.27%
EUR Interest Rate | OCT18
Interest rate curves
Interest rate	0.27%
EUR Interest Rate | NOV18
Interest rate curves
Interest rate	0.26%
EUR Interest Rate | 2018
Interest rate curves
Interest rate	0.26%
EUR Interest Rate | 2019
Interest rate curves
Interest rate	0.15%
EUR Interest Rate | 2020
Interest rate curves
Interest rate	0.01%
EUR Interest Rate | 2021
Interest rate curves
Interest rate	0.15%
CAD Interest Rate | JAN18
Interest rate curves
Interest rate	1.45%
CAD Interest Rate | FEB18
Interest rate curves
Interest rate	1.48%
CAD Interest Rate | MAR18
Interest rate curves
Interest rate	1.55%
CAD Interest Rate | APR18
Interest rate curves
Interest rate	1.64%
CAD Interest Rate | MAY18
Interest rate curves
Interest rate	1.70%
CAD Interest Rate | JUN18
Interest rate curves
Interest rate	1.73%
CAD Interest Rate | JUL18
Interest rate curves
Interest rate	1.49%
CAD Interest Rate | AUG18
Interest rate curves
Interest rate	1.31%
CAD Interest Rate | SEP18
Interest rate curves
Interest rate	1.19%
CAD Interest Rate | OCT18
Interest rate curves
Interest rate	1.07%
CAD Interest Rate | NOV18
Interest rate curves
Interest rate	0.99%
CAD Interest Rate | 2018
Interest rate curves
Interest rate	0.91%
CAD Interest Rate | 2019
Interest rate curves
Interest rate	2.09%
CAD Interest Rate | 2020
Interest rate curves
Interest rate	2.22%
CAD Interest Rate | 2021
Interest rate curves
Interest rate	2.30%

Additional information about177

Additional information about derivatives financial instruments - Currency ending rates (Details)	Dec. 31, 2017$ / R$	Dec. 31, 2017€ / $	Dec. 31, 2017$ / $	Dec. 31, 2017R$ / $	Dec. 31, 2017R$ / €	Dec. 31, 2017R$ / $	Dec. 31, 2017R$ / $	Dec. 31, 2016R$ / $	Dec. 31, 2016R$ / €	Dec. 31, 2016R$ / $	Dec. 31, 2016R$ / $	Dec. 31, 2015R$ / $	Dec. 31, 2015R$ / €	Dec. 31, 2015R$ / $	Dec. 31, 2015R$ / $
Additional information about derivatives financial instruments
Currencies - Ending rates	3.3080	1.1953	0.7961	3.3080	3.9693	2.6344	2.5849	3.2591	3.4384	2.4258	2.3560	3.9048	4.2504	2.8171	2.8532