Vale (VALE) 20-F 18 Apr 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document and Entity Information
Entity Registrant Name	Vale S.A.
Entity Central Index Key	0000917851
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Common share
Document and Entity Information
Entity Common Stock, Shares Outstanding	5,126,258,410
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, 2018	Dec. 31, 2017	Dec. 31, 2016
Continuing operations
Net operating revenue	$ 36,575	$ 33,967	$ 27,488
Cost of goods sold and services rendered	(22,109)	(21,039)	(17,650)
Gross Profit	14,466	12,928	9,838
Operating expenses
Selling and administrative expenses	(523)	(531)	(507)
Research and evaluation expenses	(373)	(340)	(319)
Pre operating and operational stoppage	(271)	(413)	(453)
Other operating expenses, net	(445)	(420)	(267)
Total	(1,612)	(1,704)	(1,546)
Impairment loss (reversal of impairment loss) recognised in profit or loss	899	294	1,240
Operating income	11,955	10,930	7,052
Financial income	423	478	170
Financial expenses	(2,345)	(3,273)	(2,677)
Other financial items	(3,035)	(224)	4,350
Equity results and other results in associates and joint ventures	(182)	(82)	(911)
Income before income taxes	6,816	7,829	7,984
Income taxes
Current tax	(752)	(849)	(943)
Deferred tax	924	(646)	(1,838)
Total	172	(1,495)	(2,781)
Net income from continuing operations	6,988	6,334	5,203
Net income (loss) attributable to noncontrolling interests	36	21	(8)
Net income from continuing operations attributable to Vale's stockholders	6,952	6,313	5,211
Discontinued operations
Loss from discontinued operations	(92)	(813)	(1,227)
Net income (loss) attributable to noncontrolling interests		(7)	2
Loss from discontinued operations attributable to Vale's stockholders	(92)	(806)	(1,229)
Net income	6,896	5,521	3,976
Net income (loss) attributable to noncontrolling interests	36	14	(6)
Net income attributable to Vale's stockholders	$ 6,860	$ 5,507	$ 3,982
Common share
Basic and diluted earnings per share:
Common share (US$)	$ 1.32	$ 1.05	$ 0.77

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Consolidated Statement of Comprehensive Income
Net income	$ 6,896	$ 5,521	$ 3,976
Items that will not be reclassified subsequently to the income statement
Translation adjustments	(6,762)	(717)	6,460
Retirement benefit obligations	41	(46)	(70)
Fair value adjustment to investment in equity securities	60
Transfer to reserve	(16)
Total items that will not be reclassified subsequently to the income statement, net of tax	(6,677)	(763)	6,390
Items that may be reclassified subsequently to the income statement
Translation adjustments	3,899	1,026	(3,677)
Fair value adjustment to debt instruments			1
Cash flow hedge			10
Net investments hedge	(543)	(95)
Transfer of realized results to net income	(78)	(11)	(78)
Total of items that may be reclassified subsequently to the income statement, net of tax	3,278	920	(3,744)
Total comprehensive income	3,497	5,678	6,622
Comprehensive income (loss) attributable to noncontrolling interests	(84)	13	111
Comprehensive income (loss) attributable to Vale's stockholders	3,581	5,665	6,511
From continuing operations	3,589	5,696	6,642
From discontinued operations	(8)	(31)	(131)
Comprehensive income (loss) attributable to Vale's stockholders	$ 3,581	$ 5,665	$ 6,511

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flow from operating activities:
Income before income taxes from continuing operations		$ 6,816	$ 7,829	$ 7,984
Adjusted for:
Equity results and other results in associates and joint ventures		182	82	911
Impairment and disposal of non-current assets		899	294	1,240
Depreciation, amortization and depletion		3,351	3,708	3,487
Financial results, net		4,957	3,019	(1,843)
Changes in assets and liabilities:
Accounts receivable		(156)	1,277	(2,744)
Inventories		(817)	(339)	288
Suppliers and contractors		(376)	232	243
Provision - Payroll, related charges and others remunerations		(11)	372	133
Proceeds from cobalt and gold stream transaction		690		524
Other assets and liabilities, net		(205)	(912)	332
Total cash flow from operations		15,330	15,562	10,555
Interest on loans and borrowings paid (note 21)		(1,121)	(1,686)	(1,663)
Derivatives paid, net		(67)	(240)	(1,602)
Interest on participative stockholders' debentures paid		(113)	(135)	(84)
Income taxes (including settlement program)		(1,128)	(1,051)	(805)
Net cash provided by operating activities from continuing operations		12,901	12,450	6,401
Cash flow from investing activities:
Capital expenditures		(3,784)	(3,831)	(4,951)
Additions to investments		(23)	(93)	(239)
Proceeds from disposal of assets and investments		1,481	922	543
Dividends and interest on capital received from associates and joint ventures		245	227	193
Others investments activities, net	[1]	2,240	(583)	(239)
Proceeds from gold stream transaction				276
Net cash provided by (used in) investing activities from continuing operations		159	(3,358)	(4,417)
Cash flow from financing activities:
Loans and borrowings from third-parties (note 21)		1,225	1,976	6,994
Payments of loans and borrowings from third-parties (note 21)		(7,841)	(8,998)	(7,717)
Dividends and interest on capital paid to stockholders		(3,313)	(1,456)	(250)
Dividends and interest on capital paid to noncontrolling interest		(182)	(126)	(291)
Share buyback program (note 30)		(1,000)
Transactions with noncontrolling stockholders		(17)	(98)	(17)
Net cash used in financing activities from continuing operations		(11,128)	(8,702)	(1,281)
Net cash used in discontinued operations (note 14)		(46)	(252)	(118)
Increase in cash and cash equivalents		1,886	138	585
Cash and cash equivalents in the beginning of the year		4,328	4,262	3,591
Effect of exchange rate changes on cash and cash equivalents		(313)	(60)	86
Effects of disposals of subsidiaries and merger, net of cash and cash equivalents		(117)	(12)
Cash and cash equivalents at end of the year		5,784	4,328	4,262
Non-cash transactions:
Additions to property, plant and equipment-capitalized loans and borrowing costs		$ 194	$ 370	$ 653
[1]	Includes loans and advances from/to related parties. For the year ended December 31, 2018, includes proceeds received from Nacala project finance (note 31b) in the amount of US$2,572.

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Consolidated Statement of Cash Flows
Proceeds received from Nacala project finance	$ 2,572

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 5,784	$ 4,328
Accounts receivable	2,648	2,600
Other financial assets	435	2,022
Inventories	4,443	3,926
Prepaid income taxes	543	781
Recoverable taxes	883	1,172
Others	556	538
Total current assets	15,292	15,367
Non-current assets held for sale		3,587
Total	15,292	18,954
Non-current assets
Judicial deposits	1,716	1,986
Other financial assets	3,144	3,232
Prepaid income taxes	544	530
Recoverable taxes	751	638
Deferred income taxes	6,908	6,638
Others	263	267
Total non-current assets excluding investments, intangible assets and property, plant and equipment	13,326	13,291
Investments in associates and joint ventures	3,225	3,568
Intangibles	7,962	8,493
Property, plant and equipment	48,385	54,878
Total non current assets	72,898	80,230
Total assets	88,190	99,184
Current liabilities
Suppliers and contractors	3,512	4,041
Loans and borrowings	1,003	1,703
Other financial liabilities	1,604	986
Taxes payable	650	697
Provision for income taxes	210	355
Liabilities related to associates and joint ventures	289	326
Provisions	1,363	1,394
Dividends and interest on capital		1,441
Others	480	992
Total current liabilities	9,111	11,935
Liabilities associated with non-current assets held for sale		1,179
Total	9,111	13,114
Non-current liabilities
Loans and borrowings	14,463	20,786
Other financial liabilities	2,711	2,894
Taxes payable	3,917	4,890
Deferred income taxes	1,532	1,719
Provisions	7,095	7,027
Liabilities related to associates and joint ventures	832	670
Deferred revenue - Gold stream	1,603	1,849
Others	2,094	1,463
Total non current liabilities	34,247	41,298
Total liabilities	43,358	54,412
Stockholders' equity
Equity attributable to Vale's stockholders	43,985	43,458
Equity attributable to noncontrolling interests	847	1,314
Total stockholders' equity	44,832	44,772
Total liabilities and stockholders' equity	$ 88,190	$ 99,184

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Share capital	Results on conversion of shares	Capital reserve	Net ownership changes in subsidiaries	Profit reserves	Treasury stocks	Unrealized fair value gain (losses)	Cumulative translation adjustments	Retained earnings	Equity attributable to Vale's stockholders	Equity attributable to noncontrolling interests	Total
Balance at beginning of year at Dec. 31, 2015	$ 61,614	$ (152)		$ (702)	$ 985	$ (1,477)	$ (992)	$ (25,687)		$ 33,589	$ 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					195		(93)	2,387	102	2,591	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				3						3	(1)	2
Capitalization of noncontrolling interest advances											25	25
Appropriation to undistributed retained earnings					3,023				(3,023)
Balance at end of year at Dec. 31, 2016	61,614	(152)		(699)	4,203	(1,477)	(1,147)	(23,300)		39,042	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								(95)		(95)		(95)
Translation adjustments					(158)		10	447		299	(1)	298
Transactions with stockholders:
Dividends and interest on capital of Vale's stockholders					(658)				(1,475)	(2,133)		(2,133)
Dividends of noncontrolling interest											(202)	(202)
Acquisitions and disposal of noncontrolling interest				(255)						(255)	(512)	(767)
Capitalization of noncontrolling interest advances											33	33
Appropriation to undistributed retained earnings					4,032				(4,032)
Merger of Valepar (Note 30)			$ 1,139							1,139		1,139
Balance at end of year at Dec. 31, 2017	61,614	(152)	1,139	(954)	7,419	(1,477)	(1,183)	(22,948)		43,458	1,314	44,772
Net income (loss)									6,860	6,860	36	6,896
Other comprehensive income:
Retirement benefit obligations				(16)			41			25		25
Fair value adjustment to investment in equity securities							60			60		60
Net investments hedge								(543)		(543)		(543)
Translation adjustments					(1,257)		49	(1,613)		(2,821)	(120)	(2,941)
Transactions with stockholders:
Dividends and interest on capital of Vale's stockholders									(2,054)	(2,054)		(2,054)
Dividends of noncontrolling interest											(166)	(166)
Acquisitions and disposal of noncontrolling interest											(229)	(229)
Capitalization of noncontrolling interest advances											12	12
Appropriation to undistributed retained earnings					4,806				$ (4,806)
Share buyback program						(1,000)				(1,000)		(1,000)
Balance at end of year at Dec. 31, 2018	$ 61,614	$ (152)	$ 1,139	$ (970)	$ 10,968	$ (2,477)	$ (1,033)	$ (25,104)		$ 43,985	$ 847	$ 44,832

Corporate information

Corporate information	12 Months Ended
	Dec. 31, 2018
Corporate information
Corporate information	1. Corporate information 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 4. 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). 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”) (further details in note 30).

Basis for preparation of the fi

Basis for preparation of the financial statements	12 Months Ended
	Dec. 31, 2018
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 at fair value through the statement of comprehensive income; and (ii) impairment of assets. The issue of these financial statements was authorized on April 18, 2019. c) 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. The exchange rates used by the Company to translate its foreign operations are as follows: Closing rate Average rate for the year ended 2018 2017 2016 2018 2017 2016 US Dollar ("US$") 3.8748 3.3080 3.2591 3.6558 3.1925 3.4833 Canadian dollar ("CAD") 2.8451 2.6344 2.4258 2.8190 2.4618 2.6280 Euro ("EUR" or "€") 4.4390 3.9693 3.4384 4.3094 3.6088 3.8543 d) Significant accounting policies Significant and relevant accounting policies for the understanding of the recognition and measurement basis used in the preparation of these financial statements were included in the respective notes. The accounting polices applied in the preparations of these financial statements are consistent with those adopted and disclosed in the financial statements of prior years, except for new accounting policies related to the application of IFRS 9 – Financial Instruments and IFRS 15 – Revenue from Contracts with Customers, which were adopted by the Company from January 1, 2018. The nature and effect of the changes as a result of adoption of these new accounting standards are described below: IFRS 9 Financial Instrument – This standard addresses the classification and measurement of financial assets and liabilities, new impairment model and new rules for hedge accounting. The Company applied IFRS 9 prospectively, with an initial application date of January 1, 2018. The Company has not restated the comparative information, which continues to be reported under IAS 39 - Financial Instruments. The main changes are described below: Classification and measurement - Under IFRS 9, debt instruments are subsequently measured at fair value through profit or loss (“FVTPL”), through amortized cost, or fair value through other comprehensive income (“FVOCI”). The classification is based on the Company’s business model for managing the assets and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ (“SPPI”) on the principal amount outstanding. On the date of initial application of IFRS 9, the Company has assessed which business models apply to the financial assets held by the Company and has classified its financial instruments into the appropriate IFRS 9 categories. The reclassification of the financial instruments of the Company on January 1, 2018 were as follows: Measurement category Carrying amount Financial assets IAS 39 IFRS 9 IAS 39 IFRS 9 Difference Current Financial investments Loans and receivables FVTPL 18 18 — Derivative financial instruments FVTPL FVTPL 106 106 — Accounts receivable Loans and receivables Amortized cost 2,600 2,600 — Related parties Loans and receivables Amortized cost 1,898 1,898 — Non-current Derivative financial instruments FVTPL FVTPL 453 453 — Loans Loans and receivables Amortized cost 151 151 — Related parties Loans and receivables Amortized cost 2,628 2,628 — Financial liabilities Current Suppliers and contractors Loans and receivables Amortized cost 4,041 4,041 — Derivative financial instruments FVTPL FVTPL 104 104 — Loans and borrowings Loans and receivables Amortized cost 1,703 1,703 — Related parties Loans and receivables Amortized cost 882 882 — Non-current Derivative financial instruments FVTPL FVTPL 686 686 — Loans and borrowings Loans and receivables Amortized cost 20,786 20,786 — Related parties Loans and receivables Amortized cost 975 975 — Participative stockholders' debentures Loans and receivables Amortized cost 1,233 1,233 — These reclassifications have no impact on the measurement categories. The financial instruments that were classified as “Loans and receivables” under IAS 39 did meet the IFRS 9 criteria for classification at amortized cost, because these financial instruments are held within a business model whose objective is to hold to collect the cash flows, which represent solely payments of principal and interest. The derivatives held for trading are required to be held as FVTPL under IFRS 9, therefore there were no changes in relation to these instruments from the adoption of IFRS 9. Impairment - IFRS 9 has replaced the IAS 39’s incurred loss approach with a forward-looking expected credit loss (“ECL”) approach. For accounts receivables, the Company has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses and the identified loss is deemed not significant. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the economic environment and by any financial guarantees related to these accounts receivables. At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. Information about the Company’s exposure to credit risk is set out in note 33. The new impairment approach of IFRS 9 did not have a significant impact to the Company for the year ended December 31, 2018. Hedge accounting - The Company has elected to adopt the new general hedge accounting model in IFRS 9. The changes introduced by IFRS 9 relating to hedge accounting currently 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 for which there are no changes introduced by this new standard (note 25). IFRS 15 Revenue from Contracts with Customers – This standard establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The Company has adopted the new standard using the modified retrospective method. Accordingly, the comparative information presented has not been restated. The Company has assessed its revenue streams and the nature and effect of the changes as a result of adoption of IFRS 15 is described below:  Sales of products - Under IFRS 15, there is no significant impact on the timing of products revenue recognition since usually the transfer of risks and rewards and the transfer of control under the sales contracts are at the same point in time.  Shipping services - A proportion of Vale’s sales are under Cost and Freight (“CFR”) and Cost, Insurance and Freight (“CIF”) Incoterms, in which the Company is responsible for providing shipping services after the date that Vale transfers control of the goods to the customers. According to the previous standard (IAS 18), the revenue from shipping services was recognized upon loading, as well as the related costs, and was not considered a separate service. Under IFRS 15, the provision of shipping services for CFR and CIF contracts should be considered as a separate performance obligation in which a proportion of the transaction price would be allocated and recognized over time as the shipping services are provided. The impact on the timing of revenue recognition of the proportion that would have been allocated to the shipping service to the Company's income statement for the year ended December 31, 2018 is deemed not significant. Therefore, such revenue has not been presented separately in these financial statements.  Provisionally priced commodities sales - Under IFRS 9 and 15, the treatment of the provisional pricing mechanisms embedded within the provisionally priced commodities sales remains unmodified. Therefore, these revenues are 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. The fair value of the sales price adjustment is recognized as operational revenue in the income statement. Overall, there was no material impact on the Company’s financial statement from the IFRS 15 adoption for the year ended December 31, 2018. e) Accounting standards issued but not yet effective  IFRS 16 Lease – IFRS 16 was issued in January 2016. It will result in vast majority of leases being recognized in the balance sheet by lessees, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. There are recognition exemptions for short-term leases and leases of low-value items. The Company will apply the standard from its mandatory adoption date of January 1, 2019. Vale will apply the simplified transition approach and will not restate comparative amounts for the year prior to first adoption. Right-of-use assets will be measured at the amount of the lease liability on adoption. As at December 31, 2018, the Company has non-cancellable operating lease commitments in the nominal amount of US$2,498 (note 32). The Company has set up a project team which has reviewed these leasing commitments over the last year in light of the new lease accounting rules in IFRS 16. Of these commitments, the Company expects to recognize right-of-use assets and lease liabilities an amount ranging from US$1.8 billion to US$2 billion at present value on January 1, 2019, an amount ranging from US$240 to US$260 on current liabilities and US$1,560 to US$1,740 on non-current liabilities. The actual impacts of adopting the standard may be subject to further changes because the Company has not finalized the testing, assessment of controls over its new IT systems and the new accounting policies are subject to change until the Company presents its first financial statements from the date of initial application. 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, 2018. Therefore, there are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods. f) Critical accounting estimates and judgments The preparation of financial statements requires the use of 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 8 Deferred income taxes 16 Consolidation 19 Mineral reserves and mines useful life 20 Impairment of non-current assets 22 Liabilities related to associates and joint ventures 24 Fair values estimate 27 Asset retirement obligations 28 Litigation 29 Employee post-retirement obligations

Brumadinho's dam failure

Brumadinho's dam failure	12 Months Ended
	Dec. 31, 2018
Brumadinho's dam failure
Brumadinho's dam failure	3. Brumadinho’s dam failure On January 25, 2019 (subsequent event), a breach has been experienced in the Dam I of the Córrego do Feijão mine, which belongs to the Paraopebas Complex in the Southern System, located in Brumadinho, Minas Gerais, Brasil (“Brumadinho dam”). This dam was inactive since 2016 (without additional tailings disposal) and there was no other operational activity in this structure. Due to the dam failure, 306 people lost their lives or are missing and ecosystems were affected. Around 11.7 million metric tons of iron ore waste were contained in the Brumadinho dam. It is not yet known the exact volume of iron ore waste that was released due to the dam failure. The tailings contained in the Dam I have caused an impact of around 270 km in extension, destroying some of Vale’s facilities, affecting local communities and disturbing the environment. The Paraopeba river and its ecosystems have also been impacted by the event. The Company has not been sparing efforts to support the victims and to mitigate and recover the social and environmental damages resulting from the breach of the dam. Vale has provided support in multiple ways, aiming to ensure the humanitarian assistance to those affected by the dam breach. To determine the causes for the event, Vale has engaged a panel of independent experts. Furthermore, the Company established three Extraordinary Independent Consulting Committees to support the Board of Directors, which are composed by independent members that are unrelated to the management or to the Company’s operations to ensure that the initiatives by the committees be unbiased. Following are the committees: (i) The Extraordinary Independent Consulting Committee for Investigation (“CIAEA”), dedicated to investigating the causes and responsibilities for the Brumadinho dam breach; (ii) The Extraordinary Independent Consulting Committee for Support and Recovery (“CIAEAR”), dedicated to follow-up on the measures taken to support the victims and the recovery of the areas affected by the breach of the Brumadinho dam, assuring that all necessary resources will be applied; and (iii) The Extraordinary Independent Consulting Committee for Dam Safety (“CIAESB”), which will provide support to the Board of Directors in questions related to the diagnosis of safety conditions, management and risk mitigation related to Vale’s tailings dams, also providing recommendations of actions to strengthen safety conditions of those dams. In addition, Vale has determined the suspension (i) of the variable remuneration of its executives; (ii) the Shareholder’s Remuneration Policy and (iii) any other resolution related to shares buyback. The Company paid the shareholders in anticipation of the remuneration for the year, the amount of US$1,876 in September 2018, approved by the Board of Directors on July 25, 2018. This payment was higher than the minimum mandatory remuneration for the year ended December 31, 2018 and consequently no additional dividends to shareholders is required (note 30). a) Financial impacts arising from the dam failure The Company has concluded for the purpose of these financial statements that the dam breach and the following events are not a condition that existed at the end of the reporting period, and therefore does not require adjustments in the book values recognized in the financial statements prepared for the year ended December 31, 2018. Therefore, all accounting impacts will be recorded in 2019. At the current stage of the investigations, assessments of the causes and possible third parties lawsuits, it is not possible to have a reliable measure of all cost that the Company may incur for the purpose of disclosure in the financial statements. The amounts that are being disclosed took into consideration the best estimates by the Company´s management. i) Operation stoppages and de-characterization of the upstream dams On January 29, 2019 the Company has informed the market and Brazilian authorities its decision to speed up the plan to “de-characterize” all of its tailings dams built by the upstream method (same method as Brumadinho dam), located in Brazil. The “de-characterizing” means that the structure will be dismantled and will no longer have its original operational characteristics. The Company is developing specific studies for the de-characterization of these dams which will be submitted for approval by the relevant authorities when concluded, in accordance with regulations and legal requirements. The estimate on January 29, 2019, based on a preliminary assessment, resulted in a total amount of US$1.3 billion (R$5 billion) assuming the removal and reprocessing of all tailings contained in the upstream dams, followed by the fully recovery of the sites in the “de-characterization” method. Before the event, the decommissioning plans of these dams were based on a method which aimed to ensure the physical and chemical stability of the structures, not necessarily, in all cases, removing and reprocessing the tailings contained in the dams. Since the event, the Company has been working on an individual detailed engineering plans to each of these dams to allow the total de-characterization of the structures. The Company is still developing the revised estimate for the costs to de-characterize the upstream dams and, therefore, the additional amount to the provision that will be recognized and disclosed in 2019 could not be reliably estimated. In order to carry out safely the de-characterization of the dams, the Company has temporarily stopped the production of the units where the upstream dams are located, as already disclosed to the market. The stoppage results in a reduction in production of approximately 40 million tons of iron ore on annual basis. In addition, the Company has other operations that are temporarily suspended due to judicial decisions or technical analysis performed by the Company on the dams, which represents a potential reduction in sales of 52.8 million tons of iron ore. The Company is working on legal and technical measures to resume these operations. For reference, the Company sold 365 million tons of iron ore and pellets in 2018. Due to the dam failure and review undertaken on the safety requirements for other dams in the Minas Gerais region, when necessary people were placed in temporary accommodation. ii) Assets write-offs Following the event and the decision to speed up the de-characterization of the upstream dams, the Company will write-off assets of the Córrego do Feijão mine and those related to the upstream dams in Brazil, resulting in a loss of US$124 (R$480 million) in 2019, which will impact the Company's balance sheet and income statement. iii) Framework Agreements The Company has been working together with the authorities and society to remediate the environmental and social impacts of the event. As a result, the Company has started negotiations and entered into agreements with the relevant authorities and affected people. Public Ministry of Labor On February 15, 2019, Vale entered into a preliminary agreement with the Public Ministry of Labor to indemnify the direct and third-party employees of the Córrego do Feijão mine who were affected by the termination of this operation. Under the terms of the agreement, Vale will maintain the jobs of its direct employees until December 31, 2019 and will either assist terminated third party employees with a replacement or pay their salaries until December 31, 2019. The Company will also keep paying wages regularly to the missing people until the authorities have considered them as fatal victims of the event and will pay to the families of the fatal victims an amount equivalent to two thirds of their wages until December 31, 2019 or until Vale reaches the final agreement with the Public Ministry of Labor. Under the terms proposed by Vale and considering the uncertainties related to the necessary procedures to estimate the amount to be spent, including the number of individuals entitled to indemnification, the Company has estimated that this agreement will result in a provision of approximately US$220 (R$850 million) in 2019. Moreover, the Company will provide a lifelong medical insurance benefit to the widows and widowers and a similar benefit to the dependents of the victims until they are 22 years old. Due to the preliminary stage of this agreement and considering the complexity of an actuarial estimate, it is not possible yet to determine a range of outcomes or reliable estimates and, therefore, the amount of the provision related to this obligation could not be estimated. The Company expects to have this information during the course of 2019. Brazilian Federal Government, State of Minas Gerais, Public Prosecutors and Public Defendants On a judicial hearing that took place on February 20, 2019, in the scope of the public civil action n° 5010709-36.2019.8.13.0024, in process of the 6th Public Treasury Lower Court of Belo Horizonte, Vale entered into a preliminary agreement with the State of Minas Gerais, Federal Government and representatives of Public Authorities in which the Company commits to make emergency indemnification payments to the residents of Brumadinho and the communities that are located up to one kilometer from the Paraopeba river bed, from Brumadinho to the city of Pompéu, subject to registration. Due to this agreement, the Company will anticipate indemnification to each family member through monthly payments during a 12-month period, which changes based, among other factors, on the age of the beneficiary. The Company has initially estimated a provision ranging from US$260 (R$1 billion) to US$520 (R$2 billion) related to these payments, depending on the number of beneficiaries that will be registered. The agreement also includes the following measures: (i) independent technical assistance to support on the individual indemnities of those affected, if requested; and (ii) reimbursement or direct funding of the extraordinary expenses of the State of Minas Gerais and its governmental bodies due to the dam failure, including transportation, accommodation and food expenses of the employees involved in the rescue and other emergency actions. The respective amounts are still being estimated by the State of Minas Gerais and will be presented in Court. iv) Donations and other incurred expenses Donations Vale has offered donations of US$26 thousand (R$100 thousand) to each of the families with missing members or affected by fatalities, US$13 thousand (R$50 thousand) to families that resided in the Self-Saving Zone (“ZAS”) near to Brumadinho dam, US$4 thousand (R$15 thousand) to business owners of the region and US$1 thousand (R$5 thousand) for each family that resided in the ZAS of Sul Superior dam, which belongs to the Gongo Soco mine, in Barão de Cocais. The estimated amount spent to date is around US$16 (R$62 million). These humanitarian donations will not be subject to any compensation with eventual indemnification obligations that the Company may have with its beneficiaries. Vale also entered into an agreement with the Brumadinho city, in which the Company will donate to the city an amount of approximately US$21 (R$80 million) over the next 2 years. Environment and fauna The Company is building a retention dike for the tailings on the affected areas. The Company has also installed anti-turbidity barriers for sediment retention alongside the Paraopeba River. In addition, Vale has mobilized cleaning, de-sanding and dredging the Paraopeba river channel. Daily collection points of water and barriers for sediment retention were installed alongside the Paraopeba River, Três Maias reservoir and São Francisco river. Vale also has set up an exclusive structure for treatment of the rescued animals, enabling emergency care and recovery before the animals are authorized, after veterinarian assessment, to be returned to their tutors. Furthermore, the Company has agreed to pay the administrative fines imposed by the State Secretary for Environment and Sustainable Development – SEMAD MG, in the total approximated amount of US$26 (R$99 million). The Company has incurred the following expenses up to the present moment: 2019 Incurred expenses Administrative sanctions 26 Donations to the affected people and to the city 16 Drilling and infrastructure 5 Environmental recovery 4 Medical aid and other materials 2 Fuel and transportation 2 Others (*) 22 78 (*) Includes expenses with communication, accommodation, humanitarian assistance, equipment, legal services, water, food aid, taxes, among others. Off the events identified at this stage, a significant portion has not been disbursed or measured. The total costs incurred with Vale's employees dedicated to providing support with matters related to the event (including wages), equipment and materials were not measured yet. b) Contingencies and other legal matters Vale is subject to significant contingencies due to the Brumadinho dam failure. Vale has already been named on several judicial and administrative proceedings brought by authorities and affected people and is currently under investigations. New contingencies are expected to come in the future. Vale is still evaluating these contingencies and will recognize a provision based on the stage of these claims. Due to the preliminary stage of the investigations and claims, it is not possible to determine a range of reliable results or estimates of potential exposure related to dam breach at this point in time. Lawsuits On January 27, 2019, following the injunctions granted upon the requests of the Public Prosecutors of the State of Minas Gerais and the State of Minas Gerais, the Company had restricted US$2.8 billion (R$11 billion) on its bank accounts to take the necessary measures to reassure the stability of the other dams of the Córrego do Feijão Mine Complex, provide accommodation and assistance to the affected people, remediate environmental impacts, among other obligations. On January 31, 2019, the Public Ministry of Labor filed a Public Civil Action and a couple of preliminary injunctions were granted determining the freezing of US$400 (R$1.6 billion) on the Company’s bank accounts to secure the indemnification of direct and third-party employees that worked in the Córrego de Feijão mine at the time of the Brumadinho dam breach. On March 18, 2019 the Public Prosecutor of the State of Minas Gerais filed a Public Civil Action and a preliminary injunction was granted to freeze US$258 (R$1 billion) of the Company’s assets, aiming to grant funds that could be required to indemnify for losses that may arise from the evacuation of the community of Sebastião de Águas Claras – Macacos community. On March 25, 2019, the Public Prosecutor of the State of Minas Gerais filed a Public Civil Action and a preliminary injunction was granted to freeze US$761 (R$2.95 billion) of the Company’s assets, to grant funds that might be required to indemnify for losses that may arise from evacuation of the communities in Gongo Soco, Barão de Cocais. In total, approximately US$4.4 billion (R$16.9 billion) of the Company's assets were blocked, of which approximately US$121 (R$468 million) were freeze on the Company’s bank accounts, US$3.3 billion (R$12.6 billion) were converted into judicial deposits and US$1 billion (R$3.75 billion) was guaranteed using 75,312,728 treasury shares out of the 158,216,372 treasury shares held by Vale as at December 31,2018. Other collective and individual claims related to the Brumadinho dam breach were filed. Some collective claims were extinguished by the applicable court. Administrative sanctions In addition, the Company was notified of the imposition of administrative fines by Brazilian Institute of the Environment and Renewable Natural Resources (“IBAMA”), in the amount of US$65 (R$250 million) and a daily fine of US$26 thousand (R$100 thousand), drawn up on February 7, 2019, which Vale has presented defenses against all of them. In addition, the Brumadinho Municipal Department of the Environment has also imposed fines totaling approximately US$28 (R$108 million), which the Company has also presented a defense. U.S. Securities class action suits Vale and certain of its current officers have been named as defendants in securities class action complaints in Federal Courts in New York brought by holders of Vale’s securities under U.S. federal securities laws. The complaints allege that Vale made false and misleading statements or omitted to make disclosures concerning the risks and potential damage of a breach of the dam in the Córrego de Feijão mine. The plaintiffs have not specified an amount of alleged damages in these complaints. Vale intends to defend these actions and mount a full defense against these claims. As a consequence of the preliminary nature of these proceedings, it is not possible to determine a range of outcomes or reliable estimates of the potential exposure at this time, and the amount of provision that will be recognized in 2019 could not be estimated. The Company is negotiating with insurers under its operational risk, general liability and engineering risk policies, but these negotiations are still at a preliminary stage. Any payment of insurance proceeds will depend on the coverage definitions under these policies and assessment of the amount of loss. In light of the uncertainties, no indemnification to the Company was recognized in Vale’s financial statements.

Information by business segment

Information by business segment and by geographic area	12 Months Ended
	Dec. 31, 2018
Information by business segment and by geographic area
Information by business segment and by geographic area	4. Information by business segment and by geographic area The Company operated the following reportable segments during this year: Ferrous Minerals , Coal, Base Metals and Fertilizers (presented as discontinued operations). The segments are aligned with products and reflect the structure used by Management to evaluate Company’s 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 – comprise of the production and extraction of iron ore, iron ore pellets, manganese, ferroalloys, other ferrous products and its logistic services. Coal – comprise of the production and extraction of metallurgical and thermal coal and its logistic services. Base metals - include the production and extraction of nickel and its by-products (copper, gold, silver, cobalt, precious metals and others) and copper, as well as their by-products (gold and silver). Fertilizers (Discontinued operations) - include the production of potash, phosphate, nitrogen and other fertilizer products (note 14). a) Adjusted EBITDA The definition of adjusted EBITDA for the Company is the operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization and (ii) special events (note 4b). The Company allocate in “Others” the sales and expenses of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. In 2018, the Company has allocated general and corporate expenses to "Others" as these are not directly related to the performance of each business segment. The comparative periods were restated to reflect this change in the allocation criteria. Year ended December 31, 2018 Cost of goods Selling, Dividends received sold and administrative and Pre operating and interest from Net operating services other operating Research and and operational associates and joint Adjusted revenue rendered expenses evaluation stoppage ventures EBITDA Ferrous minerals Iron ore 20,354 (9,048) (76) (110) (115) 28 11,033 Iron ore Pellets 6,651 (3,393) (11) (26) (19) 154 3,356 Ferroalloys and manganese 454 (290) (3) (1) — — 160 Other ferrous products and services 474 (313) (4) (1) (1) 7 162 27,933 (13,044) (94) (138) (135) 189 14,711 Coal 1,643 (1,575) (9) (21) — 143 181 Base metals Nickel and other products 4,610 (3,060) (47) (39) (33) — 1,431 Copper 2,093 (960) (4) (18) — — 1,111 6,703 (4,020) (51) (57) (33) — 2,542 Others 296 (263) (752) (157) (21) 56 (841) Total of continuing operations 36,575 (18,902) (906) (373) (189) 388 16,593 Discontinued operations (Fertilizers) 121 (120) (4) — — — (3) Total 36,696 (19,022) (910) (373) (189) 388 16,590 Year ended December 31, 2017 Cost of goods Selling, Dividends received sold and administrative and Pre operating and interest from Net operating services other operating Research and and operational associates and joint Adjusted revenue rendered expenses evaluation stoppage ventures EBITDA Ferrous minerals Iron ore 18,524 (7,950) 11 (88) (181) 30 10,346 Iron ore Pellets 5,653 (2,876) (9) (19) (7) 81 2,823 Ferroalloys and manganese 469 (278) (8) — (4) — 179 Other ferrous products and services 483 (306) 11 (2) — 19 205 25,129 (11,410) 5 (109) (192) 130 13,553 Coal 1,567 (1,354) (12) (14) (4) 179 362 Base metals Nickel and other products 4,667 (3,437) (47) (49) (75) — 1,059 Copper 2,204 (979) (15) (13) — — 1,197 6,871 (4,416) (62) (62) (75) — 2,256 Others 400 (375) (791) (155) (9) 97 (833) Total of continuing operations 33,967 (17,555) (860) (340) (280) 406 15,338 Discontinued operations (Fertilizers) 1,746 (1,606) (102) (12) (25) 3 4 Total 35,713 (19,161) (962) (352) (305) 409 15,342 Year ended December 31, 2016 Cost of goods Selling, Dividends received sold and administrative and Research Pre operating and interest from Net operating services other operating Research and and operational associates and joint Adjusted revenue rendered expenses evaluation stoppage ventures EBITDA Ferrous minerals Iron ore 15,784 (6,622) (248) (91) (150) 10 8,683 Iron ore Pellets 3,827 (2,002) (35) (13) (22) 103 1,858 Ferroalloys and manganese 302 (231) (1) — (11) — 59 Other ferrous products and services 438 (269) (4) (2) (4) — 159 20,351 (9,124) (288) (106) (187) 113 10,759 Coal 839 (872) 63 (15) (41) — (26) Base metals Nickel and other products 4,472 (3,204) 1 (78) (114) 4 1,081 Copper 1,667 (924) (16) (5) — — 722 Other base metals products — — 150 — — — 150 6,139 (4,128) 135 (83) (114) 4 1,953 Others 159 (259) (573) (116) (1) 76 (714) Total of continuing operations 27,488 (14,383) (663) (320) (343) 193 11,972 Discontinued operations (Fertilizers) 1,875 (1,545) (87) (22) (16) 4 209 Total 29,363 (15,928) (750) (342) (359) 197 12,181 Adjusted EBITDA is reconciled to net income (loss) as follows: From continuing operations Year ended December 31 2018 2017 2016 Net income from continuing operations 6,988 6,334 5,203 Depreciation, depletion and amortization 3,351 3,708 3,487 Income taxes (172) 1,495 2,781 Financial results,net 4,957 3,019 (1,843) Equity results and other results in associates and joint ventures, net of dividends received 570 488 1,104 Special events (note 4b) 899 294 1,240 Adjusted EBITDA from continuing operations 16,593 15,338 11,972 From discontinued operations Year ended December 31 2018 2017 2016 Loss from discontinued operations (92) (813) (1,227) Depreciation, depletion and amortization — 1 347 Income taxes (40) (102) (630) Financial results, net 5 28 (20) Equity results in associates and joint ventures, net of dividends received — 5 1 Impairment of non-current assets 124 885 1,738 Adjusted EBITDA from discontinued operations (3) 4 209 b) Special events occurred during the year Special events are gains or losses recognized in the Company's operating results that are not related to the performance of the business segments. The Company excludes special events from adjusted EBITDA to keep the segment performance analysis comparable with prior periods. The special events identified by the Company are as follows: Year ended December 31 2018 2017 2016 Result in disposal of assets (note 19) (322) (481) (66) Nacala Logistic Corridor (note 16) — 458 — Impairment and onerous contracts (note 20) (577) (271) (1,174) Total (899) (294) (1,240) c) Assets by segment December 31, 2018 December 31, 2017 Investments in Property, plant Investments in Property, plant Product associates and and equipment associates and and equipment inventory joint ventures and intangible (i) Product inventory joint ventures and intangible (i) Ferrous minerals 2,210 1,814 31,377 1,770 1,922 36,103 Coal 119 317 1,589 82 317 1,719 Base metals 1,147 14 21,295 1,009 13 23,603 Others 11 1,080 2,086 6 1,316 1,946 Total 3,487 3,225 56,347 2,867 3,568 63,371 Year ended December 31 2018 2017 2016 Capital expenditures (ii) Capital expenditures (ii) Capital expenditures (ii) Depreciation, Depreciation, Depreciation, Sustaining Project depletion and Sustaining Project depletion and Sustaining Project depletion and capital execution amortization capital execution amortization capital execution amortization Ferrous minerals 1,569 823 1,672 1,194 1,485 1,709 891 2,355 1,533 Coal 132 24 252 73 45 296 149 463 185 Base metals 1,189 34 1,351 960 50 1,590 1,045 12 1,636 Others 6 7 76 4 20 113 3 33 133 Total 2,896 888 3,351 2,231 1,600 3,708 2,088 2,863 3,487 (i) Goodwill is allocated mainly to ferrous minerals and base metals segments in the amount of US$1,841 and US$1,812 in December 31, 2018 and US$2,157 and US$1,953 in December 31, 2017, respectively. (ii) Cash outflows. d) Investment in associates and joint ventures, intangible and property, plant and equipment by geographic area December 31, 2018 December 31, 2017 Investments in Property, Investments in Property, associates and plant and associates and plant and joint ventures Intangible equipment Total joint ventures Intangible equipment Total Brazil 2,604 5,875 29,226 37,705 2,993 6,231 34,209 43,433 Canada — 1,956 9,905 11,861 — 2,118 10,967 13,085 Americas, except Brazil and Canada 247 — — 247 200 — — 200 Europe — — 366 366 — — 394 394 Indonesia — 1 2,776 2,777 — — 2,787 2,787 Asia, except Indonesia 374 — 1,025 1,399 375 — 1,100 1,475 Australia — — — — — — 45 45 New Caledonia — — 2,796 2,796 — — 2,965 2,965 Mozambique — 130 1,459 1,589 — 143 1,532 1,675 Oman — — 829 829 — 1 868 869 Other regions — — 3 3 — — 11 11 Total 3,225 7,962 48,385 59,572 3,568 8,493 54,878 66,939 e) Net operating revenue by geographic area Year ended December 31, 2018 Ferrous minerals Coal Base metals Others Total Americas, except United States and Brazil 820 — 658 — 1,478 United States of America 388 — 952 13 1,353 Germany 1,130 — 523 — 1,653 Europe, except Germany 2,218 436 1,800 — 4,454 Middle East/Africa/Oceania 2,562 151 25 — 2,738 Japan 2,072 163 508 — 2,743 China 14,381 — 861 — 15,242 Asia, except Japan and China 1,798 767 1,101 — 3,666 Brazil 2,564 126 275 283 3,248 Net operating revenue 27,933 1,643 6,703 296 36,575 Year ended December 31, 2017 Ferrous minerals Coal Base metals Others Total Americas, except United States and Brazil 593 — 1,009 70 1,672 United States of America 355 — 872 83 1,310 Germany 1,097 — 292 — 1,389 Europe, except Germany 1,721 396 1,985 11 4,113 Middle East/Africa/Oceania 1,768 171 13 — 1,952 Japan 1,927 130 399 — 2,456 China 13,442 — 576 — 14,018 Asia, except Japan and China 1,332 711 1,539 — 3,582 Brazil 2,894 159 186 236 3,475 Net operating revenue 25,129 1,567 6,871 400 33,967 Year ended December 31, 2016 Ferrous minerals Coal Base metals Others Total Americas, except United States and Brazil 334 20 1,172 — 1,526 United States of America 232 — 749 24 1,005 Germany 1,077 — 302 — 1,379 Europe, except Germany 1,482 218 1,552 17 3,269 Middle East/Africa/Oceania 1,252 95 20 — 1,367 Japan 1,292 121 328 — 1,741 China 11,985 63 699 — 12,747 Asia, except Japan and China 912 305 1,173 — 2,390 Brazil 1,785 17 144 118 2,064 Net operating revenue 20,351 839 6,139 159 27,488 Accounting policy Vale recognizes revenue 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. Net revenue excludes any applicable sales taxes. Depending on the contract, sales revenue can be recognized when the product is available at the loading port, loaded on the ship, at the port of discharge or at the customer’s warehouse. Service revenues are recognized in the amount by which the services are rendered and accepted by the customer. Generally, the contract payment terms consider the upfront payments or the use of credit letters. The payment terms do not have a significant financing component and were not changed from previous years. In some cases, the sale price is determined on a provisional basis at the date of sale and adjustments to the sale 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 sale mechanism embedded within these sale arrangements has the character of a derivative. Accordingly, the fair value of the final sale price adjustment is re-estimated continuously and changes in fair value are recognized as operational revenue in the income statement. 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 of these products can be measured reliably at each period, since the price is quoted in an active market. As of December 31, 2018, the Company had 27 million tons (2017: 33 million tons) provisionally priced based on iron ore forward prices and 78 thousand tons (2017: 106 thousand tons) provisionally priced based on copper forward prices. The final price of these sales will be determined during the first quarter of 2019. A 10% change in the price of iron ore realized on the provisionally priced sales, with all other factors held constant, would increase or reduce net income by US$185. A 10% change in the price of copper realized on the provisionally priced sales, with all other factors held constant, would increase or reduce net income by US$56.

Costs and expenses by nature

Costs and expenses by nature	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2016 Personnel 2,278 2,295 2,087 Materials and services 3,957 3,814 3,108 Fuel oil and gas 1,538 1,313 1,233 Maintenance 2,807 3,096 2,747 Energy 906 963 694 Acquisition of products 513 543 511 Depreciation and depletion 3,207 3,484 3,267 Freight 4,306 3,346 2,509 Others 2,597 2,185 1,494 Total 22,109 21,039 17,650 Cost of goods sold 21,526 20,426 17,148 Cost of services rendered 583 613 502 Total 22,109 21,039 17,650 b) Selling and administrative expenses Year ended December 31 2018 2017 2016 Personnel 212 209 Services 92 72 Depreciation and amortization 62 120 Others 157 106 Total 523 507 c) Other operating expenses, net Year ended December 31 2018 2017 2016 Provision for litigation 185 169 137 Profit sharing program 187 149 76 Others 73 102 54 Total 445 420 267

Financial result

Financial result	12 Months Ended
	Dec. 31, 2018
Financial result
Financial result	6. Financial result Year ended December 31 2018 2017 2016 Financial income Short‐term investments 177 176 92 Others 246 302 78 423 478 170 Financial expenses Loans and borrowings gross interest (1,185) (1,697) (1,768) Capitalized loans and borrowing costs 194 370 653 Participative stockholders' debentures (550) (625) (417) Interest on REFIS (202) (397) (514) Others (602) (924) (631) (2,345) (3,273) (2,677) Other financial items Net foreign exchange gains (losses) on loans and borrowings (2,666) (249) 3,314 Derivative financial instruments (266) 454 1,256 Other net foreign exchange gains (losses) 419 (218) (62) Net indexation losses (522) (211) (158) (3,035) (224) 4,350 Financial results, net (4,957) (3,019) 1,843 a) Hedge in foreign operations 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. Further details are disclosed in note 25. b) Net investment in the foreign operation From January 1, 2019 (subsequent event), the Company will consider certain long-term loans payable to Vale International S.A., for which settlement is neither planned nor likely to occur in the foreseeable future, as part of its net investment in the foreign operation. The foreign exchange differences arising on the monetary item, forming part of the net investment in the foreign operation, will be recognized in other comprehensive income and reclassified from stockholders’ equity to income statement on disposal or partial disposal of the net investment. Therefore, upon adoption the effect of net foreign exchange gains or losses in the income statement is expected to reduce. Accounting policy Transactions in foreign currencies - 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 related to qualifying net investment hedges or items that are attributable to part of the net investment in a foreign operation, for which gains and losses are recognized in the statement of comprehensive income.

Streaming transactions

Streaming transactions	12 Months Ended
	Dec. 31, 2018
Streaming transactions
Streaming transactions	7. Streaming transactions Cobalt streaming In June 2018, the Company entered into two different agreements, one with Wheaton Precious Metals Corp (“Wheaton”) and the other with Cobalt 27 Capital Corp. (“Cobalt 27”), to sell a stream equivalent to 75% of the cobalt extracted as a by-product from the Voisey’s Bay mine, in Canada, starting on January 1, 2021. Furthermore, the Company restarted the Voisey’s Bay underground mine expansion project, which is going to increase the expected useful life of Voisey’s Bay mine from 2023 to 2034. The first year of underground production is expected to be 2021, when the current operations on the open pit mine begin to ramp down. Upon completion of the transaction, the Company received an upfront payment of US$690 in cash, US$390 from Wheaton and US$300 from Cobalt 27, which has been recorded as other non-current liabilities. Vale will receive additional payments of 20%, on average, of the market reference price for cobalt, for each pound of finished cobalt delivered. Thus, from January 1, 2021 onwards, Wheaton and Cobalt 27 will be entitled to receive 42.4% and 32.6%, respectively, of cobalt equivalent to the production from the Voisey's Bay mine, while Vale remains exposed to approximately 40% of the cobalt economic exposure, as Vale retains the rights to 25% of the future cobalt production and will receive 20% additional payments for the cobalt stream. The estimated result of the sale of the mineral rights is not expected to be significant and it will be accounted for once certain production thresholds have been met at Voisey’s Bay mine. Gold streaming In August 2016, the Company made an amended to the gold transaction entered into to 2013 with Wheaton Precious Metals Corp (“Wheaton”) to include in each contract an additional 25% of the gold extracted as by-product over a lifetime of the Salobo copper mine. Hence, Wheaton holds the rights to 75% of the contained gold in the copper concentrated from the Salobo mine and 70% of the gold extracted as a by-product of the Sudbury nickel mines. The transactions were bifurcated into two identifiable components (i) the sale of the mineral rights recognized in the income statement under “Other operating income (expenses), net” and, (ii) the deferred revenue (liability) related to the services for gold extraction on the portion in which Vale operates as an agent for Wheaton gold extraction. The Company recognized US$150 in the income statement for the year ended December 31, 2016, related to the sale of mineral rights from the additional transaction in August 2016. Critical accounting estimates and judgments Defining the gain on sale of mineral interest and the deferred revenue portion of the gold 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, 2018
Income taxes
Income taxes	8. Income taxes a) Deferred income tax assets and liabilities December 31, 2018 December 31, 2017 Taxes losses carryforward 4,882 4,471 Temporary differences: Employee post retirement obligations 674 684 Provision for litigation 409 457 Timing differences arising on assets 1,253 1,268 Fair value of financial instruments 538 549 Allocated goodwill (2,328) (2,433) Others (52) (77) 494 448 Total 5,376 4,919 Assets 6,908 6,638 Liabilities (1,532) (1,719) 5,376 4,919 Changes in deferred tax are as follows: Assets Liabilities Deferred taxes, net Balance at December 31, 2016 7,343 1,700 5,643 Utilization of taxes losses carryforward (2,143) — (2,143) Timing differences arising on assets 103 — 103 Fair value of financial instruments 388 — 388 Allocated goodwill — (109) 109 Others 897 897 Effect in income statement (755) (109) (646) Transfers between asset and liabilities 40 40 — Translation adjustment (24) 75 (99) Other comprehensive income (68) 13 (81) Effect of discontinued operations Effect in income statement 102 — 102 Balance at December 31, 2017 6,638 1,719 4,919 Taxes losses carryforward 665 — 665 Timing differences arising on assets 152 — 152 Fair value of financial instruments 147 — 147 Allocated goodwill — (37) 37 Others (77) — (77) Effect in income statement 887 (37) 924 Transfers between asset and liabilities (70) (70) — Translation adjustment (673) (102) (571) Other comprehensive income 123 22 101 Effect of discontinued operations Effect in income statement 14 — 14 Transfer to net assets held for sale (11) — (11) Balance at December 31, 2018 6,908 1,532 5,376 The tax loss carryforward does not expire in the Brazilian jurisdiction and their compensation is limited to 30% of the taxable income for the year. The local profits of subsidiaries abroad are also taxed in Brazil and there is no restriction on their offset against tax losses generated previously by the foreign entity or by the Parent Company. b) Income tax reconciliation – Income statement The total amount presented as income taxes in the income statement is reconciled to the statutory rate, as follows: Year ended December 31 2018 2017 2016 Income before income taxes 6,816 7,829 7,984 Income taxes at statutory rates ‐ 34% (2,317) (2,662) (2,715) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders' equity 873 728 87 Tax incentives 576 372 344 Equity results 104 35 107 Additions (reversals) of tax loss carryforward (i) 1,510 99 (273) Unrecognized tax losses of the year (458) (432) (708) Nondeductible effect of impairment (24) (43) (97) Others (92) 408 474 Income taxes 172 (1,495) (2,781) (i) In 2018, the Company recognized tax loss carryforward from tax losses of subsidiary abroad. 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, usually 10 years. Most of our incentives are expected to expire up to 2024 and the last recognized tax incentive will expire in 2027. 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, the amount equivalent to 30% of the income tax due, can be reinvested in the acquisition of new machinery and equipment, subject to subsequent approval by the regulatory agency responsible, Superintendência de Desenvolvimento da Amazônia (“SUDAM”) and/or the Superintendência de Desenvolvimento do Nordeste (“SUDENE”). The reinvestment subsidy is accounted in retained earnings reserve account, which restricts the distribution as dividends to stockholders. This tax incentive will expire in 2023. 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 December 31, 2018, the balance of US$4,349 (US$432 as current and US$3,917 as non‑current) is due in 118 remaining monthly installments, bearing interest at the SELIC rate (Special System for Settlement and Custody), while at December 31, 2017, the balance was US$5,375 (US$485 as current and US$4,890 as non‑current). As at December 31, 2018, the SELIC rate was 6.50% per annum (7.00% per annum at December 31, 2017). 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 tax losses carryforwards. The deferred income tax assets and liabilities are offset when there is a legally enforceable right on the same taxable entity. The deferred tax assets arising from tax 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 and planned capital costs.

Basic and diluted earnings per

Basic and diluted earnings per share	12 Months Ended
	Dec. 31, 2018
Basic and diluted earnings per share
Basic and diluted earnings per share	9. Basic and diluted earnings per share The basic and diluted earnings per share are presented below: Year ended December 31 2018 2017 2016 Net income (loss) attributable to Vale's stockholders: Net income from continuing operations 6,952 6,313 5,211 Loss from discontinued operations (92) (806) (1,229) Net income 6,860 5,507 3,982 Thousands of shares Weighted average number of shares outstanding - common shares 5,182,445 5,197,432 5,197,432 Basic and diluted earnings per share from continuing operations: Common share (US$) 1.34 1.21 1.00 Basic and diluted loss per share from discontinued operations: Common share (US$) (0.02) (0.16) (0.23) Basic and diluted earnings per share: Common share (US$) 1.32 1.05 0.77 The Company does not have potential outstanding shares or other instruments with dilutive effect on the earnings per share.

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2018
Accounts receivable
Accounts receivable	10. Accounts receivable December 31, 2018 December 31, 2017 Accounts receivable 2,710 2,660 Expected credit loss (62) (60) 2,648 2,600 Revenue related to the steel sector - % 85.50 % 82.90 % Year ended December 31 2018 2017 2016 Impairment of accounts receivable recorded in the income statement (7) (4) (5) There is no customer that individually represents over 10% of accounts receivable or revenues. Accounting policy Accounts receivable is the total amount due from sale of products and services rendered by the Company. Accounts receivable consists of financial assets initially recognized at fair value and subsequently measured at amortized cost, except for component of provisionally priced commodities sales that are subsequently measured at fair value through profit or loss ("FVTPL"). The portion of accounts receivables measured at amortized cost is subsequently measured using the effective interest (“EIR”) method and it is subject to impairment. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the economic environment and by any financial guarantees related to these accounts receivables. 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 requests 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, 2018
Inventories
Inventories	11. Inventories December 31, 2018 December 31, 2017 Finished products 2,797 2,219 Work in progress 690 648 Consumable inventory 956 1,059 Total 4,443 3,926 Year ended December 31 2018 2017 2016 Reversal (provision) for net realizable value 4 (86) (199) Finished and work in progress product inventory by segments is presented in note 4(c). Accounting policy Inventories are stated at the lower of cost and 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, 2018
Recoverable taxes
Recoverable taxes	12. Recoverable taxes Recoverable taxes are presented net of provisions for losses on tax credits. December 31, 2018 December 31, 2017 Value-added tax 813 887 Brazilian federal contributions 808 880 Others 13 43 Total 1,634 1,810 Current 883 1,172 Non-current 751 638 Total 1,634 1,810

Other financial assets and liab

Other financial assets and liabilities	12 Months Ended
	Dec. 31, 2018
Other financial assets and liabilities
Other financial assets and liabilities	13. Other financial assets and liabilities Current Non-Current December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Other financial assets Financial investments 32 18 — — Loans — — 153 151 Derivative financial instruments (note 25) 39 106 392 453 Investments in equity securities (note 14) — — 987 — Related parties - Loans (note 31) 364 1,898 1,612 2,628 435 2,022 3,144 3,232 Other financial liabilities Derivative financial instruments (note 25) 470 104 344 686 Related parties (note 31) 1,134 882 960 975 Participative stockholders' debentures — — 1,407 1,233 1,604 986 2,711 2,894 Participative stockholders’ debentures At the time of its privatization in 1997, the Company 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 exploration of 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$148 and US$147, respectively, for the year ended December 31, 2018 and 2017.

Non-current assets and liabilit

Non-current assets and liabilities held for sale and discontinued operations	12 Months Ended
	Dec. 31, 2018
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, 2017 Fertilizers Assets Accounts receivable 90 Inventories 460 Other current assets 110 Investments in associates and joint ventures 83 Property, plant and equipment and Intangible 2,149 Other non-current assets 695 Total assets 3,587 Liabilities Suppliers and contractors 324 Other current liabilities 215 Other non-current liabilities 640 Total liabilities 1,179 Net non-current assets held for sale 2,408 a) Fertilizers (discontinued operations) In January 2018, the Company and The Mosaic Company (“Mosaic”) concluded the transaction entered in December 2016, to sell (i) the phosphate assets located in Brazil, except for those 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. The Company received US$1,080 in cash and 34.2 million common shares, corresponding to 8.9% of Mosaic's outstanding common shares after the issuance of these shares totaling US$899, based on the Mosaic’s quotation at closing date of the transaction and a loss of US$55 was recognized in the income statement from discontinued operations. Mosaic's shares received were accounted for as a financial investment measured at fair value through other comprehensive income. The Company recognized a gain of US$90 (US$60, net of tax) for the year ended December 31, 2018, in other comprehensive income as "Fair value adjustment to investment in equity securities". b) Cubatão (part of the fertilizer segment) In November 2017, the Company entered into an agreement with Yara International ASA to sell its assets located in Cubatão, Brazil. In May 2018, the transaction was concluded and the Company received US$255 in cash and a loss of US$69 was recognized in the income statement from discontinued operations. The results for the years and the cash flows of discontinued operations are presented as follows: Income statement Year ended December 31 2018 2017 2016 Discontinued operations Net operating revenue 121 1,746 1,875 Cost of goods sold and services rendered (120) (1,605) (1,887) Operating expenses (4) (141) (130) Impairment of non-current assets (124) (885) (1,738) Operating loss (127) (885) (1,880) Financial Results, net (5) (28) 20 Equity results in associates and joint ventures — (2) 3 Loss before income taxes (132) (915) (1,857) Income taxes 40 102 630 Loss from discontinued operations (92) (813) (1,227) Net income (loss) attributable to noncontrolling interests — (7) 2 Loss attributable to Vale's stockholders (92) (806) (1,229) Statement of cash flow Year ended December 31 2018 2017 2016 Discontinued operations Cash flow from operating activities Loss before income taxes (132) (915) (1,857) Adjustments: Equity results in associates and joint ventures — 2 (3) Depreciation, amortization and depletion — 1 347 Impairment of non-current assets 124 885 1,738 Others 5 — (20) Increase (decrease) in assets and liabilities (34) 114 (25) Net cash provided by (used in) operating activities (37) 87 180 Cash flow from investing activities Additions to property, plant and equipment (9) (305) (292) Others — — 11 Net cash used in investing activities (9) (305) (281) Cash flow from financing activities Loans and borrowings Repayments — (34) (17) Net cash used in financing activities — (34) (17) Net cash used in discontinued operations (46) (252) (118) 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 of the non‑current assets as held for sale are only considered satisfied when the sale is highly probable and the asset (or 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 is not reclassified in the statement of financial position.

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2018
Subsidiaries
Subsidiaries	15. Subsidiaries The significant consolidated entities in each business segment are as follows: % Noncontrolling Location Main activity /Business % Ownership % Voting capital interest Direct and indirect subsidiaries Companhia Portuária da Baía de Sepetiba Brazil Iron ore 100.0 % 100.0 % 0.0 % Mineração Corumbaense Reunida S.A. Brazil Iron ore and manganese 100.0 % 100.0 % 0.0 % Minerações Brasileiras Reunidas S.A. (“MBR”) Brazil Iron ore 62.5 % 98.3 % 37.5 % Salobo Metais S.A. Brazil Copper 100.0 % 100.0 % 0.0 % PT Vale Indonesia Indonesia Nickel 59.2 % 59.2 % 40.8 % Vale International Holdings GmbH Austria Holding and research 100.0 % 100.0 % 0.0 % Vale Canada Limited Canada Nickel 100.0 % 100.0 % 0.0 % Vale International S.A. Switzerland Trading and holding 100.0 % 100.0 % 0.0 % Vale Malaysia Minerals Sdn. Bhd. Malaysia Iron ore 100.0 % 100.0 % 0.0 % Vale Manganês S.A. Brazil Manganese and ferroalloys 100.0 % 100.0 % 0.0 % Vale Moçambique S.A. Mozambique Coal 80.7 % 80.7 % 19.3 % Vale Nouvelle Caledonie S.A.S. New Caledonia Nickel 95.0 % 95.0 % 5.0 % Vale Oman Distribution Center LLC Oman Iron ore and pelletizing 100.0 % 100.0 % 0.0 % Vale Oman Pelletizing Company LLC Oman Pelletizing 70.0 % 70.0 % 30.0 % As explained in note 14, the Fertilizer Segment is presented as discontinued operations, which includes the following subsidiaries: % Noncontrolling Location Main activity/Business % Ownership % Voting capital interest Direct and indirect subsidiaries Compañia Minera Miski Mayo S.A.C. Peru Fertilizers 40.0 % 51.0 % 60.0 % Vale Fertilizantes S.A. Brazil Fertilizers 100.0 % 100.0 % 0.0 % Vale Cubatão Fertilizantes Ltda. Brazil Fertilizers 100.0 % 100.0 % 0.0 % Accounting policy 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”). The 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. 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 16. 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 proportionately to the Company’s interest. Investments held by other investors in Vale’s subsidiaries are classified as noncontrolling interests (“NCI”). The Company treats transactions with noncontrolling interests as transactions with equity owners of the Company as described in note 17. For purchases or disposals from noncontrolling interests, the difference between the consideration paid and the proportion acquired of the carrying value of net assets of the subsidiary is directly recorded in stockholders’ equity in “Results from operation with noncontrolling interest”. Translation from the functional currency to the presentation currency - 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 disposed of or sold, foreign exchange differences that were recognized in equity are recognized in the income of statement.

Investments in associates and j

Investments in associates and joint ventures	12 Months Ended
	Dec. 31, 2018
Investments in associates and joint ventures
Investments in associates and joint ventures	16. Investments in associates and joint ventures The significant non‑consolidated entities of the Company are as follows: Location Main activity/Business % Ownership % Voting capital % Noncontrolling Joint ventures Aliança Geração de Energia S.A. Brazil Energy 55.0 % 55.0 % 45.0 % Companhia Coreano-Brasileira de Pelotização Brazil Pelletizing 50.0 % 50.0 % 50.0 % Companhia Hispano-Brasileira de Pelotização Brazil Pelletizing 50.9 % 51.0 % 49.1 % Companhia Ítalo-Brasileira de Pelotização Brazil Pelletizing 50.9 % 51.0 % 49.1 % Companhia Nipo-Brasileira de Pelotização Brazil Pelletizing 51.0 % 51.1 % 49.0 % Companhia Siderúrgica do Pecém ("CSP") Brazil Steel 50.0 % 50.0 % 50.0 % MRS Logística S.A. Brazil Logistics 48.2 % 46.8 % 51.8 % Nacala Corridor Holding Netherlands B.V. Netherlands Coal 50.0 % 50.0 % 50.0 % Samarco Mineração S.A. Brazil Pelletizing 50.0 % 50.0 % 50.0 % Direct and indirect associates Henan Longyu Energy Resources Co., Ltd. China Coal 25.0 % 25.0 % 75.0 % VLI S.A. Brazil Logistics 37.6 % 37.6 % 62.4 % a) Changes during the year Changes in investments in associates and joint ventures as follows: 2018 2017 Associates Joint ventures Total Associates Joint ventures Total Balance at January 1st, 1,441 2,127 3,568 1,437 2,259 3,696 Additions (i) — 23 23 1 92 93 Translation adjustment (184) (272) (456) (2) (28) (30) Equity results in income statement 44 261 305 57 41 98 Equity results in statement of comprehensive income — — — — (152) (152) Dividends declared — (291) (291) (57) (226) (283) Transfer from non-current assets held for sale (ii) 87 — 87 — — — Others 4 (15) (11) 5 141 146 Balance at December 31, 1,392 1,833 3,225 1,441 2,127 3,568 (i) Refers to the Coal segment and others in the amounts of US$11 and US$12, respectively, on December 31, 2018 and US$75 and US$18, respectively, on December 31, 2017. (ii) Refers to 18% interest held by Vale Fertilizantes at Ultrafertil which was transferred to Vale as part of the settlement in January 2018 (note 14). The investments by segments are presented in note 4(c). b) Acquisitions and divestitures 2018 Ferrous Resources Limited - In December 2018, the Company entered into an agreement to purchase the control of Ferrous Resources Limited, a company that currently owns and operates iron ore mines closely located to Company's operations in Minas Gerais, Brazil. The purchase price is US$550 and the conclusion of transaction is expected to occur in 2019, subject to conditions precedent. New Steel - In January 2019 (subsequent event), the Company acquired for the total consideration of US$500 the control of New Steel Global NV, a company that develops innovative iron ore beneficiation technologies and currently owns patents of dry processing concentration in 56 countries. 2017 Nacala Logistic Corridor - In March 2017, the Company concluded the transaction 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, and sell 15% participation in the holding entity of Vale Moçambique, which holds the Moatize Coal Project, for the amount 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 disposal of 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 the related parties Nacala BV and Pangea Emirates Ltd due to the deconsolidation of Nacala Logistic Corridor as disclosed in note 31. 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 “Equity results and other results in associates and joint ventures”. Investments in associates and joint ventures Equity results in the income statement Dividends received Year ended December 31 Year ended December 31 Associates and joint ventures % ownership % voting capital December 31, 2018 December 31, 2017 2018 2017 2016 2018 2017 2016 Ferrous minerals Baovale Mineração S.A. 50.00 50.00 23 26 5 7 9 1 1 — Companhia Coreano-Brasileira de Pelotização 50.00 50.00 104 89 69 50 17 32 19 26 Companhia Hispano-Brasileira de Pelotização (i) 50.89 51.00 83 82 55 41 15 23 16 27 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 81 80 60 40 16 32 17 9 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 148 137 126 93 29 67 29 41 MRS Logística S.A. 48.16 46.75 496 517 72 69 57 27 29 10 VLI S.A. 37.60 37.60 857 968 30 29 36 7 19 — Zhuhai YPM Pellet Co. 25.00 25.00 22 23 — — — — — — 1,814 1,922 417 329 179 189 130 113 Coal Henan Longyu Energy Resources Co., Ltd. 25.00 25.00 317 317 16 20 (4) — — — 317 317 16 20 (4) — — — Base metals Korea Nickel Corp. 25.00 25.00 14 13 1 1 (1) — — 4 Others — — — — (3) — — — 14 13 1 1 (4) — — 4 Others Aliança Geração de Energia S.A. (i) 55.00 55.00 486 571 25 27 46 25 29 39 Aliança Norte Energia Participações S.A. (i) 51.00 51.00 162 160 15 (2) (6) — — — California Steel Industries, Inc. 50.00 50.00 247 200 77 42 33 31 27 4 Companhia Siderúrgica do Pecém 50.00 50.00 — 262 (243) (264) 25 — — — Mineração Rio do Norte S.A. 40.00 40.00 93 101 2 13 48 — 41 32 Others 92 22 (5) (68) (8) — — 1 1,080 1,316 (129) (252) 138 56 97 76 Total 3,225 3,568 305 98 309 245 227 193 (i) Although the Company held a majority of the voting capital, the entities are accounted under equity method due to the stockholders' agreement where relevant decisions are shared with other parties. c) Summarized financial information The summarized financial information about relevant associates and joint‑ventures for the Company are as follows: December 31, 2018 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets 186 693 964 263 1,104 679 Non-current assets 938 3,062 296 1,826 392 3,938 Total assets 1,124 3,755 1,260 2,089 1,496 4,617 Current liabilities 83 970 437 359 203 544 Non-current liabilities 158 2,785 2 699 26 1,795 Total liabilities 241 3,755 439 1,058 229 2,339 Stockholders'equity 883 — 821 1,030 1,267 2,278 Net income (loss) 45 (486) 609 150 65 79 December 31, 2017 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets 137 759 760 309 1,072 738 Non-current assets 1,200 3,712 310 2,063 422 4,172 Total assets 1,337 4,471 1,070 2,372 1,494 4,910 Current liabilities 86 1,060 301 454 226 537 Non-current liabilities 213 2,887 5 844 — 1,799 Total liabilities 299 3,947 306 1,298 226 2,336 Stockholders'equity 1,038 524 764 1,074 1,268 2,574 Net income (loss) 49 (528) 442 143 79 77 (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 statements of those entities may differ from the financial information reported herein, which is prepared considering Vale’s accounting policies including eventual goodwill, provisional price adjustment and others. 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. 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 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 either 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 has 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, 2018
Noncontrolling interest
Noncontrolling interest	17. 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, 2018 MBR PTVI VNC Vale Mocambique S.A. Others (i) Total Current assets 581 465 202 303 — — Non-current assets 2,499 1,567 1,922 1,709 — — Related parties - Stockholders 721 111 56 22 — — Total assets 3,801 2,143 2,180 2,034 — — Current liabilities 187 165 141 313 — — Non-current liabilities 282 153 256 79 — — Related parties - Stockholders 197 — 766 8,731 — — Total liabilities 666 318 1,163 9,123 — — Stockholders' equity 3,135 1,825 1,017 (7,089) — — Equity attributable to noncontrolling interests 1,254 745 51 (1,290) 87 847 Net income (loss) 434 58 351 (985) — — Net income (loss) attributable to noncontrolling interests 174 24 18 (190) 10 36 Dividends paid to noncontrolling interests 168 — — — 14 182 (i) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing December 31, 2017 Compañia Vale Mineradora Miski MBR PTVI VNC Mocambique S.A. Mayo S.A.C. (i) Others (ii) Total Current assets 408 394 251 381 78 — — Non-current assets 3,041 1,586 2,046 1,653 436 — — Related parties - Stockholders 591 147 115 253 6 — — Total assets 4,040 2,127 2,412 2,287 520 — — Current liabilities 170 128 142 128 36 — — Non-current liabilities 288 237 222 32 97 — — Related parties - Stockholders 226 3 1,318 8,232 9 — — Total liabilities 684 368 1,682 8,392 142 — — Stockholders' equity 3,356 1,759 730 (6,105) 380 — — Equity attributable to noncontrolling interests 1,342 735 37 (1,101) 228 73 1,314 Net income (loss) 434 (15) (572) (659) (11) — — Net income (loss) attributable to noncontrolling interests 174 (6) (28) (104) (6) (16) 14 Dividends paid to noncontrolling interests 113 — — — — 13 126 (i) Discontinued operations (ii) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing December 31, 2016 Compañia Vale Mineradora Miski MBR PTVI VNC Mocambique S.A. Mayo S.A.C. (i) Others (ii) Total Net income (loss) 400 2 (807) (541) 3 — — Net income (loss) attributable to noncontrolling interests 165 1 (40) (27) 2 (107) (6) Dividends paid to noncontrolling interests 263 — — — 11 17 291 (i) Discontinued operation (ii) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing The stand-alone financial statements of those entities may differ from the financial information reported herein, which is prepared considering Vale’s accounting policies including eventual goodwill, provisional price adjustment and others.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2018
Intangibles
Intangibles	18. Intangibles Changes in intangibles are as follows: Goodwill Concessions Right of use Software Total Balance at December 31, 2016 3,081 3,301 147 342 6,871 Additions — 980 — 26 1,006 Disposals — (9) — — (9) Amortization — (209) (2) (142) (353) Translation adjustment 65 (61) 7 3 14 Merger of Valepar (note 30) 964 — — — 964 Balance at December 31, 2017 4,110 4,002 152 229 8,493 Cost 4,110 5,075 241 1,554 10,980 Accumulated amortization — (1,073) (89) (1,325) (2,487) Balance at December 31, 2017 4,110 4,002 152 229 8,493 Additions — 855 — 7 862 Disposals — (27) — (2) (29) Amortization — (135) (2) (99) (236) Translation adjustment (457) (634) (13) (24) (1,128) Balance at December 31, 2018 3,653 4,061 137 111 7,962 Cost 3,653 5,043 201 923 9,820 Accumulated amortization — (982) (64) (812) (1,858) Balance at December 31, 2018 3,653 4,061 137 111 7,962 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 assesses annually 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, 2018
Property, plant and equipment
Property, plant and equipment	19. Property, plant and equipment Changes in property, plant and equipment are as follows: Mineral Constructions Land Building Facilities Equipment properties Others in progress Total Balance at December 31, 2016 724 10,674 9,471 6,794 8,380 7,515 11,861 55,419 Additions (i) — — — — — — 3,392 3,392 Disposals — (11) (57) (67) (138) (212) (151) (636) Assets retirement obligation — — — — 425 — — 425 Depreciation, amortization and depletion — (587) (736) (814) (618) (754) — (3,509) Impairment (note 20) (20) — — (34) (131) — (86) (271) Translation adjustment 79 (122) (105) (83) 222 29 38 58 Transfers (65) 2,146 3,213 1,097 929 1,615 (8,935) — Balance at December 31, 2017 718 12,100 11,786 6,893 9,069 8,193 6,119 54,878 Cost 718 19,163 18,292 12,840 17,471 12,461 6,119 87,064 Accumulated depreciation — (7,063) (6,506) (5,947) (8,402) (4,268) — (32,186) Balance at December 31, 2017 718 12,100 11,786 6,893 9,069 8,193 6,119 54,878 Additions (i) — — — — — — 2,823 2,823 Disposals (11) (53) (93) (234) (8) (79) (92) (570) Assets retirement obligation — — — — 446 — — 446 Depreciation, amortization and depletion — (531) (655) (847) (525) (653) — (3,211) Impairment (note 20) — (10) (18) (21) — (31) (104) (184) Translation adjustment (84) (1,360) (1,471) (560) (864) (990) (468) (5,797) Transfers 12 806 1,687 1,176 381 829 (4,891) — Balance at December 31, 2018 635 10,952 11,236 6,407 8,499 7,269 3,387 48,385 Cost 635 18,267 17,611 12,424 16,717 11,697 3,387 80,738 Accumulated depreciation — (7,315) (6,375) (6,017) (8,218) (4,428) — (32,353) Balance at December 31, 2018 635 10,952 11,236 6,407 8,499 7,269 3,387 48,385 (i) Includes capitalized borrowing costs. Disposals of assets The Company recognized a loss of US$322 and US$348 in the income statement as “Impairment and disposal of non-current assets" for the year ended December 31, 2018 and 2017, respectively, due to non-viable projects and operating assets written off through sale or obsolescence. Additionally, 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 disposal of non-current assets”. Accounting policy Property, plant and equipment are 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. 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 other researches - 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 costs 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. Critical accounting estimates and judgments Mineral reserves - 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.

Impairment and onerous contract

Impairment and onerous contracts	12 Months Ended
	Dec. 31, 2018
Impairment and onerous contracts
Impairment and onerous contracts	20. 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 2018 2017 2016 Property, plant and equipment and intangible Iron ore North system — — (160) Coal Australia — — 27 Base metals – nickel Stobie (VCL) — 133 — Base metals – nickel Newfoundland (VNL) — — 631 Base metals – nickel Nouvelle Caledonie (VNC) — — 284 Several segments Other assets 184 138 135 Impairment of non-current assets 184 271 917 Onerous contracts 393 — 257 Impairment of non-current assets and onerous contracts 577 271 1,174 a) Impairment of non‑financial assets The Company has carried out an impairment test for the assets for which 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 Unit (“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 10%, 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 operates. Iron ore and pellets - During 2018, 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 18), US$1,841 is allocated to the group of ferrous mineral CGUs. The impairment analysis based on FVLCD model demonstrates that there was no impairment loss in relation to the individual CGUs or goodwill. In 2016, based on the market circumstances, the Company decided to resume Nortés system pelletizing plant, based on the studies carried out by management that demonstrated its economic feasibility. Accordingly, the Company reversed the full impairments of US$160 recorded in 2013 and 2015. Coal - Based on the 2018 impairment triggering assessment, the Company has identified trigger of impairment in the Mozambique CGU driven by the lower than planned production volumes during the year. The Company carried out an impairment test based on FVLCD model and concluded that there were no changes in the impairment recognized in 2015. In 2016, the mining plans for the coal assets in Australia were revised and an impairment loss of US$27 was recognized in the income statement. Nickel (Onça Puma) - In September 2017, the Federal Court granted an injunction suspending the nickel mining operations at Onça Puma (base metals segment). The Company has appealed this decision to seek a suspension of this injunction, but it is not possible to anticipate when Onça Puma activities will resume. On the assumption that the Company will be able to operate this asset in the future, the Company carried out an impairment test based on FVLCD model assuming different returning of operations scenarios and concluded that no impairment loss should be booked. Nickel (Others) - In addition, the Company did not identify any changes in the circumstances or indicators during 2018 that would require reassessment of the carrying amount of the other Nickel CGUs. Of the total goodwill (note 18), US$1,812 is allocated to the group of nickel CGUs. The impairment analysis based on FVLCD model demonstrates that there was no impairment loss in relation to the individual CGUs or goodwill. In 2017, an underground mine in Sudbury (Stobie) 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. 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, respectively. Other assets – The Company has undertaken a review on the business plan of its biological assets leading to a reduction in the expected operational capacity of these assets. The Company carried out an impairment test based on FVLCD model and an impairment loss of US$184 was recognized in the income statement. b) Onerous contract In 2018, the Company recognized a provision of US$393 (2016: US$257) for the costs in respect of certain long-term contracts in the Midwest system for fluvial transportation and port structure, with minimum guaranteed volume. 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 an 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 (CGU). 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 useful 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 and cash and

Loans, borrowings and cash and cash equivalents	12 Months Ended
	Dec. 31, 2018
Loans and borrowings
Loans, borrowings and cash and cash equivalents	21. Loans, borrowings and cash and cash equivalents a) 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, part in R$, indexed to the Brazilian Interbank Interest rate (“DI Rate”or”CDI”) and part denominated in US$, mainly time deposits. b) Loans and borrowings As at December 31, 2018 and 2017, loans and borrowings are secured by property, plant and equipment and receivables in the amount of US$221 and US$275, respectively. The securities issued through Vale’s wholly-owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed by Vale. i) Total debt Current liabilities Non-current liabilities December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal in: US$ 256 649 10,300 16,060 EUR — — 1,088 1,140 R$ 492 515 2,940 3,368 Other currencies 25 17 127 206 Accrued charges 230 522 8 12 Total 1,003 1,703 14,463 20,786 The future flows of debt payments principal and interest are as follows: Estimated future Principal interest payments (i) 2019 773 831 2020 1,053 799 2021 1,233 732 2022 1,872 662 Between 2023 and 2027 5,109 2,132 2028 onwards 5,188 3,794 Total 15,228 8,950 (i) Based on interest rate curves and foreign exchange rates applicable as at December 31, 2018 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the financial statements. ii) Reconciliation of debt to cash flows arising from financing activities Loans and borrowings December 31, 2017 22,489 Additions 1,225 Repayments (i) (7,841) Interest paid (1,121) Cash flow from financing activities (7,737) Effect of exchange rate (407) Interest accretion 1,121 Non-cash changes 714 December 31, 2018 15,466 (i) In 2018, the Company conducted a cash tender offer for Vale Overseas’ 5.875% guaranteed notes due 2021, 6.875% guaranteed notes due 2036, 4.375% guaranteed notes due 2022 and a cash tender offer for Vale S.A.’ 5.625% guaranteed notes due 2042 and repurchased a total of US$3,730. The Company also redeemed all of Vale Overseas’ 4.625% guaranteed notes due 2020 totaling US$499. 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 17%. Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred. Liquidity risk - The revolving credit facilities available today were provided by a syndicate of several global commercial banks. To mitigate liquidity risk, Vale has two revolving credit facilities, which will mature in 2020 and 2022, in the available amount of US$5,000 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. As of December 31, 2018 these lines are undrawn. 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, 2018 and 2017.

Liabilities related to associat

Liabilities related to associates and joint ventures	12 Months Ended
	Dec. 31, 2018
Liabilities related to associates and joint ventures
Liabilities related to associates and joint ventures	22. 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 28d), 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 a 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 changes in the provisions are as follows: 2018 2017 Balance at January 01, 996 1,077 Payments (290) (294) Present value valuation 165 182 Provision increase 403 38 Translation adjustment (153) (7) Balance at December 31, 1,121 996 Current liabilities 289 326 Non-current liabilities 832 670 Liabilities 1,121 996 In 2018, the Fundação Renova reviewed the estimates for the expenditures required to mitigate and compensate for the impacts of the disruption from Samarco's tailing dam. As a result of this revision, Vale S.A. recognized in 2018 an additional provision of US$403 (R$1,523 million), which amounts to the present value of Vale's new estimated secondary responsibility to support the Renova Foundation works and is equivalent to 50% of Samarco's additional obligations over the next 12 years. In addition to the provision above, Vale S.A. made available in the year ended December 31, 2018 and 2017 the amount of US$84 and US$142, respectively, which was fully used to fund Samarco’s working capital and was recognized in Vale’s income statement as an expense in "Equity results and other results in associates and joint ventures”. Vale S.A. intends to make available until June 30, 2019 short-term facilities up to US$88 to support Samarco's cash necessity, without any binding obligation to Samarco in this regard. Such support will be released simultaneously with BHPB, and pursuant to the same amounts, terms and conditions, subject to the fulfillment of certain milestones. The summarized financial information of Samarco are as follows: December 31, 2018 December 31, 2017 Current assets 54 66 Non-current assets 3,443 6,016 Total assets 3,497 6,082 Current liabilities 6,069 5,481 Non-current liabilities 3,934 3,636 Total liabilities 10,003 9,117 Negative reserves (6,506) (3,035) Loss (1,257) (930) 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. 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 a 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, 2018
Financial instruments classification
Financial instruments classification	23. 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, 2018 December 31, 2017 At fair value Loans and At fair value At fair value through profit receivables or through profit Amortized cost through OCI or loss Total amortized cost or loss Total Financial assets Current Cash and cash equivalents 5,784 — — 5,784 4,328 — 4,328 Financial investments — — 32 32 18 — 18 Derivative financial instruments — — 39 39 — 106 106 Accounts receivable 2,756 — (108) 2,648 2,430 170 2,600 Related parties 364 — — 364 1,898 — 1,898 8,904 — (37) 8,867 8,674 276 8,950 Non-current Derivative financial instruments — — 392 392 — 453 453 Investments in equity securities — 987 — 987 — — — Loans 153 — — 153 151 — 151 Related parties 1,612 — — 1,612 2,628 — 2,628 1,765 987 392 3,144 2,779 453 3,232 Total of financial assets 10,669 987 355 12,011 11,453 729 12,182 Financial liabilities Current Suppliers and contractors 3,512 — — 3,512 4,041 — 4,041 Derivative financial instruments — — 470 470 — 104 104 Loans and borrowings 1,003 — — 1,003 1,703 — 1,703 Related parties 1,134 — — 1,134 882 — 882 5,649 — 470 6,119 6,626 104 6,730 Non-current Derivative financial instruments — — 344 344 — 686 686 Loans and borrowings 14,463 — — 14,463 20,786 — 20,786 Related parties 960 — — 960 975 — 975 Participative stockholders' debentures — — 1,407 1,407 — 1,233 1,233 15,423 — 1,751 17,174 21,761 1,919 23,680 Total of financial liabilities 21,072 — 2,221 23,293 28,387 2,023 30,410 The classification of financial assets and liabilities by currencies are as follows: December 31, 2018 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents 2,765 2,883 23 12 101 5,784 Financial investments 1 31 — — — 32 Derivative financial instruments 30 9 — — — 39 Accounts receivable 447 2,197 4 — — 2,648 Related parties — 364 — — — 364 3,243 5,484 27 12 101 8,867 Non-current Derivative financial instruments 380 12 — — — 392 Investments in equity securities — 987 — — — 987 Loans 5 148 — — — 153 Related parties — 1,612 — — — 1,612 385 2,759 — — — 3,144 Total of financial assets 3,628 8,243 27 12 101 12,011 Financial liabilities Current Suppliers and contractors 1,791 1,182 292 141 106 3,512 Derivative financial instruments 389 81 — — — 470 Loans and borrowings 532 410 25 36 — 1,003 Related parties 769 365 — — — 1,134 3,481 2,038 317 177 106 6,119 Non-current Derivative financial instruments 321 23 — — — 344 Loans and borrowings 2,948 10,300 127 1,088 — 14,463 Related parties 65 895 — — — 960 Participative stockholders' debentures 1,407 — — — — 1,407 4,741 11,218 127 1,088 — 17,174 Total of financial liabilities 8,222 13,256 444 1,265 106 23,293 December 31, 2017 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents 1,790 2,395 48 11 84 4,328 Financial investments 1 17 — — — 18 Derivative financial instruments 60 46 — — — 106 Accounts receivable 246 2,334 6 — 14 2,600 Related parties — 1,898 — — — 1,898 2,097 6,690 54 11 98 8,950 Non-current Derivative financial instruments 384 69 — — — 453 Loans 5 146 — — — 151 Related parties — 2,628 — — — 2,628 389 2,843 — — — 3,232 Total of financial assets 2,486 9,533 54 11 98 12,182 Financial liabilities Current Suppliers and contractors 2,464 1,108 386 49 34 4,041 Derivative financial instruments 95 9 — — — 104 Loans and borrowings 768 880 18 37 — 1,703 Related parties — 882 — — — 882 3,327 2,879 404 86 34 6,730 Non-current Derivative financial instruments 638 48 — — — 686 Loans and borrowings 3,379 16,060 207 1,140 — 20,786 Related parties 78 897 — — — 975 Participative stockholders' debentures 1,233 — — — — 1,233 5,328 17,005 207 1,140 — 23,680 Total of financial liabilities 8,655 19,884 611 1,226 34 30,410 Accounting policy The Company classifies financial instruments based on its business model for managing the assets and the contractual cash flow characteristics of those assets. The business model test determines the classification based on the business purpose for holding the asset and whether the contractual cash flows represent only payments of principal and interest. Financial instruments are measured at fair value through profit or loss unless certain conditions are met that permit measurement at fair value through other comprehensive income (“FVOCI”) or amortized cost. Gains and losses recorded in other comprehensive income for debt instruments are recognized in profit or loss only on disposal. Investments in equity instruments are measured at fair value through profit or loss unless they are eligible to be measured at FVOCI. The Company recognizes equity instruments and gains and losses are never being recycled to profit or loss. Information about the Company’s exposure to credit risk is set out in note 33. All financial liabilities 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. Participative stockholders' debentures and Derivative financial instruments are measured at fair value through profit or loss.

Fair value estimate

Fair value estimate	12 Months Ended
	Dec. 31, 2018
Fair value estimate
Fair value estimate	24. 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, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 2 Level 3 Total Financial assets Financial investments 32 — — 32 — — — Derivative financial instruments — 136 295 431 289 270 559 Accounts receivable — (108) — (108) 170 — 170 Investments in equity securities 987 — — 987 — — — Total 1,019 28 295 1,342 459 270 729 Financial liabilities Derivative financial instruments — 636 178 814 581 209 790 Participative stockholders' debentures — 1,407 — 1,407 1,233 — 1,233 Total — 2,043 178 2,221 1,814 209 2,023 The Company changed its accounting estimate on the calculation of the participative stockholders' debentures from January 1, 2018. The Company has replaced in the calculation the assumption of spot price at the reporting date to the weighted average price traded on the market within the last month of the quarter. There were no transfers between Level 1 and Level 2, or between Level 2 and Level 3 in the year ended December 31, 2018. The following table presents the changes in Level 3 assets and liabilities for the year ended December 31, 2018: Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2017 270 209 Gain and losses recognized in income statement 25 (31) Balance at December 31, 2018 295 178 Methods and valuation techniques i) Derivative financial instruments Derivative financial instruments are evaluated through the use of market curves and prices impacting each instrument at the closing dates, detailed in the item "market curves” (note 34). For the pricing of options, the Company often uses the Black & Scholes model. In this model, the fair value of the derivative is determined basically as a function of the volatility and the price of the underlying asset, the strike price of the option, the risk free interest rate and the option maturity. In the case of options where payoff is a function of the average price of the underlying asset over a certain period during the life 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 long and short positions are estimated by discounting their cash flows by the interest rate in the related currency. The fair value is determined by the difference between the present value of the long and short positions of the swap in the reference currency. For the swaps indexed to TJLP, the calculation of the fair value assumes that TJLP is constant, that is, the projections of future cash flows in Brazilian Reais are made considering the last TJLP disclosed. Forward and future contracts are priced using the future curves of their corresponding underlying assets. Typically, these curves are obtained on the stock exchanges where these assets 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 of derivatives within level 3 is estimated using discounted cash flows and option model valuation techniques with unobservable inputs of discount rates, stock prices and commodities prices. ii) Participative stockholders’ debentures - Consist of the debentures issued during the privatization process (note 13), for 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 34 (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 flow basis using LIBOR future values and Vale’s bonds curve. The fair values and carrying amounts of loans and borrowings are as follows: Financial liabilities Balance Fair value Level 1 Level 2 December 31, 2018 Debt principal 15,228 16,262 10,686 5,576 December 31, 2017 Debt principal 21,955 23,088 14,935 8,153

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Dec. 31, 2018
Derivatives financial instruments
Derivative financial instruments	25. Derivative financial instruments a) Derivatives effects on statement of financial position Assets December 31, 2018 December 31, 2017 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 9 — 38 — IPCA swap 7 84 9 82 Eurobonds swap — 4 — 27 Pré-dolar swap 19 1 22 32 35 89 69 141 Commodities price risk Nickel 2 — 22 3 Bunker oil 1 — 15 — 3 — 37 3 Others (note 34) 1 303 — 309 1 303 — 309 Total 39 392 106 453 Liabilities December 31, 2018 December 31, 2017 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 383 98 95 410 IPCA swap 35 47 41 Eurobonds swap 5 4 — Pré-dolar swap 10 18 5 24 433 163 104 475 Commodities price risk Nickel 8 2 — — Bunker oil 29 — — — 37 2 — — Others (note 34) — 179 — 211 — 179 — 211 Total 470 344 104 686 b) Effects of derivatives on the income statement, cash flow and other comprehensive income Gain (loss) recognized in the income statement Year ended December 31 2018 2017 2016 Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (206) 152 869 IPCA swap (23) 43 78 Eurobonds swap (27) 36 (19) Euro forward — 46 (46) Pré-dolar swap (23) 36 77 (279) 313 959 Commodities price risk Nickel (25) 30 (42) Bunker oil 6 (80) 268 (19) (50) 226 Others 32 191 74 Derivatives designated as cash flow hedge accounting Foreign exchange — — (3) — — (3) Total (266) 454 1,256 Financial settlement inflows (outflows) Year ended December 31 2018 2017 2016 Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$fixed and floating rate swap (135) (181) (513) IPCA swap 7 (20) (25) Eurobonds swap (3) (39) (142) Pré-dolar swap 10 (1) (90) (121) (241) (770) Commodities price risk Nickel 8 4 (30) Bunker oil 49 (3) (799) 57 1 (829) Others (3) — — Derivatives designated as cash flow hedge accounting Foreign exchange — — (3) — — (3) Total (67) (240) (1,602) Gain (loss) recognized in other comprehensive income Year ended December 31 2018 2017 2016 Derivatives designated as cash flow hedge accounting Foreign exchange — — 2 Total — — 2 The maturity dates of the derivative financial instruments are as follows: Last maturity dates Currencies and interest rates December 2027 Bunker oil June 2019 Nickel December 2020 Others December 2027 c) Hedge in foreign operations As at December 31, 2018 the carrying value of the debts designated as instrument hedge of the Company’s investment in foreign operations (Vale International S.A. and Vale International Holding GmbH; hedging objects) are US$2,467 and EUR750, respectively. The foreign exchange losses of US$823 (US$543, net of taxes) and US$144 (US$95, net of taxes), were recognized for the year ended December 31, 2018 and 2017, respectively in the “Cumulative translation adjustments” in stockholders’ equity. This hedge was highly effective throughout the year ended December 31, 2018. 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 relation 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 shows below: 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 “Unrealized fair value gain (losses)". 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.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2018
Provisions.
Provisions	26. Provisions Current liabilities Non-current liabilities December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Payroll, related charges and other remunerations 1,046 1,101 — — Onerous contracts 60 102 642 364 Environmental obligations (i) 100 30 202 79 Asset retirement obligations (note 27) 85 87 3,030 3,081 Provisions for litigation (note 28) — — 1,357 1,473 Employee postretirement obligations (note 29) 72 74 1,864 2,030 Provisions 1,363 1,394 7,095 7,027 (i) In 2018, the Company recognized an obligation in the amount of US$229 related to certain environmental obligation that became effective from the current year due to changes in the regulation in place.

Asset retirement obligations

Asset retirement obligations	12 Months Ended
	Dec. 31, 2018
Asset retirement obligations
Asset retirement obligations	27. 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, 2018 December 31, 2017 Balance at beginning of the year 3,168 2,519 Present value valuation 15 70 Settlements (259) (60) Revisions on cash flows estimates 461 620 Translation adjustment (270) 96 Effect of discontinued operations Transfer to net assets held for sale — (77) Balance at end of the year 3,115 3,168 Current 85 87 Non-current 3,030 3,081 3,115 3,168 Long-term interest rates (per annum) Brazil 4.94 % 5.34 % Canada 0.77 % 0.57 % Other regions 1.33% - 8.59 % 0.72%-6.13 % Accounting policy When the provision is recognized, the corresponding cost is capitalized as part of property, plant and equipment and it 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 significantly impact the recorded provision. Therefore, the estimated costs for closure of the mining assets are deemed to be a critical accounting estimate. These estimates are annually reviewed.

Litigation

Litigation	12 Months Ended
	Dec. 31, 2018
Litigation
Litigation	28. 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, 2016 214 84 534 7 839 Additions and reversals, net 22 17 126 4 169 Payments (117) (3) (105) — (225) Indexation and interest 10 35 37 (1) 81 Translation adjustment (10) (2) (10) — (22) Merger of Valepar (note 30) (i) 631 — — — 631 Balance at December 31, 2017 750 131 582 10 1,473 Additions and reversals, net 17 65 106 (3) 185 Payments (5) (23) (116) (2) (146) Additions - discontinued operations 21 1 16 — 38 Indexation and interest 23 17 (7) (1) 32 Translation adjustment (114) (25) (85) (1) (225) Balance at December 31, 2018 692 166 496 3 1,357 (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 relevant claims are related to payment for overtime work, commuting time, and health and safety conditions. Also the Brazilian national social security institute (“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 are 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. The contingent liabilities are as follows: December 31, 2018 December 31, 2017 Tax litigation 8,641 8,840 Civil litigation 1,957 1,623 Labor litigation 1,475 1,952 Environmental litigation 1,051 2,190 Total 13,124 14,605 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 the exclusion of the tax cases related to IPI, PIS and COFINS (isolated fine), IRPJ and ICMS (PRCT) and due to the new proceedings related to IRPJ, CSLL, ICMS, ISS and IPTU 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 are related to contractual disputes regarding inflation index. The changes reported in the period resulted, mainly from reviewing the process related to commercial divergences of supply contracts. iii - Labor litigation - Represents individual claims by employees and service providers, primarily involving demands for additional compensation for overtime work, commuting time or health and safety conditions; and the Brazilian national social security institute (“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, 2018 December 31, 2017 Tax litigation 1,069 1,201 Civil litigation 60 60 Labor litigation 555 712 Environmental litigation 32 13 Total 1,716 1,986 Beside the deposits already made, the Company has bank guarantees for judicial deposits in the amount of US$1.5 billion. The annual cost of these guarantees is 1.5% and it is recognized as "financial expenses". d) Contingencies related to Samarco accident Given the status of the contingencies related to Samarco accident, it is not possible to provide a range of possible outcomes or a reliable estimate of potential losses for Vale S.A. Consequently, no contingent liability has been quantified and no provision was recognized. (i) Public civil claim filed by the Federal Government and others and Public civil claim filed by Federal Prosecution Office ("MPF") In 2016, the federal government, the Brazilian states of Espírito Santo and Minas Gerais and other governmental authorities have initiated a public civil lawsuit against Samarco and its shareholders, with an estimated value indicated by the plaintiffs of US$5.2 billion (R$20.2 billion). In the same year, MPF filed a public civil action against Samarco and its shareholders and presented several claims, 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 MPF is US$40 billion (R$155 billion). In 2018, the parties entered into an agreement (“Term of Adjustment of Conduct”), which was determined, in summary, (i) the complete extinction of the public civil claim of US$5.2 billion (R$20.2 billion) filed by the Federal Government and others; and (ii) the partial extinction of the public civil claim of US$40 billion (R$155 billion) filed by MPF. In relation to the public civil claim of US$40 billion (R$155 billion), the parties continue to negotiate for the termination of some of their requests, as well as other lawsuits whose objects have already been included in the Term of Adjustment of Conduct. (ii) United States class action lawsuits Samarco and its shareholders were named as defendants in securities class action lawsuits in the Federal Court in New York, related to disclosures of risks of the operations of Samarco and others. The plaintiffs have not specified an amount of alleged damages in these actions. (iii) Criminal lawsuit In 2016, the MPF brought a criminal lawsuit against Samarco and its shareholders, VogBr Recursos Hídricos e Geotecnia Ltda. and 22 individuals for the consequences related to Fundão dam failure. All prosecution witnesses residing in Brazil have been heard. Currently, the criminal lawsuit awaits for a position from Judiciary and all hearings related to this action are suspended. e) Contingent assets In 2015, the Company filed an enforceable action in the amount of US$135 (R$524 million) referring to the final court decision in favor of the Company of the accrued interest of compulsory deposits from 1987 to 1993. Currently it is not possible to estimate the economic benefit inflow as there is a pending judicial decision. Consequently, the asset was not recognized in the financial statement s. In March 2017, the Federal Supreme Court (STF) decided that the ICMS shall not be included in PIS and COFINS tax basis. The related decision is not final because is still pending the judgment of an appeal from the Federal Government. Vale has been discussing this issue in two judicial proceedings, which are covered by taxable events occurred since December 2001. In one of them, Vale reached a favorable final judicial decision on March 18, 2019. In the other case, the Company is awaiting the application of the STF decision by Federal Regional Court of the 2nd Region. The asset was not recognized in the financial statements and the effects of the favorable final judicial decision on March 18, 2019 will be evaluated by the Company. Accounting policy A provision is recognized when it 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 outcomes of future events.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2018
Employee benefits
Employee benefits	29. Employee benefits a) Employee postretirements obligations In Brazil, the management of the pension plans is the 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 benefits (specific coverage for death, pensions and disability allowances) and components of defined contributions (for programmable benefits). The defined benefit 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, 2018 and 2017. 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, 2018 and 2017 and the contributions made by the Company are not relevant. Complementary Allowance (“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 benefits that covers medical, dental and pharmaceutical assistance. The contributions made by the Company finished in 2014. The complementary allowance benefit was overfunded as at December 31, 2018 and 2017. Other benefits - The Company sponsors medical plans for employees that meet specific criteria and for employees who use the complementary allowance 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, 2018 and 2017. 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, 2018 and 2017. 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, 2016 3,343 4,045 1,296 Service costs 7 86 30 Interest costs 360 183 67 Benefits paid (326) (275) (65) Participant contributions — (12) — Effect of changes in the actuarial assumptions 64 167 11 Translation adjustment (51) 276 71 Benefit obligation as at December 31, 2017 3,397 4,470 1,410 Service costs 5 101 36 Interest costs 282 158 59 Benefits paid (296) (272) (60) Participant contributions — (11) — Effect of changes in the actuarial assumptions 679 (164) (32) Translation adjustment (490) (353) (133) Benefit obligation as at December 31, 2018 3,577 3,929 1,280 ii. Evolution of assets fair value Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2016 4,694 3,419 — Interest income 513 151 — Employer contributions 45 65 65 Participant contributions — (12) — Benefits paid (326) (275) (65) Return on plan assets (excluding interest income) (21) 174 — Translation adjustment (77) 254 — Fair value of plan assets as at December 31, 2017 4,828 3,776 — Interest income 406 127 — Employer contributions 35 49 60 Participant contributions 2 — — Benefits paid (296) (247) (60) Return on plan assets (excluding interest income) 479 (145) — Translation adjustment (717) (287) — Fair value of plan assets as at December 31, 2018 4,737 3,273 — iii. Reconciliation of assets and liabilities recognized in the statement of financial position Plans in Brazil December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Balance at beginning of the year 1,431 — — 1,351 — — Interest income 124 — — 152 — — Changes on asset ceiling (172) — — (45) — — Translation adjustment (223) — — (27) — — Balance at end of the year 1,160 — — 1,431 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,577) (334) (249) (3,397) (401) (258) Fair value of assets 4,737 162 — 4,828 239 — Effect of the asset ceiling (1,160) — — (1,431) — — Liabilities — (172) (249) — (162) (258) Current liabilities — (4) (19) — — (22) Non-current liabilities — (168) (230) — (162) (236) Liabilities — (172) (249) — (162) (258) Foreign plan December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Amount recognized in the statement of financial position Present value of actuarial liabilities — (3,595) (1,031) — (4,069) (1,152) Fair value of assets — 3,111 — — 3,537 — Liabilities — (484) (1,031) — (532) (1,152) Current liabilities — (16) (33) — (16) (36) Non-current liabilities — (468) (998) — (516) (1,116) Liabilities — (484) (1,031) — (532) (1,152) Total December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Balance at beginning of the year 1,431 — — 1,351 — — Interest income 124 — — 152 — — Changes on asset ceiling (172) — — (45) — — Translation adjustment (223) — — (27) — — Balance at end of the year 1,160 — — 1,431 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,577) (3,929) (1,280) (3,397) (4,470) (1,410) Fair value of assets 4,737 3,273 — 4,828 3,776 — Effect of the asset ceiling (1,160) — — (1,431) — — Liabilities — (656) (1,280) — (694) (1,410) Current liabilities — (20) (52) — (16) (58) Non-current liabilities — (636) (1,228) — (678) (1,352) Liabilities — (656) (1,280) — (694) (1,410) iv. Costs recognized in the income statement Year ended December 31 2018 2017 2016 Overfunded Underfunded Overfunded Underfunded Overfunded pension pension Other pension pension Other pension Underfunded Other plans plans benefits plans plans benefits plans pension plans benefits Service cost 5 101 36 7 86 30 10 76 (16) Interest on expense on liabilities 282 158 59 360 183 67 362 175 66 Interest income on plan assets (406) (127) — (513) (151) — (512) (151) — Interest expense on effect of (asset ceiling)/ onerous liability 124 — — 152 — — 156 — — Total of cost, net 5 132 95 6 118 97 16 100 50 v. Costs recognized in the statement of comprehensive income Year ended December 31 2018 2017 2016 Overfunded Underfunded Overfunded Underfunded Overfunded pension pension Other pension pension Other pension Underfunded Other plans plans benefits plans plans benefits plans pension plans benefits Balance at beginning of the year (163) (496) (189) (153) (496) (160) (113) (495) (95) Effect of changes actuarial assumptions (679) 172 32 (65) (167) (27) (271) (117) (75) Return on plan assets (excluding interest income) 479 (144) — — 167 — 281 71 — Change of asset ceiling 172 — — 47 — — (36) — — Others (1) — (1) (3) — (14) — 35 — (29) 28 31 (21) — (41) (26) (11) (75) Deferred income tax 10 (7) (8) 7 (3) 12 9 16 17 Others comprehensive income (19) 21 23 (14) (3) (29) (17) 5 (58) Translation adjustments 23 11 10 4 4 1 (23) (6) (7) Transfers/ disposal (7) (4) 28 — (1) (1) — — — Accumulated other comprehensive income (166) (468) (128) (163) (496) (189) (153) (496) (160) 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 achieved by conducting audits and assessments 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 by 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 taken considering the maturity dates and therefore, in the short term they would not realize. The following assumptions were adopted in the assessment: Brazil December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Discount rate to determine benefit obligation 8.86% - 9.10% 9.10 % 9.05% - 9.29% 9.74% - 9.85% 9.74% - 9.91% Nominal average rate to determine expense/ income 8.86% - 9.10% 9.10 % N/A 9.74% - 9.85% N/A Nominal average rate of salary increase 4.00% - 6.08% 6.08 % N/A 4.25% - 6.34% 4.25% - 6.34% N/A Nominal average rate of benefit increase 6.08 % 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 4.00 % 4.00 Foreign December 31, 2018 December 31, 2017 Underfunded Underfunded pension plans Other benefits pension plans Other benefits Discount rate to determine benefit obligation 3.56 % 3.66 % 3.26 % 3.44 % Nominal average rate to determine expense/ income 3.26 % N/A 3.84 % N/A Nominal average rate of salary increase 3.20 % N/A 3.27 % N/A Nominal average rate of benefit increase N/A 3.00 % N/A 3.00 % Immediate health care cost trend rate N/A 5.90 % N/A 5.99 % Ultimate health care cost trend rate N/A 4.56 % N/A 4.56 % Nominal average rate of price inflation 2.10 % 2.10 % 2.10 % 2.10 % For the sensitivity analysis, the Company considers the effect of 1% in nominal discount rate to determine the actuarial liability. The effects of this variation on the actuarial liability, the assumption adopted the average duration of the plan are as follows: December 31, 2018 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase Actuarial liability balance 3,310 3,459 1,114 Assumptions made 9.98 % 5.03 % 5.42 % Nominal discount rate - 1% reduction Actuarial liability balance 3,891 4,471 1,488 Assumptions made 7.98 % 3.03 % 3.42 % viii. Assets of pension plans Brazilian plan assets as at December 31, 2018 and 2017 include respectively (i) investments in a portfolio of Vale’s stock and other instruments in the amount of US$13 and US$37 and (ii) Brazilian Federal Government securities in the amount of US$4,199 and US$4,617. Foreign plan assets as at December 31, 2018 and 2017 include Canadian Government securities in the amount of US$674 and US$864, respectively. ix. Overfunded pension plans Assets by category are as follows: December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities - Corporate — 47 — 47 — 72 — 72 Debt securities - Government 2,447 — — 2,447 2,757 — — 2,757 Investments funds - Fixed Income 2,441 — — 2,441 2,515 — — 2,515 Investments funds - Equity 450 — — 450 531 — — 531 International investments 25 — — 25 24 — — 24 Structured investments - Private Equity funds — — 159 159 — — 196 196 Structured investments - Real estate funds — — 15 15 — — 15 15 Real estate — — 339 339 — — 365 365 Loans to participants — — 160 160 — — 224 224 Total 5,363 47 673 6,083 5,827 72 800 6,699 Funds not related to risk plans (i) (1,346) (1,871) Fair value of plan assets at end of year 4,737 4,828 (i) Financial investments not related to coverage of overfunded pension plans 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, 2016 140 10 370 260 780 Return on plan assets 37 (2) 4 29 68 Assets purchases 31 8 13 75 127 Assets sold during the year (8) — (17) (137) (162) Translation adjustment (4) (1) (5) (3) (13) Balance as at December 31, 2017 196 15 365 224 800 Return on plan assets 15 — 39 25 79 Assets purchases 2 2 7 233 — Assets sold during the year (26) — (16) (292) (334) Translation adjustment (28) (2) (56) (30) (116) Balance as at December 31, 2018 159 15 339 160 673 x. Underfunded pension plans Assets by category are as follows: December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents 3 18 — 21 4 28 — 32 Equity securities 1,186 2 — 1,188 1,364 3 — 1,367 Debt securities - Corporate — 374 — 374 — 338 — 338 Debt securities - Government 116 680 — 796 141 801 — 942 Investments funds - Fixed Income 42 296 — 338 159 — — 159 Investments funds - Equity — 124 — 124 8 392 — 400 Structured investments - Private Equity funds — — 213 213 97 — 197 294 Real estate — — 51 51 — — 44 44 Loans to participants — — 3 3 — — 5 5 Others — — 165 165 — — 195 195 Total 1,347 1,494 432 3,273 1,773 1,562 441 3,776 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, 2016 187 24 6 173 390 Return on plan assets 8 1 — 10 19 Assets purchases 13 17 — — 30 Assets sold during the year (18) (1) — — (19) Translation adjustment 7 3 (1) 12 21 Balance as at December 31, 2017 197 44 5 195 441 Return on plan assets 32 3 — (15) 20 Assets purchases 22 18 — — 40 Assets sold during the year (22) (10) (1) — (33) Translation adjustment (16) (4) (1) (15) (36) Balance as at December 31, 2018 213 51 3 165 432 xi. Disbursement of future cash flow Vale expects to disburse US$125 in 2019 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, 2018 Overfunded pension plans Underfunded pension plans Other benefits 2019 259 222 61 2020 268 223 63 2021 276 223 65 2022 284 223 67 2023 291 224 69 2024 and thereafter 1,543 1,116 369 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$503, US$780 and US$331 for the years ended December 31, 2018, 2017 and 2016, respectively. c) Long‑term compensation plan For the long‑term awarding of eligible executives, the Company compensation plans include 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 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 shares 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, 2018, 2017 and 2016 the Company recognized in the income statement the amounts of US$95, US$65 and US$37, 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 as 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 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 amounts 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, 2018
Stockholders' equity
Stockholders' equity	30. Stockholders’ equity a) Share capital As at December 31, 2018, the share capital was US$61,614 corresponding to 5,284,474,782 shares issued and fully paid without par value. December 31, 2018 ON PNE Total Stockholders Litel Participações S.A. and Litela Participações S.A. 1,075,773,534 — 1,075,773,534 BNDES Participações S.A. 342,484,176 — 342,484,176 Bradespar S.A. 296,009,366 — 296,009,366 Mitsui & Co., Ltd 286,347,055 — 286,347,055 Foreign investors - ADRs 1,211,272,764 — 1,211,272,764 Foreign institutional investors in local market 1,235,808,225 — 1,235,808,225 FMP - FGTS 54,638,358 — 54,638,358 PIBB - Fund 2,300,038 — 2,300,038 Institutional investors 332,021,902 — 332,021,902 Retail investors in Brazil 289,602,980 — 289,602,980 Brazilian Government (Golden Share) — 12 12 Outstanding shares 5,126,258,398 12 5,126,258,410 Shares in treasury 158,216,372 — 158,216,372 Total issued shares 5,284,474,770 12 5,284,474,782 Share capital per class of shares (in millions) 61,614 — 61,614 Total authorized shares 7,000,000,000 — 7,000,000,000 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 determined terms and number of shares. 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. b) Share buyback program The Company concluded in November 2018, share buyback program for Vale’s common shares and their respective ADSs approved by the Board of Directors on July 25, 2018, and repurchased a total of 71,173,683 common shares, at an average price of US$14.05 per share, for a total aggregate purchase price of US$1,000. The shares were acquired in the stock market based on regular trading conditions. The shares acquired are held in treasury for future sale or cancellation. 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: 2018 Net income of the year 6,860 Appropriation to legal reserve (343) Appropriation to tax incentive reserve (401) Net income after appropriations to legal reserve and tax incentive reserve 6,116 Minimum mandatory remuneration (i) 1,529 Stockholders' remuneration paid in September, 2018 (2,054) Appropriation to investments reserve (4,062) (i) 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, the minimum mandatory remuneration before tax is US$1,799 based on the interest on capital. The Company approved in March, 2018, the new policy of stockholders’ remuneration of the Company, approved in March 2018, which provides for a semi-annual payment of 30% of Adjusted EBITDA less sustaining capital. In September, 2018, the Company paid stockholders’ remuneration in the amount of US$1,876 (US$0.360951164 per share), US$1,659 based on the interest on capital and US$217 based on dividends, for the first half of 2018 approved by Board of Directors on July 25, 2018. This payment comprises the minimum mandatory remuneration for the year ended December 31, 2018. Following the Brumadinho dam failure (as described on note 3), Vale has determined the suspension of the Shareholder Remuneration Policy and any other deliberation on shares buyback. The remuneration paid to stockholders based on the on interest on capital and dividends during 2018 and 2017 amounted US$3,313 (US$0.636637439 per share) and US$1,456 (US$0.282400343 per share), respectively. d) Profit reserves The amount of profit reserves is distributed as follows: Tax incentive Investments Additional Total of profit Legal reserve reserve reserve remuneration reserve reserves Balance as at December 31, 2016 1,384 377 1,808 634 4,203 Allocation of Income 275 216 3,541 — 4,032 Dividends and interest on capital of Vale's stockholders — — — (658) (658) Translation adjustment (29) (13) (140) 24 (158) Balance as at December 31, 2017 1,630 580 5,209 — 7,419 Allocation of Income 343 401 4,062 — 4,806 Translation adjustment (251) (99) (907) — (1,257) Balance as at December 31, 2018 1,722 882 8,364 — 10,968 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 50% of the annual distributable net income is retained based on the capital investments budget submitted for approval in the Stockholders’ Meeting, pursuant to article 196 of the Law 6,404. Additional remuneration reserve - Arises from the remuneration proposed by Management that exceeds the mandatory minimum remuneration of 25% of the adjusted net income. e) Unrealized fair value gain (losses) Fair value adjustment to Retirement benefit Investment in equity obligations securities Conversion shares Total gain (losses) Balance as at December 31, 2016 (809) — (338) (1,147) Other comprehensive income (46) — — (46) Translation adjustment 10 — — 10 Balance as at December 31, 2017 (845) — (338) (1,183) Other comprehensive income 41 60 — 101 Translation adjustment 49 — — 49 Balance as at December 31, 2018 (755) 60 (338) (1,033) f) Vale’s corporate governance restructuring in 2017 At the General Extraordinary Stockholders’ Meeting, held on June 27, 2017, stockholders approved the corporate restructuring of the Company proposed by Valepar S.A. (former controlling stockholder). 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. (i) Conversion of preferred shares and merger of Valepar S.A. At the General Extraordinary Stockholders’ Meeting, held on June 27, 2017, stockholders approved the voluntary conversion of Vale class “A” preferred shares 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 to US$1,158. The impacts arising from the merger in the Company's assets and liabilities are as follows: August 14, 2017 Current assets 24 Judicial deposits 951 Intangible 964 Current liabilities 20 Provisions for litigation 631 Taxes payable 130 Net assets 1,158 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 stockholders’ 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 Share position after conversion preferred shares Issue of new shares conversion Shares outstanding ON 3,185,653,000 1,838,235,414 173,543,667 5,197,432,081 PNA/PNE 1,967,721,926 (1,967,721,914) — 12 5,153,374,926 (129,486,500) 173,543,667 5,197,432,093 Shares in treasury ON 31,535,402 55,507,287 — 87,042,689 PNA 59,405,792 (59,405,792) — — Total issued shares 5,244,316,120 (133,385,005) 173,543,667 5,284,474,782 g) 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, 2018
Related parties
Related parties	31. Related parties The Company’s related parties are subsidiaries, joint ventures, associates , stockholders and its related entities 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. Related party transactions were made by the Company on terms equivalent to those that prevail in arm´s-length transactions, with respect to price and market conditions 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 relate largely to amounts charged by joint ventures and associates related to the pelletizing plants operational 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 2018 Joint Ventures Associates Major stockholders Total Net operating revenue 352 309 207 868 Cost and operating expenses (2,269) (39) — (2,308) Financial result 115 — (115) — Year ended December 31 2017 Joint Ventures Associates Major stockholders Total Net operating revenue 399 337 146 882 Cost and operating expenses (1,943) (29) (29) (2,001) Financial result 118 (14) (819) (715) Year ended December 31 2016 Joint Ventures Associates Major stockholders Total Net operating revenue 166 345 141 652 Cost and operating expenses (916) (51) (37) (1,004) Financial result (29) 1 (882) (910) Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relate to the operational leases of the pelletizing plants. b) Outstanding balances with related parties December 31, 2018 December 31, 2017 Joint Major Joint Major Ventures Associates Stockholders Total Ventures Associates Stockholders Total Assets Cash and cash equivalents — — 1,256 1,256 — — 817 817 Accounts receivable 110 42 3 155 73 55 3 131 Dividends receivable 132 — — 132 112 14 — 126 Loans 1,976 — — 1,976 4,526 — — 4,526 Derivatives financial instruments — — 297 297 — — 284 284 Other assets 25 — — 25 17 — — 17 Liabilities Supplier and contractors 221 21 24 266 192 35 201 428 Loans — 1,325 2,650 3,975 — 1,245 4,508 5,753 Derivatives financial instruments — — 112 112 — — 109 109 Other liabilities 769 — — 769 612 — 16 628 Major stockholders Refers to regular financial instruments with large financial institutions of which the stockholders are part of the controlling “shareholders’ agreement”. Coal segment transactions In March 2018, Nacala BV, a joint venture between Vale and Mitsui on the Nacala’s logistic corridor, closed the project financing and repaid a portion of the shareholders’ loans from Vale, in the amount of US$2,572. The outstanding receivable of US$1,976 carries interest at 7.44% p.a. The loan from associates mainly relates to the loan from Pangea Emirates Ltd, part of the group of shareholders which owns 15% interest on Vale Moçambique which carries interest at 6.54% p.a. c) The key management personnel remuneration Year ended December 31 2018 2017 2016 Short‐term benefits Wages 8 10 8 Direct and indirect benefits 11 10 4 Profit sharing program (“PLR”) 10 8 — 29 28 12 Long‐term benefits Shares based 3 5 1 Severance 20 19 5 52 52 18 The amount described above include the Board of Directors and the Executive Officers.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2018
Commitments
Commitments	32. 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. 2019 2020 2021 2022 2023 and thereafter Total Operating lease 250 201 189 166 1,692 2,498 Purchase obligations 2,677 1,445 548 463 2,194 7,327 Total minimum payments required 2,927 1,646 737 629 3,886 9,825 Operating lease - The Company has operating lease agreements in place with third parties related to port structures and port operations, transportation services, energy plants and property leases for its operational facilities. Vale also has long-term agreements for the exploration and processing of iron ore with its joint ventures, such as the agreements to lease pelletizing plants in Brazil. The leases have varying terms and on renewal, the terms of the leases are renegotiated. The minimum future payments have been calculated considering the non-cancellable period of the lease agreements. The total amount of operational leasing expenses for the year ended on December 31, 2018, 2017 and 2016 were US$1,044, US$805 and US$532, respectively. Purchase obligations - Mainly relate to agreements for the acquisition of fuel, energy and the acquisition of raw materials and services. b) Guarantees provided As of December 31, 2018, 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. were US$331 and US$1,404, respectively. The net book value of property, plant and equipment pledged to secure judicial claims on December 31, 2018 and 2017 were US$6 and US$15, 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 which 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, 2018
Risk management
Risk management	33. Risk management Vale considers that an effective risk management is key to achieve the Company’s objectives and to ensure people and environmental safety, financial stability and flexibility of the Company as well as the going concern of its business. Therefore, Vale has developed its risk management strategy in order to provide an integrated approach of the risks that 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 risk from counterparties obligations (credit risk); those that are related to governance, business model and external environment (strategic risks); risks relating to inadequate or failed internal processes, people, health, safety, environmental and social (operational risk); information security (cybernetic risk) and internal and external compliance (compliance risk). a) Corporate 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 based on the lines of defense model. This policy determines that the first line of defense, that is, the owners of the control activities related to the identified risks and testing assignees of the business units, projects, administrative and support are direct responsible for identifying, assessing, remediating, monitoring and managing risk events under an integrated approach. The Executive Risk Management Committee is the main body of the risk management structure, and is responsible to provide recommendations regarding Vale’s Risk Management System and to support the Executive Board on the risk monitoring activities and with the related deliberations needed on its corporate management. The Executive Board is in-charge for the approval of the policy deployment into rules and responsibilities directed to management and control of risks through issuing of internal normative documents. Internal normative documents related risk management complement the corporate risk management policy and define practices, processes, controls, roles and assignments. 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 21 "Loans, borrowings and cash and cash equivalents" 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 receivable" 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 the Company has credit exposure. Furthermore, the Company controls the portfolio diversification and monitors different indicators of solvency and liquidity of the different counterparties that were approved for trading. d) Market risk management Vale is exposed to 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. 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 debt denominated in Brazilian reais and Euros. The Company uses 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 rate 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. Risk of product and input prices Vale is also exposed to market risks related to volatility in commodity and input prices. In accordance with risk management policy, risk mitigation strategies involving commodities may be used to reduce Vale’s cash flow volatility. The risk mitigation strategy may incorporate derivative instruments, predominantly forwards, futures and options. e) Strategic risk management Vale addresses the risks related to the execution of established business strategies considering the internal and external environment, as well as risks related to internal procedures and conduct consistent with the Company’s values, mission and strategic objectives. f) Operational risk management Vale acts managing operational risks primarily guaranteeing the satisfactory management of health, safety and the environment, but also acts preventing material losses, maintenance of its productive capacity and good relationship with communities. g) Cybernetic risk management Vale invests in information security technology to mitigate risks of theft, breach or violation of information privacy, availability of its technology assets and data integrity on the Company’s systems. h) Compliance risk management Vale manage risks associated with the ongoing compliance with legal requirements, standards and other regulations related to the Company’s business, including the standards required on reporting and disclosing information to the market. i) Capital management The Company's policy aims at establishing a capital structure that will ensure the continuity of the business in the long term. Within this perspective, the Company has been able to maintain a debt profile suitable for its activities, with an amortization well distributed over the years, thus avoiding a concentration in one specific period. j) 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. Insurance management is performed with the support of focal points 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, 2018
Additional information about derivatives financial instruments
Additional information about derivatives financial instruments	34. Additional information about derivatives financial instruments 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. The following tables detail the derivatives positions for Vale and its controlled companies as of December 31, 2018, 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. Financial Settlement Inflows Notional Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Average December 31, December 31, December 31, December 31, Flow 2018 2017 Index rate 2018 2017 2018 2018 2019 2020 2021+ CDI vs. US$ fixed rate swap (46) (33) (28) 6 (13) (21) (12) Receivable R$ 1,581 R$ 3,540 CDI 98.70 % Payable US$ 456 US$ 1,104 Fix 3.12 % TJLP vs. US$ fixed rate swap (370) (381) (102) 20 (306) (21) (43) Receivable R$ 2,303 R$ 2,982 TJLP + 1.20 % Payable US$ 994 US$ 1,323 Fix 1.54 % TJLP vs. US$ floating rate swap (56) (53) (5) 2 (56) — — Receivable R$ 181 R$ 216 TJLP + 0.84 % Payable US$ 107 US$ 123 Libor + (1.24) % R$ fixed rate vs. US$ fixed rate swap (8) 24 10 19 9 46 (63) Receivable R$ 1,078 R$ 1,158 Fix 7.05 % Payable US$ 351 US$ 385 Fix (0.62) % IPCA vs. US$ fixed rate swap (80) (34) 6 7 (33) (10) (37) Receivable R$ 1,315 R$ 1,000 IPCA + 6.55 % Payable US$ 434 US$ 434 Fix 3.98 % IPCA vs. CDI swap 89 85 1 — 5 36 Receivable R$ 1,350 R$ 1,350 IPCA + 6.62 % Payable R$ 1,350 R$ 1,350 CDI 98.59 % (ii) Protection program for EUR denominated debt instruments In order to reduce the cash flow volatility, swap 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$. The swap transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments linked to EUR. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to EUR/US$ exchange rate. Financial Settlement Inflows Notional Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Average December 31, December 31, December 31, December 31, Flow 2018 2017 Index rate 2018 2017 2018 2018 2019 2020 2021+ EUR fixed rate vs. US$ fixed rate swap (1) 23 (3) 8 (7) (5) 9 Receivable € 500 € 500 Fix 3.75 % Payable US$ 613 US$ 613 Fix 4.29 % 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 hedging transactions were implemented, through options contracts. The derivative transactions were negotiated over-the-counter and the protected item is part of 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 price changes. Financial Settlement Inflows Fair value Notional (ton) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2018 2019 Call options 2,100,000 — B 520 1 — 40 1 1 Put options 2,100,000 — S 297 (29) — 9 9 (29) Total (28) — 49 10 (28) (ii) Protection programs for base metals raw materials and products In the operational protection program for nickel sales at fixed prices, derivative transactions were implemented to convert into floating prices the contracts with clients that required a fixed price, in order to keep nickel revenues exposed to nickel price fluctuations. Those operations are usually implemented through the purchase of nickel forwards. In the operational protection program for the purchase of raw materials and products, derivative transactions were implemented, usually through the sale of nickel and copper forward or futures, in order to reduce the mismatch between the pricing period of purchases (concentrate, cathode, sinter, scrap and others) and the pricing period of the final product sales to the clients . The derivative transactions are negotiated at London Metal Exchange or over-the-counter and the protected item is part of Vale’s revenues and costs linked to nickel and copper prices. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to nickel and copper prices changes. Financial Settlement Inflows Notional (ton) Average Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2018 2019 2020+ Fixed price sales protection Nickel forwards 7,244 9,621 B 12,166 (10) 24 7 2 (8) (2) Raw material purchase protection Nickel forwards 120 292 S 12,242 — — 1 — — — Copper forwards 81 79 S 6,142 — — — — — — Total (10) 24 8 2 (8) (2) c) Freight derivative positions In order to reduce the impact of maritime freight price volatility on the company’s cash flow, freight hedging transactions were implemented, through Forward Freight Agreements (FFAs). The protected item is part of Vale’s costs linked to maritime freight spot prices. The financial settlement inflows/outflows of the FFAs are offset by the protected items’ losses/gains due to freight price changes. The FFAs are contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements. Financial Settlement Inflows Fair value Notional (days) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/day) 2018 2017 2018 2018 2019 Freight forwards 480 — B 14,509 1 — (3) — 1 d) Wheaton Precious Metals Corp. warrants The company owns warrants of Wheaton Precious Metals Corp. (“Wheaton”), a Canadian company with stocks negotiated in Toronto Stock Exchange and New York Stock Exchange. Such warrants configure American call options and were received as part of the payment regarding the sale of part of gold payable flows produced as a sub product from Salobo copper mine and some nickel mines in Sudbury. Financial Settlement Inflows Fair value Notional (quantity) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/share) 2018 2017 2018 2018 2023 Call options 10,000,000 10,000,000 B 44 8 39 — 1 8 e) 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. Financial Settlement Inflows Fair value by Notional (quantity) Average Fair value (Outflows) Value at Risk year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/share) 2018 2017 2018 2018 2027 Conversion options 140,239 140,239 S 8,006 (59) (57) — 4 (59) f) Options related to Minerações Brasileiras Reunidas S.A. (“MBR”) shares The Company entered into a stock sale and purchase agreement that has options related to MBR shares. Mainly, the Company has the right to buy back this non-controlling interest in the subsidiary. Moreover, under certain restrict and contingent conditions, which are beyond the buyer’s control, such as illegality due to changes in the law, the contract has a clause that gives the buyer the right to sell back its stake to the Company. It this case, the Company could settle through cash or shares. Financial settlement Fair value by Notional (quantity, in millions) Average Fair value Inflows (Outflows) Value at Risk year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (R$/share) 2018 2017 2018 2018 2019+ Options 2,139 2,139 B/S 1.7 279 251 — 15 279 g) Embedded derivatives in contracts The Company has some nickel concentrate and raw material purchase agreements in which there are provisions based on nickel and copper future prices behaviour. These provisions are considered as embedded derivatives. Fair value Notional (ton) Average Fair value Value at Risk by year December 31, December 31, Bought / strike December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2019 Nickel forwards 3,763 2,627 S 11,289 2 1 1 2 Copper forwards 2,035 2,718 S 6,172 — — — — Total 2 1 2 The Company has also a natural gas purchase agreement in which there´s a clause that defines that a premium can be charged if the Company’s pellet sales prices trade above a pre-defined level. This clause is considered an embedded derivative. Financial settlement Inflows Notional (volume/month) Average Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2018 2019 2020+ Call options 746,667 746,667 S 233 (1) (2) — 1 — (1) 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. Financial settlement Inflows Fair value Notional (quantity) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (R$/share) 2018 2017 2018 2018 2019+ Put option 1,105,070,863 1,105,070,863 S 3.88 (103) (133) — 10 (103) h) Sensitivity analysis of derivative financial instruments The following tables present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivative positions. The scenarios were defined as follows: · Probable: the probable scenario was based on the risks listed below and instruments were developed based on data from B3, Central Bank of Brazil, London Metals Exchange and Bloomberg · Scenario I: fair value estimated considering a 25% deterioration in the associated risk variables · Scenario II: fair value estimated considering a 50% deterioration in the associated risk variables Instrument Instrument’s main risk events Probable Scenario I Scenario II CDI vs. US$ fixed rate swap R$ depreciation (46) (154) (262) US$ interest rate inside Brazil decrease (46) (50) (53) Brazilian interest rate increase (46) (46) (46) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation (370) (614) (858) US$ interest rate inside Brazil decrease (370) (378) (386) Brazilian interest rate increase (370) (379) (388) TJLP interest rate decrease (370) (379) (388) Protected item:R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ floating rate swap R$ depreciation (56) (82) (108) US$ interest rate inside Brazil decrease (56) (56) (57) Brazilian interest rate increase (56) (56) (57) TJLP interest rate decrease (56) (56) (57) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation (8) (85) (161) US$ interest rate inside Brazil decrease (8) (18) (28) Brazilian interest rate increase (8) (25) (40) Protected item:R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation (80) (194) (308) US$ interest rate inside Brazil decrease (80) (83) (87) Brazilian interest rate increase (80) (87) (93) IPCA index decrease (80) (84) (87) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase 89 71 55 IPCA index decrease 89 79 70 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (79) (70) EUR fixed rate vs. US$ fixed rate swap EUR depreciation (1) (170) (340) Euribor increase (1) (6) (11) US$ Libor decrease (1) (16) (33) Protected item:EUR denominated debt EUR depreciation n.a. 170 340 Bunker Oil protection Options Bunker Oil price decrease (28) (126) (283) Protected item: Part of costs linked to bunker oil prices Bunker Oil price decrease n.a. 126 283 Maritime Freight protection Forwards Freight price decrease 1 (1) (3) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. 1 3 Nickel sales fixed price protection Forwards Nickel price decrease (10) (29) (48) Protected item: Part of nickel revenues with fixed prices Nickel price fluctuation n.a. 29 48 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. — — Wheaton Precious Metals Corp. warrants WPM stock price decrease 8 2 — Conversion options - VLI VLI stock value increase (59) (94) (138) Options - MBR Iron ore price decrease 279 186 105 Instrument Main risks Portable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase 2 (8) (19) Embedded derivatives - Raw material purchase (copper) Copper price increase — (3) (6) Embedded derivatives - Gas purchase Pellet price increase (1) (2) (5) Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease (103) (229) (442) i) 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 published by agencies Moody’s and S&P regarding the main financial institutions that we had outstanding positions as of December 31, 2018. 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 A2 A Banco Votorantim Ba3 BB- Bank of America A3 A- Bank of China A1 A Bannk of Mandiri Baa2 BB+ Bank of Nova Scotia Aa2 A+ Bank Rakyat Baa2 BB+ Bank of Tokyo Mitsubishi UFJ A1 A- Banpará - BB- Barclays Baa3 BBB BBVA A3 A- BNP Paribas Aa3 A BTG Pactual Ba3 BB- Caixa Economica Federal Ba3 BB- Canadian Imperial Bank Aa2 A+ China Construction Bank A1 A CIMB Bank A3 A- Citigroup Baa1 BBB+ Long term ratings by counterparty Moody’s S&P Credit Agricole A1 A+ Credit Suisse Baa2 BBB+ Deutsche Bank A3 BBB+ Goldman Sachs A3 BBB+ HSBC A2 A Intesa Sanpaolo Spa Baa1 BBB ltau Unibanco Ba3 BB- JP Morgan Chase & Co A2 A- Macquarie Group Ltd A3 BBB Mega Int. Commercial Bank A1 A Mizuho Financial A1 A- Morgan Stanley A3 BBB+ Notional Australia Bank NAB Aa3 AA- National Bank of Canada Aa3 A National Bank of Oman Baa3 - Natixis A1 A+ Rabobank Aa3 A+ Royal Bank of Canada Aa2 AA- Societe Generale A1 A Standard Bank Group Ba1 - Standard Chartered A2 BBB+ Sumitomo Mitsui Financial A1 A- UBS Aa3 A- Unicredit Baa1 BBB j) Market curves (i) Products Nickel Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT 10,595 JUN19 10,777 DEC19 10,943 JAN19 10,637 JUL19 10,809 DEC20 11,231 FEB19 10,663 AUG19 10,838 DEC21 11,516 MAR19 10,692 SEP19 10,865 DEC22 11,799 APR19 10,720 OCT19 10,891 MAY19 10,749 NOV19 10,916 Copper Maturity Price (US$/lb) Maturity Price (US$/lb) Maturity Price (US$/lb) SPOT 2.63 JUN19 2.71 DEC19 2.70 JAN19 2.71 JUL19 2.70 DEC20 2.70 FEB19 2.71 AUG19 2.70 DEC21 2.69 MAR19 2.71 SEP19 2.70 DEC22 2.70 APR19 2.71 OCT19 2.70 MAY19 2.71 NOV19 2.70 Bunker Oil Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT 334 JUN19 307 DEC19 270 JAN19 327 JUL19 302 DEC20 267 FEB19 322 AUG19 297 DEC21 238 MAR19 319 SEP19 291 DEC22 213 APR19 315 OCT19 283 MAY19 311 NOV19 276 Maritime Freight (Capesize 5TC) Maturity Price (US$/day) Maturity Price (US$/day) Maturity Price (US$/day) SPOT 14,797 JUN19 15,096 DEC19 20,350 JAN19 16,175 JUL19 16,817 Cal 2020 15,613 FEB19 12,225 AUG19 16,817 Cal 2021 13,350 MAR19 13,233 SEP19 16,817 Cal 2022 13,433 APR19 13,521 OCT19 20,350 MAY19 13,896 NOV19 20,350 (ii) Foreign exchange and interest rates US$ - Brazil Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 4.24 12/02/19 3.61 04/01/22 3.68 03/01/19 3.83 01/02/20 3.60 07/01/22 3.73 04/01/19 3.55 04/01/20 3.63 10/03/22 3.69 05/02/19 3.50 07/01/20 3.64 01/02/23 3.73 06/03/19 3.47 10/01/20 3.64 04/03/23 3.74 07/01/19 3.48 01/04/21 3.67 07/03/23 3.72 08/01/19 3.52 04/01/21 3.66 10/02/23 3.74 09/02/19 3.47 07/01/21 3.65 01/02/24 3.82 10/01/19 3.53 10/01/21 3.67 07/01/24 3.73 11/01/19 3.60 01/03/22 3.67 01/02/25 3.85 US$ Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 2.52 6M 2.78 11M 2.78 2M 2.62 7M 2.78 12M 2.78 3M 2.79 8M 2.78 2Y 2.71 4M 2.79 9M 2.78 3Y 2.67 5M 2.79 10M 2.78 4Y 2.69 TJLP Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 6.98 12/02/19 6.98 04/01/22 6.98 03/01/19 6.98 01/02/20 6.98 07/01/22 6.98 04/01/19 6.98 04/01/20 6.98 10/03/22 6.98 05/02/19 6.98 07/01/20 6.98 01/02/23 6.98 06/03/19 6.98 10/01/20 6.98 04/03/23 6.98 07/01/19 6.98 01/04/21 6.98 07/03/23 6.98 08/01/19 6.98 04/01/21 6.98 10/02/23 6.98 09/02/19 6.98 07/01/21 6.98 01/02/24 6.98 10/01/19 6.98 10/01/21 6.98 07/01/24 6.98 11/01/19 6.98 01/03/22 6.98 01/02/25 6.98 BRL Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 6.41 12/02/19 6.53 04/01/22 8.17 03/01/19 6.42 01/02/20 6.55 07/01/22 8.35 04/01/19 6.43 04/01/20 6.70 10/03/22 8.43 05/02/19 6.44 07/01/20 6.91 01/02/23 8.53 06/03/19 6.44 10/01/20 7.16 04/03/23 8.64 07/01/19 6.45 01/04/21 7.36 07/03/23 8.70 08/01/19 6.46 04/01/21 7.59 10/02/23 8.79 09/02/19 6.46 07/01/21 7.77 01/02/24 8.86 10/01/19 6.49 10/01/21 7.95 07/01/24 8.98 11/01/19 6.52 01/03/22 8.08 01/02/25 9.1 Implicit Inflation (IPCA) Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 3.74 12/02/19 3.87 04/01/22 4.03 03/01/19 3.75 01/02/20 3.88 07/01/22 4.12 04/01/19 3.77 04/01/20 3.81 10/03/22 4.11 05/02/19 3.78 07/01/20 3.88 01/02/23 4.14 06/03/19 3.78 10/01/20 3.90 04/03/23 4.18 07/01/19 3.79 01/04/21 3.93 07/03/23 4.19 08/01/19 3.79 04/01/21 3.98 10/02/23 4.22 09/02/19 3.79 07/01/21 4.01 01/02/24 4.25 10/01/19 3.83 10/01/21 4.04 07/01/24 4.30 11/01/19 3.85 01/03/22 4.05 01/02/25 4.35 EUR Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M (0.41) 6M (0.28) 11M (0.24) 2M (0.38) 7M (0.26) 12M (0.23) 3M (0.36) 8M (0.25) 2Y (0.17) 4M (0.32) 9M (0.25) 3Y (0.08) 5M (0.29) 10M (0.24) 4Y 0.05 CAD Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 2.30 6M 2.34 11M 1.24 2M 2.29 7M 2.00 12M 1.13 3M 2.31 8M 1.74 2Y 2.29 4M 2.32 9M 1.54 3Y 2.31 5M 2.33 10M 1.37 4Y 2.35 Currencies - Ending rates CAD/US$ 0.7341 US$/BRL 3.8748 EUR/US$ 1.1452

Basis for preparation of the _2

Basis for preparation of the financial statements (Policies)	12 Months Ended
	Dec. 31, 2018
Significant accounting policies
Changes in significant accounting policies	IFRS 9 Financial Instrument – This standard addresses the classification and measurement of financial assets and liabilities, new impairment model and new rules for hedge accounting. The Company applied IFRS 9 prospectively, with an initial application date of January 1, 2018. The Company has not restated the comparative information, which continues to be reported under IAS 39 - Financial Instruments. The main changes are described below: Classification and measurement - Under IFRS 9, debt instruments are subsequently measured at fair value through profit or loss (“FVTPL”), through amortized cost, or fair value through other comprehensive income (“FVOCI”). The classification is based on the Company’s business model for managing the assets and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ (“SPPI”) on the principal amount outstanding. On the date of initial application of IFRS 9, the Company has assessed which business models apply to the financial assets held by the Company and has classified its financial instruments into the appropriate IFRS 9 categories. The reclassification of the financial instruments of the Company on January 1, 2018 were as follows: Measurement category Carrying amount Financial assets IAS 39 IFRS 9 IAS 39 IFRS 9 Difference Current Financial investments Loans and receivables FVTPL 18 18 — Derivative financial instruments FVTPL FVTPL 106 106 — Accounts receivable Loans and receivables Amortized cost 2,600 2,600 — Related parties Loans and receivables Amortized cost 1,898 1,898 — Non-current Derivative financial instruments FVTPL FVTPL 453 453 — Loans Loans and receivables Amortized cost 151 151 — Related parties Loans and receivables Amortized cost 2,628 2,628 — Financial liabilities Current Suppliers and contractors Loans and receivables Amortized cost 4,041 4,041 — Derivative financial instruments FVTPL FVTPL 104 104 — Loans and borrowings Loans and receivables Amortized cost 1,703 1,703 — Related parties Loans and receivables Amortized cost 882 882 — Non-current Derivative financial instruments FVTPL FVTPL 686 686 — Loans and borrowings Loans and receivables Amortized cost 20,786 20,786 — Related parties Loans and receivables Amortized cost 975 975 — Participative stockholders' debentures Loans and receivables Amortized cost 1,233 1,233 — These reclassifications have no impact on the measurement categories. The financial instruments that were classified as “Loans and receivables” under IAS 39 did meet the IFRS 9 criteria for classification at amortized cost, because these financial instruments are held within a business model whose objective is to hold to collect the cash flows, which represent solely payments of principal and interest. The derivatives held for trading are required to be held as FVTPL under IFRS 9, therefore there were no changes in relation to these instruments from the adoption of IFRS 9. Impairment - IFRS 9 has replaced the IAS 39’s incurred loss approach with a forward-looking expected credit loss (“ECL”) approach. For accounts receivables, the Company has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses and the identified loss is deemed not significant. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the economic environment and by any financial guarantees related to these accounts receivables. At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. Information about the Company’s exposure to credit risk is set out in note 33. The new impairment approach of IFRS 9 did not have a significant impact to the Company for the year ended December 31, 2018. Hedge accounting - The Company has elected to adopt the new general hedge accounting model in IFRS 9. The changes introduced by IFRS 9 relating to hedge accounting currently 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 for which there are no changes introduced by this new standard (note 25). IFRS 15 Revenue from Contracts with Customers – This standard establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The Company has adopted the new standard using the modified retrospective method. Accordingly, the comparative information presented has not been restated. The Company has assessed its revenue streams and the nature and effect of the changes as a result of adoption of IFRS 15 is described below:  Sales of products - Under IFRS 15, there is no significant impact on the timing of products revenue recognition since usually the transfer of risks and rewards and the transfer of control under the sales contracts are at the same point in time.  Shipping services - A proportion of Vale’s sales are under Cost and Freight (“CFR”) and Cost, Insurance and Freight (“CIF”) Incoterms, in which the Company is responsible for providing shipping services after the date that Vale transfers control of the goods to the customers. According to the previous standard (IAS 18), the revenue from shipping services was recognized upon loading, as well as the related costs, and was not considered a separate service. Under IFRS 15, the provision of shipping services for CFR and CIF contracts should be considered as a separate performance obligation in which a proportion of the transaction price would be allocated and recognized over time as the shipping services are provided. The impact on the timing of revenue recognition of the proportion that would have been allocated to the shipping service to the Company's income statement for the year ended December 31, 2018 is deemed not significant. Therefore, such revenue has not been presented separately in these financial statements.  Provisionally priced commodities sales - Under IFRS 9 and 15, the treatment of the provisional pricing mechanisms embedded within the provisionally priced commodities sales remains unmodified. Therefore, these revenues are 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. The fair value of the sales price adjustment is recognized as operational revenue in the income statement. Overall, there was no material impact on the Company’s financial statement from the IFRS 15 adoption for the year ended December 31, 2018.
Accounting standards issued but not yet effective	IFRS 16 was issued in January 2016. It will result in vast majority of leases being recognized in the balance sheet by lessees, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. There are recognition exemptions for short-term leases and leases of low-value items. The Company will apply the standard from its mandatory adoption date of January 1, 2019. Vale will apply the simplified transition approach and will not restate comparative amounts for the year prior to first adoption. Right-of-use assets will be measured at the amount of the lease liability on adoption. As at December 31, 2018, the Company has non-cancellable operating lease commitments in the nominal amount of US$2,498 (note 32). The Company has set up a project team which has reviewed these leasing commitments over the last year in light of the new lease accounting rules in IFRS 16. Of these commitments, the Company expects to recognize right-of-use assets and lease liabilities an amount ranging from US$1.8 billion to US$2 billion at present value on January 1, 2019, an amount ranging from US$240 to US$260 on current liabilities and US$1,560 to US$1,740 on non-current liabilities. The actual impacts of adopting the standard may be subject to further changes because the Company has not finalized the testing, assessment of controls over its new IT systems and the new accounting policies are subject to change until the Company presents its first financial statements from the date of initial application. 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, 2018. Therefore, there are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods.
Information by business segment and by geographic area	The Company operated the following reportable segments during this year: Ferrous Minerals , Coal, Base Metals and Fertilizers (presented as discontinued operations). The segments are aligned with products and reflect the structure used by Management to evaluate Company’s 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	Vale recognizes revenue 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. Net revenue excludes any applicable sales taxes. Depending on the contract, sales revenue can be recognized when the product is available at the loading port, loaded on the ship, at the port of discharge or at the customer’s warehouse. Service revenues are recognized in the amount by which the services are rendered and accepted by the customer. Generally, the contract payment terms consider the upfront payments or the use of credit letters. The payment terms do not have a significant financing component and were not changed from previous years. In some cases, the sale price is determined on a provisional basis at the date of sale and adjustments to the sale 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 sale mechanism embedded within these sale arrangements has the character of a derivative. Accordingly, the fair value of the final sale price adjustment is re-estimated continuously and changes in fair value are recognized as operational revenue in the income statement.
Transactions in foreign currencies and translation from the fuctional currency to the presentation currency	Transactions in foreign currencies - 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 related to qualifying net investment hedges or items that are attributable to part of the net investment in a foreign operation, for which gains and losses are recognized in the statement of comprehensive income. Translation from the functional currency to the presentation currency - 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 disposed of or sold, foreign exchange differences that were recognized in equity are recognized in the income of statement.
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 tax losses carryforwards. The deferred income tax assets and liabilities are offset when there is a legally enforceable right on the same taxable entity. The deferred tax assets arising from tax 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 is the total amount due from sale of products and services rendered by the Company. Accounts receivable consists of financial assets initially recognized at fair value and subsequently measured at amortized cost, except for component of provisionally priced commodities sales that are subsequently measured at fair value through profit or loss ("FVTPL"). The portion of accounts receivables measured at amortized cost is subsequently measured using the effective interest (“EIR”) method and it is subject to impairment. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the economic environment and by any financial guarantees related to these accounts receivables.
Inventories	Inventories are stated at the lower of cost and 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 of the non‑current assets as held for sale are only considered satisfied when the sale is highly probable and the asset (or 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 is 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. 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 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. 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”). The 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. 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 16. 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 proportionately to the Company’s interest. Investments held by other investors in Vale’s subsidiaries are classified as noncontrolling interests (“NCI”). The Company treats transactions with noncontrolling interests as transactions with equity owners of the Company as described in note 17. For purchases or disposals from noncontrolling interests, the difference between the consideration paid and the proportion acquired of the carrying value of net assets of the subsidiary is directly recorded in stockholders’ equity in “Results from operation with noncontrolling interest”.
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 are 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 other researches - 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 costs 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.
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 an 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 (CGU). 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 17%. Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred.
Financial instruments classification	The Company classifies financial instruments based on its business model for managing the assets and the contractual cash flow characteristics of those assets. The business model test determines the classification based on the business purpose for holding the asset and whether the contractual cash flows represent only payments of principal and interest. Financial instruments are measured at fair value through profit or loss unless certain conditions are met that permit measurement at fair value through other comprehensive income (“FVOCI”) or amortized cost. Gains and losses recorded in other comprehensive income for debt instruments are recognized in profit or loss only on disposal. Investments in equity instruments are measured at fair value through profit or loss unless they are eligible to be measured at FVOCI. The Company recognizes equity instruments and gains and losses are never being recycled to profit or loss. Information about the Company’s exposure to credit risk is set out in note 33. All financial liabilities 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. Participative stockholders' debentures and Derivative financial instruments are measured at fair value through profit or loss.
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 relation 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 shows below: 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 “Unrealized fair value gain (losses)". 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.
Asset retirement obligations	When the provision is recognized, the corresponding cost is capitalized as part of property, plant and equipment and it 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 it 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 as 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 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. 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 50% of the annual distributable net income is retained based on the capital investments budget submitted for approval in the Stockholders’ Meeting, pursuant to article 196 of the Law 6,404. Additional remuneration reserve - Arises from the remuneration proposed by Management that exceeds the mandatory minimum remuneration of 25% of the adjusted net income.

Basis for preparation of the _3

Basis for preparation of the financial statements (Tables)	12 Months Ended
	Dec. 31, 2018
Basis for preparation of the financial statements
Schedule of exchange rates used to translate its foreign operations	Closing rate Average rate for the year ended 2018 2017 2016 2018 2017 2016 US Dollar ("US$") 3.8748 3.3080 3.2591 3.6558 3.1925 3.4833 Canadian dollar ("CAD") 2.8451 2.6344 2.4258 2.8190 2.4618 2.6280 Euro ("EUR" or "€") 4.4390 3.9693 3.4384 4.3094 3.6088 3.8543
Schedule of reclassification of the financial instruments	The reclassification of the financial instruments of the Company on January 1, 2018 were as follows: Measurement category Carrying amount Financial assets IAS 39 IFRS 9 IAS 39 IFRS 9 Difference Current Financial investments Loans and receivables FVTPL 18 18 — Derivative financial instruments FVTPL FVTPL 106 106 — Accounts receivable Loans and receivables Amortized cost 2,600 2,600 — Related parties Loans and receivables Amortized cost 1,898 1,898 — Non-current Derivative financial instruments FVTPL FVTPL 453 453 — Loans Loans and receivables Amortized cost 151 151 — Related parties Loans and receivables Amortized cost 2,628 2,628 — Financial liabilities Current Suppliers and contractors Loans and receivables Amortized cost 4,041 4,041 — Derivative financial instruments FVTPL FVTPL 104 104 — Loans and borrowings Loans and receivables Amortized cost 1,703 1,703 — Related parties Loans and receivables Amortized cost 882 882 — Non-current Derivative financial instruments FVTPL FVTPL 686 686 — Loans and borrowings Loans and receivables Amortized cost 20,786 20,786 — Related parties Loans and receivables Amortized cost 975 975 — Participative stockholders' debentures Loans and receivables Amortized cost 1,233 1,233 —

Brumadinho's dam failure (Table

Brumadinho's dam failure (Tables)	12 Months Ended
	Dec. 31, 2018
Brumadinho's dam failure
Incurred expenses with Brumadinho's dam failure	2019 Incurred expenses Administrative sanctions 26 Donations to the affected people and to the city 16 Drilling and infrastructure 5 Environmental recovery 4 Medical aid and other materials 2 Fuel and transportation 2 Others (*) 22 78 (*) Includes expenses with communication, accommodation, humanitarian assistance, equipment, legal services, water, food aid, taxes, among others.

Information by business segme_2

Information by business segment and by geographic area (Tables)	12 Months Ended
	Dec. 31, 2018
Information by business segment and by geographic area
Schedule of adjusted EBITDA	Year ended December 31, 2018 Cost of goods Selling, Dividends received sold and administrative and Pre operating and interest from Net operating services other operating Research and and operational associates and joint Adjusted revenue rendered expenses evaluation stoppage ventures EBITDA Ferrous minerals Iron ore 20,354 (9,048) (76) (110) (115) 28 11,033 Iron ore Pellets 6,651 (3,393) (11) (26) (19) 154 3,356 Ferroalloys and manganese 454 (290) (3) (1) — — 160 Other ferrous products and services 474 (313) (4) (1) (1) 7 162 27,933 (13,044) (94) (138) (135) 189 14,711 Coal 1,643 (1,575) (9) (21) — 143 181 Base metals Nickel and other products 4,610 (3,060) (47) (39) (33) — 1,431 Copper 2,093 (960) (4) (18) — — 1,111 6,703 (4,020) (51) (57) (33) — 2,542 Others 296 (263) (752) (157) (21) 56 (841) Total of continuing operations 36,575 (18,902) (906) (373) (189) 388 16,593 Discontinued operations (Fertilizers) 121 (120) (4) — — — (3) Total 36,696 (19,022) (910) (373) (189) 388 16,590 Year ended December 31, 2017 Cost of goods Selling, Dividends received sold and administrative and Pre operating and interest from Net operating services other operating Research and and operational associates and joint Adjusted revenue rendered expenses evaluation stoppage ventures EBITDA Ferrous minerals Iron ore 18,524 (7,950) 11 (88) (181) 30 10,346 Iron ore Pellets 5,653 (2,876) (9) (19) (7) 81 2,823 Ferroalloys and manganese 469 (278) (8) — (4) — 179 Other ferrous products and services 483 (306) 11 (2) — 19 205 25,129 (11,410) 5 (109) (192) 130 13,553 Coal 1,567 (1,354) (12) (14) (4) 179 362 Base metals Nickel and other products 4,667 (3,437) (47) (49) (75) — 1,059 Copper 2,204 (979) (15) (13) — — 1,197 6,871 (4,416) (62) (62) (75) — 2,256 Others 400 (375) (791) (155) (9) 97 (833) Total of continuing operations 33,967 (17,555) (860) (340) (280) 406 15,338 Discontinued operations (Fertilizers) 1,746 (1,606) (102) (12) (25) 3 4 Total 35,713 (19,161) (962) (352) (305) 409 15,342 Year ended December 31, 2016 Cost of goods Selling, Dividends received sold and administrative and Research Pre operating and interest from Net operating services other operating Research and and operational associates and joint Adjusted revenue rendered expenses evaluation stoppage ventures EBITDA Ferrous minerals Iron ore 15,784 (6,622) (248) (91) (150) 10 8,683 Iron ore Pellets 3,827 (2,002) (35) (13) (22) 103 1,858 Ferroalloys and manganese 302 (231) (1) — (11) — 59 Other ferrous products and services 438 (269) (4) (2) (4) — 159 20,351 (9,124) (288) (106) (187) 113 10,759 Coal 839 (872) 63 (15) (41) — (26) Base metals Nickel and other products 4,472 (3,204) 1 (78) (114) 4 1,081 Copper 1,667 (924) (16) (5) — — 722 Other base metals products — — 150 — — — 150 6,139 (4,128) 135 (83) (114) 4 1,953 Others 159 (259) (573) (116) (1) 76 (714) Total of continuing operations 27,488 (14,383) (663) (320) (343) 193 11,972 Discontinued operations (Fertilizers) 1,875 (1,545) (87) (22) (16) 4 209 Total 29,363 (15,928) (750) (342) (359) 197 12,181 Adjusted EBITDA is reconciled to net income (loss) as follows: From continuing operations Year ended December 31 2018 2017 2016 Net income from continuing operations 6,988 6,334 5,203 Depreciation, depletion and amortization 3,351 3,708 3,487 Income taxes (172) 1,495 2,781 Financial results,net 4,957 3,019 (1,843) Equity results and other results in associates and joint ventures, net of dividends received 570 488 1,104 Special events (note 4b) 899 294 1,240 Adjusted EBITDA from continuing operations 16,593 15,338 11,972 From discontinued operations Year ended December 31 2018 2017 2016 Loss from discontinued operations (92) (813) (1,227) Depreciation, depletion and amortization — 1 347 Income taxes (40) (102) (630) Financial results, net 5 28 (20) Equity results in associates and joint ventures, net of dividends received — 5 1 Impairment of non-current assets 124 885 1,738 Adjusted EBITDA from discontinued operations (3) 4 209
Schedule of special events	Year ended December 31 2018 2017 2016 Result in disposal of assets (note 19) (322) (481) (66) Nacala Logistic Corridor (note 16) — 458 — Impairment and onerous contracts (note 20) (577) (271) (1,174) Total (899) (294) (1,240)
Asset by segment	December 31, 2018 December 31, 2017 Investments in Property, plant Investments in Property, plant Product associates and and equipment associates and and equipment inventory joint ventures and intangible (i) Product inventory joint ventures and intangible (i) Ferrous minerals 2,210 1,814 31,377 1,770 1,922 36,103 Coal 119 317 1,589 82 317 1,719 Base metals 1,147 14 21,295 1,009 13 23,603 Others 11 1,080 2,086 6 1,316 1,946 Total 3,487 3,225 56,347 2,867 3,568 63,371 Year ended December 31 2018 2017 2016 Capital expenditures (ii) Capital expenditures (ii) Capital expenditures (ii) Depreciation, Depreciation, Depreciation, Sustaining Project depletion and Sustaining Project depletion and Sustaining Project depletion and capital execution amortization capital execution amortization capital execution amortization Ferrous minerals 1,569 823 1,672 1,194 1,485 1,709 891 2,355 1,533 Coal 132 24 252 73 45 296 149 463 185 Base metals 1,189 34 1,351 960 50 1,590 1,045 12 1,636 Others 6 7 76 4 20 113 3 33 133 Total 2,896 888 3,351 2,231 1,600 3,708 2,088 2,863 3,487 (i) Goodwill is allocated mainly to ferrous minerals and base metals segments in the amount of US$1,841 and US$1,812 in December 31, 2018 and US$2,157 and US$1,953 in December 31, 2017, respectively. (ii) Cash outflows.
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, 2018 December 31, 2017 Investments in Property, Investments in Property, associates and plant and associates and plant and joint ventures Intangible equipment Total joint ventures Intangible equipment Total Brazil 2,604 5,875 29,226 37,705 2,993 6,231 34,209 43,433 Canada — 1,956 9,905 11,861 — 2,118 10,967 13,085 Americas, except Brazil and Canada 247 — — 247 200 — — 200 Europe — — 366 366 — — 394 394 Indonesia — 1 2,776 2,777 — — 2,787 2,787 Asia, except Indonesia 374 — 1,025 1,399 375 — 1,100 1,475 Australia — — — — — — 45 45 New Caledonia — — 2,796 2,796 — — 2,965 2,965 Mozambique — 130 1,459 1,589 — 143 1,532 1,675 Oman — — 829 829 — 1 868 869 Other regions — — 3 3 — — 11 11 Total 3,225 7,962 48,385 59,572 3,568 8,493 54,878 66,939 e) Net operating revenue by geographic area Year ended December 31, 2018 Ferrous minerals Coal Base metals Others Total Americas, except United States and Brazil 820 — 658 — 1,478 United States of America 388 — 952 13 1,353 Germany 1,130 — 523 — 1,653 Europe, except Germany 2,218 436 1,800 — 4,454 Middle East/Africa/Oceania 2,562 151 25 — 2,738 Japan 2,072 163 508 — 2,743 China 14,381 — 861 — 15,242 Asia, except Japan and China 1,798 767 1,101 — 3,666 Brazil 2,564 126 275 283 3,248 Net operating revenue 27,933 1,643 6,703 296 36,575 Year ended December 31, 2017 Ferrous minerals Coal Base metals Others Total Americas, except United States and Brazil 593 — 1,009 70 1,672 United States of America 355 — 872 83 1,310 Germany 1,097 — 292 — 1,389 Europe, except Germany 1,721 396 1,985 11 4,113 Middle East/Africa/Oceania 1,768 171 13 — 1,952 Japan 1,927 130 399 — 2,456 China 13,442 — 576 — 14,018 Asia, except Japan and China 1,332 711 1,539 — 3,582 Brazil 2,894 159 186 236 3,475 Net operating revenue 25,129 1,567 6,871 400 33,967 Year ended December 31, 2016 Ferrous minerals Coal Base metals Others Total Americas, except United States and Brazil 334 20 1,172 — 1,526 United States of America 232 — 749 24 1,005 Germany 1,077 — 302 — 1,379 Europe, except Germany 1,482 218 1,552 17 3,269 Middle East/Africa/Oceania 1,252 95 20 — 1,367 Japan 1,292 121 328 — 1,741 China 11,985 63 699 — 12,747 Asia, except Japan and China 912 305 1,173 — 2,390 Brazil 1,785 17 144 118 2,064 Net operating revenue 20,351 839 6,139 159 27,488

Costs and expenses by nature (T

Costs and expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2018
Costs and expenses by nature
Schedule of cost of goods sold and services rendered	Year ended December 31 2018 2017 2016 Personnel 2,278 2,295 2,087 Materials and services 3,957 3,814 3,108 Fuel oil and gas 1,538 1,313 1,233 Maintenance 2,807 3,096 2,747 Energy 906 963 694 Acquisition of products 513 543 511 Depreciation and depletion 3,207 3,484 3,267 Freight 4,306 3,346 2,509 Others 2,597 2,185 1,494 Total 22,109 21,039 17,650 Cost of goods sold 21,526 20,426 17,148 Cost of services rendered 583 613 502 Total 22,109 21,039 17,650
Schedule of selling and administrative expenses	Year ended December 31 2018 2017 2016 Personnel 212 209 Services 92 72 Depreciation and amortization 62 120 Others 157 106 Total 523 507
Schedule of other operational expenses (income), net	Year ended December 31 2018 2017 2016 Provision for litigation 185 169 137 Profit sharing program 187 149 76 Others 73 102 54 Total 445 420 267

Financial result (Tables)

Financial result (Tables)	12 Months Ended
	Dec. 31, 2018
Financial result
Schedule of financial results	Year ended December 31 2018 2017 2016 Financial income Short‐term investments 177 176 92 Others 246 302 78 423 478 170 Financial expenses Loans and borrowings gross interest (1,185) (1,697) (1,768) Capitalized loans and borrowing costs 194 370 653 Participative stockholders' debentures (550) (625) (417) Interest on REFIS (202) (397) (514) Others (602) (924) (631) (2,345) (3,273) (2,677) Other financial items Net foreign exchange gains (losses) on loans and borrowings (2,666) (249) 3,314 Derivative financial instruments (266) 454 1,256 Other net foreign exchange gains (losses) 419 (218) (62) Net indexation losses (522) (211) (158) (3,035) (224) 4,350 Financial results, net (4,957) (3,019) 1,843

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income taxes
Schedule of deferred income tax assets and liabilities	December 31, 2018 December 31, 2017 Taxes losses carryforward 4,882 4,471 Temporary differences: Employee post retirement obligations 674 684 Provision for litigation 409 457 Timing differences arising on assets 1,253 1,268 Fair value of financial instruments 538 549 Allocated goodwill (2,328) (2,433) Others (52) (77) 494 448 Total 5,376 4,919 Assets 6,908 6,638 Liabilities (1,532) (1,719) 5,376 4,919
Schedule of changes in deferred tax	Assets Liabilities Deferred taxes, net Balance at December 31, 2016 7,343 1,700 5,643 Utilization of taxes losses carryforward (2,143) — (2,143) Timing differences arising on assets 103 — 103 Fair value of financial instruments 388 — 388 Allocated goodwill — (109) 109 Others 897 897 Effect in income statement (755) (109) (646) Transfers between asset and liabilities 40 40 — Translation adjustment (24) 75 (99) Other comprehensive income (68) 13 (81) Effect of discontinued operations Effect in income statement 102 — 102 Balance at December 31, 2017 6,638 1,719 4,919 Taxes losses carryforward 665 — 665 Timing differences arising on assets 152 — 152 Fair value of financial instruments 147 — 147 Allocated goodwill — (37) 37 Others (77) — (77) Effect in income statement 887 (37) 924 Transfers between asset and liabilities (70) (70) — Translation adjustment (673) (102) (571) Other comprehensive income 123 22 101 Effect of discontinued operations Effect in income statement 14 — 14 Transfer to net assets held for sale (11) — (11) Balance at December 31, 2018 6,908 1,532 5,376
Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law	Year ended December 31 2018 2017 2016 Income before income taxes 6,816 7,829 7,984 Income taxes at statutory rates ‐ 34% (2,317) (2,662) (2,715) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders' equity 873 728 87 Tax incentives 576 372 344 Equity results 104 35 107 Additions (reversals) of tax loss carryforward (i) 1,510 99 (273) Unrecognized tax losses of the year (458) (432) (708) Nondeductible effect of impairment (24) (43) (97) Others (92) 408 474 Income taxes 172 (1,495) (2,781) (i) In 2018, the Company recognized tax loss carryforward from tax losses of subsidiary abroad.

Basic and diluted earnings pe_2

Basic and diluted earnings per share (Tables)	12 Months Ended
	Dec. 31, 2018
Basic and diluted earnings per share
Schedule of basic and diluted earnings per share	Year ended December 31 2018 2017 2016 Net income (loss) attributable to Vale's stockholders: Net income from continuing operations 6,952 6,313 5,211 Loss from discontinued operations (92) (806) (1,229) Net income 6,860 5,507 3,982 Thousands of shares Weighted average number of shares outstanding - common shares 5,182,445 5,197,432 5,197,432 Basic and diluted earnings per share from continuing operations: Common share (US$) 1.34 1.21 1.00 Basic and diluted loss per share from discontinued operations: Common share (US$) (0.02) (0.16) (0.23) Basic and diluted earnings per share: Common share (US$) 1.32 1.05 0.77

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2018
Accounts receivable
Schedule of accounts receivable	December 31, 2018 December 31, 2017 Accounts receivable 2,710 2,660 Expected credit loss (62) (60) 2,648 2,600 Revenue related to the steel sector - % 85.50 % 82.90 %
Schedule of impairment of accounts receivables recorded in income statement	December 31, 2018 December 31, 2017 Accounts receivable 2,710 2,660 Expected credit loss (62) (60) 2,648 2,600 Revenue related to the steel sector - % 85.50 % 82.90 % Year ended December 31 2018 2017 2016 Impairment of accounts receivable recorded in the income statement (7) (4) (5)

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Inventories
Schedule of inventories	December 31, 2018 December 31, 2017 Finished products 2,797 2,219 Work in progress 690 648 Consumable inventory 956 1,059 Total 4,443 3,926
Schedule of reversal (provision) for net realizable value	Year ended December 31 2018 2017 2016 Reversal (provision) for net realizable value 4 (86) (199)

Recoverable taxes (Tables)

Recoverable taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Recoverable taxes
Schedule of recoverable taxes	December 31, 2018 December 31, 2017 Value-added tax 813 887 Brazilian federal contributions 808 880 Others 13 43 Total 1,634 1,810 Current 883 1,172 Non-current 751 638 Total 1,634 1,810

Other Financial Assets And Li_2

Other Financial Assets And Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Other financial assets and liabilities
Schedule of other financial assets and liabilities	Current Non-Current December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Other financial assets Financial investments 32 18 — — Loans — — 153 151 Derivative financial instruments (note 25) 39 106 392 453 Investments in equity securities (note 14) — — 987 — Related parties - Loans (note 31) 364 1,898 1,612 2,628 435 2,022 3,144 3,232 Other financial liabilities Derivative financial instruments (note 25) 470 104 344 686 Related parties (note 31) 1,134 882 960 975 Participative stockholders' debentures — — 1,407 1,233 1,604 986 2,711 2,894

Non-current assets and liabil_2

Non-current assets and liabilities held for sale and discontinued operations (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2017 Fertilizers Assets Accounts receivable 90 Inventories 460 Other current assets 110 Investments in associates and joint ventures 83 Property, plant and equipment and Intangible 2,149 Other non-current assets 695 Total assets 3,587 Liabilities Suppliers and contractors 324 Other current liabilities 215 Other non-current liabilities 640 Total liabilities 1,179 Net non-current assets held for sale 2,408
Summary of the results for the years and the cash flows of discontinued operations of the Fertilizer segment	Income statement Year ended December 31 2018 2017 2016 Discontinued operations Net operating revenue 121 1,746 1,875 Cost of goods sold and services rendered (120) (1,605) (1,887) Operating expenses (4) (141) (130) Impairment of non-current assets (124) (885) (1,738) Operating loss (127) (885) (1,880) Financial Results, net (5) (28) 20 Equity results in associates and joint ventures — (2) 3 Loss before income taxes (132) (915) (1,857) Income taxes 40 102 630 Loss from discontinued operations (92) (813) (1,227) Net income (loss) attributable to noncontrolling interests — (7) 2 Loss attributable to Vale's stockholders (92) (806) (1,229) Statement of cash flow Year ended December 31 2018 2017 2016 Discontinued operations Cash flow from operating activities Loss before income taxes (132) (915) (1,857) Adjustments: Equity results in associates and joint ventures — 2 (3) Depreciation, amortization and depletion — 1 347 Impairment of non-current assets 124 885 1,738 Others 5 — (20) Increase (decrease) in assets and liabilities (34) 114 (25) Net cash provided by (used in) operating activities (37) 87 180 Cash flow from investing activities Additions to property, plant and equipment (9) (305) (292) Others — — 11 Net cash used in investing activities (9) (305) (281) Cash flow from financing activities Loans and borrowings Repayments — (34) (17) Net cash used in financing activities — (34) (17) Net cash used in discontinued operations (46) (252) (118)

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2018
Subsidiaries
Schedule of material consolidated entities in each business segment	% Noncontrolling Location Main activity /Business % Ownership % Voting capital interest Direct and indirect subsidiaries Companhia Portuária da Baía de Sepetiba Brazil Iron ore 100.0 % 100.0 % 0.0 % Mineração Corumbaense Reunida S.A. Brazil Iron ore and manganese 100.0 % 100.0 % 0.0 % Minerações Brasileiras Reunidas S.A. (“MBR”) Brazil Iron ore 62.5 % 98.3 % 37.5 % Salobo Metais S.A. Brazil Copper 100.0 % 100.0 % 0.0 % PT Vale Indonesia Indonesia Nickel 59.2 % 59.2 % 40.8 % Vale International Holdings GmbH Austria Holding and research 100.0 % 100.0 % 0.0 % Vale Canada Limited Canada Nickel 100.0 % 100.0 % 0.0 % Vale International S.A. Switzerland Trading and holding 100.0 % 100.0 % 0.0 % Vale Malaysia Minerals Sdn. Bhd. Malaysia Iron ore 100.0 % 100.0 % 0.0 % Vale Manganês S.A. Brazil Manganese and ferroalloys 100.0 % 100.0 % 0.0 % Vale Moçambique S.A. Mozambique Coal 80.7 % 80.7 % 19.3 % Vale Nouvelle Caledonie S.A.S. New Caledonia Nickel 95.0 % 95.0 % 5.0 % Vale Oman Distribution Center LLC Oman Iron ore and pelletizing 100.0 % 100.0 % 0.0 % Vale Oman Pelletizing Company LLC Oman Pelletizing 70.0 % 70.0 % 30.0 %
Schedule of subsidiaries included in the discontinued operations presentation	% Noncontrolling Location Main activity/Business % Ownership % Voting capital interest Direct and indirect subsidiaries Compañia Minera Miski Mayo S.A.C. Peru Fertilizers 40.0 % 51.0 % 60.0 % Vale Fertilizantes S.A. Brazil Fertilizers 100.0 % 100.0 % 0.0 % Vale Cubatão Fertilizantes Ltda. Brazil Fertilizers 100.0 % 100.0 % 0.0 %

Investments in associates and_2

Investments in associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2018
Investments in associates and joint ventures
Schedule of material non consolidated entities - joint ventures	Location Main activity/Business % Ownership % Voting capital % Noncontrolling Joint ventures Aliança Geração de Energia S.A. Brazil Energy 55.0 % 55.0 % 45.0 % Companhia Coreano-Brasileira de Pelotização Brazil Pelletizing 50.0 % 50.0 % 50.0 % Companhia Hispano-Brasileira de Pelotização Brazil Pelletizing 50.9 % 51.0 % 49.1 % Companhia Ítalo-Brasileira de Pelotização Brazil Pelletizing 50.9 % 51.0 % 49.1 % Companhia Nipo-Brasileira de Pelotização Brazil Pelletizing 51.0 % 51.1 % 49.0 % Companhia Siderúrgica do Pecém ("CSP") Brazil Steel 50.0 % 50.0 % 50.0 % MRS Logística S.A. Brazil Logistics 48.2 % 46.8 % 51.8 % Nacala Corridor Holding Netherlands B.V. Netherlands Coal 50.0 % 50.0 % 50.0 % Samarco Mineração S.A. Brazil Pelletizing 50.0 % 50.0 % 50.0 %
Schedule of material non consolidated entities - direct and indirect associates	Direct and indirect associates Henan Longyu Energy Resources Co., Ltd. China Coal 25.0 % 25.0 % 75.0 % VLI S.A. Brazil Logistics 37.6 % 37.6 % 62.4 %
Schedule of changes in investments in associates and joint ventures	2018 2017 Associates Joint ventures Total Associates Joint ventures Total Balance at January 1st, 1,441 2,127 3,568 1,437 2,259 3,696 Additions (i) — 23 23 1 92 93 Translation adjustment (184) (272) (456) (2) (28) (30) Equity results in income statement 44 261 305 57 41 98 Equity results in statement of comprehensive income — — — — (152) (152) Dividends declared — (291) (291) (57) (226) (283) Transfer from non-current assets held for sale (ii) 87 — 87 — — — Others 4 (15) (11) 5 141 146 Balance at December 31, 1,392 1,833 3,225 1,441 2,127 3,568 (i) Refers to the Coal segment and others in the amounts of US$11 and US$12, respectively, on December 31, 2018 and US$75 and US$18, respectively, on December 31, 2017. (ii) Refers to 18% interest held by Vale Fertilizantes at Ultrafertil which was transferred to Vale as part of the settlement in January 2018 (note 14).
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 Year ended December 31 Year ended December 31 Associates and joint ventures % ownership % voting capital December 31, 2018 December 31, 2017 2018 2017 2016 2018 2017 2016 Ferrous minerals Baovale Mineração S.A. 50.00 50.00 23 26 5 7 9 1 1 — Companhia Coreano-Brasileira de Pelotização 50.00 50.00 104 89 69 50 17 32 19 26 Companhia Hispano-Brasileira de Pelotização (i) 50.89 51.00 83 82 55 41 15 23 16 27 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 81 80 60 40 16 32 17 9 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 148 137 126 93 29 67 29 41 MRS Logística S.A. 48.16 46.75 496 517 72 69 57 27 29 10 VLI S.A. 37.60 37.60 857 968 30 29 36 7 19 — Zhuhai YPM Pellet Co. 25.00 25.00 22 23 — — — — — — 1,814 1,922 417 329 179 189 130 113 Coal Henan Longyu Energy Resources Co., Ltd. 25.00 25.00 317 317 16 20 (4) — — — 317 317 16 20 (4) — — — Base metals Korea Nickel Corp. 25.00 25.00 14 13 1 1 (1) — — 4 Others — — — — (3) — — — 14 13 1 1 (4) — — 4 Others Aliança Geração de Energia S.A. (i) 55.00 55.00 486 571 25 27 46 25 29 39 Aliança Norte Energia Participações S.A. (i) 51.00 51.00 162 160 15 (2) (6) — — — California Steel Industries, Inc. 50.00 50.00 247 200 77 42 33 31 27 4 Companhia Siderúrgica do Pecém 50.00 50.00 — 262 (243) (264) 25 — — — Mineração Rio do Norte S.A. 40.00 40.00 93 101 2 13 48 — 41 32 Others 92 22 (5) (68) (8) — — 1 1,080 1,316 (129) (252) 138 56 97 76 Total 3,225 3,568 305 98 309 245 227 193 (i) Although the Company held a majority of the voting capital, the entities are accounted under equity method due to the stockholders' agreement where relevant decisions are shared with other parties.
Summarized financial information about relevant associates and joint ventures	December 31, 2018 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets 186 693 964 263 1,104 679 Non-current assets 938 3,062 296 1,826 392 3,938 Total assets 1,124 3,755 1,260 2,089 1,496 4,617 Current liabilities 83 970 437 359 203 544 Non-current liabilities 158 2,785 2 699 26 1,795 Total liabilities 241 3,755 439 1,058 229 2,339 Stockholders'equity 883 — 821 1,030 1,267 2,278 Net income (loss) 45 (486) 609 150 65 79 December 31, 2017 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets 137 759 760 309 1,072 738 Non-current assets 1,200 3,712 310 2,063 422 4,172 Total assets 1,337 4,471 1,070 2,372 1,494 4,910 Current liabilities 86 1,060 301 454 226 537 Non-current liabilities 213 2,887 5 844 — 1,799 Total liabilities 299 3,947 306 1,298 226 2,336 Stockholders'equity 1,038 524 764 1,074 1,268 2,574 Net income (loss) 49 (528) 442 143 79 77 (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, 2018
Noncontrolling interest
Summary of financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material noncontrolling	December 31, 2018 MBR PTVI VNC Vale Mocambique S.A. Others (i) Total Current assets 581 465 202 303 — — Non-current assets 2,499 1,567 1,922 1,709 — — Related parties - Stockholders 721 111 56 22 — — Total assets 3,801 2,143 2,180 2,034 — — Current liabilities 187 165 141 313 — — Non-current liabilities 282 153 256 79 — — Related parties - Stockholders 197 — 766 8,731 — — Total liabilities 666 318 1,163 9,123 — — Stockholders' equity 3,135 1,825 1,017 (7,089) — — Equity attributable to noncontrolling interests 1,254 745 51 (1,290) 87 847 Net income (loss) 434 58 351 (985) — — Net income (loss) attributable to noncontrolling interests 174 24 18 (190) 10 36 Dividends paid to noncontrolling interests 168 — — — 14 182 (i) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing December 31, 2017 Compañia Vale Mineradora Miski MBR PTVI VNC Mocambique S.A. Mayo S.A.C. (i) Others (ii) Total Current assets 408 394 251 381 78 — — Non-current assets 3,041 1,586 2,046 1,653 436 — — Related parties - Stockholders 591 147 115 253 6 — — Total assets 4,040 2,127 2,412 2,287 520 — — Current liabilities 170 128 142 128 36 — — Non-current liabilities 288 237 222 32 97 — — Related parties - Stockholders 226 3 1,318 8,232 9 — — Total liabilities 684 368 1,682 8,392 142 — — Stockholders' equity 3,356 1,759 730 (6,105) 380 — — Equity attributable to noncontrolling interests 1,342 735 37 (1,101) 228 73 1,314 Net income (loss) 434 (15) (572) (659) (11) — — Net income (loss) attributable to noncontrolling interests 174 (6) (28) (104) (6) (16) 14 Dividends paid to noncontrolling interests 113 — — — — 13 126 (i) Discontinued operations (ii) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing December 31, 2016 Compañia Vale Mineradora Miski MBR PTVI VNC Mocambique S.A. Mayo S.A.C. (i) Others (ii) Total Net income (loss) 400 2 (807) (541) 3 — — Net income (loss) attributable to noncontrolling interests 165 1 (40) (27) 2 (107) (6) Dividends paid to noncontrolling interests 263 — — — 11 17 291 (i) Discontinued operation (ii) Dividends paid to noncontrolling interests relates to Vale Oman Pelletizing

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2018
Intangibles
Schedule of changes in intangibles	Goodwill Concessions Right of use Software Total Balance at December 31, 2016 3,081 3,301 147 342 6,871 Additions — 980 — 26 1,006 Disposals — (9) — — (9) Amortization — (209) (2) (142) (353) Translation adjustment 65 (61) 7 3 14 Merger of Valepar (note 30) 964 — — — 964 Balance at December 31, 2017 4,110 4,002 152 229 8,493 Cost 4,110 5,075 241 1,554 10,980 Accumulated amortization — (1,073) (89) (1,325) (2,487) Balance at December 31, 2017 4,110 4,002 152 229 8,493 Additions — 855 — 7 862 Disposals — (27) — (2) (29) Amortization — (135) (2) (99) (236) Translation adjustment (457) (634) (13) (24) (1,128) Balance at December 31, 2018 3,653 4,061 137 111 7,962 Cost 3,653 5,043 201 923 9,820 Accumulated amortization — (982) (64) (812) (1,858) Balance at December 31, 2018 3,653 4,061 137 111 7,962
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, 2018
Property, plant and equipment
Schedule of changes in property, plant and equipment	Mineral Constructions Land Building Facilities Equipment properties Others in progress Total Balance at December 31, 2016 724 10,674 9,471 6,794 8,380 7,515 11,861 55,419 Additions (i) — — — — — — 3,392 3,392 Disposals — (11) (57) (67) (138) (212) (151) (636) Assets retirement obligation — — — — 425 — — 425 Depreciation, amortization and depletion — (587) (736) (814) (618) (754) — (3,509) Impairment (note 20) (20) — — (34) (131) — (86) (271) Translation adjustment 79 (122) (105) (83) 222 29 38 58 Transfers (65) 2,146 3,213 1,097 929 1,615 (8,935) — Balance at December 31, 2017 718 12,100 11,786 6,893 9,069 8,193 6,119 54,878 Cost 718 19,163 18,292 12,840 17,471 12,461 6,119 87,064 Accumulated depreciation — (7,063) (6,506) (5,947) (8,402) (4,268) — (32,186) Balance at December 31, 2017 718 12,100 11,786 6,893 9,069 8,193 6,119 54,878 Additions (i) — — — — — — 2,823 2,823 Disposals (11) (53) (93) (234) (8) (79) (92) (570) Assets retirement obligation — — — — 446 — — 446 Depreciation, amortization and depletion — (531) (655) (847) (525) (653) — (3,211) Impairment (note 20) — (10) (18) (21) — (31) (104) (184) Translation adjustment (84) (1,360) (1,471) (560) (864) (990) (468) (5,797) Transfers 12 806 1,687 1,176 381 829 (4,891) — Balance at December 31, 2018 635 10,952 11,236 6,407 8,499 7,269 3,387 48,385 Cost 635 18,267 17,611 12,424 16,717 11,697 3,387 80,738 Accumulated depreciation — (7,315) (6,375) (6,017) (8,218) (4,428) — (32,353) Balance at December 31, 2018 635 10,952 11,236 6,407 8,499 7,269 3,387 48,385 (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 contra_2

Impairment and onerous contracts (Tables)	12 Months Ended
	Dec. 31, 2018
Impairment and onerous contracts
Schedule of impairment losses (reversals) recognized	Income statement Impairment (reversals) Segments by class of assets Assets or cash-generating unit 2018 2017 2016 Property, plant and equipment and intangible Iron ore North system — — (160) Coal Australia — — 27 Base metals – nickel Stobie (VCL) — 133 — Base metals – nickel Newfoundland (VNL) — — 631 Base metals – nickel Nouvelle Caledonie (VNC) — — 284 Several segments Other assets 184 138 135 Impairment of non-current assets 184 271 917 Onerous contracts 393 — 257 Impairment of non-current assets and onerous contracts 577 271 1,174

Loans, borrowings and cash an_2

Loans, borrowings and cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2018
Loans and borrowings
Schedule of total debt	Current liabilities Non-current liabilities December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Principal in: US$ 256 649 10,300 16,060 EUR — — 1,088 1,140 R$ 492 515 2,940 3,368 Other currencies 25 17 127 206 Accrued charges 230 522 8 12 Total 1,003 1,703 14,463 20,786
Schedule of future flows of debt payments	Estimated future Principal interest payments (i) 2019 773 831 2020 1,053 799 2021 1,233 732 2022 1,872 662 Between 2023 and 2027 5,109 2,132 2028 onwards 5,188 3,794 Total 15,228 8,950 (i) Based on interest rate curves and foreign exchange rates applicable as at December 31, 2018 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the financial statements.
Schedule of reconciliation of debt to cash flows arising from financing activities	Loans and borrowings December 31, 2017 22,489 Additions 1,225 Repayments (i) (7,841) Interest paid (1,121) Cash flow from financing activities (7,737) Effect of exchange rate (407) Interest accretion 1,121 Non-cash changes 714 December 31, 2018 15,466 (i) In 2018, the Company conducted a cash tender offer for Vale Overseas’ 5.875% guaranteed notes due 2021, 6.875% guaranteed notes due 2036, 4.375% guaranteed notes due 2022 and a cash tender offer for Vale S.A.’ 5.625% guaranteed notes due 2042 and repurchased a total of US$3,730. The Company also redeemed all of Vale Overseas’ 4.625% guaranteed notes due 2020 totaling US$499.

Liabilities related to associ_2

Liabilities related to associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2018
Liabilities related to associates and joint ventures
Summarized financial information about relevant associates and joint ventures	December 31, 2018 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets 186 693 964 263 1,104 679 Non-current assets 938 3,062 296 1,826 392 3,938 Total assets 1,124 3,755 1,260 2,089 1,496 4,617 Current liabilities 83 970 437 359 203 544 Non-current liabilities 158 2,785 2 699 26 1,795 Total liabilities 241 3,755 439 1,058 229 2,339 Stockholders'equity 883 — 821 1,030 1,267 2,278 Net income (loss) 45 (486) 609 150 65 79 December 31, 2017 Joint ventures Associates Aliança Geração de Energia CSP Pelletizing (i) MRS Logística Henan Longyu VLI S.A. Current assets 137 759 760 309 1,072 738 Non-current assets 1,200 3,712 310 2,063 422 4,172 Total assets 1,337 4,471 1,070 2,372 1,494 4,910 Current liabilities 86 1,060 301 454 226 537 Non-current liabilities 213 2,887 5 844 — 1,799 Total liabilities 299 3,947 306 1,298 226 2,336 Stockholders'equity 1,038 524 764 1,074 1,268 2,574 Net income (loss) 49 (528) 442 143 79 77 (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	2018 2017 Balance at January 01, 996 1,077 Payments (290) (294) Present value valuation 165 182 Provision increase 403 38 Translation adjustment (153) (7) Balance at December 31, 1,121 996 Current liabilities 289 326 Non-current liabilities 832 670 Liabilities 1,121 996
Samarco
Liabilities related to associates and joint ventures
Summarized financial information about relevant associates and joint ventures	December 31, 2018 December 31, 2017 Current assets 54 66 Non-current assets 3,443 6,016 Total assets 3,497 6,082 Current liabilities 6,069 5,481 Non-current liabilities 3,934 3,636 Total liabilities 10,003 9,117 Negative reserves (6,506) (3,035) Loss (1,257) (930)

Financial instruments classif_2

Financial instruments classification (Tables)	12 Months Ended
	Dec. 31, 2018
Financial instruments classification
Schedule of financial instruments classification based on its recognition and by currency	December 31, 2018 December 31, 2017 At fair value Loans and At fair value At fair value through profit receivables or through profit Amortized cost through OCI or loss Total amortized cost or loss Total Financial assets Current Cash and cash equivalents 5,784 — — 5,784 4,328 — 4,328 Financial investments — — 32 32 18 — 18 Derivative financial instruments — — 39 39 — 106 106 Accounts receivable 2,756 — (108) 2,648 2,430 170 2,600 Related parties 364 — — 364 1,898 — 1,898 8,904 — (37) 8,867 8,674 276 8,950 Non-current Derivative financial instruments — — 392 392 — 453 453 Investments in equity securities — 987 — 987 — — — Loans 153 — — 153 151 — 151 Related parties 1,612 — — 1,612 2,628 — 2,628 1,765 987 392 3,144 2,779 453 3,232 Total of financial assets 10,669 987 355 12,011 11,453 729 12,182 Financial liabilities Current Suppliers and contractors 3,512 — — 3,512 4,041 — 4,041 Derivative financial instruments — — 470 470 — 104 104 Loans and borrowings 1,003 — — 1,003 1,703 — 1,703 Related parties 1,134 — — 1,134 882 — 882 5,649 — 470 6,119 6,626 104 6,730 Non-current Derivative financial instruments — — 344 344 — 686 686 Loans and borrowings 14,463 — — 14,463 20,786 — 20,786 Related parties 960 — — 960 975 — 975 Participative stockholders' debentures — — 1,407 1,407 — 1,233 1,233 15,423 — 1,751 17,174 21,761 1,919 23,680 Total of financial liabilities 21,072 — 2,221 23,293 28,387 2,023 30,410 The classification of financial assets and liabilities by currencies are as follows: December 31, 2018 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents 2,765 2,883 23 12 101 5,784 Financial investments 1 31 — — — 32 Derivative financial instruments 30 9 — — — 39 Accounts receivable 447 2,197 4 — — 2,648 Related parties — 364 — — — 364 3,243 5,484 27 12 101 8,867 Non-current Derivative financial instruments 380 12 — — — 392 Investments in equity securities — 987 — — — 987 Loans 5 148 — — — 153 Related parties — 1,612 — — — 1,612 385 2,759 — — — 3,144 Total of financial assets 3,628 8,243 27 12 101 12,011 Financial liabilities Current Suppliers and contractors 1,791 1,182 292 141 106 3,512 Derivative financial instruments 389 81 — — — 470 Loans and borrowings 532 410 25 36 — 1,003 Related parties 769 365 — — — 1,134 3,481 2,038 317 177 106 6,119 Non-current Derivative financial instruments 321 23 — — — 344 Loans and borrowings 2,948 10,300 127 1,088 — 14,463 Related parties 65 895 — — — 960 Participative stockholders' debentures 1,407 — — — — 1,407 4,741 11,218 127 1,088 — 17,174 Total of financial liabilities 8,222 13,256 444 1,265 106 23,293 December 31, 2017 R$ US$ CAD EUR Others currencies Total Financial assets Current Cash and cash equivalents 1,790 2,395 48 11 84 4,328 Financial investments 1 17 — — — 18 Derivative financial instruments 60 46 — — — 106 Accounts receivable 246 2,334 6 — 14 2,600 Related parties — 1,898 — — — 1,898 2,097 6,690 54 11 98 8,950 Non-current Derivative financial instruments 384 69 — — — 453 Loans 5 146 — — — 151 Related parties — 2,628 — — — 2,628 389 2,843 — — — 3,232 Total of financial assets 2,486 9,533 54 11 98 12,182 Financial liabilities Current Suppliers and contractors 2,464 1,108 386 49 34 4,041 Derivative financial instruments 95 9 — — — 104 Loans and borrowings 768 880 18 37 — 1,703 Related parties — 882 — — — 882 3,327 2,879 404 86 34 6,730 Non-current Derivative financial instruments 638 48 — — — 686 Loans and borrowings 3,379 16,060 207 1,140 — 20,786 Related parties 78 897 — — — 975 Participative stockholders' debentures 1,233 — — — — 1,233 5,328 17,005 207 1,140 — 23,680 Total of financial liabilities 8,655 19,884 611 1,226 34 30,410

Fair value estimate (Tables)

Fair value estimate (Tables)	12 Months Ended
	Dec. 31, 2018
Fair value estimate
Schedule of assets and liabilities measured and recognized at fair value	December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 2 Level 3 Total Financial assets Financial investments 32 — — 32 — — — Derivative financial instruments — 136 295 431 289 270 559 Accounts receivable — (108) — (108) 170 — 170 Investments in equity securities 987 — — 987 — — — Total 1,019 28 295 1,342 459 270 729 Financial liabilities Derivative financial instruments — 636 178 814 581 209 790 Participative stockholders' debentures — 1,407 — 1,407 1,233 — 1,233 Total — 2,043 178 2,221 1,814 209 2,023
Schedule of changes in Level 3 assets and liabilities	Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2017 270 209 Gain and losses recognized in income statement 25 (31) Balance at December 31, 2018 295 178
Schedule of fair value and carrying amounts of non-current loans	Financial liabilities Balance Fair value Level 1 Level 2 December 31, 2018 Debt principal 15,228 16,262 10,686 5,576 December 31, 2017 Debt principal 21,955 23,088 14,935 8,153

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivatives financial instruments
Schedule of derivatives effects on statement of financial position	Assets December 31, 2018 December 31, 2017 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 9 — 38 — IPCA swap 7 84 9 82 Eurobonds swap — 4 — 27 Pré-dolar swap 19 1 22 32 35 89 69 141 Commodities price risk Nickel 2 — 22 3 Bunker oil 1 — 15 — 3 — 37 3 Others (note 34) 1 303 — 309 1 303 — 309 Total 39 392 106 453 Liabilities December 31, 2018 December 31, 2017 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 383 98 95 410 IPCA swap 35 47 41 Eurobonds swap 5 4 — Pré-dolar swap 10 18 5 24 433 163 104 475 Commodities price risk Nickel 8 2 — — Bunker oil 29 — — — 37 2 — — Others (note 34) — 179 — 211 — 179 — 211 Total 470 344 104 686
Schedule of effects of derivatives on the income statement, cash flow and other comprehensive income	Gain (loss) recognized in the income statement Year ended December 31 2018 2017 2016 Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (206) 152 869 IPCA swap (23) 43 78 Eurobonds swap (27) 36 (19) Euro forward — 46 (46) Pré-dolar swap (23) 36 77 (279) 313 959 Commodities price risk Nickel (25) 30 (42) Bunker oil 6 (80) 268 (19) (50) 226 Others 32 191 74 Derivatives designated as cash flow hedge accounting Foreign exchange — — (3) — — (3) Total (266) 454 1,256 Financial settlement inflows (outflows) Year ended December 31 2018 2017 2016 Derivatives not designated as hedge accounting Foreign exchange and interest rate risk CDI & TJLP vs. US$fixed and floating rate swap (135) (181) (513) IPCA swap 7 (20) (25) Eurobonds swap (3) (39) (142) Pré-dolar swap 10 (1) (90) (121) (241) (770) Commodities price risk Nickel 8 4 (30) Bunker oil 49 (3) (799) 57 1 (829) Others (3) — — Derivatives designated as cash flow hedge accounting Foreign exchange — — (3) — — (3) Total (67) (240) (1,602) Gain (loss) recognized in other comprehensive income Year ended December 31 2018 2017 2016 Derivatives designated as cash flow hedge accounting Foreign exchange — — 2 Total — — 2
Schedule of maturity dates of the derivative financial instruments	Last maturity dates Currencies and interest rates December 2027 Bunker oil June 2019 Nickel December 2020 Others December 2027

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2018
Provisions.
Schedule of provisions	Current liabilities Non-current liabilities December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Payroll, related charges and other remunerations 1,046 1,101 — — Onerous contracts 60 102 642 364 Environmental obligations (i) 100 30 202 79 Asset retirement obligations (note 27) 85 87 3,030 3,081 Provisions for litigation (note 28) — — 1,357 1,473 Employee postretirement obligations (note 29) 72 74 1,864 2,030 Provisions 1,363 1,394 7,095 7,027 (i) In 2018, the Company recognized an obligation in the amount of US$229 related to certain environmental obligation that became effective from the current year due to changes in the regulation in place.

Asset retirement obligations (T

Asset retirement obligations (Tables)	12 Months Ended
	Dec. 31, 2018
Asset retirement obligations
Schedule of changes in the provision of asset retirement obligations and long-term interest rates	December 31, 2018 December 31, 2017 Balance at beginning of the year 3,168 2,519 Present value valuation 15 70 Settlements (259) (60) Revisions on cash flows estimates 461 620 Translation adjustment (270) 96 Effect of discontinued operations Transfer to net assets held for sale — (77) Balance at end of the year 3,115 3,168 Current 85 87 Non-current 3,030 3,081 3,115 3,168 Long-term interest rates (per annum) Brazil 4.94 % 5.34 % Canada 0.77 % 0.57 % Other regions 1.33% - 8.59 % 0.72%-6.13 %

Litigation (Tables)

Litigation (Tables)	12 Months Ended
	Dec. 31, 2018
Litigation
Schedule of changes in provision for litigations	Tax litigation Civil litigation Labor litigation Environmental litigation Total of litigation provision Balance at December 31, 2016 214 84 534 7 839 Additions and reversals, net 22 17 126 4 169 Payments (117) (3) (105) — (225) Indexation and interest 10 35 37 (1) 81 Translation adjustment (10) (2) (10) — (22) Merger of Valepar (note 30) (i) 631 — — — 631 Balance at December 31, 2017 750 131 582 10 1,473 Additions and reversals, net 17 65 106 (3) 185 Payments (5) (23) (116) (2) (146) Additions - discontinued operations 21 1 16 — 38 Indexation and interest 23 17 (7) (1) 32 Translation adjustment (114) (25) (85) (1) (225) Balance at December 31, 2018 692 166 496 3 1,357 (i) refers to litigations of PIS/COFINS of interest on capital.
Schedule of contingent liabilities	December 31, 2018 December 31, 2017 Tax litigation 8,641 8,840 Civil litigation 1,957 1,623 Labor litigation 1,475 1,952 Environmental litigation 1,051 2,190 Total 13,124 14,605
Schedule of judicial deposits	December 31, 2018 December 31, 2017 Tax litigation 1,069 1,201 Civil litigation 60 60 Labor litigation 555 712 Environmental litigation 32 13 Total 1,716 1,986

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2018
Employee benefits
Schedule of changes in benefit obligation	Overfunded pension plans Underfunded pension plans Other benefits Benefit obligation as at December 31, 2016 3,343 4,045 1,296 Service costs 7 86 30 Interest costs 360 183 67 Benefits paid (326) (275) (65) Participant contributions — (12) — Effect of changes in the actuarial assumptions 64 167 11 Translation adjustment (51) 276 71 Benefit obligation as at December 31, 2017 3,397 4,470 1,410 Service costs 5 101 36 Interest costs 282 158 59 Benefits paid (296) (272) (60) Participant contributions — (11) — Effect of changes in the actuarial assumptions 679 (164) (32) Translation adjustment (490) (353) (133) Benefit obligation as at December 31, 2018 3,577 3,929 1,280
Schedule of assets fair value	Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2016 4,694 3,419 — Interest income 513 151 — Employer contributions 45 65 65 Participant contributions — (12) — Benefits paid (326) (275) (65) Return on plan assets (excluding interest income) (21) 174 — Translation adjustment (77) 254 — Fair value of plan assets as at December 31, 2017 4,828 3,776 — Interest income 406 127 — Employer contributions 35 49 60 Participant contributions 2 — — Benefits paid (296) (247) (60) Return on plan assets (excluding interest income) 479 (145) — Translation adjustment (717) (287) — Fair value of plan assets as at December 31, 2018 4,737 3,273 —
Summary of reconciliation of assets and liabilities recognized in the statement of financial position	Plans in Brazil December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Balance at beginning of the year 1,431 — — 1,351 — — Interest income 124 — — 152 — — Changes on asset ceiling (172) — — (45) — — Translation adjustment (223) — — (27) — — Balance at end of the year 1,160 — — 1,431 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,577) (334) (249) (3,397) (401) (258) Fair value of assets 4,737 162 — 4,828 239 — Effect of the asset ceiling (1,160) — — (1,431) — — Liabilities — (172) (249) — (162) (258) Current liabilities — (4) (19) — — (22) Non-current liabilities — (168) (230) — (162) (236) Liabilities — (172) (249) — (162) (258) Foreign plan December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Amount recognized in the statement of financial position Present value of actuarial liabilities — (3,595) (1,031) — (4,069) (1,152) Fair value of assets — 3,111 — — 3,537 — Liabilities — (484) (1,031) — (532) (1,152) Current liabilities — (16) (33) — (16) (36) Non-current liabilities — (468) (998) — (516) (1,116) Liabilities — (484) (1,031) — (532) (1,152) Total December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Balance at beginning of the year 1,431 — — 1,351 — — Interest income 124 — — 152 — — Changes on asset ceiling (172) — — (45) — — Translation adjustment (223) — — (27) — — Balance at end of the year 1,160 — — 1,431 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,577) (3,929) (1,280) (3,397) (4,470) (1,410) Fair value of assets 4,737 3,273 — 4,828 3,776 — Effect of the asset ceiling (1,160) — — (1,431) — — Liabilities — (656) (1,280) — (694) (1,410) Current liabilities — (20) (52) — (16) (58) Non-current liabilities — (636) (1,228) — (678) (1,352) Liabilities — (656) (1,280) — (694) (1,410)
Summary of costs recognized in the income statement	Year ended December 31 2018 2017 2016 Overfunded Underfunded Overfunded Underfunded Overfunded pension pension Other pension pension Other pension Underfunded Other plans plans benefits plans plans benefits plans pension plans benefits Service cost 5 101 36 7 86 30 10 76 (16) Interest on expense on liabilities 282 158 59 360 183 67 362 175 66 Interest income on plan assets (406) (127) — (513) (151) — (512) (151) — Interest expense on effect of (asset ceiling)/ onerous liability 124 — — 152 — — 156 — — Total of cost, net 5 132 95 6 118 97 16 100 50
Summary of costs recognized in the statement of comprehensive income	Year ended December 31 2018 2017 2016 Overfunded Underfunded Overfunded Underfunded Overfunded pension pension Other pension pension Other pension Underfunded Other plans plans benefits plans plans benefits plans pension plans benefits Balance at beginning of the year (163) (496) (189) (153) (496) (160) (113) (495) (95) Effect of changes actuarial assumptions (679) 172 32 (65) (167) (27) (271) (117) (75) Return on plan assets (excluding interest income) 479 (144) — — 167 — 281 71 — Change of asset ceiling 172 — — 47 — — (36) — — Others (1) — (1) (3) — (14) — 35 — (29) 28 31 (21) — (41) (26) (11) (75) Deferred income tax 10 (7) (8) 7 (3) 12 9 16 17 Others comprehensive income (19) 21 23 (14) (3) (29) (17) 5 (58) Translation adjustments 23 11 10 4 4 1 (23) (6) (7) Transfers/ disposal (7) (4) 28 — (1) (1) — — — Accumulated other comprehensive income (166) (468) (128) (163) (496) (189) (153) (496) (160)
Schedule of actuarial and economic assumptions and sensitivity analysis	Brazil December 31, 2018 December 31, 2017 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Discount rate to determine benefit obligation 8.86% - 9.10% 9.10 % 9.05% - 9.29% 9.74% - 9.85% 9.74% - 9.91% Nominal average rate to determine expense/ income 8.86% - 9.10% 9.10 % N/A 9.74% - 9.85% N/A Nominal average rate of salary increase 4.00% - 6.08% 6.08 % N/A 4.25% - 6.34% 4.25% - 6.34% N/A Nominal average rate of benefit increase 6.08 % 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 4.00 % 4.00 Foreign December 31, 2018 December 31, 2017 Underfunded Underfunded pension plans Other benefits pension plans Other benefits Discount rate to determine benefit obligation 3.56 % 3.66 % 3.26 % 3.44 % Nominal average rate to determine expense/ income 3.26 % N/A 3.84 % N/A Nominal average rate of salary increase 3.20 % N/A 3.27 % N/A Nominal average rate of benefit increase N/A 3.00 % N/A 3.00 % Immediate health care cost trend rate N/A 5.90 % N/A 5.99 % Ultimate health care cost trend rate N/A 4.56 % N/A 4.56 % Nominal average rate of price inflation 2.10 % 2.10 % 2.10 % 2.10 % For the sensitivity analysis, the Company considers the effect of 1% in nominal discount rate to determine the actuarial liability. The effects of this variation on the actuarial liability, the assumption adopted the average duration of the plan are as follows: December 31, 2018 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase Actuarial liability balance 3,310 3,459 1,114 Assumptions made 9.98 % 5.03 % 5.42 % Nominal discount rate - 1% reduction Actuarial liability balance 3,891 4,471 1,488 Assumptions made 7.98 % 3.03 % 3.42 %
Schedule of expected benefit payments	December 31, 2018 Overfunded pension plans Underfunded pension plans Other benefits 2019 259 222 61 2020 268 223 63 2021 276 223 65 2022 284 223 67 2023 291 224 69 2024 and thereafter 1,543 1,116 369
Overfunded pension plans
Employee benefits
Schedule of assets fair value	December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities - Corporate — 47 — 47 — 72 — 72 Debt securities - Government 2,447 — — 2,447 2,757 — — 2,757 Investments funds - Fixed Income 2,441 — — 2,441 2,515 — — 2,515 Investments funds - Equity 450 — — 450 531 — — 531 International investments 25 — — 25 24 — — 24 Structured investments - Private Equity funds — — 159 159 — — 196 196 Structured investments - Real estate funds — — 15 15 — — 15 15 Real estate — — 339 339 — — 365 365 Loans to participants — — 160 160 — — 224 224 Total 5,363 47 673 6,083 5,827 72 800 6,699 Funds not related to risk plans (i) (1,346) (1,871) Fair value of plan assets at end of year 4,737 4,828 (i) Financial investments not related to coverage of overfunded pension plans
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, 2016 140 10 370 260 780 Return on plan assets 37 (2) 4 29 68 Assets purchases 31 8 13 75 127 Assets sold during the year (8) — (17) (137) (162) Translation adjustment (4) (1) (5) (3) (13) Balance as at December 31, 2017 196 15 365 224 800 Return on plan assets 15 — 39 25 79 Assets purchases 2 2 7 233 — Assets sold during the year (26) — (16) (292) (334) Translation adjustment (28) (2) (56) (30) (116) Balance as at December 31, 2018 159 15 339 160 673
Underfunded pension plans
Employee benefits
Schedule of assets fair value	December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents 3 18 — 21 4 28 — 32 Equity securities 1,186 2 — 1,188 1,364 3 — 1,367 Debt securities - Corporate — 374 — 374 — 338 — 338 Debt securities - Government 116 680 — 796 141 801 — 942 Investments funds - Fixed Income 42 296 — 338 159 — — 159 Investments funds - Equity — 124 — 124 8 392 — 400 Structured investments - Private Equity funds — — 213 213 97 — 197 294 Real estate — — 51 51 — — 44 44 Loans to participants — — 3 3 — — 5 5 Others — — 165 165 — — 195 195 Total 1,347 1,494 432 3,273 1,773 1,562 441 3,776
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, 2016 187 24 6 173 390 Return on plan assets 8 1 — 10 19 Assets purchases 13 17 — — 30 Assets sold during the year (18) (1) — — (19) Translation adjustment 7 3 (1) 12 21 Balance as at December 31, 2017 197 44 5 195 441 Return on plan assets 32 3 — (15) 20 Assets purchases 22 18 — — 40 Assets sold during the year (22) (10) (1) — (33) Translation adjustment (16) (4) (1) (15) (36) Balance as at December 31, 2018 213 51 3 165 432

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' equity
Schedule of share capital	December 31, 2018 ON PNE Total Stockholders Litel Participações S.A. and Litela Participações S.A. 1,075,773,534 — 1,075,773,534 BNDES Participações S.A. 342,484,176 — 342,484,176 Bradespar S.A. 296,009,366 — 296,009,366 Mitsui & Co., Ltd 286,347,055 — 286,347,055 Foreign investors - ADRs 1,211,272,764 — 1,211,272,764 Foreign institutional investors in local market 1,235,808,225 — 1,235,808,225 FMP - FGTS 54,638,358 — 54,638,358 PIBB - Fund 2,300,038 — 2,300,038 Institutional investors 332,021,902 — 332,021,902 Retail investors in Brazil 289,602,980 — 289,602,980 Brazilian Government (Golden Share) — 12 12 Outstanding shares 5,126,258,398 12 5,126,258,410 Shares in treasury 158,216,372 — 158,216,372 Total issued shares 5,284,474,770 12 5,284,474,782 Share capital per class of shares (in millions) 61,614 — 61,614 Total authorized shares 7,000,000,000 — 7,000,000,000
Schedule of stockholders' remuneration	2018 Net income of the year 6,860 Appropriation to legal reserve (343) Appropriation to tax incentive reserve (401) Net income after appropriations to legal reserve and tax incentive reserve 6,116 Minimum mandatory remuneration (i) 1,529 Stockholders' remuneration paid in September, 2018 (2,054) Appropriation to investments reserve (4,062) (i) 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, the minimum mandatory remuneration before tax is US$1,799 based on the interest on capital.
Schedule of profit reserves	Tax incentive Investments Additional Total of profit Legal reserve reserve reserve remuneration reserve reserves Balance as at December 31, 2016 1,384 377 1,808 634 4,203 Allocation of Income 275 216 3,541 — 4,032 Dividends and interest on capital of Vale's stockholders — — — (658) (658) Translation adjustment (29) (13) (140) 24 (158) Balance as at December 31, 2017 1,630 580 5,209 — 7,419 Allocation of Income 343 401 4,062 — 4,806 Translation adjustment (251) (99) (907) — (1,257) Balance as at December 31, 2018 1,722 882 8,364 — 10,968
Schedule of unrealized fair value gain (losses)	Fair value adjustment to Retirement benefit Investment in equity obligations securities Conversion shares Total gain (losses) Balance as at December 31, 2016 (809) — (338) (1,147) Other comprehensive income (46) — — (46) Translation adjustment 10 — — 10 Balance as at December 31, 2017 (845) — (338) (1,183) Other comprehensive income 41 60 — 101 Translation adjustment 49 — — 49 Balance as at December 31, 2018 (755) 60 (338) (1,033)
Summary of impacts on assets and liabilities from merger of Valepar	August 14, 2017 Current assets 24 Judicial deposits 951 Intangible 964 Current liabilities 20 Provisions for litigation 631 Taxes payable 130 Net assets 1,158
Schedule of shares converted and issued	Share position before Conversion of the Share position after conversion preferred shares Issue of new shares conversion Shares outstanding ON 3,185,653,000 1,838,235,414 173,543,667 5,197,432,081 PNA/PNE 1,967,721,926 (1,967,721,914) — 12 5,153,374,926 (129,486,500) 173,543,667 5,197,432,093 Shares in treasury ON 31,535,402 55,507,287 — 87,042,689 PNA 59,405,792 (59,405,792) — — Total issued shares 5,244,316,120 (133,385,005) 173,543,667 5,284,474,782

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2018
Related parties
Schedule of transactions with related parties	Year ended December 31 2018 Joint Ventures Associates Major stockholders Total Net operating revenue 352 309 207 868 Cost and operating expenses (2,269) (39) — (2,308) Financial result 115 — (115) — Year ended December 31 2017 Joint Ventures Associates Major stockholders Total Net operating revenue 399 337 146 882 Cost and operating expenses (1,943) (29) (29) (2,001) Financial result 118 (14) (819) (715) Year ended December 31 2016 Joint Ventures Associates Major stockholders Total Net operating revenue 166 345 141 652 Cost and operating expenses (916) (51) (37) (1,004) Financial result (29) 1 (882) (910)
Schedule of outstanding balances with related parties	December 31, 2018 December 31, 2017 Joint Major Joint Major Ventures Associates Stockholders Total Ventures Associates Stockholders Total Assets Cash and cash equivalents — — 1,256 1,256 — — 817 817 Accounts receivable 110 42 3 155 73 55 3 131 Dividends receivable 132 — — 132 112 14 — 126 Loans 1,976 — — 1,976 4,526 — — 4,526 Derivatives financial instruments — — 297 297 — — 284 284 Other assets 25 — — 25 17 — — 17 Liabilities Supplier and contractors 221 21 24 266 192 35 201 428 Loans — 1,325 2,650 3,975 — 1,245 4,508 5,753 Derivatives financial instruments — — 112 112 — — 109 109 Other liabilities 769 — — 769 612 — 16 628
Schedule of remuneration of key management personnel	Year ended December 31 2018 2017 2016 Short‐term benefits Wages 8 10 8 Direct and indirect benefits 11 10 4 Profit sharing program (“PLR”) 10 8 — 29 28 12 Long‐term benefits Shares based 3 5 1 Severance 20 19 5 52 52 18

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments
Schedule of annual minimum required and non-cancelable future payments related to the contractual obligations	2019 2020 2021 2022 2023 and thereafter Total Operating lease 250 201 189 166 1,692 2,498 Purchase obligations 2,677 1,445 548 463 2,194 7,327 Total minimum payments required 2,927 1,646 737 629 3,886 9,825

Additional information about _2

Additional information about derivatives financial instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Statement
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 (46) (154) (262) US$ interest rate inside Brazil decrease (46) (50) (53) Brazilian interest rate increase (46) (46) (46) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation (370) (614) (858) US$ interest rate inside Brazil decrease (370) (378) (386) Brazilian interest rate increase (370) (379) (388) TJLP interest rate decrease (370) (379) (388) Protected item:R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ floating rate swap R$ depreciation (56) (82) (108) US$ interest rate inside Brazil decrease (56) (56) (57) Brazilian interest rate increase (56) (56) (57) TJLP interest rate decrease (56) (56) (57) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation (8) (85) (161) US$ interest rate inside Brazil decrease (8) (18) (28) Brazilian interest rate increase (8) (25) (40) Protected item:R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation (80) (194) (308) US$ interest rate inside Brazil decrease (80) (83) (87) Brazilian interest rate increase (80) (87) (93) IPCA index decrease (80) (84) (87) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase 89 71 55 IPCA index decrease 89 79 70 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (79) (70) EUR fixed rate vs. US$ fixed rate swap EUR depreciation (1) (170) (340) Euribor increase (1) (6) (11) US$ Libor decrease (1) (16) (33) Protected item:EUR denominated debt EUR depreciation n.a. 170 340 Bunker Oil protection Options Bunker Oil price decrease (28) (126) (283) Protected item: Part of costs linked to bunker oil prices Bunker Oil price decrease n.a. 126 283 Maritime Freight protection Forwards Freight price decrease 1 (1) (3) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. 1 3 Nickel sales fixed price protection Forwards Nickel price decrease (10) (29) (48) Protected item: Part of nickel revenues with fixed prices Nickel price fluctuation n.a. 29 48 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. — — Wheaton Precious Metals Corp. warrants WPM stock price decrease 8 2 — Conversion options - VLI VLI stock value increase (59) (94) (138) Options - MBR Iron ore price decrease 279 186 105 Instrument Main risks Portable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase 2 (8) (19) Embedded derivatives - Raw material purchase (copper) Copper price increase — (3) (6) Embedded derivatives - Gas purchase Pellet price increase (1) (2) (5) Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease (103) (229) (442)
Summary of ratings of financial institutions counterparties	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 A2 A Banco Votorantim Ba3 BB- Bank of America A3 A- Bank of China A1 A Bannk of Mandiri Baa2 BB+ Bank of Nova Scotia Aa2 A+ Bank Rakyat Baa2 BB+ Bank of Tokyo Mitsubishi UFJ A1 A- Banpará - BB- Barclays Baa3 BBB BBVA A3 A- BNP Paribas Aa3 A BTG Pactual Ba3 BB- Caixa Economica Federal Ba3 BB- Canadian Imperial Bank Aa2 A+ China Construction Bank A1 A CIMB Bank A3 A- Citigroup Baa1 BBB+ Long term ratings by counterparty Moody’s S&P Credit Agricole A1 A+ Credit Suisse Baa2 BBB+ Deutsche Bank A3 BBB+ Goldman Sachs A3 BBB+ HSBC A2 A Intesa Sanpaolo Spa Baa1 BBB ltau Unibanco Ba3 BB- JP Morgan Chase & Co A2 A- Macquarie Group Ltd A3 BBB Mega Int. Commercial Bank A1 A Mizuho Financial A1 A- Morgan Stanley A3 BBB+ Notional Australia Bank NAB Aa3 AA- National Bank of Canada Aa3 A National Bank of Oman Baa3 - Natixis A1 A+ Rabobank Aa3 A+ Royal Bank of Canada Aa2 AA- Societe Generale A1 A Standard Bank Group Ba1 - Standard Chartered A2 BBB+ Sumitomo Mitsui Financial A1 A- UBS Aa3 A- Unicredit Baa1 BBB
Schedule of market curves	(i) Products Nickel Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT 10,595 JUN19 10,777 DEC19 10,943 JAN19 10,637 JUL19 10,809 DEC20 11,231 FEB19 10,663 AUG19 10,838 DEC21 11,516 MAR19 10,692 SEP19 10,865 DEC22 11,799 APR19 10,720 OCT19 10,891 MAY19 10,749 NOV19 10,916 Copper Maturity Price (US$/lb) Maturity Price (US$/lb) Maturity Price (US$/lb) SPOT 2.63 JUN19 2.71 DEC19 2.70 JAN19 2.71 JUL19 2.70 DEC20 2.70 FEB19 2.71 AUG19 2.70 DEC21 2.69 MAR19 2.71 SEP19 2.70 DEC22 2.70 APR19 2.71 OCT19 2.70 MAY19 2.71 NOV19 2.70 Bunker Oil Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton) SPOT 334 JUN19 307 DEC19 270 JAN19 327 JUL19 302 DEC20 267 FEB19 322 AUG19 297 DEC21 238 MAR19 319 SEP19 291 DEC22 213 APR19 315 OCT19 283 MAY19 311 NOV19 276 Maritime Freight (Capesize 5TC) Maturity Price (US$/day) Maturity Price (US$/day) Maturity Price (US$/day) SPOT 14,797 JUN19 15,096 DEC19 20,350 JAN19 16,175 JUL19 16,817 Cal 2020 15,613 FEB19 12,225 AUG19 16,817 Cal 2021 13,350 MAR19 13,233 SEP19 16,817 Cal 2022 13,433 APR19 13,521 OCT19 20,350 MAY19 13,896 NOV19 20,350 (ii) Foreign exchange and interest rates US$ - Brazil Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 4.24 12/02/19 3.61 04/01/22 3.68 03/01/19 3.83 01/02/20 3.60 07/01/22 3.73 04/01/19 3.55 04/01/20 3.63 10/03/22 3.69 05/02/19 3.50 07/01/20 3.64 01/02/23 3.73 06/03/19 3.47 10/01/20 3.64 04/03/23 3.74 07/01/19 3.48 01/04/21 3.67 07/03/23 3.72 08/01/19 3.52 04/01/21 3.66 10/02/23 3.74 09/02/19 3.47 07/01/21 3.65 01/02/24 3.82 10/01/19 3.53 10/01/21 3.67 07/01/24 3.73 11/01/19 3.60 01/03/22 3.67 01/02/25 3.85 US$ Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 2.52 6M 2.78 11M 2.78 2M 2.62 7M 2.78 12M 2.78 3M 2.79 8M 2.78 2Y 2.71 4M 2.79 9M 2.78 3Y 2.67 5M 2.79 10M 2.78 4Y 2.69 TJLP Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 6.98 12/02/19 6.98 04/01/22 6.98 03/01/19 6.98 01/02/20 6.98 07/01/22 6.98 04/01/19 6.98 04/01/20 6.98 10/03/22 6.98 05/02/19 6.98 07/01/20 6.98 01/02/23 6.98 06/03/19 6.98 10/01/20 6.98 04/03/23 6.98 07/01/19 6.98 01/04/21 6.98 07/03/23 6.98 08/01/19 6.98 04/01/21 6.98 10/02/23 6.98 09/02/19 6.98 07/01/21 6.98 01/02/24 6.98 10/01/19 6.98 10/01/21 6.98 07/01/24 6.98 11/01/19 6.98 01/03/22 6.98 01/02/25 6.98 BRL Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 6.41 12/02/19 6.53 04/01/22 8.17 03/01/19 6.42 01/02/20 6.55 07/01/22 8.35 04/01/19 6.43 04/01/20 6.70 10/03/22 8.43 05/02/19 6.44 07/01/20 6.91 01/02/23 8.53 06/03/19 6.44 10/01/20 7.16 04/03/23 8.64 07/01/19 6.45 01/04/21 7.36 07/03/23 8.70 08/01/19 6.46 04/01/21 7.59 10/02/23 8.79 09/02/19 6.46 07/01/21 7.77 01/02/24 8.86 10/01/19 6.49 10/01/21 7.95 07/01/24 8.98 11/01/19 6.52 01/03/22 8.08 01/02/25 9.1 Implicit Inflation (IPCA) Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 02/01/19 3.74 12/02/19 3.87 04/01/22 4.03 03/01/19 3.75 01/02/20 3.88 07/01/22 4.12 04/01/19 3.77 04/01/20 3.81 10/03/22 4.11 05/02/19 3.78 07/01/20 3.88 01/02/23 4.14 06/03/19 3.78 10/01/20 3.90 04/03/23 4.18 07/01/19 3.79 01/04/21 3.93 07/03/23 4.19 08/01/19 3.79 04/01/21 3.98 10/02/23 4.22 09/02/19 3.79 07/01/21 4.01 01/02/24 4.25 10/01/19 3.83 10/01/21 4.04 07/01/24 4.30 11/01/19 3.85 01/03/22 4.05 01/02/25 4.35 EUR Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M (0.41) 6M (0.28) 11M (0.24) 2M (0.38) 7M (0.26) 12M (0.23) 3M (0.36) 8M (0.25) 2Y (0.17) 4M (0.32) 9M (0.25) 3Y (0.08) 5M (0.29) 10M (0.24) 4Y 0.05 CAD Interest Rate Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.) 1M 2.30 6M 2.34 11M 1.24 2M 2.29 7M 2.00 12M 1.13 3M 2.31 8M 1.74 2Y 2.29 4M 2.32 9M 1.54 3Y 2.31 5M 2.33 10M 1.37 4Y 2.35 Currencies - Ending rates CAD/US$ 0.7341 US$/BRL 3.8748 EUR/US$ 1.1452
Bunker oil purchase cash flows protection program
Statement
Schedule of protection program	Financial Settlement Inflows Fair value Notional (ton) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2018 2019 Call options 2,100,000 — B 520 1 — 40 1 1 Put options 2,100,000 — S 297 (29) — 9 9 (29) Total (28) — 49 10 (28)
Protection programs for base metals raw materials and products
Statement
Schedule of protection program	Financial Settlement Inflows Notional (ton) Average Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2018 2019 2020+ Fixed price sales protection Nickel forwards 7,244 9,621 B 12,166 (10) 24 7 2 (8) (2) Raw material purchase protection Nickel forwards 120 292 S 12,242 — — 1 — — — Copper forwards 81 79 S 6,142 — — — — — — Total (10) 24 8 2 (8) (2)
Freight derivative positions
Statement
Schedule of protection program	Financial Settlement Inflows Fair value Notional (days) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/day) 2018 2017 2018 2018 2019 Freight forwards 480 — B 14,509 1 — (3) — 1
Call options- WPM - Bought
Statement
Schedule of protection program	Financial Settlement Inflows Fair value Notional (quantity) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/share) 2018 2017 2018 2018 2023 Call options 10,000,000 10,000,000 B 44 8 39 — 1 8
Debentures convertible into shares of Valor da Logstica Integrada ("VLI")
Statement
Schedule of protection program	Financial Settlement Inflows Fair value by Notional (quantity) Average Fair value (Outflows) Value at Risk year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/share) 2018 2017 2018 2018 2027 Conversion options 140,239 140,239 S 8,006 (59) (57) — 4 (59)
Options related to Mineraes Brasileiras Reunidas S.A. ("MBR") shares
Statement
Schedule of protection program	Financial settlement Fair value by Notional (quantity, in millions) Average Fair value Inflows (Outflows) Value at Risk year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (R$/share) 2018 2017 2018 2018 2019+ Options 2,139 2,139 B/S 1.7 279 251 — 15 279
Embedded derivatives -forward contracts
Statement
Schedule of protection program	Fair value Notional (ton) Average Fair value Value at Risk by year December 31, December 31, Bought / strike December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2019 Nickel forwards 3,763 2,627 S 11,289 2 1 1 2 Copper forwards 2,035 2,718 S 6,172 — — — — Total 2 1 2
Embedded - Call options - sold
Statement
Schedule of protection program	Financial settlement Inflows Notional (volume/month) Average Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (US$/ton) 2018 2017 2018 2018 2019 2020+ Call options 746,667 746,667 S 233 (1) (2) — 1 — (1)
Embedded - Put options - sold
Statement
Schedule of protection program	Financial settlement Inflows Fair value Notional (quantity) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2018 2017 Sold (R$/share) 2018 2017 2018 2018 2019+ Put option 1,105,070,863 1,105,070,863 S 3.88 (103) (133) — 10 (103)
Protection programs for the R$ denominated debt instruments
Statement
Schedule of protection program	Financial Settlement Inflows Notional Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Average December 31, December 31, December 31, December 31, Flow 2018 2017 Index rate 2018 2017 2018 2018 2019 2020 2021+ CDI vs. US$ fixed rate swap (46) (33) (28) 6 (13) (21) (12) Receivable R$ 1,581 R$ 3,540 CDI 98.70 % Payable US$ 456 US$ 1,104 Fix 3.12 % TJLP vs. US$ fixed rate swap (370) (381) (102) 20 (306) (21) (43) Receivable R$ 2,303 R$ 2,982 TJLP + 1.20 % Payable US$ 994 US$ 1,323 Fix 1.54 % TJLP vs. US$ floating rate swap (56) (53) (5) 2 (56) — — Receivable R$ 181 R$ 216 TJLP + 0.84 % Payable US$ 107 US$ 123 Libor + (1.24) % R$ fixed rate vs. US$ fixed rate swap (8) 24 10 19 9 46 (63) Receivable R$ 1,078 R$ 1,158 Fix 7.05 % Payable US$ 351 US$ 385 Fix (0.62) % IPCA vs. US$ fixed rate swap (80) (34) 6 7 (33) (10) (37) Receivable R$ 1,315 R$ 1,000 IPCA + 6.55 % Payable US$ 434 US$ 434 Fix 3.98 % IPCA vs. CDI swap 89 85 1 — 5 36 Receivable R$ 1,350 R$ 1,350 IPCA + 6.62 % Payable R$ 1,350 R$ 1,350 CDI 98.59 %
Protection program for EUR denominated debt instruments
Statement
Schedule of protection program	Financial Settlement Inflows Notional Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Average December 31, December 31, December 31, December 31, Flow 2018 2017 Index rate 2018 2017 2018 2018 2019 2020 2021+ EUR fixed rate vs. US$ fixed rate swap (1) 23 (3) 8 (7) (5) 9 Receivable € 500 € 500 Fix 3.75 % Payable US$ 613 US$ 613 Fix 4.29 %

Basis for preparation of the _4

Basis for preparation of the financial statements - Presentation currency (Details)	12 Months Ended
	Dec. 31, 2018€ / $R$ / $	Dec. 31, 2018€ / $R$ / €	Dec. 31, 2018€ / $R$ / $	Dec. 31, 2017R$ / $	Dec. 31, 2017R$ / $R$ / €	Dec. 31, 2017R$ / $R$ / $	Dec. 31, 2016R$ / $	Dec. 31, 2016R$ / $R$ / €	Dec. 31, 2016R$ / $R$ / $	Dec. 31, 2018$ / $	Dec. 31, 2018R$ / $	Dec. 31, 2018R$ / €	Dec. 31, 2018R$ / $	Dec. 31, 2017R$ / €	Dec. 31, 2017R$ / $	Dec. 31, 2016R$ / €	Dec. 31, 2016R$ / $
Exchange rates used to translate operations
Closing rate	1.1452	1.1452	1.1452	3.3080	3.3080	3.3080	3.2591	3.2591	3.2591	0.7341	3.8748	4.4390	2.8451	3.9693	2.6344	3.4384	2.4258
Average rate	3.6558	4.3094	2.8190	3.1925	3.6088	2.4618	3.4833	3.8543	2.6280

Basis for preparation of the _5

Basis for preparation of the financial statements - IFRS 9 Financial Instrument (Details) $ in Millions	Jan. 01, 2018USD ($)
Suppliers and contractors | Amortized cost
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	$ 4,041
Financial liabilities, carrying amount immediately after initial application of IFRS 9	4,041
Derivative financial instruments | FVTPL
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	104
Financial liabilities, carrying amount immediately after initial application of IFRS 9	104
Loans and borrowings | Amortized cost
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	1,703
Financial liabilities, carrying amount immediately after initial application of IFRS 9	1,703
Related parties | Amortized cost
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	882
Financial liabilities, carrying amount immediately after initial application of IFRS 9	882
Derivative financial instruments | FVTPL
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	686
Financial liabilities, carrying amount immediately after initial application of IFRS 9	686
Loans and borrowings | Amortized cost
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	20,786
Financial liabilities, carrying amount immediately after initial application of IFRS 9	20,786
Related parties | Amortized cost
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	975
Financial liabilities, carrying amount immediately after initial application of IFRS 9	975
Participative stockholders' debentures | Amortized cost
Financial instruments
Financial liabilities, carrying amount immediately before initial application of IFRS 9	1,233
Financial liabilities, carrying amount immediately after initial application of IFRS 9	1,233
Financial investments | FVTPL
Financial instruments
Financial assets, carrying amount immediately before initial application of IFRS 9	18
Financial assets, carrying amount immediately after initial application of IFRS 9	18
Derivative financial instruments | FVTPL
Financial instruments
Financial assets, carrying amount immediately before initial application of IFRS 9	106
Financial assets, carrying amount immediately after initial application of IFRS 9	106
Accounts receivable | Amortized cost
Financial instruments
Financial assets, carrying amount immediately before initial application of IFRS 9	2,600
Financial assets, carrying amount immediately after initial application of IFRS 9	2,600
Related parties | Amortized cost
Financial instruments
Financial assets, carrying amount immediately before initial application of IFRS 9	1,898
Financial assets, carrying amount immediately after initial application of IFRS 9	1,898
Derivative financial instruments | FVTPL
Financial instruments
Financial assets, carrying amount immediately before initial application of IFRS 9	453
Financial assets, carrying amount immediately after initial application of IFRS 9	453
Loans | Amortized cost
Financial instruments
Financial assets, carrying amount immediately before initial application of IFRS 9	151
Financial assets, carrying amount immediately after initial application of IFRS 9	151
Related parties | Amortized cost
Financial instruments
Financial assets, carrying amount immediately before initial application of IFRS 9	2,628
Financial assets, carrying amount immediately after initial application of IFRS 9	$ 2,628

Basis for preparation of the _6

Basis for preparation of the financial statements - IFRS 16 Lease (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2018
IFRS 16 Lease
Nominal amount non-cancellable operating lease commitments		$ 2,498
IFRS 16 Lease | Minimum
IFRS 16 Lease
Right-of-use assets	$ 1,800
IFRS 16 Lease | Minimum | Forecast
IFRS 16 Lease
Lease liabilities	1,800
Current lease liabilities	240
Non-current lease liabilities	1,560
IFRS 16 Lease | Maximum | Forecast
IFRS 16 Lease
Right-of-use assets	2,000
Lease liabilities	2,000
Current lease liabilities	260
Non-current lease liabilities	$ 1,740

Brumadinho's dam failure (Detai

Brumadinho's dam failure (Details) t in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 25, 2019personitemkmt
Brumadinho's dam failure
Number of people who lost their lives or are missing | person					306
Mass of iron ore waste (in metric tons) | t					11.7
Tailings released extension (in km) | km					270
Number of extraordinary independent Consulting Committees established | item					3
Stockholders' remuneration paid | $	$ 1,876	$ 3,313	$ 1,456	$ 250

Brumadinho's dam failure - Oper

Brumadinho's dam failure - Operation stoppages and de-characterization of the upstream dams (Details) T in Millions, R$ in Billions, $ in Billions	Mar. 27, 2019T	Dec. 31, 2018T	Jan. 29, 2019BRL (R$)	Jan. 29, 2019USD ($)
Brumadinho's dam failure
Potential reduction in sale of iron ore due to stoppage in other operations	52.8
Iron ore and pellets sold		365
De-characterization of upstream dams
Brumadinho's dam failure
Estimated financial effect of contingent liabilities			R$ 5	$ 1.3
Potential reduction in production of iron ore due to stoppage of operations	40

Brumadinho's dam failure - Asse

Brumadinho's dam failure - Assets write-offs (Details) - 3 months ended Mar. 31, 2019 R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Corrego do Feijao mine and upstream dams
Brumadinho's dam failure
Impairment loss	R$ 480	$ 124

Brumadinho's dam failure - Fram

Brumadinho's dam failure - Framework Agreements (Details) R$ in Millions, $ in Millions	Feb. 20, 2019BRL (R$)km	Feb. 15, 2019BRL (R$)	Feb. 20, 2019USD ($)km	Feb. 15, 2019USD ($)
Indemnification of direct and third-party employees of the Corrego do Feijao mine
Contingencies
Estimated financial effect of contingent liabilities		R$ 850		$ 220
Ratio of wages to be paid for missing employees		0.6667		0.6667
Age for medical benefit to dependents of missing employees		22 years
Indemnification of affected residents
Contingencies
Communities distance from Paraopeba river bed indemnified (in kilometer)	1		1
Period for monthly payments to missing employee's family	12 months
Indemnification of affected residents | Minimum
Contingencies
Estimated financial effect of contingent liabilities	R$ 1000		$ 260
Indemnification of affected residents | Maximum
Contingencies
Estimated financial effect of contingent liabilities	R$ 2000		$ 520

Brumadinho's dam failure - Dona

Brumadinho's dam failure - Donations and other incurred expenses (Details) R$ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019BRL (R$)	Mar. 31, 2019USD ($)
Brumadinho's dam failure
Donations offered to missing employee's family members or affected by fatalities	R$ 100	$ 26
Donations offered to families that resided in ZAS near Brumadinho dam	50	13
Donations offered to business owners of the region	15	4
Donations offered to families that resided in ZAS Sul Superior dam	5	1
Donation to Brumadinho city	R$ 80000	$ 21,000
Payment period of the donation to Brumadinho city	2 years	2 years
Administrative fines imposed by the State Secretary for Environment and Sustainable Development	R$ 99000	$ 26,000
Incurred expenses
Administrative sanctions		26,000
Donations to the affected people and to the city	R$ 62000	16,000
Drilling and infrastructure		5,000
Environmental recovery		4,000
Medical aid and other materials		2,000
Fuel and transportation		2,000
Others		22,000
Total incurred expenses		$ 78,000

Brumadinho's dam failure - Cont

Brumadinho's dam failure - Contingencies and other legal matters (Details) R$ in Thousands, $ in Thousands

Feb. 07, 2019BRL (R$)

Feb. 07, 2019USD ($)

Mar. 25, 2019BRL (R$)shares

Mar. 25, 2019USD ($)shares

Mar. 18, 2019BRL (R$)

Mar. 18, 2019USD ($)

Feb. 07, 2019USD ($)

Jan. 31, 2019BRL (R$)

Jan. 31, 2019USD ($)

Jan. 27, 2019BRL (R$)

Jan. 27, 2019USD ($)

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)

Contingencies

Judicial deposits | $

$ 1,716,000

$ 1,986,000

Treasury shares

158,216,372

State of Minas Gerais injunction to reassure stability of other dams of Corrego do Feijao mine complex

Contingencies

Restricted cash and cash equivalents

R$ 11000000

$ 2,800,000

Public Ministry of Labor action

Contingencies

Restricted cash and cash equivalents

R$ 1600000

$ 400,000

State of Minas Gerais injunction to fund any evacuation of the communities in Sebastiao de Aguas Claras - Macacos

Contingencies

Restricted assets

R$ 1000000

$ 258,000

State of Minas Gerais injunction to fund any evacuation of the communities in Gongo Soco, Barao de Cocais

Contingencies

Restricted assets

R$ 2950000

$ 761,000

Lawsuits

Contingencies

Restricted cash and cash equivalents

468,000

121,000

Restricted assets

16,900,000

4,400,000

Judicial deposits

12,600,000

3,300,000

Restricted assets guaranteed by treasury shares

R$ 3750000

$ 1,000,000

Treasury shares guarantee (in shares)

75,312,728

75,312,728

IBAMA fines

Contingencies

Estimated financial effect of contingent liabilities

R$ 250000

$ 65,000

Daily fine imposed

100

$ 26

Brumadinho Municipal Department of the Environment fines

Contingencies

Estimated financial effect of contingent liabilities

R$ 108000

$ 28,000

Information by business segme_3

Information by business segment and by geographic area - Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of operating segments [line items]
Net operating revenue	$ 36,575	$ 33,967	$ 27,488
Cost of goods sold and services rendered	(18,902)	(17,555)	(14,383)
Sales, administrative and other operating expenses	(906)	(860)	(663)
Research and evaluation expenses	(373)	(340)	(319)
Pre operating and operational stoppage	(189)	(280)	(343)
Dividends received and interest from associates and joint ventures	388	406	193
Total of continuing operations Adjusted EBITDA	16,593	15,338	11,972
Net operating revenue	36,696	35,713	29,363
Cost of goods sold and services rendered	(19,022)	(19,161)	(15,928)
Sales, administrative and other operating expenses	(910)	(962)	(750)
Research and evaluation expenses	(373)	(352)	(342)
Pre operating and operational stoppage	(189)	(305)	(359)
Dividends received and interest from associates and joint ventures	388	409	197
Adjusted EBITDA	16,590	15,342	12,181
Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	27,933	25,129	20,351
Cost of goods sold and services rendered	(13,044)	(11,410)	(9,124)
Sales, administrative and other operating expenses	(94)	5	(288)
Research and evaluation expenses	(138)	(109)	(106)
Pre operating and operational stoppage	(135)	(192)	(187)
Dividends received and interest from associates and joint ventures	189	130	113
Total of continuing operations Adjusted EBITDA	14,711	13,553	10,759
Coal
Disclosure of operating segments [line items]
Net operating revenue	1,643	1,567	839
Cost of goods sold and services rendered	(1,575)	(1,354)	(872)
Sales, administrative and other operating expenses	(9)	(12)	63
Research and evaluation expenses	(21)	(14)	(15)
Pre operating and operational stoppage		(4)	(41)
Dividends received and interest from associates and joint ventures	143	179
Total of continuing operations Adjusted EBITDA	181	362	(26)
Base metals
Disclosure of operating segments [line items]
Net operating revenue	6,703	6,871	6,139
Cost of goods sold and services rendered	(4,020)	(4,416)	(4,128)
Sales, administrative and other operating expenses	(51)	(62)	135
Research and evaluation expenses	(57)	(62)	(83)
Pre operating and operational stoppage	(33)	(75)	(114)
Dividends received and interest from associates and joint ventures			4
Total of continuing operations Adjusted EBITDA	2,542	2,256	1,953
Others
Disclosure of operating segments [line items]
Net operating revenue	296	400	159
Cost of goods sold and services rendered	(263)	(375)	(259)
Sales, administrative and other operating expenses	(752)	(791)	(573)
Research and evaluation expenses	(157)	(155)	(116)
Pre operating and operational stoppage	(21)	(9)	(1)
Dividends received and interest from associates and joint ventures	56	97	76
Total of continuing operations Adjusted EBITDA	(841)	(833)	(714)
Iron ore | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	20,354	18,524	15,784
Cost of goods sold and services rendered	(9,048)	(7,950)	(6,622)
Sales, administrative and other operating expenses	(76)	11	(248)
Research and evaluation expenses	(110)	(88)	(91)
Pre operating and operational stoppage	(115)	(181)	(150)
Dividends received and interest from associates and joint ventures	28	30	10
Total of continuing operations Adjusted EBITDA	11,033	10,346	8,683
Iron ore Pellets | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	6,651	5,653	3,827
Cost of goods sold and services rendered	(3,393)	(2,876)	(2,002)
Sales, administrative and other operating expenses	(11)	(9)	(35)
Research and evaluation expenses	(26)	(19)	(13)
Pre operating and operational stoppage	(19)	(7)	(22)
Dividends received and interest from associates and joint ventures	154	81	103
Total of continuing operations Adjusted EBITDA	3,356	2,823	1,858
Ferroalloys and manganese | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	454	469	302
Cost of goods sold and services rendered	(290)	(278)	(231)
Sales, administrative and other operating expenses	(3)	(8)	(1)
Research and evaluation expenses	(1)
Pre operating and operational stoppage		(4)	(11)
Total of continuing operations Adjusted EBITDA	160	179	59
Other ferrous products and services | Ferrous minerals
Disclosure of operating segments [line items]
Net operating revenue	474	483	438
Cost of goods sold and services rendered	(313)	(306)	(269)
Sales, administrative and other operating expenses	(4)	11	(4)
Research and evaluation expenses	(1)	(2)	(2)
Pre operating and operational stoppage	(1)		(4)
Dividends received and interest from associates and joint ventures	7	19
Total of continuing operations Adjusted EBITDA	162	205	159
Nickel and other products | Base metals
Disclosure of operating segments [line items]
Net operating revenue	4,610	4,667	4,472
Cost of goods sold and services rendered	(3,060)	(3,437)	(3,204)
Sales, administrative and other operating expenses	(47)	(47)	1
Research and evaluation expenses	(39)	(49)	(78)
Pre operating and operational stoppage	(33)	(75)	(114)
Dividends received and interest from associates and joint ventures			4
Total of continuing operations Adjusted EBITDA	1,431	1,059	1,081
Copper | Base metals
Disclosure of operating segments [line items]
Net operating revenue	2,093	2,204	1,667
Cost of goods sold and services rendered	(960)	(979)	(924)
Sales, administrative and other operating expenses	(4)	(15)	(16)
Research and evaluation expenses	(18)	(13)	(5)
Total of continuing operations Adjusted EBITDA	1,111	1,197	722
Other base metals products | Base metals
Disclosure of operating segments [line items]
Sales, administrative and other operating expenses			150
Total of continuing operations Adjusted EBITDA			150
Discontinued operations
Disclosure of operating segments [line items]
Adjusted EBITDA	(3)	4	209
Discontinued operations | Fertilizers
Disclosure of operating segments [line items]
Net operating revenue	121	1,746	1,875
Cost of goods sold and services rendered	(120)	(1,606)	(1,545)
Sales, administrative and other operating expenses	(4)	(102)	(87)
Research and evaluation expenses		(12)	(22)
Pre operating and operational stoppage		(25)	(16)
Dividends received and interest from associates and joint ventures		3	4
Adjusted EBITDA	$ (3)	$ 4	$ 209

Information by business segme_4

Information by business segment and by geographic area - Adjusted EBITDA reconciled to net income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Information by business segment and by geographic area
Net income from continuing operations	$ 6,988	$ 6,334	$ 5,203
Loss from discontinued operations	(92)	(813)	(1,227)
Depreciation, depletion and amortization	3,351	3,708	3,487
Income taxes	(172)	1,495	2,781
Financial results, net	4,957	3,019	(1,843)
Special events (note 4b)	899	294	1,240
Equity results and other results in associates and joint ventures, net of dividends received	570	488	1,104
Adjusted EBITDA from continuing operations	16,593	15,338	11,972
Adjusted EBITDA from discontinuing operations	16,590	15,342	12,181
Discontinued operations
Information by business segment and by geographic area
Loss from discontinued operations	(92)	(813)	(1,227)
Depreciation, depletion and amortization		1	347
Income taxes	(40)	(102)	(630)
Financial results, net	5	28	(20)
Equity results and other results in associates and joint ventures, net of dividends received		5	1
Impairment of non-current assets	124	885	1,738
Adjusted EBITDA from discontinuing operations	$ (3)	$ 4	$ 209

Information by business segme_5

Information by business segment and by geographic area - Special events occurred during the year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Information by business segment and by geographic area
Result in disposal of assets (note 19)	$ (322)	$ (481)	$ (66)
Nacala Logistic Corridor (note 16)		458
Impairment and onerous contracts (note 20)	(577)	(271)	(1,174)
Total	$ (899)	$ (294)	$ (1,240)

Information by business segme_6

Information by business segment and by geographic area - Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Information by business segment and by geographic area
Product inventory	$ 3,487	$ 2,867
Investments in associates and joint ventures	3,225	3,568	$ 3,696
Property, plant and equipment and intangible	56,347	63,371
Capital expenditures - Sustaining capital	2,896	2,231	2,088
Capital expenditures - Project execution	888	1,600	2,863
Depreciation, depletion and amortization	3,351	3,708	3,487
Ferrous minerals
Information by business segment and by geographic area
Product inventory	2,210	1,770
Investments in associates and joint ventures	1,814	1,922
Property, plant and equipment and intangible	31,377	36,103
Capital expenditures - Sustaining capital	1,569	1,194	891
Capital expenditures - Project execution	823	1,485	2,355
Depreciation, depletion and amortization	1,672	1,709	1,533
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Goodwill	1,841	2,157
Coal
Information by business segment and by geographic area
Product inventory	119	82
Investments in associates and joint ventures	317	317
Property, plant and equipment and intangible	1,589	1,719
Capital expenditures - Sustaining capital	132	73	149
Capital expenditures - Project execution	24	45	463
Depreciation, depletion and amortization	252	296	185
Base metals
Information by business segment and by geographic area
Product inventory	1,147	1,009
Investments in associates and joint ventures	14	13
Property, plant and equipment and intangible	21,295	23,603
Capital expenditures - Sustaining capital	1,189	960	1,045
Capital expenditures - Project execution	34	50	12
Depreciation, depletion and amortization	1,351	1,590	1,636
Base metals | Nickel and other products
Information by business segment and by geographic area
Goodwill	1,812	1,953
Others
Information by business segment and by geographic area
Product inventory	11	6
Investments in associates and joint ventures	1,080	1,316
Property, plant and equipment and intangible	2,086	1,946
Capital expenditures - Sustaining capital	6	4	3
Capital expenditures - Project execution	7	20	33
Depreciation, depletion and amortization	$ 76	$ 113	$ 133

Information by business segme_7

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Information by business segment and by geographic area
Investments in associates and joint ventures	$ 3,225	$ 3,568	$ 3,696
Intangible	7,962	8,493	6,871
Property, plant and equipment	48,385	54,878	$ 55,419
Total	59,572	66,939
Brazil
Information by business segment and by geographic area
Investments in associates and joint ventures	2,604	2,993
Intangible	5,875	6,231
Property, plant and equipment	29,226	34,209
Total	37,705	43,433
Canada
Information by business segment and by geographic area
Intangible	1,956	2,118
Property, plant and equipment	9,905	10,967
Total	11,861	13,085
Americas, except Brazil and Canada
Information by business segment and by geographic area
Investments in associates and joint ventures	247	200
Total	247	200
Europe
Information by business segment and by geographic area
Property, plant and equipment	366	394
Total	366	394
Indonesia
Information by business segment and by geographic area
Intangible	1
Property, plant and equipment	2,776	2,787
Total	2,777	2,787
Asia, except Indonesia
Information by business segment and by geographic area
Investments in associates and joint ventures	374	375
Property, plant and equipment	1,025	1,100
Total	1,399	1,475
Australia
Information by business segment and by geographic area
Property, plant and equipment		45
Total		45
New Caledonia
Information by business segment and by geographic area
Property, plant and equipment	2,796	2,965
Total	2,796	2,965
Mozambique
Information by business segment and by geographic area
Intangible	130	143
Property, plant and equipment	1,459	1,532
Total	1,589	1,675
Oman
Information by business segment and by geographic area
Intangible		1
Property, plant and equipment	829	868
Total	829	869
Other regions
Information by business segment and by geographic area
Property, plant and equipment	3	11
Total	$ 3	$ 11

Information by business segme_8

Information by business segment and by geographic area - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Information by business segment and by geographic area
Net operating revenue	$ 36,575	$ 33,967	$ 27,488
Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	1,478	1,672	1,526
United States of America
Information by business segment and by geographic area
Net operating revenue	1,353	1,310	1,005
Germany
Information by business segment and by geographic area
Net operating revenue	1,653	1,389	1,379
Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	4,454	4,113	3,269
Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	2,738	1,952	1,367
Japan
Information by business segment and by geographic area
Net operating revenue	2,743	2,456	1,741
China
Information by business segment and by geographic area
Net operating revenue	15,242	14,018	12,747
Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	3,666	3,582	2,390
Brazil
Information by business segment and by geographic area
Net operating revenue	3,248	3,475	2,064
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	27,933	25,129	20,351
Ferrous minerals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	820	593	334
Ferrous minerals | United States of America
Information by business segment and by geographic area
Net operating revenue	388	355	232
Ferrous minerals | Germany
Information by business segment and by geographic area
Net operating revenue	1,130	1,097	1,077
Ferrous minerals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	2,218	1,721	1,482
Ferrous minerals | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	2,562	1,768	1,252
Ferrous minerals | Japan
Information by business segment and by geographic area
Net operating revenue	2,072	1,927	1,292
Ferrous minerals | China
Information by business segment and by geographic area
Net operating revenue	14,381	13,442	11,985
Ferrous minerals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	1,798	1,332	912
Ferrous minerals | Brazil
Information by business segment and by geographic area
Net operating revenue	2,564	2,894	1,785
Coal
Information by business segment and by geographic area
Net operating revenue	1,643	1,567	839
Coal | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue			20
Coal | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	436	396	218
Coal | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	151	171	95
Coal | Japan
Information by business segment and by geographic area
Net operating revenue	163	130	121
Coal | China
Information by business segment and by geographic area
Net operating revenue			63
Coal | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	767	711	305
Coal | Brazil
Information by business segment and by geographic area
Net operating revenue	126	159	17
Base metals
Information by business segment and by geographic area
Net operating revenue	6,703	6,871	6,139
Base metals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	658	1,009	1,172
Base metals | United States of America
Information by business segment and by geographic area
Net operating revenue	952	872	749
Base metals | Germany
Information by business segment and by geographic area
Net operating revenue	523	292	302
Base metals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	1,800	1,985	1,552
Base metals | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	25	13	20
Base metals | Japan
Information by business segment and by geographic area
Net operating revenue	508	399	328
Base metals | China
Information by business segment and by geographic area
Net operating revenue	861	576	699
Base metals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	1,101	1,539	1,173
Base metals | Brazil
Information by business segment and by geographic area
Net operating revenue	275	186	144
Others
Information by business segment and by geographic area
Net operating revenue	296	400	159
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	13	83	24
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	$ 283	$ 236	$ 118

Information by business segme_9

Information by business segment and by geographic area - Commodity price risk (Details) t in Thousands, $ in Millions	Dec. 31, 2018USD ($)t	Dec. 31, 2017t
Iron ore
Information by business segment and by geographic area
Volume of commodity | t	27,000	33,000
Copper
Information by business segment and by geographic area
Volume of commodity | t	78	106
Commodity price risk | Iron ore
Information by business segment and by geographic area
Percentage of change in price of commodities	10.00%
Increase or reduction in net income due to change commodity price | $	$ 185
Commodity price risk | Copper
Information by business segment and by geographic area
Percentage of change in price of commodities	10.00%
Increase or reduction in net income due to change commodity price | $	$ 56

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Costs and expenses by nature
Personnel	$ 2,278	$ 2,295	$ 2,087
Materials and services	3,957	3,814	3,108
Fuel oil and gas	1,538	1,313	1,233
Maintenance	2,807	3,096	2,747
Energy	906	963	694
Acquisition of products	513	543	511
Depreciation and depletion	3,207	3,484	3,267
Freight	4,306	3,346	2,509
Others	2,597	2,185	1,494
Total	22,109	21,039	17,650
Cost of goods sold	21,526	20,426	17,148
Cost of services rendered	583	613	502
Total	$ 22,109	$ 21,039	$ 17,650

Costs and expenses by nature _2

Costs and expenses by nature - Selling and administrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Costs and expenses by nature
Personnel	$ 212	$ 234	$ 209
Services	92	77	72
Depreciation and amortization	62	91	120
Others	157	129	106
Selling and administrative expenses	$ 523	$ 531	$ 507

Costs and expenses by nature _3

Costs and expenses by nature - Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Costs and expenses by nature
Profit sharing program	$ 187	$ 149	$ 76
Others	73	102	54
Others operational expenses (incomes), net	445	420	267
Provision for litigation
Costs and expenses by nature
Provision	$ 185	$ 169	$ 137

Financial result (Details)

Financial result (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial income
Short-term investments	$ 177	$ 176	$ 92
Others	246	302	78
Total financial income	423	478	170
Financial expenses
Loans and borrowings gross interest	(1,185)	(1,697)	(1,768)
Capitalized loans and borrowing costs	194	370	653
Participative stockholders' debentures	(550)	(625)	(417)
Interest on REFIS	(202)	(397)	(514)
Others	(602)	(924)	(631)
Total financial expenses	(2,345)	(3,273)	(2,677)
Other financial items
Net foreign exchange gains (losses) on loans and borrowings	(2,666)	(249)	3,314
Derivative financial instruments	(266)	454	1,256
Foreign exchange gain (loss)	419	(218)	(62)
Net indexation losses	(522)	(211)	(158)
Other financial items	(3,035)	(224)	4,350
Financial results, net	$ (4,957)	$ (3,019)	$ 1,843

Streaming transactions - (Detai

Streaming transactions - (Details) $ in Millions	Jun. 30, 2018	Jun. 30, 2018agreement	Dec. 31, 2018USD ($)installment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2016
Deferred revenue-Gold stream transaction
Number of agreements entered into | agreement		2
Additional payment to be received on each pound of finished cobalt delivered (as a percent)			20.00%
Rights to cobalt equivalent production from January 1, 2021 onwards (as a percent)			25.00%
Cobalt economic exposure (as a percent)			40.00%
Income recognized from sale of mineral rights			$ (445)	$ (420)	$ (267)
Number of identifiable components in gold transaction | installment			2
Voisey's Bay mine
Deferred revenue-Gold stream transaction
Right to cobalt extracted (as a percent)	75.00%
Upfront payment received in cash			$ 690
Wheaton
Deferred revenue-Gold stream transaction
Rights to cobalt equivalent production from January 1, 2021 onwards (as a percent)			42.40%
Wheaton | Voisey's Bay mine
Deferred revenue-Gold stream transaction
Upfront payment received in cash			$ 390
Cobait 27
Deferred revenue-Gold stream transaction
Rights to cobalt equivalent production from January 1, 2021 onwards (as a percent)			32.60%
Cobait 27 | Voisey's Bay mine
Deferred revenue-Gold stream transaction
Upfront payment received in cash			$ 300
Sale of the mineral rights
Deferred revenue-Gold stream transaction
Income recognized from sale of mineral rights					$ 150
Wheaton | Salobo copper mine
Deferred revenue-Gold stream transaction
Additional rights to gold extracted (as a percent)						25.00%
Rights to gold extracts held by WPM (as a percent)						75.00%
Wheaton | Sudbury nickel mine
Deferred revenue-Gold stream transaction
Rights to gold extracts held by WPM (as a percent)						70.00%

Income taxes -Deferred tax asse

Income taxes -Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 5,376	$ 4,919	$ 5,643
Tax losses carryforward
Deferred income tax assets and liabilities
Deferred tax asset (liability)	4,882	4,471
Employee post retirement obligations
Deferred income tax assets and liabilities
Deferred tax asset (liability)	674	684
Provision for litigation
Deferred income tax assets and liabilities
Deferred tax asset (liability)	409	457
Timing differences arising on assets
Deferred income tax assets and liabilities
Deferred tax asset (liability)	1,253	1,268
Fair value of financial instruments
Deferred income tax assets and liabilities
Deferred tax asset (liability)	538	549
Allocated goodwill
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(2,328)	(2,433)
Others
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(52)	(77)
Temporary differences
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 494	$ 448

Income taxes -Assets and liabil

Income taxes -Assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred income tax assets and liabilities
Assets	$ 6,908	$ 6,638
Liabilities	(1,532)	(1,719)	$ (1,700)
Net deferred tax asset	$ (5,376)	$ (4,919)	$ (5,643)

Income taxes - Changes in defer

Income taxes - Changes in deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total
Balance at beginning of year	$ 4,919	$ 5,643
Effect in income statement	924	(646)	$ (1,838)
Translation adjustment	(571)	(99)
Other comprehensive income	101	(81)
Effect of discontinued operations - Effect in income statement	14	102
Effect of discontinued operations - Transfer to net assets held for sale	(11)
Balance at end of year	5,376	4,919	5,643
Assets
Balance at beginning of year	6,638	7,343
Effect in income statement	887	(755)
Transfers between asset and liabilities	(70)	40
Translation adjustment	(673)	(24)
Other comprehensive income	123	(68)
Effect of discontinued operations - Effect in income statement	14	102
Effect of discontinued operations - Transfer to net assets held for sale	(11)
Balance at end of year	6,908	6,638	7,343
Liabilities
Balance at beginning of year	1,719	1,700
Effect in income statement	(37)	(109)
Transfers between asset and liabilities	(70)	40
Translation adjustment	(102)	75
Other comprehensive income	22	13
Balance at end of year	$ 1,532	1,719	$ 1,700
Limitation of tax loss carryforward in Brazil, as percent of taxable income	30.00%
Tax losses carryforward
Total
Balance at beginning of year	$ 4,471
Effect in income statement	665	(2,143)
Balance at end of year	4,882	4,471
Assets
Effect in income statement	665	(2,143)
Timing differences arising on assets
Total
Balance at beginning of year	1,268
Effect in income statement	152	103
Balance at end of year	1,253	1,268
Assets
Effect in income statement	152	103
Fair value of financial instruments
Total
Balance at beginning of year	549
Effect in income statement	147	388
Balance at end of year	538	549
Assets
Effect in income statement	147	388
Allocated goodwill
Total
Balance at beginning of year	(2,433)
Effect in income statement	37	109
Balance at end of year	(2,328)	(2,433)
Liabilities
Effect in income statement	(37)	(109)
Others
Total
Balance at beginning of year	(77)
Effect in income statement	(77)	897
Balance at end of year	(52)	(77)
Assets
Effect in income statement	$ (77)	$ 897

Income taxes - Income tax recon

Income taxes - Income tax reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income taxes
Income before income taxes	$ 6,816	$ 7,829	$ 7,984
Statutory rates (as a percent)	34.00%
Income taxes at statutory rates	$ (2,317)	(2,662)	(2,715)
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders' equity	873	728	87
Tax incentives	576	372	344
Equity results	104	35	107
Additions (reversals) of tax loss carryforward	1,510	99	(273)
Unrecognized tax losses of the year	(458)	(432)	(708)
Nondeductible effect of impairment	(24)	(43)	(97)
Others	(92)	408	474
Income taxes	$ 172	$ (1,495)	$ (2,781)

Income taxes - Tax incentives (

Income taxes - Tax incentives (Details)	12 Months Ended
	Dec. 31, 2018
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, 2018USD ($)installment	Dec. 31, 2017USD ($)
Income taxes
Income tax and social contribution settlement liability	$ 4,349	$ 5,375
Current income tax and social contribution settlement liability	432	485
Non-current income tax and social contribution settlement liability	$ 3,917	$ 4,890
Remaining monthly installments of settlement liability | installment	118
SELIC rate (in percentage)	6.50%	7.00%

Basic and diluted earnings pe_3

Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss) attributable to Vale's stockholders:
Net income from continuing operations	$ 6,952	$ 6,313	$ 5,211
Loss from discontinued operations	(92)	(806)	(1,229)
Net income	$ 6,860	$ 5,507	$ 3,982
Thousands of shares
Weighted average number of shares outstanding - common shares	5,182,445	5,197,432	5,197,432
Common share
Basic and diluted earnings per share from continuing operations:
Common share (US$)	$ 1.34	$ 1.21	$ 1
Basic and diluted loss per share from discontinued operations:
Common share (US$)	(0.02)	(0.16)	(0.23)
Basic and diluted earnings per share:
Common share (US$)	$ 1.32	$ 1.05	$ 0.77

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable
Accounts receivable	$ 2,648	$ 2,600
Impairment of accounts receivable recorded in the income statement	$ (7)	$ (4)	$ (5)
Steel industry market
Accounts receivable
Revenue related to the steel sector - %	85.50%	82.90%
Accounts receivable
Accounts receivable
Expected credit loss	$ (62)	$ (60)
Carrying amount
Accounts receivable
Accounts receivable	$ 2,710	$ 2,660

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Inventories
Finished products	$ 2,797	$ 2,219
Work in progress	690	648
Consumable inventory	956	1,059
Total	4,443	3,926
Reversal (provision) for net realizable value	$ 4	$ (86)	$ (199)

Recoverable taxes (Details)

Recoverable taxes (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Recoverable taxes
Value-added tax	$ 813	$ 887
Brazilian federal contributions	808	880
Others	13	43
Total	1,634	1,810
Current	883	1,172
Non-current	$ 751	$ 638

Other financial assets and li_3

Other financial assets and liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018R$ / shares	Dec. 31, 2018USD ($)shares
Other financial assets
Financial investments		$ 18		$ 32
Derivative financial instruments - Current		106		39
Related parties - Loans - Current		1,898		364
Total other financial assets - Current		2,022		435
Loans - Non-current		151		153
Derivative financial instruments - Non-current		453		392
Investments in equity securities -Non- Current				987
Non-current financial assets		3,232		3,144
Related parties - Loans - Non-current		2,628		1,612
Total other financial assets - Non-current		3,232		3,144
Other financial liabilities
Derivative financial instruments - Current		104		470
Related parties - Current		882		1,134
Total other financial liabilities - Current		986		1,604
Derivative financial instruments - Non-current		686		344
Related parties- Non-Current		975		960
Participative stockholders' debentures - Non-Current		1,233		1,407
Total other financial liabilities - Non-Current		2,894		$ 2,711
Number of debentures issued (in shares) | shares				388,559,056
Par value of debentures issued | R$ / shares			R$ 0.01
Remuneration paid to the participative stockholders debentures	$ 148	$ 147

Non-current assets and liabil_3

Non-current assets and liabilities held for sale and discontinued operations (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Accounts receivable	$ 2,648	$ 2,600
Inventories	4,443	3,926
Other current assets	556	538
Investments in associates and joint ventures	3,225	3,568	$ 3,696
Other non-current assets	263	267
Total assets	88,190	99,184
Liabilities
Suppliers and contractors	3,512	4,041
Other current liabilities	480	992
Other non-current liabilities	2,094	1,463
Total liabilities	$ 43,358	54,412
Discontinued operations | Fertilizers
Assets
Accounts receivable		90
Inventories		460
Other current assets		110
Investments in associates and joint ventures		83
Property, plant and equipment and Intangible		2,149
Other non-current assets		695
Total assets		3,587
Liabilities
Suppliers and contractors		324
Other current liabilities		215
Other non-current liabilities		640
Total liabilities		1,179
Net non-current assets held for sale		$ 2,408

Non-current assets and liabil_4

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 ($)shares	Dec. 31, 2018USD ($)	May 31, 2018USD ($)
The Mosaic Company ("Mosaic") | Discontinued operations
Non-current assets and liabilities held for sale and discontinued operations
Fair value adjustment to financial investment		$ 90
Fair value adjustment to financial investment, net of tax		60
Fertilizers | Discontinued operations
Non-current assets and liabilities held for sale and discontinued operations
Loss recognized on adjustment of net assets held for sale		55
Fertilizers | The Mosaic Company ("Mosaic")
Non-current assets and liabilities held for sale and discontinued operations
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	$ 899
Cubatao | Discontinued operations
Non-current assets and liabilities held for sale and discontinued operations
Loss recognized on adjustment of net assets held for sale		$ 69
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 liabil_5

Non-current assets and liabilities held for sale and discontinued operations - Results of discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Discontinued operations
Net operating revenue	$ 36,696	$ 35,713	$ 29,363
Income before income taxes	6,816	7,829	7,984
Loss from discontinued operations	(92)	(813)	(1,227)
Net income (loss) attributable to noncontrolling interests		(7)	2
Loss attributable to Vale's stockholders	(92)	(806)	(1,229)
Discontinued operations
Discontinued operations
Impairment of non-current assets	(124)	(885)	(1,738)
Income before income taxes	(132)	(915)	(1,857)
Loss from discontinued operations	(92)	(813)	(1,227)
Fertilizers | Discontinued operations
Discontinued operations
Net operating revenue	121	1,746	1,875
Cost of goods sold and services rendered	(120)	(1,605)	(1,887)
Operating expenses	(4)	(141)	(130)
Impairment of non-current assets	(124)	(885)	(1,738)
Operating loss	(127)	(885)	(1,880)
Financial Results, net	(5)	(28)	20
Equity results in associates and joint ventures		(2)	3
Income before income taxes	(132)	(915)	(1,857)
Income taxes	40	102	630
Loss from discontinued operations	(92)	(813)	(1,227)
Net income (loss) attributable to noncontrolling interests		(7)	2
Loss attributable to Vale's stockholders	$ (92)	$ (806)	$ (1,229)

Non-current assets and liabil_6

Non-current assets and liabilities held for sale and discontinued operations - Cash flows of discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flow from operating activities
Loss before income taxes	$ 6,816	$ 7,829	$ 7,984
Cash flow from financing activities
Net cash used in discontinued operations	(46)	(252)	(118)
Discontinued operations
Cash flow from operating activities
Loss before income taxes	(132)	(915)	(1,857)
Adjustments:
Equity results in associates and joint ventures		2	(3)
Depreciation, amortization and depletion		1	347
Impairment of non-current assets	124	885	1,738
Others	5		(20)
Increase (decrease) in assets and liabilities	(34)	114	(25)
Net cash provided by (used in) operating activities	(37)	87	180
Cash flow from investing activities
Additions to property, plant and equipment	(9)	(305)	(292)
Others			11
Net cash used in investing activities	(9)	(305)	(281)
Cash flow from financing activities
Repayments		(34)	(17)
Net cash used in financing activities		(34)	(17)
Net cash used in discontinued operations	(46)	(252)	(118)
Fertilizers | Discontinued operations
Cash flow from operating activities
Loss before income taxes	(132)	(915)	(1,857)
Adjustments:
Impairment of non-current assets	$ 124	$ 885	$ 1,738

Subsidiaries (Details)

Subsidiaries (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2018
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%	80.70%
% Voting capital		80.70%
% Noncontrolling interest		19.30%
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%

Investments in associates and_3

Investments in associates and joint ventures - Ownership and voting capital (Details)	12 Months Ended
	Dec. 31, 2018
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%
VLI S.A. | Ferrous minerals
Investments in associates and joint ventures
% Ownership	37.60%
% Voting capital	37.60%
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
% Ownership	55.00%
% Voting capital	55.00%
% Noncontrolling interest	45.00%
Alianca Geracao de Energia S.A. | Others
Investments in associates and joint ventures
% Ownership	55.00%
% Voting capital	55.00%
Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
% Noncontrolling interest	50.00%
Companhia Coreano-Brasileira de Pelotizacao | Ferrous minerals
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	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 Hispano-Brasileira de Pelotizacao | Ferrous minerals
Investments in associates and joint ventures
% Ownership	50.89%
% Voting capital	51.00%
Companhia Italo-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 | Ferrous minerals
Investments in associates and joint ventures
% Ownership	50.90%
% Voting capital	51.00%
Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	51.00%
% Voting capital	51.10%
% Noncontrolling interest	49.00%
Companhia Nipo-Brasileira de Pelotizacao | Ferrous minerals
Investments in associates and joint ventures
% Ownership	51.00%
% Voting capital	51.11%
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%
MRS Logistica S.A. | Ferrous minerals
Investments in associates and joint ventures
% Ownership	48.16%
% Voting capital	46.75%
Nacala BV
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
% Noncontrolling interest	50.00%
Baovale Mineracao S.A | Ferrous minerals
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
California Steel Industries, Inc | Others
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
Companhia Siderurgica do Pecem | Others
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
Alianca Norte Energia Participacoes S.A. | Others
Investments in associates and joint ventures
% Ownership	51.00%
% Voting capital	51.00%
Samarco Mineracao S.A.
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
% Noncontrolling interest	50.00%

Investments in associates and_4

Investments in associates and joint ventures - Changes during the year (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments in associates and joint ventures
Balance at the beginning	$ 3,568	$ 3,568	$ 3,696
Additions		23	93
Translation adjustment		(456)	(30)
Equity results in income statement		305	98	$ 309
Equity results in statement of comprehensive income			(152)
Dividends declared		(291)	(283)
Transfer to held for sale		87
Others		(11)	146
Balance at the end		3,225	3,568	3,696
Coal
Investments in associates and joint ventures
Balance at the beginning	317	317
Additions		11	75
Equity results in income statement		16	20	(4)
Balance at the end		317	317
Others
Investments in associates and joint ventures
Balance at the beginning	1,316	1,316
Additions		12	18
Equity results in income statement		(129)	(252)	138
Balance at the end		1,080	1,316
Associates
Investments in associates and joint ventures
Balance at the beginning	$ 1,441	1,441	1,437
Additions			1
Translation adjustment		(184)	(2)
Equity results in income statement		44	57
Dividends declared			(57)
Transfer to held for sale		87
Others		4	5
Balance at the end		1,392	1,441	1,437
Ultrafertil
Investments in associates and joint ventures
Ownership interest held	18.00%
Joint ventures
Investments in associates and joint ventures
Balance at the beginning	$ 2,127	2,127	2,259
Additions		23	92
Translation adjustment		(272)	(28)
Equity results in income statement		261	41
Equity results in statement of comprehensive income			(152)
Dividends declared		(291)	(226)
Others		(15)	141
Balance at the end		$ 1,833	$ 2,127	$ 2,259

Investments in associates and_5

Investments in associates and joint ventures - Acquisitions and divestiture (Details) $ in Millions	1 Months Ended				12 Months Ended
	Jan. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Apr. 30, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Investments in associates and joint ventures
Acquisitions and disposal of noncontrolling interest					$ (229)	$ (767)	$ 2
Recognized a gain in the income statement related to the sale and the re-measurement at fair value						458
Proceeds from disposal of assets and investments					1,481	922	543
Transactions with noncontrolling stockholders					17	$ 98	$ 17
Ferrous Resources Limited
Investments in associates and joint ventures
Purchase of mining assets		$ 550
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
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%
Vale Mocambique S.A.
Investments in associates and joint ventures
Ownership held (as a percent)			81.00%		80.70%
Ownership held to be sold (as a percent)			15.00%
Acquisitions and disposal of noncontrolling interest					$ 105
Transactions with noncontrolling stockholders					255
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)
Nacala Logistics Corridor
Investments in associates and joint ventures
Proceeds from disposal of assets and investments					435
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
New Steel | Acquisition
Investments in associates and joint ventures
Total consideration	$ 500
Number of countries in which patents of dry processing concentration are owned | item	56

Investments in associates and_6

Investments in associates and joint ventures -Carrying amount, equity in results and dividend received (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments in associates and joint ventures
Investments in associates and joint ventures	$ 3,225	$ 3,568	$ 3,696
Equity results in income statement	305	98	309
Dividends received	$ 245	227	193
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%
Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	50.00%
Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	51.00%
Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	51.00%
Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	51.10%
MRS Logistica S.A.
Investments in associates and joint ventures
% Voting capital	46.80%
Samarco Mineracao S.A.
Investments in associates and joint ventures
% Voting capital	50.00%
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
% Voting capital	55.00%
Ferrous minerals
Investments in associates and joint ventures
Investments in associates and joint ventures	$ 1,814	1,922
Equity results in income statement	417	329	179
Dividends received	$ 189	130	113
Ferrous minerals | VLI S.A.
Investments in associates and joint ventures
% Ownership	37.60%
% Voting capital	37.60%
Investments in associates and joint ventures	$ 857	968
Equity results in income statement	30	29	36
Dividends received	$ 7	19
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	$ 22	23
Ferrous minerals | Baovale Mineracao S.A
Investments in associates and joint ventures
% Voting capital	50.00%
Investments in associates and joint ventures	$ 23	26
Equity results in income statement	5	7	9
Dividends received	$ 1	1
Ferrous minerals | Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	50.00%
Investments in associates and joint ventures	$ 104	89
Equity results in income statement	69	50	17
Dividends received	$ 32	19	26
Ferrous minerals | Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	51.00%
Investments in associates and joint ventures	$ 83	82
Equity results in income statement	55	41	15
Dividends received	$ 23	16	27
Ferrous minerals | Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	51.00%
Investments in associates and joint ventures	$ 81	80
Equity results in income statement	60	40	16
Dividends received	$ 32	17	9
Ferrous minerals | Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Voting capital	51.11%
Investments in associates and joint ventures	$ 148	137
Equity results in income statement	126	93	29
Dividends received	$ 67	29	41
Ferrous minerals | MRS Logistica S.A.
Investments in associates and joint ventures
% Voting capital	46.75%
Investments in associates and joint ventures	$ 496	517
Equity results in income statement	72	69	57
Dividends received	27	29	10
Coal
Investments in associates and joint ventures
Investments in associates and joint ventures	317	317
Equity results in income statement	$ 16	20	(4)
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	317
Equity results in income statement	16	20	(4)
Base metals
Investments in associates and joint ventures
Investments in associates and joint ventures	14	13
Equity results in income statement	$ 1	1	(4)
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	$ 14	13
Equity results in income statement	1	1	(1)
Dividends received			4
Base metals | Teal Minerals Inc.
Investments in associates and joint ventures
Equity results in income statement			(3)
Others
Investments in associates and joint ventures
Investments in associates and joint ventures	1,080	1,316
Equity results in income statement	(129)	(252)	138
Dividends received	$ 56	97	76
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	$ 93	101
Equity results in income statement	2	13	48
Dividends received		41	32
Others | Others
Investments in associates and joint ventures
Investments in associates and joint ventures	92	22
Equity results in income statement	$ (5)	(68)	(8)
Dividends received			1
Others | Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
% Voting capital	55.00%
Investments in associates and joint ventures	$ 486	571
Equity results in income statement	25	27	46
Dividends received	$ 25	29	39
Others | Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
% Voting capital	51.00%
Investments in associates and joint ventures	$ 162	160
Equity results in income statement	$ 15	(2)	(6)
Others | California Steel Industries, Inc
Investments in associates and joint ventures
% Voting capital	50.00%
Investments in associates and joint ventures	$ 247	200
Equity results in income statement	77	42	33
Dividends received	$ 31	27	4
Others | Companhia Siderurgica do Pecem
Investments in associates and joint ventures
% Voting capital	50.00%
Investments in associates and joint ventures		262
Equity results in income statement	$ (243)	$ (264)	$ 25

Investments in associates and_7

Investments in associates and joint ventures - Financial information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Investments in associates and joint ventures
Current assets	$ 15,292	$ 18,954
Non-current assets	72,898	80,230
Total assets	88,190	99,184
Current liabilities	9,111	13,114
Non-current liabilities	34,247	41,298
Total liabilities	43,358	54,412
Stockholders' equity	44,832	44,772	$ 41,024	$ 35,704
Net income (loss)	$ 6,988	6,334	$ 5,203
Number of joint ventures accounted under equity method | item	5
Henan Longyu Energy Resources Co., Ltd.
Investments in associates and joint ventures
Current assets	$ 1,104	1,072
Non-current assets	392	422
Total assets	1,496	1,494
Current liabilities	203	226
Non-current liabilities	26
Total liabilities	229	226
Stockholders' equity	1,267	1,268
Net income (loss)	65	79
VLI S.A.
Investments in associates and joint ventures
Current assets	679	738
Non-current assets	3,938	4,172
Total assets	4,617	4,910
Current liabilities	544	537
Non-current liabilities	1,795	1,799
Total liabilities	2,339	2,336
Stockholders' equity	2,278	2,574
Net income (loss)	79	77
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Current assets	186	137
Non-current assets	938	1,200
Total assets	1,124	1,337
Current liabilities	83	86
Non-current liabilities	158	213
Total liabilities	241	299
Stockholders' equity	883	1,038
Net income (loss)	45	49
Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Current assets	693	759
Non-current assets	3,062	3,712
Total assets	3,755	4,471
Current liabilities	970	1,060
Non-current liabilities	2,785	2,887
Total liabilities	3,755	3,947
Stockholders' equity		524
Net income (loss)	(486)	(528)
Pelletizing
Investments in associates and joint ventures
Current assets	964	760
Non-current assets	296	310
Total assets	1,260	1,070
Current liabilities	437	301
Non-current liabilities	2	5
Total liabilities	439	306
Stockholders' equity	821	764
Net income (loss)	609	442
MRS Logistica S.A.
Investments in associates and joint ventures
Current assets	263	309
Non-current assets	1,826	2,063
Total assets	2,089	2,372
Current liabilities	359	454
Non-current liabilities	699	844
Total liabilities	1,058	1,298
Stockholders' equity	1,030	1,074
Net income (loss)	$ 150	$ 143

Noncontrolling interest - Finan

Noncontrolling interest - Financial information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summarized financial information
Current assets	$ 15,292	$ 18,954
Non-current assets	72,898	80,230
Total assets	88,190	99,184
Current liabilities	9,111	13,114
Non-current liabilities	34,247	41,298
Total liabilities	43,358	54,412
Stockholders' equity	44,832	44,772	$ 41,024	$ 35,704
Equity attributable to noncontrolling interests	847	1,314
Net income (loss)	6,896	5,521	3,976
Net income (loss) attributable to noncontrolling interests	36	14	(6)
Dividends paid to noncontrolling interests	182	126	291
Mineracoes Brasileiras Reunidas S.A. (MBR)
Summarized financial information
Current assets	581	408
Non-current assets	2,499	3,041
Related parties - Stockholders	721	591
Total assets	3,801	4,040
Current liabilities	187	170
Non-current liabilities	282	288
Related parties - Stockholders	197	226
Total liabilities	666	684
Stockholders' equity	3,135	3,356
Equity attributable to noncontrolling interests	1,254	1,342
Net income (loss)	434	434	400
Net income (loss) attributable to noncontrolling interests	174	174	165
Dividends paid to noncontrolling interests	168	113	263
PT Vale Indonesia
Summarized financial information
Current assets	465	394
Non-current assets	1,567	1,586
Related parties - Stockholders	111	147
Total assets	2,143	2,127
Current liabilities	165	128
Non-current liabilities	153	237
Related parties - Stockholders		3
Total liabilities	318	368
Stockholders' equity	1,825	1,759
Equity attributable to noncontrolling interests	745	735
Net income (loss)	58	(15)	2
Net income (loss) attributable to noncontrolling interests	24	(6)	1
Vale Nouvelle Caledonie S.A.S.
Summarized financial information
Current assets	202	251
Non-current assets	1,922	2,046
Related parties - Stockholders	56	115
Total assets	2,180	2,412
Current liabilities	141	142
Non-current liabilities	256	222
Related parties - Stockholders	766	1,318
Total liabilities	1,163	1,682
Stockholders' equity	1,017	730
Equity attributable to noncontrolling interests	51	37
Net income (loss)	351	(572)	(807)
Net income (loss) attributable to noncontrolling interests	18	(28)	(40)
Vale Mocambique S.A.
Summarized financial information
Current assets	303	381
Non-current assets	1,709	1,653
Related parties - Stockholders	22	253
Total assets	2,034	2,287
Current liabilities	313	128
Non-current liabilities	79	32
Related parties - Stockholders	8,731	8,232
Total liabilities	9,123	8,392
Stockholders' equity	(7,089)	(6,105)
Equity attributable to noncontrolling interests	(1,290)	(1,101)
Net income (loss)	(985)	(659)	(541)
Net income (loss) attributable to noncontrolling interests	(190)	(104)	(27)
Compania Minera Miski Mayo S.A.C.
Summarized financial information
Current assets		78
Non-current assets		436
Related parties - Stockholders		6
Total assets		520
Current liabilities		36
Non-current liabilities		97
Related parties - Stockholders		9
Total liabilities		142
Stockholders' equity		380
Equity attributable to noncontrolling interests		228
Net income (loss)		(11)	3
Net income (loss) attributable to noncontrolling interests		(6)	2
Dividends paid to noncontrolling interests			11
Others
Summarized financial information
Equity attributable to noncontrolling interests	87	73
Net income (loss) attributable to noncontrolling interests	10	(16)	(107)
Dividends paid to noncontrolling interests	$ 14	$ 13	$ 17

Intangibles - Changes in Intang

Intangibles - Changes in Intangibles (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in intangibles
Balance at beginning of year	$ 8,493	$ 6,871
Additions	862	1,006
Disposals	(29)	(9)
Amortization	(236)	(353)
Translation adjustment	(1,128)	14
Merger of Valepar		964
Balance at end of year	7,962	8,493
Goodwill
Changes in intangibles
Balance at beginning of year	4,110	3,081
Translation adjustment	(457)	65
Merger of Valepar		964
Balance at end of year	3,653	4,110
Concessions
Changes in intangibles
Balance at beginning of year	4,002	3,301
Additions	855	980
Disposals	(27)	(9)
Amortization	(135)	(209)
Translation adjustment	(634)	(61)
Balance at end of year	4,061	4,002
Right of use
Changes in intangibles
Balance at beginning of year	152	147
Amortization	(2)	(2)
Translation adjustment	(13)	7
Balance at end of year	137	152
Software
Changes in intangibles
Balance at beginning of year	229	342
Additions	7	26
Disposals	(2)
Amortization	(99)	(142)
Translation adjustment	(24)	3
Balance at end of year	111	229
Carrying amount
Changes in intangibles
Balance at beginning of year	10,980
Balance at end of year	9,820	10,980
Carrying amount | Goodwill
Changes in intangibles
Balance at beginning of year	4,110
Balance at end of year	3,653	4,110
Carrying amount | Concessions
Changes in intangibles
Balance at beginning of year	5,075
Balance at end of year	5,043	5,075
Carrying amount | Right of use
Changes in intangibles
Balance at beginning of year	241
Balance at end of year	201	241
Carrying amount | Software
Changes in intangibles
Balance at beginning of year	1,554
Balance at end of year	923	1,554
Accumulated amortization
Changes in intangibles
Balance at beginning of year	(2,487)
Balance at end of year	(1,858)	(2,487)
Accumulated amortization | Concessions
Changes in intangibles
Balance at beginning of year	(1,073)
Balance at end of year	(982)	(1,073)
Accumulated amortization | Right of use
Changes in intangibles
Balance at beginning of year	(89)
Balance at end of year	(64)	(89)
Accumulated amortization | Software
Changes in intangibles
Balance at beginning of year	(1,325)
Balance at end of year	$ (812)	$ (1,325)

Intangibles - Estimated useful

Intangibles - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2018
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, 2018	Dec. 31, 2017
Property, plant and equipment
Balance at beginning of year	$ 54,878	$ 55,419
Additions	2,823	3,392
Disposals	(570)	(636)
Assets retirement obligation	446	425
Depreciation, amortization and depletion	(3,211)	(3,509)
Impairment	(184)	(271)
Translation adjustment	(5,797)	58
Balance at end of year	48,385	54,878
Land
Property, plant and equipment
Balance at beginning of year	718	724
Disposals	(11)
Impairment		(20)
Translation adjustment	(84)	79
Transfers	12	(65)
Balance at end of year	635	718
Building
Property, plant and equipment
Balance at beginning of year	12,100	10,674
Disposals	(53)	(11)
Depreciation, amortization and depletion	(531)	(587)
Impairment	(10)
Translation adjustment	(1,360)	(122)
Transfers	806	2,146
Balance at end of year	10,952	12,100
Facilities
Property, plant and equipment
Balance at beginning of year	11,786	9,471
Disposals	(93)	(57)
Depreciation, amortization and depletion	(655)	(736)
Impairment	(18)
Translation adjustment	(1,471)	(105)
Transfers	1,687	3,213
Balance at end of year	11,236	11,786
Equipment
Property, plant and equipment
Balance at beginning of year	6,893	6,794
Disposals	(234)	(67)
Depreciation, amortization and depletion	(847)	(814)
Impairment	(21)	(34)
Translation adjustment	(560)	(83)
Transfers	1,176	1,097
Balance at end of year	6,407	6,893
Mineral properties
Property, plant and equipment
Balance at beginning of year	9,069	8,380
Disposals	(8)	(138)
Assets retirement obligation	446	425
Depreciation, amortization and depletion	(525)	(618)
Impairment		(131)
Translation adjustment	(864)	222
Transfers	381	929
Balance at end of year	8,499	9,069
Others
Property, plant and equipment
Balance at beginning of year	8,193	7,515
Disposals	(79)	(212)
Depreciation, amortization and depletion	(653)	(754)
Impairment	(31)
Translation adjustment	(990)	29
Transfers	829	1,615
Balance at end of year	7,269	8,193
Constructions in progress
Property, plant and equipment
Balance at beginning of year	6,119	11,861
Additions	2,823	3,392
Disposals	(92)	(151)
Impairment	(104)	(86)
Translation adjustment	(468)	38
Transfers	(4,891)	(8,935)
Balance at end of year	3,387	6,119
Carrying amount
Property, plant and equipment
Balance at beginning of year	87,064
Balance at end of year	80,738	87,064
Carrying amount | Land
Property, plant and equipment
Balance at beginning of year	718
Balance at end of year	635	718
Carrying amount | Building
Property, plant and equipment
Balance at beginning of year	19,163
Balance at end of year	18,267	19,163
Carrying amount | Facilities
Property, plant and equipment
Balance at beginning of year	18,292
Balance at end of year	17,611	18,292
Carrying amount | Equipment
Property, plant and equipment
Balance at beginning of year	12,840
Balance at end of year	12,424	12,840
Carrying amount | Mineral properties
Property, plant and equipment
Balance at beginning of year	17,471
Balance at end of year	16,717	17,471
Carrying amount | Others
Property, plant and equipment
Balance at beginning of year	12,461
Balance at end of year	11,697	12,461
Carrying amount | Constructions in progress
Property, plant and equipment
Balance at beginning of year	6,119
Balance at end of year	3,387	6,119
Accumulated amortization
Property, plant and equipment
Balance at beginning of year	(32,186)
Balance at end of year	(32,353)	(32,186)
Accumulated amortization | Building
Property, plant and equipment
Balance at beginning of year	(7,063)
Balance at end of year	(7,315)	(7,063)
Accumulated amortization | Facilities
Property, plant and equipment
Balance at beginning of year	(6,506)
Balance at end of year	(6,375)	(6,506)
Accumulated amortization | Equipment
Property, plant and equipment
Balance at beginning of year	(5,947)
Balance at end of year	(6,017)	(5,947)
Accumulated amortization | Mineral properties
Property, plant and equipment
Balance at beginning of year	(8,402)
Balance at end of year	(8,218)	(8,402)
Accumulated amortization | Others
Property, plant and equipment
Balance at beginning of year	(4,268)
Balance at end of year	$ (4,428)	$ (4,268)

Property, plant and equipment_2

Property, plant and equipment - Disposal of assets (Details) - Shipping assets $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)Asset
Non-current assets and liabilities held for sale and discontinued operations
Impairment and other results on non-current assets	$ 322	$ 348
Proceeds from sale of assets		391
Loss due to sale of assets		$ 133
VLOC's
Non-current assets and liabilities held for sale and discontinued operations
Number of shipping assets sold | Asset		4
Floating Transfer Stations
Non-current assets and liabilities held for sale and discontinued operations
Number of shipping assets sold | Asset		2

Property, plant and equipment_3

Property, plant and equipment - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2018
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 contra_3

Impairment and onerous contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Impairment and onerous contracts
Onerous contracts provision	$ 393		$ 257
Non-current assets
Impairment and onerous contracts
Impairment loss	184	$ 271	917
Onerous contracts
Impairment and onerous contracts
Impairment loss	393		257
Non-current assets and onerous contracts
Impairment and onerous contracts
Impairment loss	$ 577	271	1,174
Minimum
Impairment and onerous contracts
Post tax discount rate for future cashflows	6.00%
Maximum
Impairment and onerous contracts
Post tax discount rate for future cashflows	10.00%
Ferrous minerals
Impairment and onerous contracts
Goodwill	$ 1,841
Goodwill impairment	0
Nickel CGU
Impairment and onerous contracts
Goodwill	1,812
Goodwill impairment	0
Iron ore | North system
Impairment and onerous contracts
Reversal of impairment loss			(160)
Coal | Australia
Impairment and onerous contracts
Impairment loss			27
Base metals | Stobie
Impairment and onerous contracts
Impairment loss		133
Base metals | Newfoundland (VNL)
Impairment and onerous contracts
Impairment loss			631
Base metals | Vale Nouvelle Caledonie S.A.S.
Impairment and onerous contracts
Impairment loss			284
Base metals | Onca Puma
Impairment and onerous contracts
Impairment loss	0
Several segments | Other assets
Impairment and onerous contracts
Impairment loss	$ 184	$ 138	$ 135

Loans, borrowings and cash an_3

Loans, borrowings and cash and cash equivalents - Loans and borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Loans and borrowings
Loans and borrowings secured by property, plant and equipment and receivables	$ 221	$ 275

Loans, borrowings and cash an_4

Loans, borrowings and cash and cash equivalents - Total debt (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Loans and borrowings
Current debt, accrued charges	$ 230	$ 522
Non-current debt, accrued charges	8	12
Current debt	1,003	1,703
Non-current	14,463	20,786
US$
Loans and borrowings
Current debt, before accrued charges	256	649
Non-current debt, before accrued charges	10,300	16,060
EUR
Loans and borrowings
Non-current debt, before accrued charges	1,088	1,140
R$
Loans and borrowings
Current debt, before accrued charges	492	515
Non-current debt, before accrued charges	2,940	3,368
Other currencies
Loans and borrowings
Current debt, before accrued charges	25	17
Non-current debt, before accrued charges	$ 127	$ 206

Loans, borrowings and cash an_5

Loans, borrowings and cash and cash equivalents - Debt payments (Details) $ in Millions	Dec. 31, 2018USD ($)
Loans and borrowings
Principal	$ 15,228
Estimated future interest payments	8,950
2019
Loans and borrowings
Principal	773
Estimated future interest payments	831
2020
Loans and borrowings
Principal	1,053
Estimated future interest payments	799
2021
Loans and borrowings
Principal	1,233
Estimated future interest payments	732
2022
Loans and borrowings
Principal	1,872
Estimated future interest payments	662
Between 2023 and 2027
Loans and borrowings
Principal	5,109
Estimated future interest payments	2,132
2028 onwards
Loans and borrowings
Principal	5,188
Estimated future interest payments	$ 3,794

Loans, borrowings and cash an_6

Loans, borrowings and cash and cash equivalents - Reconciliation of debt to cash flows arising from financing activities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Disclosure of detailed information about borrowings [line items]
Loans and borrowings at beginning of the period	$ 22,489
Additions	1,225
Repayments	(7,841)
Interest paid	(1,121)
Cash flow from financing activities	(7,737)
Effect of exchange rate	(407)
Interest accretion	1,121
Non-cash changes	714
Loans and borrowings at end of the period	15,466
Notes repurchased	3,730
4.625% guaranteed notes due 2020
Disclosure of detailed information about borrowings [line items]
Notes redeemed	$ 499
Interest rate (as a percent)	4.625%
5.875% guaranteed notes due 2021
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	5.875%
6.875% guaranteed notes due 2036
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	6.875%
5.625% guaranteed notes due 2042
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	5.625%
4.375% guaranteed notes due 2022
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	4.375%

Loans, borrowings and cash an_7

Loans, borrowings and cash and cash equivalents - Policy (Details)	12 Months Ended
	Dec. 31, 2018
Loans and borrowings
Capitalization rate (as a percent)	17.00%

Loans, borrowings and cash an_8

Loans, borrowings and cash and cash equivalents - Liquidity risk (Details) - Credit facilities maturing in 2020 And 2022 $ in Millions	Dec. 31, 2018USD ($)facility
Loans and borrowings
Number of credit facilities that mature in 2020 and 2022 | facility	2
Notional amount | $	$ 5,000

Liabilities related to associ_3

Liabilities related to associates and joint ventures - Framework agreement (Details)	Mar. 02, 2016state
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 associ_4

Liabilities related to associates and joint ventures - Movements of provision (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018BRL (R$)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Events with significant effect on the income statement
Current liabilities		$ 9,111	$ 13,114
Non-current liabilities		34,247	41,298
Total liabilities		$ 43,358	54,412
Proportion of interest for obligations	50.00%	50.00%
Remaining term of agreement	12 years	12 years
Framework agreement
Events with significant effect on the income statement
Balance at beginning of the year		$ 996	1,077
Payments		(290)	(294)
Present value valuation		165	182
Provision increase	R$ 1523	403	38
Translation adjustment		(153)	(7)
Balance at end of the year		1,121	996
Current liabilities		289	326
Non-current liabilities		$ 832	$ 670

Liabilities related to associ_5

Liabilities related to associates and joint ventures - Samarco financial information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Events with significant effect on the income statement
Current assets	$ 15,292	$ 18,954
Non-current assets	72,898	80,230
Total assets	88,190	99,184
Current liabilities	9,111	13,114
Non-current liabilities	34,247	41,298
Total liabilities	43,358	54,412
Negative reserves	44,832	44,772	$ 41,024	$ 35,704
Loss	6,988	6,334	$ 5,203
Samarco
Events with significant effect on the income statement
Proceeds from debt used for working capital	84	142
Short-term facilities available for operations	88
Current assets	54	66
Non-current assets	3,443	6,016
Total assets	3,497	6,082
Current liabilities	6,069	5,481
Non-current liabilities	3,934	3,636
Total liabilities	10,003	9,117
Negative reserves	(6,506)	(3,035)
Loss	$ (1,257)	$ (930)

Financial instruments classif_3

Financial instruments classification (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Financial instruments
Total current financial assets	$ 8,867	$ 8,950
Total noncurrent financial assets	3,144	3,232
Total of financial assets	12,011	12,182
Total current financial liabilities	6,119	6,730
Total noncurrent financial liabilities	17,174	23,680
Total of financial liabilities	23,293	30,410
Amortized cost
Financial instruments
Total current financial liabilities	5,649	6,626
Total noncurrent financial liabilities	15,423	21,761
Total of financial liabilities	21,072	28,387
FVTPL
Financial instruments
Total current financial liabilities	470	104
Total noncurrent financial liabilities	1,751	1,919
Total of financial liabilities	2,221	2,023
Amortized cost
Financial instruments
Total current financial assets	8,904	8,674
Total noncurrent financial assets	1,765	2,779
Total of financial assets	10,669	11,453
At fair value through OCI
Financial instruments
Total noncurrent financial assets	987
Total of financial assets	987
FVTPL
Financial instruments
Total current financial assets	(37)	276
Total noncurrent financial assets	392	453
Total of financial assets	355	729
Cash and cash equivalents
Financial instruments
Total current financial assets	5,784	4,328
Cash and cash equivalents | Amortized cost
Financial instruments
Total current financial assets	5,784	4,328
Financial investments
Financial instruments
Total current financial assets	32	18
Financial investments | Amortized cost
Financial instruments
Total current financial assets		18
Financial investments | FVTPL
Financial instruments
Total current financial assets	32
Derivative financial instruments
Financial instruments
Total current financial assets	39	106
Derivative financial instruments | FVTPL
Financial instruments
Total current financial assets	39	106
Accounts receivable
Financial instruments
Total current financial assets	2,648	2,600
Accounts receivable | Amortized cost
Financial instruments
Total current financial assets	2,756	2,430
Accounts receivable | FVTPL
Financial instruments
Total current financial assets	(108)	170
Related parties
Financial instruments
Total current financial assets	364	1,898
Related parties | Amortized cost
Financial instruments
Total current financial assets	364	1,898
Derivative financial instruments
Financial instruments
Total noncurrent financial assets	392	453
Derivative financial instruments | FVTPL
Financial instruments
Total noncurrent financial assets	392	453
Investments in equity securities
Financial instruments
Total noncurrent financial assets	987
Investments in equity securities | At fair value through OCI
Financial instruments
Total noncurrent financial assets	987
Loans
Financial instruments
Total noncurrent financial assets	153	151
Loans | Amortized cost
Financial instruments
Total noncurrent financial assets	153	151
Related parties
Financial instruments
Total current financial assets		1,898
Total noncurrent financial assets	1,612	2,628
Related parties | Amortized cost
Financial instruments
Total noncurrent financial assets	1,612	2,628
Suppliers and contractors
Financial instruments
Total current financial liabilities	3,512	4,041
Suppliers and contractors | Amortized cost
Financial instruments
Total current financial liabilities	3,512	4,041
Derivative financial instruments
Financial instruments
Total current financial liabilities	470	104
Derivative financial instruments | FVTPL
Financial instruments
Total current financial liabilities	470	104
Loans and borrowings
Financial instruments
Total current financial liabilities	1,003	1,703
Loans and borrowings | Amortized cost
Financial instruments
Total current financial liabilities	1,003	1,703
Related parties
Financial instruments
Total current financial liabilities	1,134	882
Related parties | Amortized cost
Financial instruments
Total current financial liabilities	1,134	882
Derivative financial instruments
Financial instruments
Total noncurrent financial liabilities	344	686
Derivative financial instruments | FVTPL
Financial instruments
Total noncurrent financial liabilities	344	686
Loans and borrowings
Financial instruments
Total noncurrent financial liabilities	14,463	20,786
Loans and borrowings | Amortized cost
Financial instruments
Total noncurrent financial liabilities	14,463	20,786
Related parties
Financial instruments
Total noncurrent financial liabilities	960	975
Related parties | Amortized cost
Financial instruments
Total noncurrent financial liabilities	960	975
Participative stockholders' debentures
Financial instruments
Total noncurrent financial liabilities	1,407	1,233
Participative stockholders' debentures | FVTPL
Financial instruments
Total noncurrent financial liabilities	$ 1,407	$ 1,233

Financial instruments classif_4

Financial instruments classification - Classification of financial assets and liabilities by currencies (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Financial instruments
Total current financial assets	$ 8,867	$ 8,950
Total noncurrent financial assets	3,144	3,232
Total of financial assets	12,011	12,182
Total current financial liabilities	6,119	6,730
Total noncurrent financial liabilities	17,174	23,680
Total of financial liabilities	23,293	30,410
R$
Financial instruments
Total current financial assets	3,243	2,097
Total noncurrent financial assets	385	389
Total of financial assets	3,628	2,486
Total current financial liabilities	3,481	3,327
Total noncurrent financial liabilities	4,741	5,328
Total of financial liabilities	8,222	8,655
US$
Financial instruments
Total current financial assets	5,484	6,690
Total noncurrent financial assets	2,759	2,843
Total of financial assets	8,243	9,533
Total current financial liabilities	2,038	2,879
Total noncurrent financial liabilities	11,218	17,005
Total of financial liabilities	13,256	19,884
CAD
Financial instruments
Total current financial assets	27	54
Total of financial assets	27	54
Total current financial liabilities	317	404
Total noncurrent financial liabilities	127	207
Total of financial liabilities	444	611
EUR
Financial instruments
Total current financial assets	12	11
Total of financial assets	12	11
Total current financial liabilities	177	86
Total noncurrent financial liabilities	1,088	1,140
Total of financial liabilities	1,265	1,226
Others currencies
Financial instruments
Total current financial assets	101	98
Total of financial assets	101	98
Total current financial liabilities	106	34
Total of financial liabilities	106	34
Cash and cash equivalents
Financial instruments
Total current financial assets	5,784	4,328
Cash and cash equivalents | R$
Financial instruments
Total current financial assets	2,765	1,790
Cash and cash equivalents | US$
Financial instruments
Total current financial assets	2,883	2,395
Cash and cash equivalents | CAD
Financial instruments
Total current financial assets	23	48
Cash and cash equivalents | EUR
Financial instruments
Total current financial assets	12	11
Cash and cash equivalents | Others currencies
Financial instruments
Total current financial assets	101	84
Financial investments
Financial instruments
Total current financial assets	32	18
Financial investments | R$
Financial instruments
Total current financial assets	1	1
Financial investments | US$
Financial instruments
Total current financial assets	31	17
Derivative financial instruments
Financial instruments
Total current financial assets	39	106
Derivative financial instruments | R$
Financial instruments
Total current financial assets	30	60
Derivative financial instruments | US$
Financial instruments
Total current financial assets	9	46
Accounts receivable
Financial instruments
Total current financial assets	2,648	2,600
Accounts receivable | R$
Financial instruments
Total current financial assets	447	246
Accounts receivable | US$
Financial instruments
Total current financial assets	2,197	2,334
Accounts receivable | CAD
Financial instruments
Total current financial assets	4	6
Accounts receivable | Others currencies
Financial instruments
Total current financial assets		14
Related parties
Financial instruments
Total current financial assets	364	1,898
Related parties | US$
Financial instruments
Total current financial assets	364
Derivative financial instruments
Financial instruments
Total noncurrent financial assets	392	453
Derivative financial instruments | R$
Financial instruments
Total noncurrent financial assets	380	384
Derivative financial instruments | US$
Financial instruments
Total noncurrent financial assets	12	69
Investments in equity securities
Financial instruments
Total noncurrent financial assets	987
Investments in equity securities | US$
Financial instruments
Total noncurrent financial assets	987
Loans
Financial instruments
Total noncurrent financial assets	153	151
Loans | R$
Financial instruments
Total noncurrent financial assets	5	5
Loans | US$
Financial instruments
Total noncurrent financial assets	148	146
Related parties
Financial instruments
Total current financial assets		1,898
Total noncurrent financial assets	1,612	2,628
Related parties | US$
Financial instruments
Total current financial assets		1,898
Total noncurrent financial assets	1,612	2,628
Suppliers and contractors
Financial instruments
Total current financial liabilities	3,512	4,041
Suppliers and contractors | R$
Financial instruments
Total current financial liabilities	1,791	2,464
Suppliers and contractors | US$
Financial instruments
Total current financial liabilities	1,182	1,108
Suppliers and contractors | CAD
Financial instruments
Total current financial liabilities	292	386
Suppliers and contractors | EUR
Financial instruments
Total current financial liabilities	141	49
Suppliers and contractors | Others currencies
Financial instruments
Total current financial liabilities	106	34
Derivative financial instruments
Financial instruments
Total current financial liabilities	470	104
Derivative financial instruments | R$
Financial instruments
Total current financial liabilities	389	95
Derivative financial instruments | US$
Financial instruments
Total current financial liabilities	81	9
Loans and borrowings
Financial instruments
Total current financial liabilities	1,003	1,703
Loans and borrowings | R$
Financial instruments
Total current financial liabilities	532	768
Loans and borrowings | US$
Financial instruments
Total current financial liabilities	410	880
Loans and borrowings | CAD
Financial instruments
Total current financial liabilities	25	18
Loans and borrowings | EUR
Financial instruments
Total current financial liabilities	36	37
Related parties
Financial instruments
Total current financial liabilities	1,134	882
Related parties | R$
Financial instruments
Total current financial liabilities	769
Related parties | US$
Financial instruments
Total current financial liabilities	365	882
Derivative financial instruments
Financial instruments
Total noncurrent financial liabilities	344	686
Derivative financial instruments | R$
Financial instruments
Total noncurrent financial liabilities	321	638
Derivative financial instruments | US$
Financial instruments
Total noncurrent financial liabilities	23	48
Loans and borrowings
Financial instruments
Total noncurrent financial liabilities	14,463	20,786
Loans and borrowings | R$
Financial instruments
Total noncurrent financial liabilities	2,948	3,379
Loans and borrowings | US$
Financial instruments
Total noncurrent financial liabilities	10,300	16,060
Loans and borrowings | CAD
Financial instruments
Total noncurrent financial liabilities	127	207
Loans and borrowings | EUR
Financial instruments
Total noncurrent financial liabilities	1,088	1,140
Related parties
Financial instruments
Total noncurrent financial liabilities	960	975
Related parties | R$
Financial instruments
Total noncurrent financial liabilities	65	78
Related parties | US$
Financial instruments
Total noncurrent financial liabilities	895	897
Participative stockholders' debentures
Financial instruments
Total noncurrent financial liabilities	1,407	1,233
Participative stockholders' debentures | R$
Financial instruments
Total noncurrent financial liabilities	$ 1,407	$ 1,233

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, 2018	Dec. 31, 2017
Fair value estimate
Financial assets	$ 12,011	$ 12,182
Financial liabilities	23,293	30,410
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	1,342	729
Financial liabilities	2,221	2,023
Fair value measurement | Financial investments
Fair value estimate
Financial assets	32
Fair value measurement | Derivative financial instruments
Fair value estimate
Financial assets	431	559
Fair value measurement | Accounts receivable
Fair value estimate
Financial assets	(108)	170
Fair value measurement | Investments in equity securities
Fair value estimate
Financial assets	987
Derivative financial instruments | Fair value measurement
Fair value estimate
Financial liabilities	814	790
Participative stockholders' debentures | Fair value measurement
Fair value estimate
Financial liabilities	1,407	1,233
Level 1 | Fair value measurement
Fair value estimate
Financial assets	1,019
Level 1 | Fair value measurement | Financial investments
Fair value estimate
Financial assets	32
Level 1 | Fair value measurement | Investments in equity securities
Fair value estimate
Financial assets	987
Level 2 | Fair value measurement
Fair value estimate
Financial assets	28	459
Financial liabilities	2,043	1,814
Level 2 | Fair value measurement | Derivative financial instruments
Fair value estimate
Financial assets	136	289
Level 2 | Fair value measurement | Accounts receivable
Fair value estimate
Financial assets	(108)	170
Level 2 | Derivative financial instruments | Fair value measurement
Fair value estimate
Financial liabilities	636	581
Level 2 | Participative stockholders' debentures | Fair value measurement
Fair value estimate
Financial liabilities	1,407	1,233
Level 3 | Fair value measurement
Fair value estimate
Financial assets	295	270
Financial liabilities	178	209
Level 3 | Fair value measurement | Derivative financial instruments
Fair value estimate
Financial assets	295	270
Level 3 | Derivative financial instruments | Fair value measurement
Fair value estimate
Financial liabilities	$ 178	$ 209

Fair value estimate - Changes i

Fair value estimate - Changes in assets and liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Changes in financial assets
Financial assets at beginning of period	$ 99,184
Financial assets at end of period	88,190
Changes in financial liabilities
Financial liabilities at beginning of period	54,412
Financial liabilities at end of period	43,358
Level 3 | Fair value measurement
Changes in financial assets
Financial assets at beginning of period	270
Gain and losses recognized in income statement	25
Financial assets at end of period	295
Changes in financial liabilities
Financial liabilities at beginning of period	209
Gain and losses recognized in income statement	(31)
Financial liabilities at end of period	$ 178

Fair value estimate - Fair valu

Fair value estimate - Fair value of financial instruments not measured at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair value of financial instruments
Financial liabilities	$ 23,293	$ 30,410
Debt principal | Carrying amount
Fair value of financial instruments
Financial liabilities	15,228	21,955
Debt principal | Fair value
Fair value of financial instruments
Financial liabilities	16,262	23,088
Level 1 | Debt principal
Fair value of financial instruments
Financial liabilities	10,686	14,935
Level 2 | Debt principal
Fair value of financial instruments
Financial liabilities	$ 5,576	$ 8,153

Derivative financial instrume_3

Derivative financial instruments - Effects of derivatives on statement of financial position (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Derivative financial instruments.
Current assets	$ 39	$ 106
Non-current assets	392	453
Current liabilities	470	104
Non-current liabilities	344	686
Derivatives not designated as hedge
Derivative financial instruments.
Current assets	39	106
Non-current assets	392	453
Current liabilities	470	104
Non-current liabilities	344	686
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Derivative financial instruments.
Current assets	35	69
Non-current assets	89	141
Current liabilities	433	104
Non-current liabilities	163	475
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	9	38
Current liabilities	383	95
Non-current liabilities	98	410
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Derivative financial instruments.
Current assets	7	9
Non-current assets	84	82
Current liabilities	35
Non-current liabilities	47	41
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Derivative financial instruments.
Non-current assets	4	27
Current liabilities	5	4
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre dollar swap
Derivative financial instruments.
Current assets	19	22
Non-current assets	1	32
Current liabilities	10	5
Non-current liabilities	18	24
Derivatives not designated as hedge | Commodity price risk
Derivative financial instruments.
Current assets	3	37
Non-current assets		3
Current liabilities	37
Non-current liabilities	2
Derivatives not designated as hedge | Commodity price risk | Nickel
Derivative financial instruments.
Current assets	2	22
Non-current assets		3
Current liabilities	8
Non-current liabilities	2
Derivatives not designated as hedge | Commodity price risk | Bunker Oil
Derivative financial instruments.
Current assets	1	15
Current liabilities	29
Derivatives not designated as hedge | Others
Derivative financial instruments.
Current assets	1
Non-current assets	303	309
Non-current liabilities	$ 179	$ 211

Derivative financial instrume_4

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative financial instruments.
Gain (loss) recognized in the income statement	$ (266)	$ 454	$ 1,256
Financial settlement inflows (outflows)	(67)	(240)	(1,602)
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Derivative financial instruments.
Gain (loss) recognized in the income statement	(279)	313	959
Financial settlement inflows (outflows)	(121)	(241)	(770)
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	(206)	152	869
Financial settlement inflows (outflows)	(135)	(181)	(513)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Derivative financial instruments.
Gain (loss) recognized in the income statement	(23)	43	78
Financial settlement inflows (outflows)	7	(20)	(25)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Derivative financial instruments.
Gain (loss) recognized in the income statement	(27)	36	(19)
Financial settlement inflows (outflows)	(3)	(39)	(142)
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	(23)	36	77
Financial settlement inflows (outflows)	10	(1)	(90)
Derivatives not designated as hedge | Commodity price risk
Derivative financial instruments.
Gain (loss) recognized in the income statement	(19)	(50)	226
Financial settlement inflows (outflows)	57	1	(829)
Derivatives not designated as hedge | Commodity price risk | Nickel
Derivative financial instruments.
Gain (loss) recognized in the income statement	(25)	30	(42)
Financial settlement inflows (outflows)	8	4	(30)
Derivatives not designated as hedge | Commodity price risk | Bunker Oil
Derivative financial instruments.
Gain (loss) recognized in the income statement	6	(80)	268
Financial settlement inflows (outflows)	49	(3)	(799)
Derivatives not designated as hedge | Others
Derivative financial instruments.
Gain (loss) recognized in the income statement	32	$ 191	74
Financial settlement inflows (outflows)	$ (3)
Derivatives designated as hedge
Derivative financial instruments.
Gain (loss) recognized in the income statement			(3)
Financial settlement inflows (outflows)			(3)
Gain or (loss) recognized in other comprehensive income			2
Derivatives designated as hedge | Foreign exchange
Derivative financial instruments.
Gain (loss) recognized in the income statement			(3)
Financial settlement inflows (outflows)			(3)
Gain or (loss) recognized in other comprehensive income			$ 2

Derivative financial instrume_5

Derivative financial instruments - Hedge in foreign operations (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Derivative financial instruments.
Other net foreign exchange gains (losses)	$ 419	$ (218)	$ (62)
Hedges of net investment in foreign operations | Currency risk
Derivative financial instruments.
Carrying value designated debt				€ 750	$ 2,467
Other net foreign exchange gains (losses)	(823)	(144)
Foreign exchange loss, net of taxes	$ 543	$ 95

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Provisions
Provisions, current liabilities	$ 1,363	$ 1,394
Provisions, non-current liabilities	7,095	7,027
Payroll, related charges and other remunerations
Provisions
Provisions, current liabilities	1,046	1,101
Onerous contracts
Provisions
Provisions, current liabilities	60	102
Provisions, non-current liabilities	642	364
Environment obligations
Provisions
Provisions, current liabilities	100	30
Provisions, non-current liabilities	202	79
Provisions	229
Asset retirement obligations
Provisions
Provisions, current liabilities	85	87
Provisions, non-current liabilities	3,030	3,081
Provision for litigation
Provisions
Provisions, non-current liabilities	1,357	1,473
Employee postretirement obligations
Provisions
Provisions, current liabilities	72	74
Provisions, non-current liabilities	$ 1,864	$ 2,030

Asset retirement obligations -

Asset retirement obligations - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Asset retirement obligations
Provisions, current liabilities	$ 1,363	$ 1,394
Provisions, non-current liabilities	7,095	7,027
Asset retirement obligations
Change in the provision for asset retirement obligations
Balance at beginning of the year	3,168	2,519
Present value valuation	15	70
Settlements	(259)	(60)
Revisions on cash flows estimates	461	620
Translation adjustment	(270)	96
Effect of discontinued operations
Transfer to net assets held for sale		(77)
Balance at end of the year	3,115	3,168
Asset retirement obligations
Provisions, current liabilities	85	87
Provisions, non-current liabilities	$ 3,030	$ 3,081

Asset retirement obligations _2

Asset retirement obligations - Changes in long-term interest rates (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Brazil
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	4.94%	5.34%
Canada
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	0.77%	0.57%
Other regions | Minimum
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	1.33%	0.72%
Other regions | Maximum
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	8.59%	6.13%

Litigation (Details)

Litigation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Provision for litigation
Litigation
Balance at beginning of the year	$ 1,473	$ 839
Additions and reversals, net	185	169
Payments	(146)	(225)
Indexation and interest	32	81
Translation adjustment	(225)	(22)
Merger of Valepar		631
Balance at end of the year	1,357	1,473
Tax litigation
Litigation
Balance at beginning of the year	750	214
Additions and reversals, net	17	22
Payments	(5)	(117)
Indexation and interest	23	10
Translation adjustment	(114)	(10)
Merger of Valepar		631
Balance at end of the year	692	750
Civil litigation
Litigation
Balance at beginning of the year	131	84
Additions and reversals, net	65	17
Payments	(23)	(3)
Indexation and interest	17	35
Translation adjustment	(25)	(2)
Balance at end of the year	166	131
Labor litigation
Litigation
Balance at beginning of the year	582	534
Additions and reversals, net	106	126
Payments	(116)	(105)
Indexation and interest	(7)	37
Translation adjustment	(85)	(10)
Balance at end of the year	496	582
Environmental litigation
Litigation
Balance at beginning of the year	10	7
Additions and reversals, net	(3)	4
Payments	(2)
Indexation and interest	(1)	(1)
Translation adjustment	(1)
Balance at end of the year	3	$ 10
Discontinued operations | Provision for litigation
Litigation
Additions and reversals, net	38
Discontinued operations | Tax litigation
Litigation
Additions and reversals, net	21
Discontinued operations | Civil litigation
Litigation
Additions and reversals, net	1
Discontinued operations | Labor litigation
Litigation
Additions and reversals, net	$ 16

Litigation - Contingent liabili

Litigation - Contingent liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Tax litigation
Contingent liabilities
Contingent liabilities	$ 8,641	$ 8,840
Civil litigation
Contingent liabilities
Contingent liabilities	1,957	1,623
Labor litigation
Contingent liabilities
Contingent liabilities	1,475	1,952
Environmental litigation
Contingent liabilities
Contingent liabilities	1,051	2,190
Administrative and judicial claims
Contingent liabilities
Contingent liabilities	$ 13,124	$ 14,605

Litigation - Judicial deposits

Litigation - Judicial deposits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Judicial deposits
Deposits with court	$ 1,716	$ 1,986
Bank guarantees for judicial deposits	$ 1,500
Annual cost (in percent)	1.50%
Tax litigation
Judicial deposits
Deposits with court	$ 1,069	1,201
Civil litigation
Judicial deposits
Deposits with court	60	60
Labor litigation
Judicial deposits
Deposits with court	555	712
Environmental litigation
Judicial deposits
Deposits with court	$ 32	$ 13

Litigation - Contingencies rela

Litigation - Contingencies related to Samarco accident (Details) R$ in Billions, $ in Billions	12 Months Ended
	Dec. 31, 2018BRL (R$)	Dec. 31, 2018USD ($)	Dec. 31, 2016BRL (R$)individual	Dec. 31, 2016USD ($)individual
Public civil claim filed by the Federal Government and others
Contingencies
Amount of claims	R$ 20.2	$ 5.2
Public Civil Lawsuit by Federal Government
Contingencies
Amount of claims			R$ 20.2	$ 5.2
Public civil action filed by Federal Prosecution Office
Contingencies
Amount of claims	R$ 155.0	$ 40	R$ 155.0	$ 40
U.S. Securities class action suits
Contingencies
Number of defendants named in a legal action			22	22

Litigation - Contingencies asse

Litigation - Contingencies assets (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018lawsuit	Dec. 31, 2015BRL (R$)	Dec. 31, 2015USD ($)
Contingent assets
Enforceable action		R$ 524	$ 135
Number of judicial proceedings	2
Number of favorable judicial decision reached	1

Employee Benefits - Change in b

Employee Benefits - Change in benefit obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Overfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	$ 3,397	$ 3,343
Service costs	5	7
Interest costs	282	360
Benefits paid	(296)	(326)
Effect of changes in the actuarial assumptions	679	64
Translation adjustment	(490)	(51)
Benefit obligation (Plan assets) as at end of the year	3,577	3,397
Underfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	694
Benefit obligation (Plan assets) as at end of the year	656	694
Underfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	4,470	4,045
Service costs	101	86
Interest costs	158	183
Benefits paid	(272)	(275)
Participant contributions	(11)	(12)
Effect of changes in the actuarial assumptions	(164)	167
Translation adjustment	(353)	276
Benefit obligation (Plan assets) as at end of the year	3,929	4,470
Other benefits
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,410
Benefit obligation (Plan assets) as at end of the year	1,280	1,410
Other benefits | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,410	1,296
Service costs	36	30
Interest costs	59	67
Benefits paid	(60)	(65)
Effect of changes in the actuarial assumptions	(32)	11
Translation adjustment	(133)	71
Benefit obligation (Plan assets) as at end of the year	$ 1,280	$ 1,410

Employee Benefits - Evolution o

Employee Benefits - Evolution of assets fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Overfunded pension plans | Plan assets
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	$ 4,828	$ 4,694
Interest income	406	513
Employer contributions	35	45
Participant contributions	2
Benefits paid	(296)	(326)
Return on plan assets (excluding interest income)	479	(21)
Translation adjustment	(717)	(77)
Fair value of plan assets as at end of the year	4,737	4,828
Underfunded pension plans
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	(694)
Fair value of plan assets as at end of the year	(656)	(694)
Underfunded pension plans | Plan assets
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	3,776	3,419
Interest income	127	151
Employer contributions	49	65
Participant contributions		(12)
Benefits paid	(247)	(275)
Return on plan assets (excluding interest income)	(145)	174
Translation adjustment	(287)	254
Fair value of plan assets as at end of the year	3,273	3,776
Other benefits
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	(1,410)
Fair value of plan assets as at end of the year	(1,280)	(1,410)
Other benefits | Plan assets
Evolution of assets fair value
Employer contributions	60	65
Benefits paid	$ (60)	$ (65)

Employee benefits - Reconciliat

Employee benefits - Reconciliation of assets and liabilities recognized in the statement of financial position (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Overfunded pension plans | Present value of the defined benefit obligations
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	$ 3,397	$ 3,343
Interest income	282	360
Translation adjustment	(490)	(51)
Benefit obligation (Plan assets) as at end of the year	3,577	3,397
Overfunded pension plans | Present value of the defined benefit obligations | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,397
Benefit obligation (Plan assets) as at end of the year	3,577	3,397
Overfunded pension plans | Plan assets
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(4,828)	(4,694)
Interest income	406	513
Translation adjustment	(717)	(77)
Benefit obligation (Plan assets) as at end of the year	(4,737)	(4,828)
Overfunded pension plans | Plan assets | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(4,828)
Benefit obligation (Plan assets) as at end of the year	(4,737)	(4,828)
Overfunded pension plans | Asset ceiling
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,431	1,351
Interest income	124	152
Changes on asset ceiling and onerous liability	(172)	(45)
Translation adjustment	(223)	(27)
Benefit obligation (Plan assets) as at end of the year	1,160	1,431
Overfunded pension plans | Asset ceiling | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,431	1,351
Interest income	124	152
Changes on asset ceiling and onerous liability	(172)	(45)
Translation adjustment	(223)	(27)
Benefit obligation (Plan assets) as at end of the year	1,160	1,431
Underfunded pension plans
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	694
Benefit obligation (Plan assets) as at end of the year	656	694
Current liabilities	(20)	(16)
Non-current liabilities	(636)	(678)
Liabilities	(656)	(694)
Underfunded pension plans | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	162
Benefit obligation (Plan assets) as at end of the year	172	162
Current liabilities	(4)
Non-current liabilities	(168)	(162)
Liabilities	(172)	(162)
Underfunded pension plans | Foreign plan
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	532
Benefit obligation (Plan assets) as at end of the year	484	532
Current liabilities	(16)	(16)
Non-current liabilities	(468)	(516)
Liabilities	(484)	(532)
Underfunded pension plans | Present value of the defined benefit obligations
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	4,470	4,045
Interest income	158	183
Translation adjustment	(353)	276
Benefit obligation (Plan assets) as at end of the year	3,929	4,470
Underfunded pension plans | Present value of the defined benefit obligations | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	401
Benefit obligation (Plan assets) as at end of the year	334	401
Underfunded pension plans | Present value of the defined benefit obligations | Foreign plan
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	4,069
Benefit obligation (Plan assets) as at end of the year	3,595	4,069
Underfunded pension plans | Plan assets
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(3,776)	(3,419)
Interest income	127	151
Translation adjustment	(287)	254
Benefit obligation (Plan assets) as at end of the year	(3,273)	(3,776)
Underfunded pension plans | Plan assets | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(239)
Benefit obligation (Plan assets) as at end of the year	(162)	(239)
Underfunded pension plans | Plan assets | Foreign plan
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(3,537)
Benefit obligation (Plan assets) as at end of the year	(3,111)	(3,537)
Other benefits
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,410
Benefit obligation (Plan assets) as at end of the year	1,280	1,410
Current liabilities	(52)	(58)
Non-current liabilities	(1,228)	(1,352)
Liabilities	(1,280)	(1,410)
Other benefits | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	258
Benefit obligation (Plan assets) as at end of the year	249	258
Current liabilities	(19)	(22)
Non-current liabilities	(230)	(236)
Liabilities	(249)	(258)
Other benefits | Foreign plan
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,152
Benefit obligation (Plan assets) as at end of the year	1,031	1,152
Current liabilities	(33)	(36)
Non-current liabilities	(998)	(1,116)
Liabilities	(1,031)	(1,152)
Other benefits | Present value of the defined benefit obligations
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,410	1,296
Interest income	59	67
Translation adjustment	(133)	71
Benefit obligation (Plan assets) as at end of the year	1,280	1,410
Other benefits | Present value of the defined benefit obligations | Plans in Brazil
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	258
Benefit obligation (Plan assets) as at end of the year	249	258
Other benefits | Present value of the defined benefit obligations | Foreign plan
Reconciliation of assets and liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,152
Benefit obligation (Plan assets) as at end of the year	$ 1,031	$ 1,152

Employee benefits - Costs recog

Employee benefits - Costs recognized in the income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Overfunded pension plans
Costs recognized in the income statement
Service cost	$ 5	$ 7	$ 10
Interest on expense on liabilities	282	360	362
Interest income on plan assets	(406)	(513)	(512)
Interest expense on effect of (asset ceiling)/ onerous liability	124	152	156
Total of cost, net	5	6	16
Underfunded pension plans
Costs recognized in the income statement
Service cost	101	86	76
Interest on expense on liabilities	158	183	175
Interest income on plan assets	(127)	(151)	(151)
Total of cost, net	132	118	100
Other benefits
Costs recognized in the income statement
Service cost	36	30	(16)
Interest on expense on liabilities	59	67	66
Total of cost, net	$ 95	$ 97	$ 50

Employee benefits - Costs rec_2

Employee benefits - Costs recognized in the statement of comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Overfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	$ (163)	$ (153)	$ (113)
Effect of changes actuarial assumptions	(679)	(65)	(271)
Return on plan assets (excluding interest income)	479		281
Change of asset ceiling / costly liabilities (excluding interest income)	172	47	(36)
Others	(1)	(3)
Total	(29)	(21)	(26)
Deferred income tax	10	7	9
Other comprehensive income	(19)	(14)	(17)
Translation adjustments	23	4	(23)
Transfers/ disposal	(7)
Accumulated other comprehensive income	(166)	(163)	(153)
Underfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(496)	(496)	(495)
Effect of changes actuarial assumptions	172	(167)	(117)
Return on plan assets (excluding interest income)	(144)	167	71
Others			35
Total	28		(11)
Deferred income tax	(7)	(3)	16
Other comprehensive income	21	(3)	5
Translation adjustments	11	4	(6)
Transfers/ disposal	(4)	(1)
Accumulated other comprehensive income	(468)	(496)	(496)
Other benefits
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(189)	(160)	(95)
Effect of changes actuarial assumptions	32	(27)	(75)
Others	(1)	(14)
Total	31	(41)	(75)
Deferred income tax	(8)	12	17
Other comprehensive income	23	(29)	(58)
Translation adjustments	10	1	(7)
Transfers/ disposal	28	(1)
Accumulated other comprehensive income	$ (128)	$ (189)	$ (160)

Employee benefits - Actuarial a

Employee benefits - Actuarial and economic assumptions and sensitivity analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Actuarial and economic assumptions and sensitivity analysis
Profitability projections of investments period (in years)	10 years
Percentage of reasonably possible increase in actuarial assumption	1.00%
Percentage of reasonably possible decrease in actuarial assumption	1.00%
Overfunded pension plans | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate-1% increase - Actuarial liability balance	$ 3,310
Assumptions made (as a percent)	9.98%
Nominal discount rate-1% reduction - Actuarial liability balance	$ 3,891
Assumptions made (as a percent)	7.98%
Overfunded pension plans | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate of benefit increase	4.00%
Nominal average rate of price inflation	4.00%
Overfunded pension plans | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	8.86%	9.74%
Nominal average rate to determine expense/ income	8.86%	9.74%
Nominal average rate of salary increase	4.00%	4.25%
Nominal average rate of benefit increase		4.85%
Nominal average rate of price inflation		4.25%
Overfunded pension plans | Plans in Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.10%	9.85%
Nominal average rate to determine expense/ income	9.10%	9.85%
Nominal average rate of salary increase	6.08%	6.34%
Underfunded pension plans | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate-1% increase - Actuarial liability balance	$ 3,459
Assumptions made (as a percent)	5.03%
Nominal discount rate-1% reduction - Actuarial liability balance	$ 4,471
Assumptions made (as a percent)	3.03%
Underfunded pension plans | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.10%	9.84%
Nominal average rate to determine expense/ income	9.10%	9.84%
Nominal average rate of benefit increase	6.08%	4.85%
Nominal average rate of price inflation	4.00%	4.25%
Underfunded pension plans | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate of salary increase	6.08%	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	3.56%	3.26%
Nominal average rate to determine expense/ income	3.26%	3.84%
Nominal average rate of salary increase	3.20%	3.27%
Nominal average rate of price inflation	2.10%	2.10%
Other benefits | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate-1% increase - Actuarial liability balance	$ 1,114
Assumptions made (as a percent)	5.42%
Nominal discount rate-1% reduction - Actuarial liability balance	$ 1,488
Assumptions made (as a percent)	3.42%
Other benefits | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Immediate health care cost trend rate	7.12%	7.38%
Ultimate health care cost trend rate	7.12%	7.38%
Nominal average rate of price inflation	4.00%	4.25%
Other benefits | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.05%	9.74%
Other benefits | Plans in Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	9.29%	9.91%
Other benefits | Foreign plan
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	3.66%	3.44%
Nominal average rate of benefit increase	3.00%	3.00%
Immediate health care cost trend rate	5.90%	5.99%
Ultimate health care cost trend rate	4.56%	4.56%
Nominal average rate of price inflation	2.10%	2.10%

Employee benefits - Assets of p

Employee benefits - Assets of pension plans (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Plans in Brazil | Portfolio of Vale's stock
Assets of pension plans
Plan assets	$ 13	$ 37
Plans in Brazil | Brazilian Federal Government securities
Assets of pension plans
Plan assets	4,199	4,617
Foreign plan | Canadian Government securities
Assets of pension plans
Plan assets	$ 674	$ 864

Employee benefits - Overfunded

Employee benefits - Overfunded pension plans - Assets by category (Details) - Overfunded pension plans - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets by category
International investments	$ 25	$ 24
Real estate	339	365
Loans to participants	160	224
Total	6,083	6,699
Funds not related to risk plans	(1,346)	(1,871)
Fair value of plan assets at end of year	4,737	4,828
Corporate
Assets by category
Debt securities	47	72
Government
Assets by category
Debt securities	2,447	2,757
Fixed income
Assets by category
Investments funds	2,441	2,515
Investments in equity securities
Assets by category
Investments funds	450	531
Private Equity funds
Assets by category
Structured investments	159	196
Real estate funds
Assets by category
Structured investments	15	15
Level 1
Assets by category
International investments	25	24
Total	5,363	5,827
Level 1 | Government
Assets by category
Debt securities	2,447	2,757
Level 1 | Fixed income
Assets by category
Investments funds	2,441	2,515
Level 1 | Investments in equity securities
Assets by category
Investments funds	450	531
Level 2
Assets by category
Total	47	72
Level 2 | Corporate
Assets by category
Debt securities	47	72
Level 3
Assets by category
Real estate	339	365
Loans to participants	160	224
Total	673	800	$ 780
Level 3 | Private Equity funds
Assets by category
Structured investments	159	196
Level 3 | Real estate funds
Assets by category
Structured investments	$ 15	$ 15

Employee benefits - Overfunde_2

Employee benefits - Overfunded pension plans - Measurement of assets at fair value (Details) - Overfunded pension plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Measurement of plan assets
Assets as at beginning of the year	$ 6,699
Assets as at end of the year	6,083	$ 6,699
Level 3
Measurement of plan assets
Assets as at beginning of the year	800	780
Return on plan assets	79	68
Assets purchases		127
Assets sold during the year	(334)	(162)
Translation adjustment	(116)	(13)
Assets as at end of the year	673	800
Level 3 | Private equity funds
Measurement of plan assets
Assets as at beginning of the year	196	140
Return on plan assets	15	37
Assets purchases	2	31
Assets sold during the year	(26)	(8)
Translation adjustment	(28)	(4)
Assets as at end of the year	159	196
Level 3 | Real estate funds
Measurement of plan assets
Assets as at beginning of the year	15	10
Return on plan assets		(2)
Assets purchases	2	8
Translation adjustment	(2)	(1)
Assets as at end of the year	15	15
Level 3 | Real estate
Measurement of plan assets
Assets as at beginning of the year	365	370
Return on plan assets	39	4
Assets purchases	7	13
Assets sold during the year	(16)	(17)
Translation adjustment	(56)	(5)
Assets as at end of the year	339	365
Level 3 | Loans to participants
Measurement of plan assets
Assets as at beginning of the year	224	260
Return on plan assets	25	29
Assets purchases	233	75
Assets sold during the year	(292)	(137)
Translation adjustment	(30)	(3)
Assets as at end of the year	$ 160	$ 224

Employee benefits - Underfunded

Employee benefits - Underfunded pension plans - Assets by category (Details) - Underfunded pension plans - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets by category
Cash and cash equivalents	$ 21	$ 32
Equity securities	1,188	1,367
Real estate	51	44
Loans to participants	3	5
Others	165	195
Total	3,273	3,776
Level 1
Assets by category
Cash and cash equivalents	3	4
Equity securities	1,186	1,364
Total	1,347	1,773
Level 2
Assets by category
Cash and cash equivalents	18	28
Equity securities	2	3
Total	1,494	1,562
Level 3
Assets by category
Real estate	51	44
Loans to participants	3	5
Others	165	195
Total	432	441
Corporate
Assets by category
Debt securities	374	338
Corporate | Level 2
Assets by category
Debt securities	374	338
Government
Assets by category
Debt securities	796	942
Government | Level 1
Assets by category
Debt securities	116	141
Government | Level 2
Assets by category
Debt securities	680	801
Fixed income
Assets by category
Investments funds	338	159
Fixed income | Level 1
Assets by category
Investments funds	42	159
Fixed income | Level 2
Assets by category
Investments funds	296
Investments in equity securities
Assets by category
Investments funds	124	400
Investments in equity securities | Level 1
Assets by category
Investments funds		8
Investments in equity securities | Level 2
Assets by category
Investments funds	124	392
Private Equity funds
Assets by category
Structured investments	213	294
Private Equity funds | Level 1
Assets by category
Structured investments		97
Private Equity funds | Level 3
Assets by category
Structured investments	$ 213	$ 197

Employee benefits - Underfund_2

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, 2018	Dec. 31, 2017
Measurement of plan assets
Assets as at beginning of the year	$ 441	$ 390
Return on plan assets	20	19
Assets purchases	40	30
Assets sold during the year	(33)	(19)
Translation adjustment	(36)	21
Assets as at end of the year	432	441
Private equity funds
Measurement of plan assets
Assets as at beginning of the year	197	187
Return on plan assets	32	8
Assets purchases	22	13
Assets sold during the year	(22)	(18)
Translation adjustment	(16)	7
Assets as at end of the year	213	197
Real estate funds
Measurement of plan assets
Assets as at beginning of the year	44	24
Return on plan assets	3	1
Assets purchases	18	17
Assets sold during the year	(10)	(1)
Translation adjustment	(4)	3
Assets as at end of the year	51	44
Loans to participants
Measurement of plan assets
Assets as at beginning of the year	5	6
Assets sold during the year	(1)
Translation adjustment	(1)	(1)
Assets as at end of the year	3	5
Others
Measurement of plan assets
Assets as at beginning of the year	195	173
Return on plan assets	(15)	10
Translation adjustment	(15)	12
Assets as at end of the year	$ 165	$ 195

Employee benefits - Expected be

Employee benefits - Expected benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Employee benefits
Disbursement of cash flow in 2018	$ 125
2019 | Overfunded pension plans
Employee benefits
Expected benefit payments	259
2019 | Underfunded pension plans
Employee benefits
Expected benefit payments	222
2019 | Other benefits
Employee benefits
Expected benefit payments	61
2020 | Overfunded pension plans
Employee benefits
Expected benefit payments	268
2020 | Underfunded pension plans
Employee benefits
Expected benefit payments	223
2020 | Other benefits
Employee benefits
Expected benefit payments	63
2021 | Overfunded pension plans
Employee benefits
Expected benefit payments	276
2021 | Underfunded pension plans
Employee benefits
Expected benefit payments	223
2021 | Other benefits
Employee benefits
Expected benefit payments	65
2022 | Overfunded pension plans
Employee benefits
Expected benefit payments	284
2022 | Underfunded pension plans
Employee benefits
Expected benefit payments	223
2022 | Other benefits
Employee benefits
Expected benefit payments	67
2023 | Overfunded pension plans
Employee benefits
Expected benefit payments	291
2023 | Underfunded pension plans
Employee benefits
Expected benefit payments	224
2023 | Other benefits
Employee benefits
Expected benefit payments	69
2024 and thereafter | Overfunded pension plans
Employee benefits
Expected benefit payments	1,543
2024 and thereafter | Underfunded pension plans
Employee benefits
Expected benefit payments	1,116
2024 and thereafter | Other benefits
Employee benefits
Expected benefit payments	$ 369

Employee benefits - Profit shar

Employee benefits - Profit sharing program ("PLR") (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee benefits
Amount of profit sharing program expense charged to cost of goods sold and services rendered and other operating expenses	$ 503	$ 780	$ 331

Employee benefits - Long-term c

Employee benefits - Long-term compensation plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee benefits
Long term compensation plan costs	$ 95	$ 65	$ 37
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 - Share ca

Stockholders' equity - Share capital (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Aug. 10, 2017
Stockholders' equity
Shares outstanding	5,126,258,410	5,197,432,093	5,153,374,926
Shares in treasury	158,216,372
Total issued shares	5,284,474,782	5,284,474,782	5,244,316,120
Amounts per class of shares (in millions)	$ 61,614
Total authorized shares	7,000,000,000
Litel Participacoes S.A. and Litela Participacoes S.A.
Stockholders' equity
Shares outstanding	1,075,773,534
BNDESPar
Stockholders' equity
Shares outstanding	342,484,176
Bradespar S.A.
Stockholders' equity
Shares outstanding	296,009,366
Mitsui & Co., Ltd
Stockholders' equity
Shares outstanding	286,347,055
Foreign investors-ADRs
Stockholders' equity
Shares outstanding	1,211,272,764
FMP-FGTS
Stockholders' equity
Shares outstanding	54,638,358
PIBB-Fund
Stockholders' equity
Shares outstanding	2,300,038
Foreign institutional investors in local market
Stockholders' equity
Shares outstanding	1,235,808,225
Institutional investors
Stockholders' equity
Shares outstanding	332,021,902
Retail investors in Brazil
Stockholders' equity
Shares outstanding	289,602,980
Brazilian Government (Golden Share)
Stockholders' equity
Shares outstanding	12
Common share
Stockholders' equity
Shares outstanding	5,126,258,398	5,197,432,081	3,185,653,000
Shares in treasury	158,216,372	87,042,689	31,535,402
Total issued shares	5,284,474,770	5,284,474,770
Amounts per class of shares (in millions)	$ 61,614
Total authorized shares	7,000,000,000
Common share | Litel Participacoes S.A. and Litela Participacoes S.A.
Stockholders' equity
Shares outstanding	1,075,773,534
Common share | BNDESPar
Stockholders' equity
Shares outstanding	342,484,176
Common share | Bradespar S.A.
Stockholders' equity
Shares outstanding	296,009,366
Common share | Mitsui & Co., Ltd
Stockholders' equity
Shares outstanding	286,347,055
Common share | Foreign investors-ADRs
Stockholders' equity
Shares outstanding	1,211,272,764
Common share | FMP-FGTS
Stockholders' equity
Shares outstanding	54,638,358
Common share | PIBB-Fund
Stockholders' equity
Shares outstanding	2,300,038
Common share | Foreign institutional investors in local market
Stockholders' equity
Shares outstanding	1,235,808,225
Common share | Institutional investors
Stockholders' equity
Shares outstanding	332,021,902
Common share | Retail investors in Brazil
Stockholders' equity
Shares outstanding	289,602,980
Preferred share
Stockholders' equity
Shares outstanding	12	12	1,967,721,926
Shares in treasury			59,405,792
Total issued shares	12	12
Preferred share | Brazilian Government (Golden Share)
Stockholders' equity
Shares outstanding	12

Stockholders' equity - Share bu

Stockholders' equity - Share buyback program (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2018
Stockholders' equity
Total aggregate price of purchased shares		$ 1,000
Common share
Stockholders' equity
Number of shares repurchased	71,173,683
Repurchased shares average price	$ 14.05
Total aggregate price of purchased shares	$ 1,000

Stockholders' equity - Remunera

Stockholders' equity - Remuneration to the Company's stockholders (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2018
Stockholders' equity
Minimum percentage of remuneration on the adjusted net income		25.00%
Net income of the year		$ 6,860	$ 5,507	$ 3,982
Appropriation to legal reserve		(343)
Appropriation to tax incentive reserve		(401)
Net income after appropriations to legal reserve and tax incentive reserve		6,116
Minimum mandatory remuneration		1,529
Stockholder's Remuneration Paid		(2,054)
Appropriation to investments reserve		$ (4,062)
Withholding tax on retained earnings (as a percent)		15.00%
Minimum mandatory remuneration before		$ 1,799
Percentage Of Semi Annual Stockholders Remuneration On Adjusted EBITDA					30.00%
Stockholders' remuneration paid	$ 1,876	$ 3,313	$ 1,456	$ 250
Remuneration (in dollars per share)	$ 0.360951164	$ 0.636637439	$ 0.282400343
Stockholders' remuneration based on interest on capital	$ 1,659
Stockholders' remuneration based on dividends	$ 217

Stockholders' equity - Profit r

Stockholders' equity - Profit reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Profit reserves
Balance at beginning of year	$ 44,772	$ 41,024	$ 35,704
Dividends and interest on capital of Vale's stockholders	(2,054)	(2,133)	(1,061)
Translation adjustments	3,899	1,026	(3,677)
Balance at end of year	$ 44,832	44,772	41,024
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 at beginning of year	$ 5,209	1,808
Allocation of Income (loss)	4,062	3,541
Translation adjustments	(907)	(140)
Balance at end of year	8,364	5,209	1,808
Legal reserve
Profit reserves
Balance at beginning of year	1,630	1,384
Allocation of Income (loss)	343	275
Translation adjustments	(251)	(29)
Balance at end of year	1,722	1,630	1,384
Tax incentive reserve
Profit reserves
Balance at beginning of year	580	377
Allocation of Income (loss)	401	216
Translation adjustments	(99)	(13)
Balance at end of year	882	580	377
Additional Remuneration reserve
Profit reserves
Balance at beginning of year		634
Dividends and interest on capital of Vale's stockholders		(658)
Translation adjustments		24
Balance at end of year			634
Profit reserves
Profit reserves
Balance at beginning of year	7,419	4,203
Allocation of Income (loss)	4,806	4,032
Dividends and interest on capital of Vale's stockholders		(658)
Translation adjustments	(1,257)	(158)
Balance at end of year	$ 10,968	$ 7,419	$ 4,203

Stockholders' equity - Unrealiz

Stockholders' equity - Unrealized fair value gain (losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unrealized fair value gain (losses)
Balance at beginning of year	$ 44,772	$ 41,024	$ 35,704
Translation adjustments	3,899	1,026	(3,677)
Balance at end of year	44,832	44,772	41,024
Unrealized fair value gain (losses)
Unrealized fair value gain (losses)
Balance at beginning of year	(1,183)	(1,147)
Other comprehensive income	101	(46)
Translation adjustments	49	10
Balance at end of year	(1,033)	(1,183)	(1,147)
Retirement benefit obligations
Unrealized fair value gain (losses)
Balance at beginning of year	(845)	(809)
Other comprehensive income	41	(46)
Translation adjustments	49	10
Balance at end of year	(755)	(845)	(809)
Available-for-sale- financial instruments
Unrealized fair value gain (losses)
Other comprehensive income	60
Balance at end of year	60
Conversion shares
Unrealized fair value gain (losses)
Balance at beginning of year	(338)	(338)
Balance at end of year	$ (338)	$ (338)	$ (338)

Stockholders' equity - Conversi

Stockholders' equity - Conversion preferred shares (Details) - Class A Preferred shares	Aug. 11, 2017shares	Jun. 27, 2017
Stockholders' equity
Conversion rate for each share of preferred share to common share		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) $ in Millions	Aug. 14, 2017USD ($)EquityInstruments	Dec. 31, 2016R$ / sharesshares	Dec. 31, 2018shares	Dec. 31, 2017EquityInstrumentsshares	Aug. 10, 2017shares
Stockholders' equity
Shares issued | EquityInstruments				173,543,667
Number of shares outstanding | shares			5,126,258,410	5,197,432,093	5,153,374,926
Valepar S.A
Stockholders' equity
Number of shares issued to be issued for each share of the Valepar	1.2065
Common share
Stockholders' equity
Shares issued | EquityInstruments				173,543,667
Number of shares outstanding | shares			5,126,258,398	5,197,432,081	3,185,653,000
Number of shares converted into treasury shares | shares		10,397
Class A Preferred shares
Stockholders' equity
Right to withdraw consideration per share | R$ / shares		R$ 24.26
Number of shares converted into treasury shares | shares		11,130
Valepar S.A
Stockholders' equity
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
Stockholders' equity
Shares issued | EquityInstruments	173,543,667

Stockholders' equity - Share po

Stockholders' equity - Share position (Details)	5 Months Ended
	Dec. 31, 2017EquityInstrumentsshares	Dec. 31, 2018shares	Aug. 14, 2017EquityInstruments	Aug. 10, 2017shares
Stockholders' equity
Shares outstanding	5,197,432,093	5,126,258,410		5,153,374,926
Shares in treasury		158,216,372
Total issued shares	5,284,474,782	5,284,474,782		5,244,316,120
Issue of new shares | EquityInstruments	173,543,667
Shares outstanding, voluntary conversion	(129,486,500)
Shares in treasury, voluntary conversion	(133,385,005)
Common share
Stockholders' equity
Shares outstanding	5,197,432,081	5,126,258,398		3,185,653,000
Shares in treasury	87,042,689	158,216,372		31,535,402
Total issued shares	5,284,474,770	5,284,474,770
Issue of new shares | EquityInstruments	173,543,667
Conversion of the remaining preferred shares	1,838,235,414
Shares in treasury conversion of the remaining preferred shares	(55,507,287)
Common share | Valepar S.A
Stockholders' equity
Issue of new shares | EquityInstruments			173,543,667
Preferred share
Stockholders' equity
Shares outstanding	12	12		1,967,721,926
Shares in treasury				59,405,792
Total issued shares	12	12
Conversion of the remaining preferred shares	(1,967,721,914)
Shares in treasury conversion of the remaining preferred shares	59,405,792

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Transactions with related parties
Net operating revenue	$ 868	$ 882	$ 652
Cost and operating expenses	(2,308)	(2,001)	(1,004)
Financial result		(715)	(910)
Outstanding balances with related parties
Cash and cash equivalents	1,256	817
Accounts receivable	155	131
Dividends receivable	132	126
Loans to related parties	1,976	4,526
Derivative financial instruments	297	284
Other assets	25	17
Supplier and contractors	266	428
Loans from related parties	3,975	5,753
Derivative financial instruments	112	109
Others liabilities	769	628
Joint Ventures
Transactions with related parties
Net operating revenue	352	399	166
Cost and operating expenses	(2,269)	(1,943)	(916)
Financial result	115	118	(29)
Outstanding balances with related parties
Accounts receivable	110	73
Dividends receivable	132	112
Loans to related parties	1,976	4,526
Other assets	25	17
Supplier and contractors	221	192
Others liabilities	769	612
Associates
Transactions with related parties
Net operating revenue	309	337	345
Cost and operating expenses	(39)	(29)	(51)
Financial result		(14)	1
Outstanding balances with related parties
Accounts receivable	42	55
Dividends receivable		14
Supplier and contractors	21	35
Loans from related parties	1,325	1,245
Major Stockholders
Transactions with related parties
Net operating revenue	207	146	141
Cost and operating expenses		(29)	(37)
Financial result	(115)	(819)	$ (882)
Outstanding balances with related parties
Cash and cash equivalents	1,256	817
Accounts receivable	3	3
Derivative financial instruments	297	284
Supplier and contractors	24	201
Loans from related parties	2,650	4,508
Derivative financial instruments	$ 112	109
Others liabilities		$ 16

Related parties - Coal segment

Related parties - Coal segment transactions (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Related parties
Amount received for loan repayments		$ 2,572
Loans to related parties		$ 1,976	$ 4,526
Nacala BV
Related parties
Amount received for loan repayments	$ 2,572
Loans to related parties	$ 1,976
Interest rate	7.44%
Pangea Emirates Ltd
Related parties
Proportion of ownership interest in associate		15.00%
Pangea Emirates Ltd | Vale Mocambique S.A.
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, 2018	Dec. 31, 2017	Dec. 31, 2016
Short- term benefits
Wages	$ 8	$ 10	$ 8
Direct and indirect benefits	11	10	4
Profit sharing program ("PLR")	10	8
Total short- term benefits	29	28	12
Long- term benefits
Shares based	3	5	1
Severance	20	19	5
Total short and long-term benefits	$ 52	$ 52	$ 18

Commitments - Contractual oblig

Commitments - Contractual obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments
Operating lease	$ 2,498
Purchase obligations	7,327
Total minimum payments required	9,825
Pelletizing companies
Commitments
Operational leasing expenses	1,044	$ 805	$ 532
2019
Commitments
Operating lease	250
Purchase obligations	2,677
Total minimum payments required	2,927
2020
Commitments
Operating lease	201
Purchase obligations	1,445
Total minimum payments required	1,646
2021
Commitments
Operating lease	189
Purchase obligations	548
Total minimum payments required	737
2022
Commitments
Operating lease	166
Purchase obligations	463
Total minimum payments required	629
2023 and thereafter
Commitments
Operating lease	1,692
Purchase obligations	2,194
Total minimum payments required	$ 3,886

Commitments - Guarantees provid

Commitments - Guarantees provided (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Legal proceedings
Commitments
Property, plant and equipment, Net Carrying Value Pledged	$ 6	$ 15
Norte Energia S.A.
Commitments
Guaranteed amount	331
Companhia Siderurgica do Pecem S.A.
Commitments
Guaranteed amount	$ 1,404

Commitments - Nickel Operations

Commitments - Nickel Operations (Details) - PTVI	12 Months Ended
	Dec. 31, 2018
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 about _3

Additional information about derivatives financial instruments - Protection programs for the R$ denominated debt instruments (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018BRL (R$)	Dec. 31, 2018USD ($)	Dec. 31, 2017BRL (R$)	Dec. 31, 2017USD ($)
Derivative financial instruments.
Confidence level to estimate value at risk (as a percentage)				95.00%	95.00%	95.00%	95.00%
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
CDI vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 1581		R$ 3540
Payable					$ 456		$ 1,104
Average receivable rate				98.70%	98.70%
Average payable rate				3.12%	3.12%
Fair value of liabilities					$ (46)		(33)
Financial settlement inflows (outflows)	(28)
Value at risk					6
CDI vs. US$ fixed rate swap | 2019
Derivative financial instruments.
Fair value of liabilities					(13)
CDI vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					(21)
CDI vs. US$ fixed rate swap | 2021+
Derivative financial instruments.
Fair value of liabilities					(12)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 2303		2,982
Payable					$ 994		1,323
Average receivable rate				1.20%	1.20%
Average payable rate				1.54%	1.54%
Fair value of liabilities					$ (370)		(381)
Financial settlement inflows (outflows)	(102)
Value at risk					20
TJLP vs. US$ fixed rate swap | 2019
Derivative financial instruments.
Fair value of liabilities					(306)
TJLP vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					(21)
TJLP vs. US$ fixed rate swap | 2021+
Derivative financial instruments.
Fair value of liabilities					(43)
TJLP vs. USD floating rate swap
Derivative financial instruments.
Receivable | R$				R$ 181		216
Payable					$ 107		123
Average receivable rate				0.84%	0.84%
Average payable rate				(1.24%)	(1.24%)
Fair value of liabilities					$ (56)		(53)
Financial settlement inflows (outflows)	(5)
Value at risk					2
TJLP vs. USD floating rate swap | 2019
Derivative financial instruments.
Fair value of liabilities					(56)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 1078		1,158
Payable					$ 351		385
Average receivable rate				7.05%	7.05%
Average payable rate				(0.62%)	(0.62%)
Fair value of liabilities					$ (8)
Fair value of assets							24
Financial settlement inflows (outflows)	10
Value at risk					19
R$ fixed rate vs. US$ fixed rate swap | 2019
Derivative financial instruments.
Fair value of assets					9
R$ fixed rate vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of assets					46
R$ fixed rate vs. US$ fixed rate swap | 2021+
Derivative financial instruments.
Fair value of liabilities					(63)
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 1315		1,000
Payable					$ 434		434
Average receivable rate				6.55%	6.55%
Average payable rate				3.98%	3.98%
Fair value of liabilities					$ (80)		(34)
Financial settlement inflows (outflows)	6
Value at risk					7
IPCA vs. US$ fixed rate swap | 2019
Derivative financial instruments.
Fair value of liabilities					(33)
IPCA vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					(10)
IPCA vs. US$ fixed rate swap | 2021+
Derivative financial instruments.
Fair value of liabilities					$ (37)
IPCA vs. CDI swap
Derivative financial instruments.
Receivable | R$				R$ 1350		1,350
Payable | R$				R$ 1350		R$ 1350
Average receivable rate				6.62%	6.62%
Average payable rate				98.59%	98.59%
Fair value of assets					$ 89		$ 85
Financial settlement inflows (outflows)	$ 1
IPCA vs. CDI swap | 2019
Derivative financial instruments.
Fair value of liabilities					5
IPCA vs. CDI swap | 2020
Derivative financial instruments.
Fair value of liabilities					48
IPCA vs. CDI swap | 2021+
Derivative financial instruments.
Fair value of liabilities					$ 36

Additional information about _4

Additional information about derivatives financial instruments - Protection program for EUR denominated debt instruments (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
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					$ (1)		$ 23
Financial settlement inflows (outflows)	$ (3)
Value at risk					8
EUR fixed rate vs. US$ fixed rate swap | 2019
Derivative financial instruments.
Fair value of liabilities					(7)
EUR fixed rate vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					(5)
EUR fixed rate vs. US$ fixed rate swap | 2021+
Derivative financial instruments.
Fair value of assets					$ 9

Additional information about _5

Additional information about derivatives financial instruments - Bunker Oil purchase cash flows protection program (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)$ / TT	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
Bunker oil purchase cash flows protection program
Derivative financial instruments.
Fair value of assets	(28)
Financial settlement inflows (outflows)	49
Value at risk	10
Bunker oil purchase cash flows protection program | 2019
Derivative financial instruments.
Fair value of liabilities	$ (28)
Call options - Bunker Oil -bought
Derivative financial instruments.
Notional amount (ton) | T	2,100,000
Average strike per ton | $ / T	520
Fair value of assets	$ 1
Financial settlement inflows (outflows)	40
Value at risk	1
Call options - Bunker Oil -bought | 2019
Derivative financial instruments.
Fair value of liabilities	$ 1
Put options - Bunker Oil - sold
Derivative financial instruments.
Notional amount (ton) | T	2,100,000
Average strike per ton | $ / T	297
Fair value of assets	$ (29)
Financial settlement inflows (outflows)	9
Value at risk	9
Put options - Bunker Oil - sold | 2019
Derivative financial instruments.
Fair value of liabilities	$ (29)

Additional information about _6

Additional information about derivatives financial instruments - Protection programs for base metals raw materials and products (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)$ / TT	Dec. 31, 2017USD ($)T	Dec. 31, 2016USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
Protection programs for base metals raw materials and products
Derivative financial instruments.
Fair value of assets	(10)	$ 24
Financial settlement inflows (outflows)	8
Value at risk	2
Protection programs for base metals raw materials and products | 2019
Derivative financial instruments.
Fair value of liabilities	(8)
Protection programs for base metals raw materials and products | 2020+
Derivative financial instruments.
Fair value of liabilities	$ (2)
Nickel forwards - Fixed price sales - Bought
Derivative financial instruments.
Notional amount (ton) | T	7,244	9,621
Average strike per ton | $ / T	12,166
Fair value of assets	$ (10)	$ 24
Financial settlement inflows (outflows)	7
Value at risk	2
Nickel forwards - Fixed price sales - Bought | 2019
Derivative financial instruments.
Fair value of liabilities	(8)
Nickel forwards - Fixed price sales - Bought | 2020+
Derivative financial instruments.
Fair value of liabilities	$ (2)
Nickel forwards - Raw material purchase - Sold
Derivative financial instruments.
Notional amount (ton) | T	120	292
Average strike per ton | $ / T	12,242
Financial settlement inflows (outflows)	$ 1
Copper forwards - Raw material purchase - Sold
Derivative financial instruments.
Notional amount (ton) | T	81	79
Average strike per ton | $ / T	6,142

Additional information about _7

Additional information about derivatives financial instruments - Freight derivative positions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)$ / d	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
Freight forwards
Derivative financial instruments.
Notional amount (days)	480 days
Average strike price per day | $ / d	14,509
Fair value of assets	$ 1
Financial settlement inflows (outflows)	(3)
Freight forwards | 2019
Derivative financial instruments.
Fair value of assets	$ 1

Additional information about _8

Additional information about derivatives financial instruments - Wheaton Precious Metals Corp. warrants (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)EquityInstruments$ / shares	Dec. 31, 2017USD ($)EquityInstruments	Dec. 31, 2016USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
Call options -SLW- Bought
Derivative financial instruments.
Notional (quantity) | EquityInstruments	10,000,000	10,000,000
Average strike per share | $ / shares	44
Fair value of assets	$ 8	$ 39
Value at risk	1
Call options -SLW- Bought | 2023
Derivative financial instruments.
Fair value of assets	$ 8

Additional information about _9

Additional information about derivatives financial instruments - Debentures convertible into shares of Valor da Logstica Integrada (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)EquityInstruments$ / shares	Dec. 31, 2017USD ($)EquityInstruments	Dec. 31, 2016USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
Debentures convertible into shares of Valor da Logstica Integrada ("VLI")
Derivative financial instruments.
Notional (quantity) | EquityInstruments	140,239	140,239
Average strike per share | $ / shares	8,006
Fair value of liabilities	$ (59)	$ (57)
Value at risk	4
Debentures convertible into shares of Valor da Logstica Integrada ("VLI") | 2027
Derivative financial instruments.
Fair value of liabilities	$ (59)

Additional information about_10

Additional information about derivatives financial instruments - Options related to MBR shares (Details) EquityInstruments in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)R$ / sharesEquityInstruments	Dec. 31, 2017USD ($)EquityInstruments	Dec. 31, 2016USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
Options related to Mineraes Brasileiras Reunidas S.A. ("MBR") shares
Derivative financial instruments.
Notional (quantity) | EquityInstruments	2,139	2,139
Average strike per share | R$ / shares	1.7
Fair value of assets	$ 279	$ 251
Value at risk	15
Options related to Mineraes Brasileiras Reunidas S.A. ("MBR") shares | 2019+
Derivative financial instruments.
Fair value of assets	$ 279

Additional information about_11

Additional information about derivatives financial instruments - Embedded derivatives in contracts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)bbl / mo$ / TR$ / sharesEquityInstrumentsT	Dec. 31, 2017USD ($)bbl / moEquityInstrumentsT	Dec. 31, 2016USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (67)	$ (240)	$ (1,602)
Embedded derivatives
Derivative financial instruments.
Fair value of assets	2	$ 1
Value at risk	$ 1
Embedded - Nickel forwards - sold
Derivative financial instruments.
Notional volume (in ton) | T	3,763	2,627
Average strike (USD/ton) | $ / T	11,289
Fair value of assets	$ 2	$ 1
Value at risk	$ 1
Embedded - Copper forwards - sold
Derivative financial instruments.
Notional volume (in ton) | T	2,035	2,718
Average strike (USD/ton) | $ / T	6,172
Embedded - Call options - sold
Derivative financial instruments.
Notional volume (volume/month) | bbl / mo	746,667	746,667
Average strike rate per share | $ / T	233
Fair value of liabilities	$ (1)	$ (2)
Value at risk	$ 1
Embedded - Put options - sold
Derivative financial instruments.
Notional (quantity) | EquityInstruments	1,105,070,863	1,105,070,863
Average strike (USD/ton) | R$ / shares	3.88
Fair value of liabilities	$ (103)	$ (133)
Value at risk	10
2019 | Embedded derivatives
Derivative financial instruments.
Fair value of liabilities	2
2019 | Embedded - Nickel forwards - sold
Derivative financial instruments.
Fair value of liabilities	2
2019+ | Embedded - Put options - sold
Derivative financial instruments.
Fair value of liabilities	(103)
2020+ | Embedded - Call options - sold
Derivative financial instruments.
Fair value of liabilities	$ (1)

Additional information about_12

Additional information about derivatives financial instruments - Sensitivity analysis of derivative financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
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	$ (46)	$ (33)
CDI vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(46)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(154)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(262)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(46)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(50)
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	(46)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(46)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(46)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(370)	(381)
TJLP vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(370)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(614)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(858)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(370)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(378)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(386)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(370)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(379)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(388)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(370)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(379)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(388)
TJLP vs. US$ floating rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(56)
TJLP vs. US$ floating rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(82)
TJLP vs. US$ floating rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(108)
TJLP vs. US$ floating rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(56)
TJLP vs. US$ floating rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(56)
TJLP vs. US$ floating rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(57)
TJLP vs. US$ floating rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(56)
TJLP vs. US$ floating rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(56)
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	(56)
TJLP vs. US$ floating rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(56)
TJLP vs. US$ floating rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(57)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(8)
Fair value of assets		24
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of assets	(8)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(85)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(161)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(8)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(18)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(28)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	(8)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(25)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(40)
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(80)	(34)
IPCA vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(80)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(194)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(308)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(80)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(83)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(87)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(80)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(87)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(93)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(80)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(84)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(87)
IPCA vs. CDI swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	89
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	71
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	55
IPCA vs. CDI swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of assets	89
IPCA vs. CDI swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of assets	79
IPCA vs. CDI swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of assets	70
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(79)
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(70)
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(1)	$ 23
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Probable
Derivative financial instruments.
Fair value of assets	(1)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(170)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(340)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(6)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(11)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(16)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(33)
Protected item: EUR denominated debt | EUR depreciation | Scenario I
Derivative financial instruments.
Fair value of assets	170
Protected item: EUR denominated debt | EUR depreciation | Scenario II
Derivative financial instruments.
Fair value of assets	340
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(28)
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(126)
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(283)
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	126
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	283
Maritime Freight protection - Forwards | Freight price decrease | Probable
Derivative financial instruments.
Fair value of assets	1
Maritime Freight protection - Forwards | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(1)
Maritime Freight protection - Forwards | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(3)
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	1
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	3
Nickel sales fixed price protection - Forwards | Nickel price decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(10)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(29)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(48)
Protected item: Part of nickel revenues with fixed prices | Nickel price fluctuation | Scenario I
Derivative financial instruments.
Fair value of assets	29
Protected item: Part of nickel revenues with fixed prices | Nickel price fluctuation | Scenario II
Derivative financial instruments.
Fair value of assets	48
WPM Warrants | WPM stock price decrease | Probable
Derivative financial instruments.
Fair value of assets	8
WPM Warrants | WPM stock price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	2
Conversion options - VLI | VLI stock value increase | Probable
Derivative financial instruments.
Fair value of liabilities	(59)
Conversion options - VLI | VLI stock value increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(94)
Conversion options - VLI | VLI stock value increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(138)
Options - MBR | Iron ore price decrease | Probable
Derivative financial instruments.
Fair value of assets	279
Options - MBR | Iron ore price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	186
Options - MBR | Iron ore price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	105
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Probable
Derivative financial instruments.
Fair value of assets	2
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(8)
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(19)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(3)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(6)
Embedded derivatives - Gas purchase | Pellet price increase | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
Embedded derivatives - Gas purchase | Pellet price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(2)
Embedded derivatives - Gas purchase | Pellet price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(5)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(103)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(229)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	$ (442)

Additional information about_13

Additional information about derivatives financial instruments - Market curves, Products (Details)	12 Months Ended
	Dec. 31, 2018$ / lb$ / T$ / d
SPOT | Nickel
Product price market curves
Price	10,595
SPOT | Copper
Product price market curves
Price | $ / lb	2.63
SPOT | Bunker Oil
Product price market curves
Price	334
SPOT | Maritime Freight
Product price market curves
Price | $ / d	14,797
JAN 19 | Nickel
Product price market curves
Price	10,637
JAN 19 | Copper
Product price market curves
Price | $ / lb	2.71
JAN 19 | Bunker Oil
Product price market curves
Price	327
JAN 19 | Maritime Freight
Product price market curves
Price | $ / d	16,175
FEB 19 | Nickel
Product price market curves
Price	10,663
FEB 19 | Copper
Product price market curves
Price | $ / lb	2.71
FEB 19 | Bunker Oil
Product price market curves
Price	322
FEB 19 | Maritime Freight
Product price market curves
Price | $ / d	12,225
MAR 19 | Nickel
Product price market curves
Price	10,692
MAR 19 | Copper
Product price market curves
Price | $ / lb	2.71
MAR 19 | Bunker Oil
Product price market curves
Price	319
MAR 19 | Maritime Freight
Product price market curves
Price | $ / d	13,233
APR 19 | Nickel
Product price market curves
Price	10,720
APR 19 | Copper
Product price market curves
Price | $ / lb	2.71
APR 19 | Bunker Oil
Product price market curves
Price	315
APR 19 | Maritime Freight
Product price market curves
Price | $ / d	13,521
MAY 19 | Nickel
Product price market curves
Price	10,749
MAY 19 | Copper
Product price market curves
Price | $ / lb	2.71
MAY 19 | Bunker Oil
Product price market curves
Price	311
MAY 19 | Maritime Freight
Product price market curves
Price | $ / d	13,896
JUN 19 | Nickel
Product price market curves
Price	10,777
JUN 19 | Copper
Product price market curves
Price | $ / lb	2.71
JUN 19 | Bunker Oil
Product price market curves
Price	307
JUN 19 | Maritime Freight
Product price market curves
Price | $ / d	15,096
JUL 19 | Nickel
Product price market curves
Price	10,809
JUL 19 | Copper
Product price market curves
Price | $ / lb	2.70
JUL 19 | Bunker Oil
Product price market curves
Price	302
JUL 19 | Maritime Freight
Product price market curves
Price | $ / d	16,817
AUG 19 | Nickel
Product price market curves
Price	10,838
AUG 19 | Copper
Product price market curves
Price | $ / lb	2.70
AUG 19 | Bunker Oil
Product price market curves
Price	297
AUG 19 | Maritime Freight
Product price market curves
Price | $ / d	16,817
SEP 19 | Nickel
Product price market curves
Price	10,865
SEP 19 | Copper
Product price market curves
Price | $ / lb	2.70
SEP 19 | Bunker Oil
Product price market curves
Price	291
SEP 19 | Maritime Freight
Product price market curves
Price | $ / d	16,817
OCT 19 | Nickel
Product price market curves
Price	10,891
OCT 19 | Copper
Product price market curves
Price | $ / lb	2.70
OCT 19 | Bunker Oil
Product price market curves
Price	283
OCT 19 | Maritime Freight
Product price market curves
Price | $ / d	20,350
NOV 19 | Nickel
Product price market curves
Price	10,916
NOV 19 | Copper
Product price market curves
Price | $ / lb	2.70
NOV 19 | Bunker Oil
Product price market curves
Price	276
NOV 19 | Maritime Freight
Product price market curves
Price | $ / d	20,350
DEC 19 | Nickel
Product price market curves
Price	10,943
DEC 19 | Copper
Product price market curves
Price | $ / lb	2.70
DEC 19 | Bunker Oil
Product price market curves
Price	270
DEC 19 | Maritime Freight
Product price market curves
Price | $ / d	20,350
DEC20 | Nickel
Product price market curves
Price	11,231
DEC20 | Copper
Product price market curves
Price | $ / lb	2.70
DEC20 | Bunker Oil
Product price market curves
Price	267
DEC21 | Nickel
Product price market curves
Price	11,516
DEC21 | Copper
Product price market curves
Price | $ / lb	2.69
DEC21 | Bunker Oil
Product price market curves
Price	238
DEC22 | Nickel
Product price market curves
Price	11,799
DEC22 | Copper
Product price market curves
Price | $ / lb	2.70
DEC22 | Bunker Oil
Product price market curves
Price	213
Cal 2020 | Maritime Freight
Product price market curves
Price | $ / d	15,613
Cal 2021 | Maritime Freight
Product price market curves
Price | $ / d	13,350
Cal 2022 | Maritime Freight
Product price market curves
Price | $ / d	13,433

Additional information about_14

Additional information about derivatives financial instruments - Market curves, Interest rates (Details)	Dec. 31, 2018
US$-Brazil Interest Rate | Maturity on 02/01/19
Interest rate curves
Interest rate	4.24%
US$-Brazil Interest Rate | Maturity on 03/01/19
Interest rate curves
Interest rate	3.83%
US$-Brazil Interest Rate | Maturity on 04/01/19
Interest rate curves
Interest rate	3.55%
US$-Brazil Interest Rate | Maturity on 05/02/19
Interest rate curves
Interest rate	3.50%
US$-Brazil Interest Rate | Maturity on 06/03/19
Interest rate curves
Interest rate	3.47%
US$-Brazil Interest Rate | Maturity on 07/01/19
Interest rate curves
Interest rate	3.48%
US$-Brazil Interest Rate | Maturity on 08/01/19
Interest rate curves
Interest rate	3.52%
US$-Brazil Interest Rate | Maturity on 09/02/19
Interest rate curves
Interest rate	3.47%
US$-Brazil Interest Rate | Maturity on 10/01/19
Interest rate curves
Interest rate	3.53%
US$-Brazil Interest Rate | Maturity on 11/01/19
Interest rate curves
Interest rate	3.60%
US$-Brazil Interest Rate | Maturity on 12/02/19
Interest rate curves
Interest rate	3.61%
US$-Brazil Interest Rate | Maturity on 01/02/20
Interest rate curves
Interest rate	3.60%
US$-Brazil Interest Rate | Maturity on 04/01/20
Interest rate curves
Interest rate	3.63%
US$-Brazil Interest Rate | Maturity on 07/01/20
Interest rate curves
Interest rate	3.64%
US$-Brazil Interest Rate | Maturity on 10/01/20
Interest rate curves
Interest rate	3.64%
US$-Brazil Interest Rate | Maturity on 01/04/21
Interest rate curves
Interest rate	3.67%
US$-Brazil Interest Rate | Maturity on 04/01/21
Interest rate curves
Interest rate	3.66%
US$-Brazil Interest Rate | Maturity on 07/01/21
Interest rate curves
Interest rate	3.65%
US$-Brazil Interest Rate | Maturity on 10/01/21
Interest rate curves
Interest rate	3.67%
US$-Brazil Interest Rate | Maturity on 01/03/22
Interest rate curves
Interest rate	3.67%
US$-Brazil Interest Rate | Maturity on 04/01/22
Interest rate curves
Interest rate	3.68%
US$-Brazil Interest Rate | Maturity on 07/01/22
Interest rate curves
Interest rate	3.73%
US$-Brazil Interest Rate | Maturity on 10/03/22
Interest rate curves
Interest rate	3.69%
US$-Brazil Interest Rate | Maturity on 01/02/23
Interest rate curves
Interest rate	3.73%
US$-Brazil Interest Rate | Maturity on 04/03/23
Interest rate curves
Interest rate	3.74%
US$-Brazil Interest Rate | Maturity on 07/03/23
Interest rate curves
Interest rate	3.72%
US$-Brazil Interest Rate | Maturity on 10/02/23
Interest rate curves
Interest rate	3.74%
US$-Brazil Interest Rate | Maturity on 01/02/24
Interest rate curves
Interest rate	3.82%
US$-Brazil Interest Rate | Maturity on 07/01/24
Interest rate curves
Interest rate	3.73%
US$-Brazil Interest Rate | Maturity on 01/02/25
Interest rate curves
Interest rate	3.85%
US$ Interest Rate | JAN 19
Interest rate curves
Interest rate	2.52%
US$ Interest Rate | FEB 19
Interest rate curves
Interest rate	2.62%
US$ Interest Rate | MAR 19
Interest rate curves
Interest rate	2.79%
US$ Interest Rate | APR 19
Interest rate curves
Interest rate	2.79%
US$ Interest Rate | MAY 19
Interest rate curves
Interest rate	2.79%
US$ Interest Rate | JUN 19
Interest rate curves
Interest rate	2.78%
US$ Interest Rate | JUL 19
Interest rate curves
Interest rate	2.78%
US$ Interest Rate | AUG 19
Interest rate curves
Interest rate	2.78%
US$ Interest Rate | SEP 19
Interest rate curves
Interest rate	2.78%
US$ Interest Rate | OCT 19
Interest rate curves
Interest rate	2.78%
US$ Interest Rate | NOV 19
Interest rate curves
Interest rate	2.78%
US$ Interest Rate | 2019
Interest rate curves
Interest rate	2.78%
US$ Interest Rate | 2020
Interest rate curves
Interest rate	2.71%
US$ Interest Rate | 2021
Interest rate curves
Interest rate	2.67%
US$ Interest Rate | 2022
Interest rate curves
Interest rate	2.69%
TJLP | Maturity on 02/01/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 03/01/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 04/01/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 05/02/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 06/03/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 07/01/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 08/01/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 09/02/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 10/01/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 11/01/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 12/02/19
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 01/02/20
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 04/01/20
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 07/01/20
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 10/01/20
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 01/04/21
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 04/01/21
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 07/01/21
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 10/01/21
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 01/03/22
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 04/01/22
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 07/01/22
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 10/03/22
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 01/02/23
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 04/03/23
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 07/03/23
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 10/02/23
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 01/02/24
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 07/01/24
Interest rate curves
Interest rate	6.98%
TJLP | Maturity on 01/02/25
Interest rate curves
Interest rate	6.98%
BRL Interest Rate | Maturity on 02/01/19
Interest rate curves
Interest rate	6.41%
BRL Interest Rate | Maturity on 03/01/19
Interest rate curves
Interest rate	6.42%
BRL Interest Rate | Maturity on 04/01/19
Interest rate curves
Interest rate	6.43%
BRL Interest Rate | Maturity on 05/02/19
Interest rate curves
Interest rate	6.44%
BRL Interest Rate | Maturity on 06/03/19
Interest rate curves
Interest rate	6.44%
BRL Interest Rate | Maturity on 07/01/19
Interest rate curves
Interest rate	6.45%
BRL Interest Rate | Maturity on 08/01/19
Interest rate curves
Interest rate	6.46%
BRL Interest Rate | Maturity on 09/02/19
Interest rate curves
Interest rate	6.46%
BRL Interest Rate | Maturity on 10/01/19
Interest rate curves
Interest rate	6.49%
BRL Interest Rate | Maturity on 11/01/19
Interest rate curves
Interest rate	6.52%
BRL Interest Rate | Maturity on 12/02/19
Interest rate curves
Interest rate	6.53%
BRL Interest Rate | Maturity on 01/02/20
Interest rate curves
Interest rate	6.55%
BRL Interest Rate | Maturity on 04/01/20
Interest rate curves
Interest rate	6.70%
BRL Interest Rate | Maturity on 07/01/20
Interest rate curves
Interest rate	6.91%
BRL Interest Rate | Maturity on 10/01/20
Interest rate curves
Interest rate	7.16%
BRL Interest Rate | Maturity on 01/04/21
Interest rate curves
Interest rate	7.36%
BRL Interest Rate | Maturity on 04/01/21
Interest rate curves
Interest rate	7.59%
BRL Interest Rate | Maturity on 07/01/21
Interest rate curves
Interest rate	7.77%
BRL Interest Rate | Maturity on 10/01/21
Interest rate curves
Interest rate	7.95%
BRL Interest Rate | Maturity on 01/03/22
Interest rate curves
Interest rate	8.08%
BRL Interest Rate | Maturity on 04/01/22
Interest rate curves
Interest rate	8.17%
BRL Interest Rate | Maturity on 07/01/22
Interest rate curves
Interest rate	8.35%
BRL Interest Rate | Maturity on 10/03/22
Interest rate curves
Interest rate	8.43%
BRL Interest Rate | Maturity on 01/02/23
Interest rate curves
Interest rate	8.53%
BRL Interest Rate | Maturity on 04/03/23
Interest rate curves
Interest rate	8.64%
BRL Interest Rate | Maturity on 07/03/23
Interest rate curves
Interest rate	8.70%
BRL Interest Rate | Maturity on 10/02/23
Interest rate curves
Interest rate	8.79%
BRL Interest Rate | Maturity on 01/02/24
Interest rate curves
Interest rate	8.86%
BRL Interest Rate | Maturity on 07/01/24
Interest rate curves
Interest rate	8.98%
BRL Interest Rate | Maturity on 01/02/25
Interest rate curves
Interest rate	9.10%
Implicit Inflation (IPCA) | Maturity on 02/01/19
Interest rate curves
Interest rate	3.74%
Implicit Inflation (IPCA) | Maturity on 03/01/19
Interest rate curves
Interest rate	3.75%
Implicit Inflation (IPCA) | Maturity on 04/01/19
Interest rate curves
Interest rate	3.77%
Implicit Inflation (IPCA) | Maturity on 05/02/19
Interest rate curves
Interest rate	3.78%
Implicit Inflation (IPCA) | Maturity on 06/03/19
Interest rate curves
Interest rate	3.78%
Implicit Inflation (IPCA) | Maturity on 07/01/19
Interest rate curves
Interest rate	3.79%
Implicit Inflation (IPCA) | Maturity on 08/01/19
Interest rate curves
Interest rate	3.79%
Implicit Inflation (IPCA) | Maturity on 09/02/19
Interest rate curves
Interest rate	3.79%
Implicit Inflation (IPCA) | Maturity on 10/01/19
Interest rate curves
Interest rate	3.83%
Implicit Inflation (IPCA) | Maturity on 11/01/19
Interest rate curves
Interest rate	3.85%
Implicit Inflation (IPCA) | Maturity on 12/02/19
Interest rate curves
Interest rate	3.87%
Implicit Inflation (IPCA) | Maturity on 01/02/20
Interest rate curves
Interest rate	3.88%
Implicit Inflation (IPCA) | Maturity on 04/01/20
Interest rate curves
Interest rate	3.81%
Implicit Inflation (IPCA) | Maturity on 07/01/20
Interest rate curves
Interest rate	3.88%
Implicit Inflation (IPCA) | Maturity on 10/01/20
Interest rate curves
Interest rate	3.90%
Implicit Inflation (IPCA) | Maturity on 01/04/21
Interest rate curves
Interest rate	3.93%
Implicit Inflation (IPCA) | Maturity on 04/01/21
Interest rate curves
Interest rate	3.98%
Implicit Inflation (IPCA) | Maturity on 07/01/21
Interest rate curves
Interest rate	4.01%
Implicit Inflation (IPCA) | Maturity on 10/01/21
Interest rate curves
Interest rate	4.04%
Implicit Inflation (IPCA) | Maturity on 01/03/22
Interest rate curves
Interest rate	4.05%
Implicit Inflation (IPCA) | Maturity on 04/01/22
Interest rate curves
Interest rate	4.03%
Implicit Inflation (IPCA) | Maturity on 07/01/22
Interest rate curves
Interest rate	4.12%
Implicit Inflation (IPCA) | Maturity on 10/03/22
Interest rate curves
Interest rate	4.11%
Implicit Inflation (IPCA) | Maturity on 01/02/23
Interest rate curves
Interest rate	4.14%
Implicit Inflation (IPCA) | Maturity on 04/03/23
Interest rate curves
Interest rate	4.18%
Implicit Inflation (IPCA) | Maturity on 07/03/23
Interest rate curves
Interest rate	4.19%
Implicit Inflation (IPCA) | Maturity on 10/02/23
Interest rate curves
Interest rate	4.22%
Implicit Inflation (IPCA) | Maturity on 01/02/24
Interest rate curves
Interest rate	4.25%
Implicit Inflation (IPCA) | Maturity on 07/01/24
Interest rate curves
Interest rate	4.30%
Implicit Inflation (IPCA) | Maturity on 01/02/25
Interest rate curves
Interest rate	4.35%
EUR Interest Rate | JAN 19
Interest rate curves
Interest rate	(0.41%)
EUR Interest Rate | FEB 19
Interest rate curves
Interest rate	(0.38%)
EUR Interest Rate | MAR 19
Interest rate curves
Interest rate	(0.36%)
EUR Interest Rate | APR 19
Interest rate curves
Interest rate	(0.32%)
EUR Interest Rate | MAY 19
Interest rate curves
Interest rate	(0.29%)
EUR Interest Rate | JUN 19
Interest rate curves
Interest rate	(0.28%)
EUR Interest Rate | JUL 19
Interest rate curves
Interest rate	(0.26%)
EUR Interest Rate | AUG 19
Interest rate curves
Interest rate	(0.25%)
EUR Interest Rate | SEP 19
Interest rate curves
Interest rate	(0.25%)
EUR Interest Rate | OCT 19
Interest rate curves
Interest rate	(0.24%)
EUR Interest Rate | NOV 19
Interest rate curves
Interest rate	0.24%
EUR Interest Rate | 2019
Interest rate curves
Interest rate	0.23%
EUR Interest Rate | 2020
Interest rate curves
Interest rate	0.17%
EUR Interest Rate | 2021
Interest rate curves
Interest rate	(0.08%)
EUR Interest Rate | 2022
Interest rate curves
Interest rate	0.05%
CAD Interest Rate | JAN 19
Interest rate curves
Interest rate	2.30%
CAD Interest Rate | FEB 19
Interest rate curves
Interest rate	2.29%
CAD Interest Rate | MAR 19
Interest rate curves
Interest rate	2.31%
CAD Interest Rate | APR 19
Interest rate curves
Interest rate	2.32%
CAD Interest Rate | MAY 19
Interest rate curves
Interest rate	2.33%
CAD Interest Rate | JUN 19
Interest rate curves
Interest rate	2.34%
CAD Interest Rate | JUL 19
Interest rate curves
Interest rate	2.00%
CAD Interest Rate | AUG 19
Interest rate curves
Interest rate	1.74%
CAD Interest Rate | SEP 19
Interest rate curves
Interest rate	1.54%
CAD Interest Rate | OCT 19
Interest rate curves
Interest rate	1.37%
CAD Interest Rate | NOV 19
Interest rate curves
Interest rate	1.24%
CAD Interest Rate | 2019
Interest rate curves
Interest rate	1.13%
CAD Interest Rate | 2020
Interest rate curves
Interest rate	2.29%
CAD Interest Rate | 2021
Interest rate curves
Interest rate	2.31%
CAD Interest Rate | 2022
Interest rate curves
Interest rate	2.35%

Additional information about_15

Additional information about derivatives financial instruments - Currency ending rates (Details)	Dec. 31, 2018€ / $	Dec. 31, 2018$ / $	Dec. 31, 2018R$ / $	Dec. 31, 2018R$ / €	Dec. 31, 2018R$ / $	Dec. 31, 2017R$ / $	Dec. 31, 2017R$ / €	Dec. 31, 2017R$ / $	Dec. 31, 2016R$ / $	Dec. 31, 2016R$ / €	Dec. 31, 2016R$ / $
Additional information about derivatives financial instruments
Currencies - Ending rates	1.1452	0.7341	3.8748	4.4390	2.8451	3.3080	3.9693	2.6344	3.2591	3.4384	2.4258