Vale (VALE) 20-F 3 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Document and Entity Information
Document Type	20-F
Entity Registrant Name	VALE S.A.
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Central Index Key	0000917851
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
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 R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares
Continuing operations
Net operating revenue	$ 37,570	$ 36,575	$ 33,967
Cost of goods sold and services rendered	(21,187)	(22,109)	(21,039)
Gross profit	16,383	14,466	12,928
Operating expenses
Selling and administrative expenses	(487)	(523)	(531)
Research and evaluation expenses	(443)	(373)	(340)
Pre-operating and operational stoppage	(1,153)	(271)	(413)
Brumadinho event	(7,402)
Other operating expenses, net	(505)	(445)	(420)
Total	(9,990)	(1,612)	(1,704)
Impairment and disposal of non-current assets	(5,074)	(899)	(294)
Operating income	1,319	11,955	10,930
Financial income	527	423	478
Financial expenses	(3,806)	(2,345)	(3,273)
Other financial items, net	(134)	(3,035)	(224)
Equity results and other results in associates and joint ventures	(681)	(182)	(82)
Income (loss) before income taxes	(2,775)	6,816	7,829
Income taxes
Current tax	(1,522)	(752)	(849)
Deferred tax	2,117	924	(646)
Total	595	172	(1,495)
Net income (loss) from continuing operations	(2,180)	6,988	6,334
Net income (loss) attributable to noncontrolling interests	(497)	36	21
Net income (loss) from continuing operations attributable to Vale's stockholders	(1,683)	6,952	6,313
Discontinued operations
Loss from discontinued operations		(92)	(813)
Loss attributable to noncontrolling interests			(7)
Loss from discontinued operations attributable to Vale's stockholders		(92)	(806)
Net income (loss)	(2,180)	6,896	5,521
Net income (loss) attributable to noncontrolling interests	(497)	36	14
Net income (loss) attributable to Vale's stockholders	$ (1,683)	$ 6,860	$ 5,507
Common share
Basic and diluted earnings (loss) per share:
Common share (US$) | $ / shares	$ (0.33)	$ 1.32	$ 1.05

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statement of Comprehensive Income
Net income (loss)	$ (2,180)	$ 6,896	$ 5,521
Items that will not be subsequently reclassified to income statement
Translation adjustments	(1,677)	(6,762)	(717)
Retirement benefit obligations	(126)	41	(46)
Fair value adjustment to investment in equity securities	(184)	60
Transfer to reserve		(16)
Total items that will not be subsequently reclassified to income statement, net of tax	(1,987)	(6,677)	(763)
Items that may be subsequently reclassified to income statement
Translation adjustments	1,111	3,899	1,026
Net investments hedge	(74)	(543)	(95)
Cash flow hedge	102
Transfer of realized results to net income		(78)	(11)
Total of items that may be subsequently reclassified to income statement, net of tax	1,139	3,278	920
Total comprehensive income (loss)	(3,028)	3,497	5,678
Comprehensive income (loss) attributable to noncontrolling interests	(512)	(84)	13
Comprehensive income (loss) attributable to Vale's stockholders	(2,516)	3,581	5,665
From continuing operations	(2,516)	3,589	5,696
From discontinued operations		(8)	(31)
Comprehensive income (loss) attributable to Vale's stockholders	$ (2,516)	$ 3,581	$ 5,665

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statement of Cash Flows
Cash flow from operations		$ 15,608	$ 15,330	$ 15,562
Interest on loans and borrowings paid		(1,186)	(1,121)	(1,686)
Derivatives received (paid), net		(324)	(67)	(240)
Interest on participative stockholders' debentures paid		(179)	(113)	(135)
Income taxes (including settlement program)		(1,809)	(1,128)	(1,051)
Net cash provided by operating activities from continuing operations		12,110	12,901	12,450
Cash flow from investing activities:
Capital expenditures		(3,704)	(3,784)	(3,831)
Additions to investments		(76)	(23)	(93)
Acquisition of subsidiary, net of cash		(926)
Proceeds from disposal of assets and investments		142	1,481	922
Dividends received from associates and joint ventures		353	245	227
Judicial deposits and restricted cash		(1,638)
Short-term investment (LFTs)		(828)	(50)	(90)
Others investments activities, net	[1]	(312)	2,290	(493)
Net cash provided by (used in) investing activities from continuing operations		(6,989)	159	(3,358)
Cash flow from financing activities:
Loans and borrowings from third-parties		(2,275)	(6,616)	(7,022)
Payments of leasing		(224)
Dividends and interest on capital paid to stockholders			(3,313)	(1,456)
Dividends and interest on capital paid to noncontrolling interest		(184)	(182)	(126)
Share buyback program			(1,000)
Transactions with noncontrolling stockholders		(812)	(17)	(98)
Net cash used in financing activities from continuing operations		(3,495)	(11,128)	(8,702)
Net cash used in discontinued operations			(46)	(252)
Net cash used in discontinued operations			(46)	(252)
Increase in cash and cash equivalents		1,626	1,886	138
Cash and cash equivalents in the beginning of the year		5,784	4,328	4,262
Effect of exchange rate changes on cash and cash equivalents		(60)	(313)	(60)
Effects of disposals of subsidiaries and merger, net of cash and cash equivalents			(117)	(12)
Cash and cash equivalents at end of the year		7,350	5,784	4,328
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs		140	194	370
Cash flow from operating activities:
Income (loss) before income taxes from continuing operations		(2,775)	6,816	7,829
Adjusted for:
Provisions related to Brumadinho		6,550
Equity results and other results in associates and joint ventures		681	182	82
Impairment and disposal of non-current assets		5,074	899	294
Depreciation, amortization and depletion		3,726	3,351	3,708
Financial results, net		3,413	4,957	3,019
Changes in assets and liabilities:
Accounts receivable		(25)	(156)	1,277
Inventories		110	(817)	(339)
Suppliers and contractors	[2]	655	(376)	232
Provision - Payroll, related charges and others remunerations		(94)	(11)	372
Proceeds from streaming transactions			690
Payments related to Brumadinho	[3]	(989)
Other assets and liabilities, net		(718)	(205)	(912)
Cash flow from operations		$ 15,608	$ 15,330	$ 15,562
[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.
[2]	Includes variable lease payments.
[3]	Additionally, the Company has incurred in expenses in the amount of US$730 recognized straight to the income statement, totaling the amount of US$1,719 have already been disbursed by the Company related to the Brumadinho event.

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Consolidated Statement of Cash Flows
Proceeds received from Nacala project finance	$ 2,572
Expense incurred in relation to Brumadinho event	730
Amount already been disbursed related to the Brumadinho event	$ 1,719

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 7,350	$ 5,784
Short-term investments	826	32
Accounts receivable	2,529	2,648
Other financial assets	759	403
Inventories	4,274	4,443
Prepaid income taxes	370	543
Recoverable taxes	552	883
Others	382	556
Total current assets	17,042	15,292
Non-current assets
Judicial deposits	3,159	1,716
Other financial assets	2,722	3,144
Prepaid income taxes	597	544
Recoverable taxes	607	751
Deferred income taxes	9,217	6,908
Others	496	263
Total non-current assets excluding investments, intangible assets and property, plant and equipment	16,798	13,326
Investments in associates and joint ventures	2,798	3,225
Intangibles	8,499	7,962
Property, plant and equipment	46,576	48,385
Total non current assets	74,671	72,898
Total assets	91,713	88,190
Current liabilities
Suppliers and contractors	4,107	3,512
Loans and borrowings	1,214	1,003
Leases	225
Other financial liabilities	1,074	1,604
Taxes payable	512	428
Settlement program ("REFIS")	431	432
Liabilities related to associates and joint ventures	516	289
Provisions	1,230	1,363
Liabilities related to Brumadinho	1,568
De-characterization of dams	309
interest on capital	1,571
Others	1,088	480
Total current liabilities	13,845	9,111
Non-current liabilities
Loans and borrowings	11,842	14,463
Leases	1,566
Other financial liabilities	4,372	2,877
Settlement program ("REFIS")	3,476	3,917
Deferred income taxes	1,882	1,532
Provisions	8,493	7,095
Liabilities related to Brumadinho	1,415
De-characterization of dams	2,180
Liabilities related to associates and joint ventures	1,184	832
Streaming transactions	2,063	2,293
Others	402	1,238
Total non current liabilities	38,875	34,247
Total liabilities	52,720	43,358
Stockholders' equity
Equity attributable to Vale's stockholders	40,067	43,985
Equity attributable to noncontrolling interests	(1,074)	847
Total stockholders' equity	38,993	44,832
Total liabilities and stockholders' equity	$ 91,713	$ 88,190

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Share capital	Capital reserve	Profit reserves	Treasury stocks	Other reserves	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, 2016	$ 61,614		$ 4,203	$ (1,477)	$ (1,998)	$ (23,300)		$ 39,042	$ 1,982	$ 41,024
Net income (loss)							$ 5,507	5,507	14	5,521
Other comprehensive income			(158)		(36)	352		158	(1)	157
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		$ 1,139						1,139		1,139
Balance at end of year at Dec. 31, 2017	61,614	1,139	7,419	(1,477)	(2,289)	(22,948)		43,458	1,314	44,772
Net income (loss)							6,860	6,860	36	6,896
Other comprehensive income			(1,257)		134	(2,156)		(3,279)	(120)	(3,399)
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	1,139	10,968	(2,477)	(2,155)	(25,104)		43,985	847	44,832
Net income (loss)							(1,683)	(1,683)	(497)	(2,180)
Other comprehensive income			(428)		(298)	(107)		(833)	(15)	(848)
Interest on capital of Vale's stockholders			(1,767)					(1,767)		(1,767)
Dividends of noncontrolling interest									(87)	(87)
Acquisitions and disposal of noncontrolling interest					343			343	(1,350)	(1,007)
Capitalization of noncontrolling interest advances									28	28
Allocation of loss			(1,683)				$ 1,683
Assignment and transfer of shares				22				22		22
Balance at end of year at Dec. 31, 2019	$ 61,614	$ 1,139	$ 7,090	$ (2,455)	$ (2,110)	$ (25,211)		$ 40,067	$ (1,074)	$ 38,993

Corporate information

Corporate information	12 Months Ended
	Dec. 31, 2019
Corporate information
Corporate information	1. Corporate information Vale S.A. and its direct and indirect subsidiaries (“Vale” or the “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) and Madrid – LATIBEX (XVALO).

Basis of preparation of the fin

Basis of preparation of the financial statements	12 Months Ended
	Dec. 31, 2019
Basis of preparation of the financial statements
Basis of preparation of the financial statements	2. Basis of 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 International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). b) Basis of presentation The financial statements have been prepared on a historical cost basis 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. Certain reclassifications have been made to amounts presented in the explanatory notes to conform to the current year presentation. These financial statements were authorized for issue on February 20, 2020, except for notes 3(f.iii) and 34, as to which the date of approval is April 3, 2020. 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 2019 2018 2017 2019 2018 2017 US Dollar ("US$") 4.0307 3.8748 3.3080 3.9461 3.6558 3.1925 Canadian dollar ("CAD") 3.1034 2.8451 2.6344 2.9746 2.8190 2.4618 Euro ("EUR" or "€") 4.5305 4.4390 3.9693 4.4159 4.3094 3.6088 d) Significant accounting policies Significant accounting policies used in the preparation of these financial statements are disclosed in the respective notes. The accounting policies have been consistently applied to all years presented, except for the adoption of the new accounting standards described as follows: IFRIC 23 Uncertainty over income tax treatments – IFRIC 23 became effective for annual periods beginning on or after January 1, 2019 and clarifies the measurement and recognition requirements of IAS 12 Income taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: (i) whether an entity considers uncertain tax treatments separately, (ii) the assumptions an entity makes about the examination of tax treatments by tax authorities, and (iii) how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits, and tax rates. Upon adoption of the Interpretation, the Company considered whether it has any uncertain tax positions, particularly those relating to the deduction of social security contributions on the net income (“ CSLL ”) in Brazil, and determined that, although there is an uncertainty that could affect the 2018 year end, it is deemed probable that the Company’s treatments will be accepted by the Brazilian tax authority. Further details in relation to this uncertain tax position is disclosed in note 8. IFRS 16 Leases – The Company applied IFRS 16 from January 1, 2019 using the retrospective approach with the cumulative effect recognized as at the date of initial application. Accordingly, the comparative information has not been restated and continues to be presented under IAS 17 and related interpretations. On transitioning to IFRS 16, the lease agreements were recognized in the statement of financial position and measured discounting the remaining minimum contractual payments at the present value, using the Company’s incremental borrowing rate, depending on the remaining lease term. The Company used the following practical expedients in applying IFRS 16: (i) applied a single discount rate to a portfolio of leases with similar characteristics; (ii) applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term and/or leases of low-value assets. The payments associated to these leases will be recognized as an expense on a straight-line basis over the lease term; and (iii) used hindsight when determining the lease term, to determine if the contract contains options to extend or terminate the lease. As a result of IFRS 16 adoption, the Company has changed its accounting policy for lease contracts, except for its mineral leases, as the standard excludes from its scope leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. Details of these changes are summarized below. The ferrous minerals produced in Brazil are mainly shipped to Asia. The Company has leased the Ponta da Madeira and Itaguaí maritime terminals in Brazil, that are primarily for the delivery of iron ore and iron ore pellets to bulk carrier vessels. The remaining lease terms are, respectively, 4 and 7 years for the ports in Brazil. Vale also has a lease agreement for a maritime terminal in Oman, which is used to deliver iron ore pellets produced in that location. The remaining lease term is 24 years for the port in Oman. Some of the delivery of iron ore from Brazil to the Asian clients are made through five time-charter agreements, which have 11 years remaining lease term on average. As part of the ferrous minerals segment, the Company also has long-term agreements for the exploration and processing of iron ore with its joint ventures, such as the agreements to lease the pelletizing plants in Brazil. These lease agreements contain variable payment terms based on the pellet production. In addition, the Company leases an oxygen plant dedicated to the base metals operation, as part of its nickel operation run in Canada. The remaining period of this lease agreement is 11 years. The Company also has a long-term contract related to the right of use of certain locomotives dedicated to the transportation of coal in Mozambique, which has a remaining lease term of 7 years. Vale has leased properties for its operational facilities and commercial and administrative offices in the various locations where the Company conducts its business. Following are the discount rates applied in discounting the lease liabilities at present value: Discount rate Ports 3% to 6 % Vessels 3% to 6 % Pellets plants 3% to 6 % Properties 3% to 7 % Energy plants 4% to 5 % Locomotives 7 % Mining equipment 4% to 6 % Until December 31, 2018, the lease arrangements were classified as operating leases and were not recognized in the Company’s statement of financial position. The contractual payments were recognized in the income statement on a straight-line basis over the term of the lease. Following are the lease liabilities recognized under IFRS 16 reconciled to the disclosed operating lease commitments under IAS 17, as at December 31, 2018: Lease commitments disclosed on December Present value Lease liability recognized 31, 2018 Contracts scoped out adjustment on January 1, 2019 Ports 1,131 — (364) 767 Vessels 769 (1) (164) 604 Pellets plants 218 (15) (52) 151 Properties 162 (1) (24) 137 Energy plants 94 — (29) 65 Locomotives 68 (7) (16) 45 Mining equipment 55 (18) (5) 32 Total 2,497 (42) (654) 1,801 The lease liability is presented on the statement of financial position as “Leases” and the accounting policy related to leases is disclosed in note 19. The total amount of the variable lease payments not included in the measurement of lease liabilities, which have been recognized straight to the income statement, for the year ended December 31, 2019 was US$560. The interest accretion recognized in the income statement is disclosed in note 6. Changes in the recognized right-of-use assets and leases liabilities are as follows: Assets Additions and contract Translation December 31, January 1, 2019 modifications (i) Impairment (ii) Depreciation adjustment 2019 Ports 767 13 — (41) (5) 734 Vessels 604 28 — (50) — 582 Pellets plants 151 60 — (35) (15) 161 Properties 137 42 (16) (30) — 133 Energy plants 65 4 — (7) 2 64 Locomotives 45 — (39) (6) — — Mining equipment 32 — — (14) — 18 Total 1,801 147 (55) (183) (18) 1,692 Liabilities Additions and contract Translation December 31, January 1, 2019 modifications (i) Payments Interest adjustment 2019 Ports 767 13 (55) 31 (6) 750 Vessels 604 28 (74) 22 — 580 Pellets plants 151 60 (36) 8 (8) 175 Properties 137 42 (34) 7 — 152 Energy plants 65 4 (7) 4 5 71 Locomotives 45 — (8) 3 — 40 Mining equipment 32 — (10) 1 — 23 Total 1,801 147 (224) 76 (9) 1,791 (i) Additions mainly relates to new administrative offices lease and to renewal of the contract with Nibrasco, a pelletizing plant, which expires in December 2022. (ii) Relates to the impairment of coal business assets, which resulted in the provision for loss of properties e and locomotive right of use assets. Further details in relation to the impairment is disclosed in note 20. The annual minimum payments are presented as follows: 2020 2021 2022 2023 2024 onwards Total Ports 59 59 59 58 851 1,086 Vessels 67 65 63 62 465 722 Pellets plants 35 31 31 11 110 218 Properties 42 37 22 18 64 183 Energy plants 7 7 7 7 64 92 Locomotives 8 8 8 8 23 55 Mining equipment 7 6 6 4 4 27 Total 225 213 196 168 1,581 2,383 The amounts in the table above presents the undiscounted lease obligation by maturity date. The lease liability disclosed as “leases” in the balance sheet is measured at the present value of such obligations. 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 estimates. The significant estimates and judgments applied by the Company in the preparation of these financial statements are as follows: Note Significant estimates and judgments 3 Brumadinho dam failure 7 Deferred revenue 8 Deferred income taxes 15 Consolidation 19 Mineral reserves and mine useful life 20 Impairment of non-current assets 22 Liabilities related to associates and joint ventures 24 Fair values estimate 27 Asset retirement obligation 28 Litigation 29 Employee post-retirement obligations

Brumadinho dam failure

Brumadinho dam failure	12 Months Ended
	Dec. 31, 2019
Brumadinho's dam failure
Brumadinho's dam failure	3. Brumadinho dam failure On January 25, 2019, a tailings dam (“Dam I”) failed at the Córrego do Feijão mine, in the city of Brumadinho, state of Minas Gerais. The failure released a flow of tailings debris, destroying some of Vale’s facilities, affecting local communities and disturbing the environment. The tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho (“event”) resulted in 270 fatalities or presumed fatalities. The Córrego do Feijão mine is part of the Paraopeba complex, in the Southern System. Dam I contained approximately 11.7 million cubic meters of iron ore tailings and was inactive since 2016 (that is, without additional tailings disposal). Dam I was raised by building successive layers (“lifts”) above the tailings accumulated in the reservoir, a technique known as the “upstream” method. There are two other raising methods, the ‘‘downstream’’ and ‘‘centerline’’ methods. Each of these methods presents a different risk profile. The Company has been taking the necessary actions to support the victims and to mitigate and recover the social and environmental damages resulting from the event. Vale has provided support in multiple ways, aiming to ensure the humanitarian assistance to those affected by the dam failure. The Company has been focused on preventing further similar events through the accelerated decommissioning of upstream and some centerline dams. In addition, Vale has determined the suspension of the Shareholder’s Remuneration Policy and any other resolution related to shares buyback. As a result of the dam failure, the Company recognized in the income statement a total impact of US$7,402 (R$28,818 million) for the year ended December 31, 2019 to meet its assumed obligations, including de-characterization of the dams, indemnification and donations to those affected by the event, remediation of the affected areas and compensation to the society. a) De-characterization of the dams (a.i) Company’s dams On January 29, 2019, the Company informed the market and Brazilian authorities the decision to speed up the plan to “de-characterize” all of its tailings dams built under the upstream method (same method as Brumadinho’s dam), located in Brazil. The “de-characterization” means that the structure will be dismantled so the structure is effectively no longer a dam. After the event, the Brazilian National Mining Agency ( “Agência Nacional de Mineração – ANM” ) set new safety criteria for dams, determining the de-characterization of structures built under the upstream and centerline methods. 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 in full and potentially processing the tailings contained in the dams. Since the event, the Company has been working to develop detailed de-characterization engineering plan for each of these dams. The updated plans indicate that for certain of these upstream dams, firstly, the Company will have to reinforce the downstream massive structures, and conclude the de-characterization subsequently, according to the geotechnical and geographic conditions of each of them. It was also considered whether additional containment structures should be built, depending on the safety level of the structure. Following the Company’s decision and new standards set by ANM, the Company has undertaken an assessment of its dam structures since the event and recorded a provision for the de-characterization of upstream, certain “centerline structures” and dikes that have been identified to date. Vale has developed engineering projects for these structures and the total expected costs to carry out all de-characterization projects resulted in a provision of US$2,625 (R$10,274 million) recognized in the income statement. The changes in the provision for the year ended December 31, 2019 are as follows: 2019 Provision recognized 2,625 Payments (159) Interest accretion 101 Translation adjustment (78) Balance at December 31 2,489 Current liabilities 309 Non-current liabilities 2,180 Liabilities 2,489 The measurement of the costs and recognition of the provision takes into consideration several assumptions and estimates, which rely on factors, for which some are not under the Company’s control. The main critical assumptions and estimates applied considers, among others: (i) volume of the waste to be removed based on historical data available and interpretation of the enacted laws and regulations; (ii) location availability for the tailings disposal; (iii) acceptance by the authorities of the proposed engineering methods and solution; and (iv) updates in the discount rate. Therefore, changes in the critical assumptions and estimates may result in a material change to the amount provided as at December 31, 2019. (a.ii) Associates and joint ventures upstream dams Some of our investees also operate similar dam structures and as detailed in the note 22 to these financial statements, the Company recognized a provision of US$257 (R$993 million) during 2019 as “Equity results and other results in associates and joint ventures” in relation to the de-characterization of the Germano tailings dam, owned by Samarco Mineração S.A. b) Framework Agreements and donations The Company has been working together with the authorities and society to remediate the environmental and social impacts of the event. Therefore, the Company has started negotiations and entered into agreements with the relevant authorities and affected people. Vale has also signed an instrument committing to donate to Brumadinho city, other institutions, to the families with missing members or affected by fatalities, to business owners of the region and families that resided in the Self-Saving Zone near to the Brumadinho dam. Vale has also developed studies and projects to ensure geotechnical safety of the remaining structures at the Córrego do Feijão mine, in Brumadinho, and the removal and proper disposal of the tailings, especially alongside the Paraopeba river. In addition, Vale has set up an exclusive structure for treatment of the rescued animals, enabling emergency care and recovery. The changes in the provision in the year ended December 31, 2019 are as follows: 2019 Provision for social and economic compensation 2,735 Provision for environmental remediation and compensation 1,190 Payments (831) Interest accretion 47 Translation adjustment (158) Balance at December 31 2,983 Current liabilities 1,568 Non-current liabilities 1,415 Liabilities 2,983 The total amount of this provision may vary due to the early stage of the ongoing negotiations, timing and scope of the measures currently being discussed, which are subject to the approval and consent by the relevant authorities. In addition, the Company is under negotiations with the Government of the State of Minas Gerais (“GEMG”) and other relevant authorities for an additional agreement for collective damages indemnification and further compensation for the society and environment. The goal of Vale with a potential agreement would be to provide a stable legal framework for the execution of reparation and compensation, with the suspension of the existing civil lawsuits. The potential agreement is still very uncertain as it is subject to conclusion of the ongoing negotiations and approval by the Company, the Government of the State of Minas Gerais, Public Prosecutors and other Authorities and Intervenient parties. Therefore, the provisions recorded in these financial statements do not include the potential outcome of the current negotiation as it is not yet possible to reliably estimate an amount or whether the current negotiations will be successful. The estimate of the economic impact of a potential agreement will depend on (i) final agreement on the list of reparation and compensation projects, (ii) a detailed assessment of the estimates of the amounts to be spent on the reparation and compensation projects being discussed, (iii) an analysis of the detailed scope of such projects to determine their overlap with the initiatives and amounts already provisioned; and (iv) the timing of the execution of projects and disbursements, which will impact the present value of the obligations. Based on the current terms under discussion, and preliminary estimates subject to the uncertainties listed above, such possible agreement might result in an additional provision ranging from US$1 billion (R$4 billion) to US$2 billion (R$8 billion). All accounting impacts, if any, will be recorded in the period an agreement is reached. (b.i) Public Defendants On April 5, 2019, Vale and the Public Defendants of the State of Minas Gerais formalized an agreement under which those affected by the Brumadinho’s Dam failure may join an individual or family group out-of-Court settlement agreements for the indemnification of material, economic and moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were defined according to the best practices and case law of Brazilian Courts. (b.ii) Public Ministry of Labor On July 15, 2019, Vale signed a final 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 final agreement, Vale will either maintain the jobs of its direct employees and third-party employees until January 25, 2023 or convert this benefit into a cash compensation. The agreement also includes indemnification payments to the relatives of the fatal victims of the event, which may vary depending on their relationship with the victims, and a lifelong medical insurance benefit to the widows and widowers and a similar benefit to the dependents of the victims until they are 25 years old. In addition, the agreement set a collective moral damage indemnification payment in the amount of US$104 (R$400 million), which has been fully paid in 2019. (b.iii) Brazilian Federal Government, State of Minas Gerais, Public Prosecutors On February 20, 2019, Vale entered into a judicial preliminary agreement with the State of Minas Gerais, Federal Government, the Public Prosecutors of the State of Minas Gerais, the Federal Public Prosecutors and the Public Defenders of the State of Minas Gerais and representatives of Public Authorities in which the Company commits to make, subject to registration, emergency indemnification payments to the residents of Brumadinho and the communities that are located downstream up to one kilometer from the Paraopeba river bed, from Brumadinho to the city of Pompéu. Due to this agreement, the Company anticipated the indemnities through monthly payments, according to the age of the beneficiary and other factors, during a 12-month period. On November 28, 2019, the extension of emergency indemnification payments was ratified to those affected by the dam rupture for 10 months, starting from January 25, 2020. (b.iv) Environmental remediation and compensation On July 8, 2019, Vale has entered into an agreement with Companhia de Saneamento de Minas Gerais (“COPASA”) to implement several actions to clean up the affected areas and to upgrade the retention water system alongside the Paraopeba River and some other water collection points nearby the affected area. In addition, the Company mobilized the dredging of part of the material released, including cleaning and de-sanding of the Paraopeba river channel. c) Incurred expenses The Company has incurred in expenses, which do not qualify for provision and have been recognized straight to the income statement, in the amount of US$730 (R$2,903 million) for the year ended December 31, 2019. These expenses include communication services, accommodation and humanitarian assistance, equipment, legal services, water, food aid, taxes, among others. d) Operation stoppages The Company has suspended some operations due to judicial decisions or technical analysis performed by the Company on its upstream dam structures. The Company recorded a loss of US$759 (R$2,997 million) related to the operational stoppage and idle capacity of the ferrous mineral segment as “Pre-operating and operational stoppage” for the year ended December 31, 2019. During 2019, certain operations have partially returned and the Company is working on legal and technical measures to resume all operations at full capacity. e) Assets write-off Following the event and the decision to speed up the de-characterization of the upstream dams, the Company recognized a loss of US$235 (R$904 million) as “Impairment and disposal of non-current assets” for the year ended December 31, 2019 in relation to the assets write-off of the Córrego do Feijão mine and those related to the other upstream dams in Brazil. f) 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. Vale is evaluating these contingencies and would recognize a provision based on the updates on the stage of these claims. Following these contingencies, approximately US$1,608 (R$6,480 million) of the Company's assets are restricted as at December 31, 2019, of which approximately US$125 (R$504 million) of the Company’s bank accounts are restricted and US$1,483 (R$5,976 million) were converted into judicial deposits. For the Brumadinho event, the Company has additional guarantees in the amount of US1,396 (R$5,626 million), which were presented in court and used to release the respective judicial deposit during the year ended December 31, 2019. The expenses related to these additional guarantees in the amount of US$9 (R$36 million) was recorded as financial expense in the Company's income statement for the year ended December 31, 2019. (f.i) Administrative sanctions The Company was notified of the imposition of administrative fines by the Brazilian Institute of the Environment and Renewable Natural Resources (“IBAMA”), in the amount of US$62 (R$250 million), which the Company expects to settle through environmental projects. Furthermore, the Secretary for Environment – SEMA Brumadinho imposed administrative fines, in the total amount of US$45 (R$181 million). Both amounts are also recorded as at December 31, 2019. (f.ii) U.S. Securities class action suits Vale and certain of its officers and former officers have been named defendants in civil putative class action suits, under U.S. federal securities laws, brought before federal courts in New York by holders of our securities. These complaints were consolidated through an amended complaint brought by the Lead Plaintiff on October 25, 2019 before the United States District Court for the Eastern District of New York. The Lead Plaintiff alleges that we made false and misleading statements or omitted to make disclosures concerning the risks of the operations of Dam I in the Córrego de Feijão mine and the adequacy of the related programs and procedures. The Lead Plaintiff has not specified an amount of alleged damages in these actions. On December 13, 2019, the Company made a motion to dismiss the amended complaint. Vale intends to defend against this action and mount a full defense against these claims. Based on the assessment of the Company´s legal consultants and given its preliminary status, the expectation of loss of this proceeding is classified as possible. However, given the preliminary status of the action, it is not possible at this time to determine a reliable estimate of the potential exposure. Subsequent events are disclosed on note 34. (f.iii) Cooperation with the SEC The Company is cooperating with the SEC by providing documens and other information concerning the failure of Dam I as requested by the agency. g) Insurance The Company is negotiating with insurers under its operational risk and civil liability, 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. Due to uncertainties, no indemnification to the Company was recognized in Vale’s financial statements. Accounting policy Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Provisions are not recognized for future operating losses. Critical accounting estimates and judgments The measurement of the provision requires the use of significant judgements, estimates and assumptions. The provision reflects the estimated costs to comply with Vale’s obligation in relation to the event. The provision may be affected by factors including, but not limited to: (i) changes in laws and regulations; (ii) changes in the current estimated market price of the direct and indirect cost related to products and services, (iii) changes in timing for cash outflows, (iv) changes in the technology considered in measuring the provision, (v) number of individuals entitled to the indemnification payments, (vi) resolution of existing and potential legal claims, (vii) demographic assumptions, (viii) actuarial assumptions, and (ix) updates in the discount rate. Therefore, future expenditures may differ from the amounts currently provided because the realized assumptions and various other factors are not always under the Company’s control. These changes to key assumptions could result in a material impact to the amount of the provision in future reporting periods. At each reporting period, the Company will reassess the key assumptions used in the preparation of the projected cash flows and will adjust the provision, if required.

Information by business segment

Information by business segment and by geographic area	12 Months Ended
	Dec. 31, 2019
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, Base Metals and Coal. 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. 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 its by-products (gold and silver). Coal – comprise of the production and extraction of metallurgical and thermal coal and its logistic services. Fertilizers (Discontinued operations) - include the production of potash, phosphate, nitrogen and other fertilizer products (note 14). In 2019, due to the Brumadinho dam failure, the Company has created the Special Recovery and Development Board, which is in-charge of social, humanitarian, environmental and structural recovery measures that are implemented in Brumadinho and other affected areas. This Board reports to the CEO and assess the costs related to the Brumadinho event. These costs are not directly related to the Company's operating activities and, therefore, were not allocated to any operating segment. The Company allocate to “Others” the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. 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) impairment and disposal of non-current assets. Year ended December 31, 2019 Cost of goods Sales, 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 23,343 (8,778) (323) (123) (750) 29 13,398 Iron ore pellets 5,948 (2,666) (20) (16) (72) 258 3,432 Ferroalloys and manganese 282 (220) (8) (2) (1) — 51 Other ferrous products and services 432 (324) — (1) — 9 116 30,005 (11,988) (351) (142) (823) 296 16,997 Base metals Nickel and other products 4,257 (2,867) (75) (44) (28) — 1,243 Copper 1,904 (905) (5) (43) (20) — 931 6,161 (3,772) (80) (87) (48) — 2,174 Coal 1,021 (1,638) 1 (30) — 113 (533) Brumadinho event — — (7,402) — — — (7,402) Others 383 (390) (506) (184) (11) 57 (651) Total 37,570 (17,788) (8,338) (443) (882) 466 10,585 Year ended December 31, 2018 Cost of goods Sales, 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 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 Coal 1,643 (1,575) (9) (21) — 143 181 Others 296 (263) (752) (157) (21) 56 (841) Total from 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 Sales, 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 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 Coal 1,567 (1,354) (12) (14) (4) 179 362 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 Adjusted EBITDA is reconciled to net income (loss) as follows: From continuing operations Year ended December 31 2019 2018 2017 Net income (loss) from continuing operations attributable to Vale's stockholders (1,683) 6,952 6,313 Net income (loss) attributable to noncontrolling interests (497) 36 21 Net income (loss) from continuing operations (2,180) 6,988 6,334 Depreciation, depletion and amortization 3,726 3,351 3,708 Income taxes (595) (172) 1,495 Financial results 3,413 4,957 3,019 Equity results and other results in associates and joint ventures 681 182 82 Dividends received and interest from associates and joint ventures (i) 466 388 406 Impairment and disposal of non-current assets 5,074 899 294 Adjusted EBITDA from continuing operations 10,585 16,593 15,338 (i) Includes remuneration of the financial instrument in the coal segment. From discontinued operations Year ended December 31 2018 2017 Loss from discontinued operations attributable to Vale's stockholders (92) (806) Loss attributable to noncontrolling interests — (7) Loss from discontinued operations (92) (813) Depreciation, depletion and amortization — 1 Income taxes (40) (102) Financial results 5 28 Equity results in associates and joint ventures — 2 Dividends received from associates and joint ventures — 3 Impairment of non-current assets 124 885 Adjusted EBITDA from discontinued operations (3) 4 b) Assets by segment December 31, 2019 December 31, 2018 Investments in Property, plant Investments in Property, plant Product associates and and equipment associates and and equipment inventory joint ventures and intangibles (i) Product inventory joint ventures and intangibles (i) Ferrous minerals 1,955 1,729 33,528 2,210 1,814 31,377 Base metals 1,354 14 19,893 1,147 14 21,295 Coal 60 — — 119 317 1,589 Others 2 1,055 1,654 11 1,080 2,086 Total 3,371 2,798 55,075 3,487 3,225 56,347 In December 2019, the Company recognize impairment losses for the coal assets from operations in Mozambique and for the base metals assets from operations in New Caledonia. Further details are disclosed in note 20. In September 2019, upon a favorable decision from the Brazilian Supreme Court (“STF”), the Company resumed Onça Puma operation (base metals), which is comprised of mineral extraction and nickel processing activities. The mineral extraction operations had been suspended since September 2017 and nickel processing activities since June 2019. Year ended December 31 2019 2018 2017 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 1,685 385 2,063 1,569 823 1,672 1,194 1,485 1,709 Base metals 1,225 151 1,351 1,189 34 1,351 960 50 1,590 Coal 240 — 237 132 24 252 73 45 296 Others 10 8 75 6 7 76 4 20 113 Total 3,160 544 3,726 2,896 888 3,351 2,231 1,600 3,708 (i) Goodwill is allocated mainly to ferrous minerals and base metals segments in the amount of US$1,770 and US$1,859 in December 31, 2019 and US$1,841 and US$1,812 in December 31, 2018, respectively. (ii) Cash outflows. c) Assets by geographic area December 31, 2019 December 31, 2018 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 2,498 6,496 29,134 38,128 2,604 5,875 29,226 37,705 Canada — 2,000 10,733 12,733 — 1,956 9,905 11,861 Americas, except Brazil and Canada 242 — — 242 247 — — 247 Europe — 2 900 902 — — 366 366 Indonesia — 1 2,761 2,762 — 1 2,776 2,777 Asia, except Indonesia 58 — 995 1,053 374 — 1,025 1,399 New Caledonia — — 604 604 — — 2,796 2,796 Mozambique — — — — — 130 1,459 1,589 Oman — — 1,449 1,449 — — 829 829 Other regions — — — — — — 3 3 Total 2,798 8,499 46,576 57,873 3,225 7,962 48,385 59,572 d) Net operating revenue by geographic area Year ended December 31, 2019 Ferrous minerals Base metals Coal Others Total Americas, except United States and Brazil 523 835 — — 1,358 United States of America 404 931 — — 1,335 Germany 1,161 522 — — 1,683 Europe, except Germany 1,514 1,715 282 — 3,511 Middle East, Africa and Oceania 2,083 20 75 — 2,178 Japan 2,057 426 120 — 2,603 China 17,572 670 — — 18,242 Asia, except Japan and China 2,032 816 464 — 3,312 Brazil 2,659 226 80 383 3,348 Net operating revenue 30,005 6,161 1,021 383 37,570 Year ended December 31, 2018 Ferrous minerals Base metals Coal 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 1,800 436 — 4,454 Middle East, Africa and Oceania 2,562 25 151 — 2,738 Japan 2,072 508 163 — 2,743 China 14,381 861 — — 15,242 Asia, except Japan and China 1,798 1,101 767 — 3,666 Brazil 2,564 275 126 283 3,248 Net operating revenue 27,933 6,703 1,643 296 36,575 Year ended December 31, 2017 Ferrous minerals Base metals Coal 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 1,985 396 11 4,113 Middle East, Africa and Oceania 1,768 13 171 — 1,952 Japan 1,927 399 130 — 2,456 China 13,442 576 — — 14,018 Asia, except Japan and China 1,332 1,539 711 — 3,582 Brazil 2,894 186 159 236 3,475 Net operating revenue 25,129 6,871 1,567 400 33,967 Provisionally priced commodities sales – 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. The final price of these sales will be determined during the first quarter of 2020. The sensitivity of the Company’s risk on final settlement of its provisionally priced accounts receivables are presented below: December 31, 2019 Thousand Provisional price Effect metric tons (US$/tonne) Change on Revenue Iron ore 14,756 90.3 +/-10 % 133 Iron ore pellets 537 91.2 +/-10 % 5 Copper 99 7,827.0 +/-10 % 78 Accounting policy Revenue is recognized when the control of a good or service transferred to a customer. Since Vale’s sales are under different shipping terms, revenue could 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. A relevant 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. Shipping services for CFR and CIF contracts are considered as a separate performance obligation in which a proportion of the transaction price is allocated and recognized over time as the shipping services are provided. 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. 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.

Costs and expenses by nature

Costs and expenses by nature	12 Months Ended
	Dec. 31, 2019
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 2019 2018 2017 Personnel 2,009 2,278 2,295 Materials and services 3,873 3,957 3,814 Fuel oil and gas 1,392 1,538 1,313 Maintenance 2,797 2,807 3,096 Energy 858 906 963 Acquisition of products 608 513 543 Depreciation and depletion 3,399 3,207 3,484 Freight 4,023 4,306 3,346 Others 2,228 2,597 2,185 Total 21,187 22,109 21,039 Cost of goods sold 20,498 21,526 20,426 Cost of services rendered 689 583 613 Total 21,187 22,109 21,039 b) Selling and administrative expenses Year ended December 31 2019 2018 2017 Selling 92 95 68 Personnel 181 212 234 Services 85 92 77 Depreciation and amortization 56 62 91 Others 73 62 61 Total 487 523 531 c) Other operating expenses, net Year ended December 31 2019 2018 2017 Provision for litigations (i) 291 185 169 Profit sharing program (ii) 89 187 149 Disposals of materials and inventories 47 32 17 Others 78 41 85 Total 505 445 420 (i) Includes the change in the expected outcome of probable loss of the lawsuit related to the accident of ship loaders, at the Praia Mole maritime terminal, in Espírito Santo, for the year ended December 31, 2019. (ii) Refers to profit sharing program for eligible employees. The payments related to the profit sharing of the executives are suspended, due to the Brumadinho event described in note 3.

Financial result

Financial result	12 Months Ended
	Dec. 31, 2019
Financial result
Financial result	6. Financial result Year ended December 31 2019 2018 2017 Financial income Short‐term investments 247 177 176 Others 280 246 302 527 423 478 Financial expenses Loans and borrowings gross interest (989) (1,185) (1,697) Capitalized loans and borrowing costs 140 194 370 Participative stockholders' debentures (1,475) (550) (625) Interest on REFIS (154) (197) (397) Interest on lease liabilities (76) — — Financial guarantees (i) (353) 23 (222) Expenses with cash tender offer repurchased (265) (273) (186) Others (634) (357) (516) (3,806) (2,345) (3,273) Other financial items, net Net foreign exchange gains (losses) - Loans and borrowings (111) (2,666) (249) Derivative financial instruments 244 (266) 454 Other foreign exchange gains (losses), net 150 419 (218) Indexation losses, net (417) (522) (211) (134) (3,035) (224) Total (3,413) (4,957) (3,019) (i) In 2019, the Company reassessed the credit risk of certain associates and joint ventures (note 32). Net investment of foreign operation Since January 1, 2019, the Company has considered 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 that foreign operation. The foreign exchange differences arising on the monetary item are recognized in other comprehensive income, in the "Cumulative translation adjustments", and reclassified from stockholders’ equity to income statement at the moment of the disposal or partial disposal of the net investment. The Company recognized a loss of US$483 (US$319 net of taxes) for the year ended December 31, 2019, in the “Cumulative translation adjustments” in stockholders’ equity. Accounting policy 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, 2019
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. 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 “streaming transactions” in the 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. Gold streaming In August 2016, the Company amendment 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 contract liability related to the services for gold extraction on the portion in which Vale operates as an agent for Wheaton gold extraction. Accounting policy The Company recognizes contract liabilities in the event it receives payments from customers before a sale meets criteria for revenue recognition. Proceeds received under the terms of the streaming transaction are accounted for as “streaming transactions” and included within liabilities. Contract liability is initially recognized at fair value, net of transaction costs incurred, and is subsequently carried at amortized cost and updated using the effective interest rate method. Contract liability is released in the income statement as the control of the product or service is transferred to the customer. Critical accounting estimates and judgments Defining the gain on sale of mineral interest and the contract liabilities portion of the gold transaction requires the use of critical accounting estimates including, but not limited to: (i) allocation of costs between nickel or copper and gold based on relative prices; (ii) expected margin for the independent components (sale of mineral rights and service for gold extraction); and (iii) discount rates used to measure the present value of future inflows and outflows.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2019
Income taxes
Income taxes	8. Income taxes a) Deferred income tax assets and liabilities December 31, 2019 December 31, 2018 Taxes losses carryforward 4,659 4,882 Temporary differences: Employee post retirement obligations 840 674 Provision for litigation 443 409 Timing differences arising on assets and liabilities (i) 3,246 1,253 Fair value of financial instruments 864 538 Allocated goodwill (2,640) (2,328) Others (77) (52) 2,676 494 Total 7,335 5,376 Assets 9,217 6,908 Liabilities (1,882) (1,532) 7,335 5,376 (i) The changes refer mainly to the recognition of the tax effects of the Brumadinho event in 2019. Changes in deferred tax are as follows: Assets Liabilities Deferred taxes, net Balance at December 31, 2017 6,638 1,719 4,919 Taxes losses carryforward 665 — 665 Timing differences arising on assets and liabilities 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 Utilization of taxes losses carryforward (443) — (443) Timing differences arising on assets and liabilities 2,113 — 2,113 Fair value of financial instruments 328 — 328 Allocated goodwill — (210) 210 Others (91) — (91) Effect in income statement 1,907 (210) 2,117 Transfers between asset and liabilities 252 252 — Acquisition of subsidiaries (i) 104 250 (146) Translation adjustment (187) 47 (234) Other comprehensive income 233 11 222 Balance at December 31, 2019 9,217 1,882 7,335 (i) Refers to the acquisition of New Steel and Ferrous Resources Limited (note 14). 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 2019 2018 2017 Income (loss) before income taxes (2,775) 6,816 7,829 Income taxes at statutory rate ‐ 34% 944 (2,317) (2,662) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders' equity 601 873 728 Tax incentives 189 576 372 Equity results 77 104 35 Additions of tax loss carryforward 25 1,510 99 Unrecognized tax losses of the year (1,059) (458) (432) Nondeductible effect of impairment — (24) (43) Others (182) (92) 408 Income taxes 595 172 (1,495) 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, pellets, 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 the Company’s 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. At December 31, 2019, the balance of US$3,907 (US$431 classified as current liabilities and US$3,476 classified as non‑current liabilities) is due in 106 remaining monthly installments, bearing the SELIC interest rate (Special System for Settlement and Custody), which is the Brazilian federal funds rate, while at December 31, 2018, the balance was US$4,349 (US$432 classified as current liabilities and US$3,917 classified as non‑current liabilities). As at December 31, 2019, the SELIC rate was 4.50% per annum (6.50% per annum at December 31, 2018). e) Uncertain tax positions In 2004, a decision of the Federal Court of Appeals of the 2 nd Region (“ TRF ”) granted to the Company the right to deduct the social security contributions on the net income (“ CSLL ”) from the taxable corporate income. In 2006, the Brazilian federal tax authorities commenced a rescission action (ação rescisória), seeking the reversal of the 2004 decision. In 2019, “ TRF ” decided in favour for the rescission action. Following this decision, the Company has filed a motion for clarification and a decision is pending. Due to the recent developments on this proceeding, the Company has decided to not deduct the “ CSLL ” from the taxable income prospectively from the 2019 year end. Until December 31, 2018 the uncertainties associated to the deduction of the “ CSLL ” from the taxable corporate income totaled US$194 (R$783 million) and are not provisioned. The Company determined that, based on its internal and external experts, it is probable that the Company’s treatments will be accepted by the Brazilian tax authority. The Company did not identify any other uncertain tax treatments that could result in a liability material to the Company, however, Vale remains subject to income tax examinations for its income taxes generally for fiscal the years from 2014 through 2019. Accounting policy The Brazilian corporate tax law requires the taxation on the income generated from foreign subsidiaries and, therefore, income tax charge is calculated using the tax rate enacted at the end of the reporting period in Brazil. The effects of the income tax calculation in the consolidated financial statements are calculated by applying the differential between the Brazilian income tax rate and the local income tax rate of each jurisdiction where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and it establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. The benefits of uncertain tax positions are recorded only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. Deferred income taxes are recognized based on temporary differences between carrying amount and the tax basis of assets and liabilities as well as tax losses carryforwards. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. The deferred tax assets arising from tax losses and temporary differences are not recognized when it is not probable that future taxable profit will be available against which temporary differences and/or tax losses can be utilized. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in stockholder’s equity. In this case, the tax is also recognized in other comprehensive income or directly in stockholder’s equity, respectively. Critical accounting estimates and judgments Significant judgements, estimates and assumptions are required to determine the amount of deferred tax assets that are recognized based on the likely timing and future taxable profits. Deferred tax assets arising from tax losses carryforwards and temporary differences are recognized considering assumptions and projected cash flows. Deferred tax assets may be affected by factors including, but not limited to: (i) internal assumptions on the projected taxable income, which are based on production and sales planning, commodity prices, operational costs and planned capital costs; (ii) macroeconomic environment; and (iii) trade and tax scenarios. In addition, the Company applies significant judgement in identifying uncertainties over income tax treatments, which could impact the consolidated financial statements. The Company operates in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Vale and its subsidiaries are subject to reviews of income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of the applicable laws and regulations.

Basic and diluted earnings (los

Basic and diluted earnings (loss) per share	12 Months Ended
	Dec. 31, 2019
Basic and diluted earnings (loss) per share
Basic and diluted earnings (loss) per share	9. Basic and diluted earnings (loss) per share The basic and diluted earnings (loss) per share are presented below: Year ended December 31 2019 2018 2017 Net income (loss) attributable to Vale's stockholders: Net income (loss) from continuing operations (1,683) 6,952 6,313 Loss from discontinued operations — (92) (806) Net income (loss) (1,683) 6,860 5,507 Thousands of shares Weighted average number of shares outstanding - common shares 5,127,950 5,178,024 5,197,432 Basic and diluted earnings (loss) per share from continuing operations: Common share (US$) (0.33) 1.34 1.21 Basic and diluted loss per share from discontinued operations: Common share (US$) — (0.02) (0.16) Basic and diluted earnings (loss) per share: Common share (US$) (0.33) 1.32 1.05 The Company does not have potential outstanding shares or other instruments with dilutive effect on the earnings per share computation.

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2019
Accounts receivable
Accounts receivable	10. Accounts receivable December 31, 2019 December 31, 2018 Accounts receivable 2,592 2,710 Expected credit loss (63) (62) 2,529 2,648 Revenue related to the steel sector - % 87.33 % 85.50 % Year ended December 31 2019 2018 2017 Impairment of accounts receivable recorded in the income statement (1) (7) (4) There is no customer that individually represents more than 10% of the Company’s 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 is recognized at fair value and subsequently measured at amortized cost using the effective interest method, except for component of provisionally priced commodities sales that are subsequently measured at fair value through profit or loss. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all accounts receivable. The Company has established a provision matrix that is based on 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	12 Months Ended
	Dec. 31, 2019
Inventories
Inventories	11. Inventories December 31, 2019 December 31, 2018 Finished products 2,604 2,797 Work in progress 767 690 Consumable inventory 903 956 Total 4,274 4,443 Year ended December 31 2019 2018 2017 Provision (reversal) for net realizable value 24 (4) 86 Finished and work in progress products inventories by segments are presented in note 4(b). Accounting policy Inventories are stated at the lower of cost and the net realizable value. The inventory production cost comprises variable and fixed costs, direct and indirect costs of production and are assigned to individual items of inventory on the basis of weighted average costs method. At the end of the reporting period, net realizable value of inventories are assessed and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and reversals are recognized as “Cost of goods sold and services rendered”.

Recoverable taxes

Recoverable taxes	12 Months Ended
	Dec. 31, 2019
Recoverable taxes
Recoverable taxes	12. Recoverable taxes Recoverable taxes are presented net of provisions for losses on tax credits. December 31, 2019 December 31, 2018 Value-added tax 484 813 Brazilian federal contributions 659 808 Others 16 13 Total 1,159 1,634 Current 552 883 Non-current 607 751 Total 1,159 1,634 The balance of the provision for loss of value-added tax are presented below: December 31, 2019 December 31, 2018 Provision for loss 1,124 700

Other financial assets and liab

Other financial assets and liabilities	12 Months Ended
	Dec. 31, 2019
Other financial assets and liabilities
Other financial assets and liabilities	13. Other financial assets and liabilities Current Non-Current December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Other financial assets Assets held for sale (note 14b) 152 — — — Bank accounts restricted — — 125 — Loans — — 87 153 Derivative financial instruments (note 25) 288 39 184 392 Investments in equity securities (note 14) — — 726 987 Related parties - Loans (note 31) 319 364 1,600 1,612 759 403 2,722 3,144 Other financial liabilities Derivative financial instruments (note 25) 94 470 307 344 Related parties - Loans (note 31) 980 1,134 956 960 Financial guarantees (note 32) — — 525 166 Participative stockholders' debentures — — 2,584 1,407 1,074 1,604 4,372 2,877 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. Holders of participative stockholders’ debentures have the right to receive semi-annual payments equal to an agreed percentage of revenues less value-added tax, transport fee and insurance expenses related to the trading of the products, from certain identified mineral resources that the Company owned at the time of the privatization. This obligation will cease when all the relevant mineral resources are exhausted, sold or otherwise disposed of by the Company. The Company made available for withdrawal as remuneration the amount of US$195 and US$148, respectively, for the year ended December 31, 2019 and 2018.

Acquisitions and divestitures

Acquisitions and divestitures	12 Months Ended
	Dec. 31, 2019
Acquisitions and divestitures
Acquisitions and divestitures	14. Acquisitions and divestitures a) Business combinations Ferrous Resources Limited - On August 1, 2019 the Company acquired 100% of the share capital of Ferrous Resources Limited (“Ferrous”), a company that currently owns and operates iron ore mines nearby some Company’s operations in Minas Gerais, Brazil for cash consideration of US$525. Ferrous has been acquired to gain access to additional reserves for the Company. The fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition are as follows: August 1, 2019 Acquired assets 706 Cash and cash equivalents 95 Accounts receivable 29 Inventories 10 Intangibles 5 Property, plant and equipment 427 Others 140 Assumed liabilities (216) Net identifiable assets acquired 490 Fair value adjustment on PP&E 52 Deferred tax liability (17) Total identifiable net assets at fair value 525 August 1, 2019 Cash consideration transferred (-) Balances acquired Cash and cash equivalents Net cash outflow New Steel - On January 24, 2019 the Company acquired 100% of the share capital of New Steel Global N.V. (“New Steel”) and gained its control for the total cash consideration of US$496. New Steel is a company that develops processing and beneficiating technologies for iron ore through a completely dry process. The consideration paid is mainly attributable to the research and development project for processing and beneficiating iron ore, which is expected to be used on the Company’s pelletizing operation. The intangible assets are not subject to amortization until the operational phase is reached. Instead, they are tested for impairment annually, or more frequently when a trigger for impairment has been identified. The fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition are as follows: January 24, 2019 Acquired assets 18 Intangibles (note 18) 1 Other assets 17 Net identifiable assets acquired 18 Fair value adjustment of intangible research and development asset (note 18) 723 Deferred tax liability (245) Total identifiable net assets at fair value 496 b) Other acquisitions and divestitures Henan Longyu – On December 27, 2019 the Company entered into an agreement to sell its 25% interest in Henan Longyu Energy Resources Co., Ltd, a company that operates two coal mines in the province of Henan, China, for the total consideration of US$152. The closing is expected for the first quarter of 2020 upon completion of conditions precedent. The investment is classified as held for sale as “other financial assets” on current assets. The Company has identified a subsequent event in relation to the divestment on Henan Longyu, which is disclosed on note 34. MBR – On December 20, 2019, the Company purchased an additional 36.4% interest in Minerações Brasileiras Reunidas S.A. (“MBR”) held by its related party, for the total consideration of US$812 (R$3,309 million). Following the completion of the transaction, the Company holds 98.3% of MBR’s share capital. Since this transaction did not result in a change of control for the Company, the impact of US$343 arising from the purchase of additional shares was recognized in the Company’s stockholders’ equity, as “Acquisitions and disposal of noncontrolling interest”. Divestment agreement in compliance with PTVI's Contract of Work - The Company´s subsidiary, PT Vale Indonesia Tbk (“PTVI”), a public company in Indonesia, has an agreement in place dated October 17, 2014 with the government of the Republic of Indonesia to operate its mining licenses which includes a commitment to divest an additional 20% of PTVI’s shares to Indonesian participants (approximately 20% of PTVI’s shares are already registered on the Indonesian Stock Exchange - IDX). The existing major shareholders, Vale and Sumitomo Metal Mining, Co., Ltd. ("SMM") hold 58.7% and 20.1%, respectively, of PTVI’s issued shares. Vale and SMM have signed a Heads of Agreement with PT Indonesia Asahan Aluminium ("Inalum”), an Indonesian state-owned company, to satisfy the 20% interest divestment obligation in relation to PTVI, proportionally to their interest. Following the transaction, Vale and SMM will hold together approximately 59% of PTVI’s shares. The Company expects to set and sign the final terms and conditions in the first quarter of 2020 and complete its divestment within six months from the execution of the divestment agreement. The Company has identified a subsequent event in relation to the divestment obligation, which is disclosed on note 34. 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 have been accounted for as a financial investment measured at fair value through other comprehensive income. In May 2018, the Company concluded the transaction entered with Yara International ASA to sell its assets located in Cubatão, Brazil and 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 Discontinued operations Net operating revenue 121 1,746 Cost of goods sold and services rendered (120) (1,605) Operating expenses (4) (141) Impairment of non-current assets (124) (885) Operating loss (127) (885) Financial Results, net (5) (28) Equity results in associates and joint ventures — (2) Loss before income taxes (132) (915) Income taxes 40 102 Loss from discontinued operations (92) (813) Loss attributable to noncontrolling interests — (7) Loss attributable to Vale's stockholders (92) (806) Statement of cash flow Year ended December 31 2018 2017 Discontinued operations Net cash provided by (used in) operating activities (37) 87 Net cash used in investing activities (9) (305) Net cash used in financing activities — (34) Net cash used in discontinued operations (46) (252) 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. As a consequence of sharing control of Nacala BV, the Company 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. 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. Accounting policy Business combination - The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises (i) fair values of the assets transferred; (ii) liabilities assumed of the acquired business; (iii) equity interests issued to the Company; (iv) fair value of any asset or liability resulting from a contingent consideration arrangement, and (v) fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Company recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Discontinued operation - 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, 2019
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 % Ferrous Resource Limited Isle of Man 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 98.3 % 98.3 % 1.7 % New Steel Global Netherlands Iron ore 100.0 % 100.0 % 0.0 % Salobo Metais S.A. Brazil Copper 100.0 % 100.0 % 0.0 % PT Vale Indonesia Indonesia Nickel 59.2 % 59.2 % 40.8 % Vale Holdings B.V (i) Netherlands 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 Newfoundland & Labrador Ltd Canada Nickel 100.0 % 100.0 % 0.0 % 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 % Vale Shipping Holding Pte. Ltd. Singapore Iron ore 100.0 % 100.0 % 0.0 % (i) Vale International Holdings GmbH was merged into Vale Holdings B.V on November 01, 2019. 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 exchanges 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, 2019
Investments in associates and joint ventures
Investments in associates and joint ventures	16. Investments in associates and joint ventures a) Changes during the year Changes in investments in associates and joint ventures as follows: 2019 2018 Balance at January 1st, 3,225 3,568 Additions 76 23 Translation adjustment (111) (456) Equity results in income statement 228 305 Equity results in statement of comprehensive income (4) — Fair value adjustment (i) (163) — Dividends declared (326) (291) Transfer to assets held for sale(i) (152) — Others 25 76 Balance at December 31, 2,798 3,225 (i) Refers to fair value adjustment of the investment in Henan Longyu Energy Resources Co., Ltd., which was transferred later to assets held for sale (note 14). The amount of investments by segments are presented in note 4(b). 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, 2019 December 31, 2018 2019 2018 2017 2019 2018 2017 Ferrous minerals Baovale Mineração S.A. 50.00 50.00 25 23 4 5 7 — 1 1 Companhia Coreano-Brasileira de Pelotização 50.00 50.00 88 104 48 69 50 62 32 19 Companhia Hispano-Brasileira de Pelotização (i) 50.89 50.89 70 83 37 55 41 50 23 16 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 65 81 30 60 40 54 32 17 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 150 148 84 126 93 92 67 29 MRS Logística S.A. 48.16 46.75 496 496 50 72 69 29 27 29 VLI S.A. 37.60 37.60 812 857 1 30 29 9 7 19 Zhuhai YPM Pellet Co. 25.00 25.00 23 22 — — — — — — 1,729 1,814 254 417 329 296 189 130 Coal Henan Longyu Energy Resources Co., Ltd. (note 14) 25.00 25.00 — 317 (2) 16 20 — — — — 317 (2) 16 20 — — — Base metals Korea Nickel Corp. 25.00 25.00 14 14 — 1 1 — — — 14 14 — 1 1 — — — Others Aliança Geração de Energia S.A. (i) 55.00 55.00 470 486 31 25 27 28 25 29 Aliança Norte Energia Participações S.A (i) 51.00 51.00 160 162 4 15 (2) — — — California Steel Industries, Inc. 50.00 50.00 242 247 23 77 42 29 31 27 Companhia Siderúrgica do Pecém 50.00 50.00 — — (69) (243) (264) — — — Mineração Rio do Norte S.A. 40.00 40.00 97 93 15 2 13 — — 41 Others 86 92 (28) (5) (68) — — — 1,055 1,080 (24) (129) (252) 57 56 97 Total 2,798 3,225 228 305 98 353 245 227 (i) Although the Company held a majority of the voting capital, the entities are accounted under the equity method due to the stockholders' agreement where relevant decisions are shared with other parties. The significant associates and joint ventures of the Company are located in Brazil. b) Summarized financial information The summarized financial information about relevant associates and joint‑ventures for the Company are as follow. The stand-alone financial statements of those entities may differ from the financial information reported herein, which is prepared considering Vale’s accounting policies. December 31, 2019 Nacala Aliança Corridor Holding Aliança Geração de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V. VLI S.A. Current assets 215 — 481 438 720 490 384 805 Non-current assets 880 314 344 2,960 315 2,196 4,505 4,507 Total assets 1,095 314 825 3,398 1,035 2,686 4,889 5,312 Current liabilities 99 — 186 985 297 415 516 773 Non-current liabilities 142 — 155 2,675 2 1,242 4,671 2,380 Total liabilities 241 — 341 3,660 299 1,657 5,187 3,153 Stockholders'equity 854 314 484 (262) 736 1,029 (298) 2,159 Net revenue 257 — 997 1,393 583 759 782 1,238 Net income (loss) 57 8 46 (412) 392 103 (49) 2 December 31, 2018 Nacala Aliança Corridor Holding Aliança Geração de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V. VLI S.A. Current assets 186 — 489 693 964 263 380 679 Non-current assets 938 318 360 3,062 296 1,826 4,619 3,938 Total assets 1,124 318 849 3,755 1,260 2,089 4,999 4,617 Current liabilities 83 — 186 970 437 360 277 544 Non-current liabilities 158 — 169 2,785 2 699 4,971 1,795 Total liabilities 241 — 355 3,755 439 1,059 5,248 2,339 Stockholders'equity 883 318 494 — 821 1,030 (249) 2,278 Net revenue 248 — 1,389 1,682 911 927 825 1,253 Net income (loss) 45 30 154 (486) 609 150 7 79 (i) Companhia Siderúrgica do Pecém (“CSP”) is a joint venture and its results are accounted for under the equity method, in which the accumulated losses are capped to the Company’s interest in the investee’s capital based on the applicable law and requirements. That is, after the investment is reduced to zero, the Company does not recognize further losses nor liabilities associated with the investee. (ii) Aggregate entity information: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, Companhia Nipo-Brasileira de Pelotização. 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 have concluded that the Company does not have a sufficiently dominant voting interest to have the power to direct the activities of the entity. As a result, these entities are accounted under equity method due to shareholder’s agreements where relevant decisions are shared with other parties.

Noncontrolling interest

Noncontrolling interest	12 Months Ended
	Dec. 31, 2019
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 follow. The stand-alone financial statements of those entities may differ from the financial information reported herein, which is prepared considering Vale’s accounting policies. December 31, 2019 Vale PTVI VNC Moçambique S.A. Others Total Current assets 462 169 188 — — Non-current assets 1,630 604 199 — — Related parties - Stockholders 84 34 29 — — Total assets 2,176 807 416 — — Current liabilities 140 199 320 — — Non-current liabilities 61 236 147 — — Related parties - Stockholders — 344 10,221 — — Total liabilities 201 779 10,688 — — Stockholders' equity 1,975 28 (10,272) — — Equity attributable to noncontrolling interests 806 1 (1,982) 101 (1,074) Net income (loss) 67 (2,055) (3,183) — — Net income (loss) attributable to noncontrolling interests 27 (103) (613) 192 (497) Dividends paid to noncontrolling interests (i) — — — 184 184 (i) Dividends paid to noncontrolling interests relates to US$162 to Minerações Brasileiras Reunidas and US$21 to Vale Oman Pelletizing. December 31, 2018 Vale MBR PTVI VNC Moçambique S.A. Others 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 (i) 168 — — — 14 182 (i) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing December 31, 2017 Compañia Vale Mineradora Miski MBR PTVI VNC Moçambique S.A. Mayo S.A.C. (i) Others Total 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 (ii) 113 — — — — 13 126 (i) Discontinued operations (ii) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2019
Intangibles
Intangibles	18. Intangibles Changes in intangibles are as follows: Research and development Goodwill Concessions (i) Contract right Software project and patents Total 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 Additions — 439 — 39 — 478 Disposals — (17) — — — (17) Amortization — (239) (2) (66) — (307) Impairment (note 20) — (112) — (11) — (123) Acquisition of subsidiary — 3 — 1 724 728 Translation adjustment (24) (165) 5 2 (40) (222) Balance at December 31, 2019 3,629 3,970 140 76 684 8,499 Cost 3,629 5,090 248 888 684 10,539 Accumulated amortization — (1,120) (108) (812) — (2,040) Balance at December 31, 2019 3,629 3,970 140 76 684 8,499 (i) Based on technical studies carried out by an independent company and after approval by the regulatory agency (ANTT), the Company reduced the useful life of its railroad tracks in 2019. 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. The technical studies and legal documents on early extension of the Vitória Minas Railroad (EFVM) and Carajás Railroad (EFC) concessions are currently under review by the Federal Court of Audit. Vale awaits the end of the process in the public sphere to submit the proposal, with the required counterparts, to its Board of Directors. c) Contract right - 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. d) Research and development project and patents - Refers to in-process research and development projects and patents identified in the business combination of New Steel Global N.V. (note 14). The intangible assets of research and development are not subject to amortization until the operational phase is reached. 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 Railways concessions 3 to 50 years Usufruct 22 to 31 years Software 5 years

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2019
Property, plant and equipment
Property, plant and equipment	19. Property, plant and equipment Changes in property, plant and equipment are as follows: Mineral Right of Constructions Land Building Facilities Equipment properties use assets Others in progress Total 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 Effects of IFRS 16 adoption (ii) — — — — — 1,801 — — 1,801 Additions (i) — — — — — 152 — 4,297 4,449 Disposals (25) (84) (75) (70) (164) (7) (181) (25) (631) Assets retirement obligation — — — — 429 — — — 429 Depreciation, amortization and depletion — (514) (666) (866) (603) (183) (671) — (3,503) Impairment (note 20) — (577) (1,113) (708) (600) (55) (792) (353) (4,198) Acquisition of subsidiary (iii) 62 15 41 46 276 2 — 46 488 Translation adjustment 24 (221) (275) (102) 88 (18) (156) 16 (644) Transfers 19 416 456 979 336 — 784 (2,990) — Balance at December 31, 2019 715 9,987 9,604 5,686 8,261 1,692 6,253 4,378 46,576 Cost 715 18,255 17,170 11,756 17,826 1,875 11,521 4,378 83,496 Accumulated depreciation — (8,268) (7,566) (6,070) (9,565) (183) (5,268) — (36,920) Balance at December 31, 2019 715 9,987 9,604 5,686 8,261 1,692 6,253 4,378 46,576 (i) Includes capitalized borrowing costs. (ii) Refers to the recognition of right-of-use assets related to lease agreements in accordance with IFRS 16. Changes in leases by asset class are disclosed in note 2(c). (iii) Refers mainly to the acquisition of Ferrous Resources Limited (note 14). 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 3 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 others research - The Company also conducts feasibility studies for many businesses which it operates including researching new technologies to optimize the mining process. After these costs are proven to generate future benefits to the Company, the expenditures incurred are capitalized. (iii) Maintenance costs - Significant industrial maintenance costs, including spare parts, assembly services, and others, are recorded in property, plant and equipment and depreciated through the next programmed maintenance overhaul. (iv) Stripping Costs - The cost associated with the removal of overburden and other waste materials (“stripping costs”) incurred during the development of mines, before production takes place, are capitalized as part of the depreciable cost of the mineral properties. These costs are subsequently amortized over the useful life of the mine. Post‑production stripping costs are included in the cost of inventory, except when a new project is developed to permit access to a significant ore deposits. In such cases, the cost is capitalized as a non‑current asset and is amortized during the extraction of the ore deposits, over the useful life of the ore deposits. Leases - At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: (i) fixed payments, including in-substance fixed payments; (ii) variable lease payments that depend on an index or a rate; and (iii) the exercise price under a purchase option or renewal option that are under the Company’s control and is reasonably certain to be exercised. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. 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, 2019
Impairment and onerous contracts
Impairment and onerous contracts	20. Impairment and onerous contracts The impairment losses recognized in the year are presented below: Income statement Impairment Segments by class of assets 2019 2018 2017 Property, plant and equipment and intangibles Base metals – nickel 2,511 — 133 Coal 1,691 — — Other assets 119 184 138 Impairment of non-current assets 4,321 184 271 Onerous contracts 240 393 — Disposals of non-current assets 513 322 23 Impairment and disposals of non-current assets 5,074 899 294 a) Impairment of non‑financial assets The Company has carried out an impairment test for the assets that a triggering event was identified and for goodwill. The recoverable amount of each Cash Generating Unit (“CGU”) under the impairment testing was assessed using fair value less costs of disposal model (“FVLCD”), 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, which represents an estimate of the rate that a market participant would apply having regard to the time value of money and the risks specific to the asset. The Company used its weighted average cost of capital (“WACC”) as a starting point for determining the discount rates, with appropriate adjustments for the risk profile of the countries in which the individual CGU operate. Iron ore and Pellets - During 2019, the Company did not identify any changes in the circumstances or indicators that would indicate an impairment trigger of the Iron ore and Pellets CGU. However, Management undertook an impairment testing for the goodwill and, based on the net present value of post-tax cash flows discounted at 6.3%, no impairment loss was identified as well. Of the total goodwill (note 18), US$1,770 is allocated to the group of ferrous minerals. Coal - In 2019, the Company identified that the expected yield of metallurgical coal and thermal coal will not be achieved, mostly due to technical issues on the project and operation of the assets related to this CGU. Management also conducted a detailed review of the mining plan, leading to a significant reduction on the proven and probable reserves. In addition, Management has lowered its long-term price assumption for both metallurgical and thermal coal, based on the current market outlook for coal. Therefore, the Company has carried out an impairment test for the coal CGU and the assets related to the coal business were impaired in full. As a result, the Company recognized an impairment charge of US$1,691 as at December 31, 2019, based on the net present value of post-tax cash flows discounted at 9.2%. Base metals, Nickel – The New Caledonian operation has experienced challenging issues throughout 2019, mainly in relation to production and processing. Thus, the Company has revised the business plan of this CGU, reducing the expected production levels of its refined nickel product for remaining useful life of the mine. The new business strategy for this CGU led to an impairment charge of US$2,511 recorded as at December 31, 2019, based on the net present value of post-tax cash flows discounted at 5.2%. The CGU’s carrying amount after the impairment charge is US$ 404 as at December 31, 2019. The individual assumptions subject to the most estimation uncertainty for the FVLCD calculation are the nickel price and the discount rate. To illustrate these sensitivities, the carrying value would be fully impaired by an increase to the discount rate of 5.6%, or a reduction of US$1,150 per ton to the nickel long-term price, if all other inputs remained constant. In 2017, an underground mine in Sudbury (Stobie) that was affected by seismic activities and the cost to repair the asset is deemed not recoverable in the current market conditions. Therefore, the Company has placed this asset on “care and maintenance” and an impairment of US$133 was recognized in the income statement. Of the total goodwill (note 18), US$1,859 is allocated to the group of nickel CGUs. Although, an impairment loss was recognized in relation to the New Caledonia CGU, the impairment testing over the goodwill demonstrates that there would be no impairment loss in relation to that goodwill allocated to the nickel business, based on the net present value of post-tax cash flows discounted using rates ranging from 5% to 6%. 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. Management has also reviewed its long-term price assumption based on the current market condition. Thus, the Company carried out an impairment test and an impairment loss of US$119 (2018: US$184) was recognized in the income statement. b) Onerous contract In 2019, the Company reviewed its expectation of iron ore production and sales volumes of the Midwest system. Following the revised plan for the upcoming years, the Company has recognized an additional provision of US$240 (2018: US$393) in relation to the costs of certain long-term contracts, with minimum guaranteed volume for fluvial transportation and port structure. c) Disposals of assets Refers to non-viable projects and operating assets written off through sale or obsolescence. Additionally, includes assets write-off of the Córrego do Feijão mine and those related to the other upstream dams in Brazil, as described in note 3e. 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 Significant judgements, estimates and assumptions are required to determine whether an impairment trigger has occurred and to prepare the Company’s cash flows. Management uses the budgets approved as a starting point and key assumptions are, but not limited to: (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 susceptible to risks and uncertainties and may change the Company’s projection and, therefore, may affect the recoverable value of assets.

Loans, borrowings, cash and cas

Loans, borrowings, cash and cash equivalents and short-term investments	12 Months Ended
	Dec. 31, 2019
Loans, borrowings, cash and cash equivalents and short-term investments
Loans, borrowings, cash and cash equivalents and short-term investments	21. Loans, borrowings, cash and cash equivalents and short-term investments a) Net debt The Company evaluates the net debt with the objective of ensuring the continuity of its business in the long term. December 31, 2019 December 31, 2018 Debt contracts in the international markets 10,494 11,783 Debt contracts in Brazil 2,562 3,683 Total of loans and borrowings 13,056 15,466 (-) Cash and cash equivalents 7,350 5,784 (-) Short-term investments 826 32 Net debt 4,880 9,650 b) Cash and cash equivalents Cash and cash equivalents includes cash, immediately redeemable deposits and short-term investments with an insignificant risk of change in value. They are readily convertible to cash, part in R$, indexed to the Brazilian Interbank Interest rate (“DI Rate” or “CDI”) and part denominated in US$, mainly time deposits. c) Short-term investments At December 31, 2019, the balance of US$826 is mainly comprised by investments in Financial Treasury Bills (“LFTs”), which are Brazilian government bonds, issued by the National Treasury. LFTs are floating-rate securities, liquid in the secondary markets and subject to a low risk of changes in value. d) Loans and borrowings As at December 31, 2019 and 2018, loans and borrowings are secured by property, plant and equipment in the amount of US$220 and US$221, respectively. The securities issued through Vale’s wholly-owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed by Vale. i) Total debt Current liabilities Non-current liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Debt contracts in the international markets Floating rates in: US$ 113 141 2,802 1,832 EUR — — 225 229 Fixed rates in: US$ 147 14 6,080 8,368 EUR — — 843 859 Other currencies 14 25 106 127 Accrued charges 160 188 4 — 434 368 10,060 11,415 Debt contracts in Brazil Floating rates in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 650 435 1,677 2,849 Basket of currencies and US$ indexed to LIBOR 44 101 56 100 Fixed rates in: R$ 43 57 45 91 Accrued charges 43 42 4 8 780 635 1,782 3,048 Total 1,214 1,003 11,842 14,463 The future flows of debt payments, principal and interest, are as follows: Estimated future Principal interest payments (i) 2020 1,012 702 2021 788 641 2022 1,026 608 2023 1,192 568 Between 2024 and 2028 4,483 2,035 2029 onwards 4,344 2,706 Total 12,845 7,260 (i) Based on interest rate curves and foreign exchange rates applicable as at December 31, 2019 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. At December 31, 2019, the average annual interest rates by currency are as follows: Average interest rate (i) Total debt Loans and borrowings US$ 5.57 % 9,370 R$ (ii) 9.38 % 2,461 EUR (iii) 3.77 % 1,103 Other currencies 3.58 % 122 13,056 (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2019. (ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of US$2,435 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 3.09% per year in US$. (iii) Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4.29% per year in US$. ii) Reconciliation of debt to cash flows arising from financing activities Loans and borrowings December 31, 2018 15,466 Additions 3,142 Repayments (i) (5,417) Interest paid (921) Cash flow from financing activities (3,196) Effect of exchange rate (158) Interest accretion 944 Non-cash changes 786 December 31, 2019 13,056 (i) The Company conducted a repurchase of certain guaranteed notes issued by Vale a total of US$2,270. Additionally, the Company paid of US$265 as expenses with cash tender offer repurchased. iii) Credit and financing lines 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 2022 and 2024, 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, 2019 these lines are undrawn. On March 24, 2020 (subsequent event), the Company drew down its revolving credit facilities in full. Please see further disclosures on note 34. 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 14%. Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred. 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, 2019 and 2018.

Liabilities related to associat

Liabilities related to associates and joint ventures	12 Months Ended
	Dec. 31, 2019
Liabilities related to associates and joint ventures
Liabilities related to associates and joint ventures	22. Liabilities related to associates and joint ventures On November 5, 2015, a rupture has occurred in the Fundão tailings dam, in Mariana (State of Minas Gerais), operated by Samarco Mineração S.A. (“Samarco”), a joint venture controlled by Vale S.A. and BHP Billiton Brasil Ltda. (“BHP”). In March 2016, Samarco and its shareholders entered into a Framework Agreement with governmental authorities, in which Samarco, Vale S.A. and BHP agreed to stablish the Fundação Renova, an entity responsible to develop and implement 42 long-term mitigation and compensation programs. In addition to the Fundão tailings dam, Samarco owns the Germano dam, which was also built under the upstream method and has been inactive since the Fundão dam rupture. On October 25, 2019, Samarco obtained the Corrective Operation License for its operating activities in the Germano Complex. Following this authorization, Samarco has obtained all environmental licenses required to restart its operations. Samarco currently expects to restart its operations by the end of 2020. Fundação Renova During 2019, Fundação Renova reviewed the estimates of the costs required to mitigate and compensate the impacts from the rupture of Fundão dam. As a result, Vale recognized an additional provision of US$501 (R$1,963 million), which is the present value of the revised estimate in relation to Vale’s responsibility to support Fundação Renova and is equivalent to 50% of Samarco’s additional obligations over the next 11 years. Overall, the programs rely on future actions, which indicates a broad range of possible estimates. Estimates of mitigation and compensation actions may vary according to the progress of the ongoing programs developed by the Fundação Renova and changes in scope. The amounts disclosed in these interim financial statements have been determined based on Management's best estimates and consider the facts and circumstances known to date. The contingencies related to the Fundão dam rupture are disclosed in note 28. Germano dam Due to the new safety requirements set by ANM, Samarco prepared a project for the de-characterization of this dam. During May 2019, the concept of a project for the de-characterization of the Germano dam was filed. The conceptual project was concluded in August 2019 and is subject to further review and eventual approval by the competent authorities. Accordingly, based on the information available on the preparation of these financial statements, the estimated amount based on the expected cash outflows resulted in an additional provision of US$257 (R$993 million) recognized during 2019. The changes in the provision to meet the obligations under the agreement related to the Fundão dam rupture and to the de-characterization of Germano dam in the year ended December 31, 2019 and 2018 are as follows: 2019 2018 Balance at January 1 1,121 996 Payments (315) (290) Interest accretion 200 165 Provision increase 758 403 Translation adjustment (64) (153) Balance at December 31 1,700 1,121 Current liabilities 516 289 Non-current liabilities 1,184 832 Liabilities 1,700 1,121 Samarco’s working capital In addition to the provision, Vale S.A. made available in the year ended December 31, 2019 and 2018 the amount of US$102 and US$84, respectively, which was fully used to fund Samarco’s working capital. This amount was recognized in Vale´s income statement as an expense in “Equity results and other results in associates and joint ventures”. During 2020, Vale S.A. may provide a short-term credit facility up to US$267 to support the Samarco’s cash needs, without any binding obligation to Samarco. The availability of funds by the shareholders – Vale S.A. and BHP – is subject to the fulfillment of certain conditions, being deliberated by the shareholders, in the same bases and concomitantly, if required. Under Brazilian legislation and the terms of the joint venture agreement, Vale does not have an obligation to provide funding to Samarco. Accordingly, Vale’s investment in Samarco was fully impaired and no provision was recognized in relation to the Samarco’s negative equity. The summarized financial information of Samarco are as follows. The stand-alone financial statements of these entity may differ from the financial information reported herein, which is prepared considering Vale’s accounting policies. December 31, 2019 December 31, 2018 Current assets 34 54 Non-current assets 3,940 5,877 Total assets 3,974 5,931 Current liabilities 6,990 6,066 Non-current liabilities 5,527 4,283 Total liabilities 12,517 10,349 Negative reserves (8,543) (4,418) Loss for the year ended (4,125) (640) Insurance Since the Fundão dam rupture, the Company has been negotiating with insurers the indemnification payments based on its general liability policies. During the 2019, the Company received payments in the amount of US$109 and recognized a gain in the income statement as “Equity results and other results in associates and joint ventures”. Critical accounting estimates and judgments The provision related to Fundação Renova 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 of the discount rate; and (iv) resolution of existing and potential legal claims. Moreover, the main critical assumptions and estimates applied in the Germano dam provision considers, among others: (i) volume of the waste to be removed based on historical data available and interpretation of the enacted laws and regulations; (ii) location availability for the tailings disposal; and (iii) acceptance by the authorities of the proposed engineering methods and solution. 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, the Company reassess the key assumptions used by Samarco in the preparation of the projected cash flows and adjust the provision, if required.

Financial instruments classific

Financial instruments classification	12 Months Ended
	Dec. 31, 2019
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, 2019 December 31, 2018 At fair value At fair value At fair value through profit Amortized At fair value through profit Amortized cost through OCI or loss Total cost through OCI or loss Total Financial assets Current Cash and cash equivalents 7,350 — — 7,350 5,784 — — 5,784 Short-term investments — — 826 826 — — 32 32 Derivative financial instruments — — 288 288 — — 39 39 Accounts receivable 2,452 — 77 2,529 2,756 — (108) 2,648 Related parties 319 — — 319 364 — — 364 10,121 — 1,191 11,312 8,904 — (37) 8,867 Non-current Judicial deposits 3,159 — — 3,159 1,716 — — 1,716 Bank accounts restricted 125 — — 125 — — — — Derivative financial instruments — — 184 184 — — 392 392 Investments in equity securities — 726 — 726 — 987 — 987 Loans 87 — — 87 153 — — 153 Related parties 1,600 — — 1,600 1,612 — — 1,612 4,971 726 184 5,881 3,481 987 392 4,860 Total of financial assets 15,092 726 1,375 17,193 12,385 987 355 13,727 Financial liabilities Current Suppliers and contractors 4,107 — — 4,107 3,512 — — 3,512 Leases 225 — — 225 — — — — Derivative financial instruments — — 94 94 — — 470 470 Loans and borrowings 1,214 — — 1,214 1,003 — — 1,003 Interest on capital 1,571 — — 1,571 — — — — Related parties 980 — — 980 1,134 — — 1,134 8,097 — 94 8,191 5,649 — 470 6,119 Non-current Leases 1,566 — — 1,566 — — — — Derivative financial instruments — — 307 307 — — 344 344 Loans and borrowings 11,842 — — 11,842 14,463 — — 14,463 Related parties 956 — — 956 960 — — 960 Participative stockholders' debentures — — 2,584 2,584 — — 1,407 1,407 Financial guarantees — — 525 525 — — 166 166 14,364 — 3,416 17,780 15,423 — 1,917 17,340 Total of financial liabilities 22,461 — 3,510 25,971 21,072 — 2,387 23,459 The classification of financial assets and liabilities by currencies are as follows: December 31, 2019 R$ US$ CAD EUR Other currencies Total Financial assets Current Cash and cash equivalents 2,822 4,361 41 11 115 7,350 Short-term investments 826 — — — — 826 Derivative financial instruments 111 177 — — — 288 Accounts receivable 389 2,121 5 — 14 2,529 Related parties — 319 — — — 319 4,148 6,978 46 11 129 11,312 Non-current Judicial deposits 3,159 — — — — 3,159 Bank accounts restricted 125 — — — — 125 Derivative financial instruments 147 37 — — — 184 Investments in equity securities — 726 — — — 726 Loans 4 83 — — — 87 Related parties — 1,600 — — — 1,600 3,435 2,446 — — — 5,881 Total of financial assets 7,583 9,424 46 11 129 17,193 Financial liabilities Current Suppliers and contractors 2,317 989 524 177 100 4,107 Leases 86 110 16 — 13 225 Derivative financial instruments 69 25 — — — 94 Loans and borrowings 734 429 16 35 — 1,214 Interest on capital 1,571 — — — — 1,571 Related parties 569 411 — — — 980 5,346 1,964 556 212 113 8,191 Non-current Leases 329 1,136 89 — 12 1,566 Derivative financial instruments 241 66 — — — 307 Loans and borrowings 1,727 8,941 106 1,068 — 11,842 Related parties — 956 — — — 956 Participative stockholders' debentures 2,584 — — — — 2,584 Financial guarantees 525 — — — — 525 5,406 11,099 195 1,068 12 17,780 Total of financial liabilities 10,752 13,063 751 1,280 125 25,971 December 31, 2018 R$ US$ CAD EUR Other currencies Total Financial assets Current Cash and cash equivalents 2,765 2,883 23 12 101 5,784 Short-term 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 Judicial deposits 1,716 — — — — 1,716 Derivative financial instruments 380 12 — — — 392 Investments in equity securities — 987 — — — 987 Loans 5 148 — — — 153 Related parties — 1,612 — — — 1,612 2,101 2,759 — — — 4,860 Total of financial assets 5,344 8,243 27 12 101 13,727 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 Financial guarantees 166 — — — — 166 4,907 11,218 127 1,088 — 17,340 Total of financial liabilities 8,388 13,256 444 1,265 106 23,459 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 (“FVTPL”) 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 FVTPL unless they are eligible to be measured at FVOCI, whose gains and losses are never 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.Excepts for Participative stockholders' debentures and Derivative financial instruments that are measured at fair value through profit or loss.

Fair value estimate

Fair value estimate	12 Months Ended
	Dec. 31, 2019
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, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Short-term investments 826 — — 826 32 — — 32 Derivative financial instruments — 448 24 472 — 136 295 431 Accounts receivable — 77 — 77 — (108) — (108) Investments in equity securities 726 — — 726 987 — — 987 Total 1,552 525 24 2,101 1,019 28 295 1,342 Financial liabilities Derivative financial instruments — 281 120 401 — 636 178 814 Participative stockholders' debentures — 2,584 — 2,584 — 1,407 — 1,407 Financial guarantees — 525 — 525 — 166 — 166 Total — 3,390 120 3,510 — 2,209 178 2,387 There were no transfers between Level 1 and Level 2, or between Level 2 and Level 3 for the year ended in December 31, 2019. The following table presents the changes in Level 3 assets and liabilities for the year ended in December 31, 2019: Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2018 295 178 Gain and losses recognized in income statement 36 (33) Translation adjustments (25) (7) Settlements (282) (18) Balance at December 31, 2019 24 120 Methods and techniques of evaluation 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 35). 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 35 (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, 2019 Debt principal 12,845 14,584 8,983 5,601 December 31, 2018 Debt principal 15,228 16,262 10,686 5,576 Libor discontinuation In July 2017, the UK Financial Conduct Authority ("FCA"), which regulates the London Interbank Offered Rate ("LIBOR"), announced the effective discontinuation of that rate from the end of 2021, as banks will no longer be required to contribute rate quotations. The Company is currently evaluating the potential impact of the eventual replacement of the LIBOR interest rate.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Dec. 31, 2019
Derivatives financial instruments
Derivative financial instruments	25. Derivative financial instruments a) Derivatives effects on statement of financial position Assets December 31, 2019 December 31, 2018 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 13 — 9 — IPCA swap 83 117 7 84 Eurobonds swap — — — 4 Pre-dollar swap 21 8 19 1 117 125 35 89 Commodities price risk Nickel 151 9 2 — Bunker oil, Gasoil and Brent 19 — 1 — 170 9 3 — Options - MBR — — — 295 Others 1 50 1 8 1 50 1 303 Total 288 184 39 392 Liabilities December 31, 2019 December 31, 2018 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 48 80 383 98 IPCA swap 13 37 35 47 Eurobonds swap 6 29 5 — Pre-dollar swap 8 37 10 18 75 183 433 163 Commodities price risk Nickel 4 4 8 2 Bunker oil, Gasoil and Brent 7 — 29 — 11 4 37 2 Options - MBR — — — 16 Conversion options - VLI — 120 — 162 Others 8 — — 1 8 120 — 179 Total 94 307 470 344 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 2019 2018 2017 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (39) (206) 152 IPCA swap 118 (23) 43 Eurobonds swap (39) (27) 36 Euro forward — — 46 Pre-dollar swap 2 (23) 36 42 (279) 313 Commodities price risk Nickel 58 (25) 30 Bunker oil, Gasoil and Brent 42 6 (80) 100 (19) (50) Options - MBR 8 62 135 Conversion options - VLI 35 — 61 Others 59 (30) (5) 102 32 191 Total 244 (266) 454 Financial settlement inflows (outflows) Year ended December 31 2019 2018 2017 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (381) (135) (181) IPCA swap (28) 7 (20) Eurobonds swap (5) (3) (39) Pre-dollar swap 8 10 (1) (406) (121) (241) Commodities price risk Nickel 48 8 4 Bunker oil, Gasoil and Brent 2 49 (3) 50 57 1 Others 21 (3) — Derivatives designated as cash flow hedge accounting Nickel (i) 11 — — Total (324) (67) (240) (i) Refers to the effect of the nickel cash flow hedge transaction recorded as operating revenue. Gain recognized in other comprehensive income Year ended December 31 2019 2018 2017 Derivatives designated as cash flow hedge accounting Nickel 150 — — Total 150 — — The maturity dates of the derivative financial instruments are as follows: Last maturity dates Currencies and interest rates September 2029 Nickel December 2021 Brent December 2020 Gasoil December 2020 VLI December 2027 Others December 2023 c) Hedge in foreign operations In January 2017, the Company implemented hedge accounting for the foreign currency risk arising from Vale S.A.’s net investments in Vale International S.A. and Vale Holding BV. Under the hedge accounting program, the Company’s debt denominated in U.S. dollars and Euros serves as a hedge instrument for these investments. With the program, the impact of exchange rate variations on debt denominated in U.S. dollars and Euros has been partially recorded in other comprehensive income in the “Cumulative translation adjustments”. As at December 31, 2019, the carrying value of the debts designated as instrument hedge of these investments are US$2,457 and EUR750. Loss recognized in the other comprehensive income Year ended December 31 2019 2018 2017 Hedge in foreign operation, net of tax (74) (543) (95) 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 has elected to adopt the new general hedge accounting model in IFRS 9 and designates certain derivatives as either: Cash flow hedge - The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity within "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, 2019
Provisions
Provisions	26. Provisions Current liabilities Non-current liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Payroll, related charges and other remunerations 790 1,046 — — Onerous contracts (note 20) 57 60 866 642 Environmental obligations 146 100 243 202 Asset retirement obligations (note 27) 158 85 3,802 3,030 Provisions for litigation (note 28) — — 1,462 1,357 Employee postretirement obligations (note 29) 79 72 2,120 1,864 Provisions 1,230 1,363 8,493 7,095

Asset retirement obligations

Asset retirement obligations	12 Months Ended
	Dec. 31, 2019
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, 2019 December 31, 2018 Balance at beginning of the year 3,115 3,168 Present value valuation 37 15 Settlements (47) (27) Revisions on cash flows estimates (i) 812 229 Translation adjustment 43 (270) Balance at end of the year 3,960 3,115 Current 158 85 Non-current 3,802 3,030 3,960 3,115 Long-term interest rates (per annum) Brazil 3.36 % 4.94 % Canada 0.40 % 0.77 % Mozambique 5.20 % 8.53 % Other regions 0.60% - 4.78 % 1.33% - 5.73 % (i) In 2019, includes changes in discount rates and updating plans for mine closure, that also considers new legal requirements related to the decommissioning. 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 pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability and the unwinds are recorded in the income statement and is reduced by payments for mine closure and decommissioning of mining assets. The accrued amounts of these obligations are not deducted from the potential costs covered by insurance or indemnities. Critical accounting estimates and judgments Judgment is required to determine key assumptions used on the asset retirement obligation measurement such as, interest rate, cost of closure, useful life of the mining asset considering the current conditions of closure and the projected date of depletion of each mine. Any changes in these assumptions may significant impact the recorded provision. Therefore, the estimated costs for closure of the mining assets is deemed to be a critical accounting estimate and annually reviewed.

Litigations

Litigations	12 Months Ended
	Dec. 31, 2019
Litigations
Litigations	28. Litigations a) Provision for litigations 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 litigations are as follows: Environmental Total of Tax litigation (i) Civil litigation Labor litigation litigation litigation provision Balance at December 31, 2017 815 131 517 10 1,473 Additions and reversals, net 17 65 106 (3) 185 Payments (7) (23) (114) (2) (146) Additions - discontinued operations 26 1 11 — 38 Indexation and interest — 17 16 (1) 32 Translation adjustment (122) (25) (77) (1) (225) Balance at December 31, 2018 729 166 459 3 1,357 Additions and reversals, net 10 168 106 7 291 Payments (33) (58) (110) — (201) Indexation and interest 9 42 18 1 70 Translation adjustment (19) (18) (18) — (55) Balance at December 31, 2019 696 300 455 11 1,462 (i) b) Contingent liabilities The Company has contingent liabilities where claims are debated in both administrative and judicial claims and whose expected loss is classified as possible, and for which the recognition of a provision is not considered necessary by the Company. Based in the legal opinions, the presentation of the litigations classified with expected loss as possible are presented as follow: December 31, 2019 December 31, 2018 Tax litigations (i) 8,395 8,853 Civil litigations 1,518 1,957 Labor litigations 773 1,263 Environmental litigations 1,094 1,051 Brumadinho event (note 3) 158 — Total 11,938 13,124 (i) i - Tax litigations - The most relevant contingent tax liabilities are associated with proceedings related to the (i) collection of IRPJ and CSLL, (ii) challenges of PIS and COFINS tax credits, (iii) assessments related to mining royalties (CFEM), and (iv) collection of ICMS, in particular related to credits claimed in connection with the sale and transmission of electricity; collection of ICMS in connection with goods that enter into the State of Pará and collection of ICMS and penalties over the transportation of iron ore by Vale itself. Of the total amount of tax litigations, US$1,106 relates to income taxes contingencies, which have been assessed by Management to determine whether the tax treatment related to the contingency is probable of being accepted by the tax authority. Further details on the assessment performed by the Company relation to uncertain tax positions is disclosed in note 8. ii - Civil litigations - Most of those claims have been filed by suppliers for indemnification under construction contracts, primarily relating to certain alleged damages, payments and contractual penalties. A number of other claims related to contractual disputes regarding inflation index. iii - Labor litigations - Represents individual claims by employees and service providers, primarily involving demands for additional compensation for overtime work, time spent commuting or health and safety conditions. iv - Environmental litigations - 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, 2019 December 31, 2018 Tax litigations (i) 1,278 1,314 Civil litigations 112 60 Labor litigations 246 310 Environmental litigations 41 32 Brumadinho event (note 3) 1,482 — Total 3,159 1,716 (i) Includes amounts regarding to judicial deposits of a social security claims that were previously classified as labor claims . In addition to the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted US$2.6 billion (R$10.4 billion) in guarantees for its lawsuits, as an alternative to judicial deposits. For the Brumadinho event, the Company contracted guarantees in the amount of US$1.4 billion (R$5.6 billion) which were presented in court according agreement with Treasury Court of Minas Gerais and Public Prosecutor's Office. d) Contingencies related to Samarco accident (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$5.3 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$40.5 billion (R$155 billion). In June 2018, the parties entered into an agreement (“Term of Adjustment of Conduct”), which extinguishes (i) the public civil claim of US$5.3 billion (R$20.2 billion) filed by the Federal Government and others; and (ii) part of the claims included in the public civil claim of US$40.5 billion (R$155 billion) filed by MPF. The agreement also establishes a possible renegotiation of Fundação Renova's repair programs after the conclusion of the specialist’s studies hired to advise the Public Prosecutor's Office in this process. These negotiations are expected to occur during 2020. In September 2019, the Court approved the list of entities selected by the community to provide it with technical assistance to assure its participation on the debates regarding the measures to be adopted for mitigate the impacts, accordingly to the referred agreement. In January 2020, the Court issued an order for the Brazilian Mining Authority (ANM) ratifying the revocation of the decision issued on the public civil actions filed by the Brazilian Federal Government and others, determine the immediate revocation of the restrictions on Vale's mining concessions. (ii) United States class action lawsuits In March 2017, holders of bonds issued by Samarco Mineração S.A., filed a class action suit in the Federal Court in New York against Samarco Mineração S.A., Vale S.A., BHP Billiton Limited, BHP Billiton PLC and BHP Brasil Ltda. under U.S. federal securities laws. The plaintiffs allege that Vale S.A. made false and misleading statements or not made disclosures concerning the risks and dangers of the operations of Samarco's Fundão dam and the adequacy of related programs and procedures. In June 2019, the Court issued a decision and order dismissing with prejudice the putative federal securities class action. In December 2019 the plaintiffs filed a Notice of Appeal to the Court of Appeals, plaintiff’s legal deadline to file the brief of the appeal should expire in March 2020. Based on the assessment of the Company´s legal consultants, the defendants would have better arguments to oppose the appeal to be filed by plaintiffs. (iii) Class action lawsuits related to Vale’s American Depositary Receipts With respect to litigation in the United States concerning Samarco’s Fundão dam, Vale and certain of our officers have been named as defendants in securities class action suits in the Federal Court in New York brought by holders of Vale’s American Depositary Receipts under U.S. federal securities laws. The suit was brought as a putative class action on behalf of holders of Vale’s American Depositary Receipts (“ADRs”), alleging violations of the U.S. Federal Securities laws on the basis of alleged false and misleading statements or omissions concerning the risks of operations of Samarco’s Fundão dam and the adequacy of the related programs and procedures. On March 23, 2017 the judge issued a decision rejecting a significant portion of the claims against Vale S.A. and the individual defendants, determining the prosecution of the action with respect to more limited claims. The portion of plaintiffs' case that remains is related to certain statements about procedures, policies and risk mitigation plans contained in Vale S.A.'s sustainability reports in 2013 and 2014, and certain statements regarding to the responsibility of Vale S.A. for the Fundão dam failure made in a conference call in November 2015. Fact and Expert discovery was totally concluded in October 2019. On September 27, 2019, the Court denied class certification. On December 26, 2019, the Court issued an Order stating that the parties had informed the Court that the parties had reached a settlement in principle. The Court directed the parties to submit a motion to approve a proposed settlement no later than February 07, 2020. On February 07, 2020, the parties have filed to the Court an “Stipulation and Agreement of Settlement” by means of the defendants agreed to pay US$25 to settle the case, which is yet subject to some Court approvals and other conditions to be fulfilled before the settlement can be considered as final and binding. These approvals and conditions are expected to occur in 2020. (iv) 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. Currently, the progress of the criminal action is paralyzed due to the judgment of Habeas Corpus, with no decision. On April 23, 2019, the Federal Court from the 1st Region (“TRF1”) issued an Habeas Corpus writ and granted it to dismiss the criminal charges of homicide and physical injuries committed by oblique intent held against one of the defendants on the criminal action. At the same opportunity, the Court extended the writ’s issuance to all other defendants on the case as the criminal information does not describe the crimes of homicide and physical injury, but the crime of flooding qualified by the result of death and physical injury as a consequence of the Fundão dam’s failure. Therefore, the Court dismissed the homicide and physical injuries charges held against all defendants. After acknowledging the Court’s decisions, the Ponte Nova Court changed the process, withdrawing the case from the grand jury and putting it in the ordinary processing. In the same opportunity, the judge ruled to determine the parties to manifest themselves about this process alteration and, after the Federal Prosecution and the defenses presented their petitions, the judge withdrew the charges against Vale and BHP executives and the accusation withheld for trial for the two companies together with Samarco and its representatives. The accusation of crimes committed against the Environmental Public Administration by Vale and one of its executives also remained unaltered. Additionally, the judge determined precatory letters to be sent to collect the defense witnesses testimonies and opened a 60 day term for the defenses to present a list of questions to be put together with the international cooperation for the testimony of the accusation witnesses residing in Canada. (v) Tax proceedings In 2018, the Office of the Attorney General for the National Treasury (PGFN) requested a judicial order to secure the payment of alleged federal tax and social security debts regarding Samarco. In May 2019, a favorable decision was issued dismissing the claim without prejudice, due to lack of procedural interest. The PGFN filed an appeal to the Local Court. The Company is waiting for the Court ruling. e) Contingent Assets (i) Compulsory loan In 2015, the Company requested for the enforcement of the judicial decision in the amount of US$130 (R$524 million) related to a favorable unappealable decision which partially recognized its right to refund the differences of monetary adjustments and interests due over to the third convertible bonds issued by Eletrobrás shares in the period within 1987 to 1993. In November 2019, the Company requested for the payment of the amount of US$74 (R$297 million) recognized by Eletrobrás as due and awaits judicial analysis of the surplus amount. Therefore, it has not possible yet to determine the amount to be refunded and, consequently, the asset has not been registered in the Company's financial statements. (ii) ICMS included in PIS and COFINS tax base Vale had been discussing the issue regarding the exclusion of ICMS in PIS and COFINS tax basis in two judicial proceedings, related to taxable events after December 2001. In one of the proceedings, the company has obtained a definitive favorable decision (res judicata). In the second proceeding the current decision is also favorable to the Company, but this proceeding did not reach the res judicata. Vale is waiting for a final decision on the leading that will be issued by Supreme Court in order to calculate the amount to be refunded arising from both proceedings. The Company did not record this asset in its financial statement. (iii) Arbitral award related to Simandou In 2010, Vale acquired a 51% stake in VBG - Vale BSGR Limited ("VBG") (formerly BSG Resources (Guinea) Limited), which had iron ore concession rights in Simandou South ("Zogota") and iron ore exploration permits over the areas known as Simandou Blocks 1 & 2 in Guinea. In 2014, the Republic of Guinea revoked those rights after a finding that BSGR had obtained them through bribery of Guinean government officials. The Republic of Guinea did not make any finding of any involvement or responsibility on Vale’s part. Vale commenced arbitration proceedings against BSG Resources Limited (“BSGR”) in April 2014, and in April 2019, the arbitral tribunal in London ruled in Vale’s favor and ordered BSGR to pay to Vale the amount of US$1.2 billion plus costs and interest (with interest and costs, the award exceeds US$2.0 billion). The arbitral tribunal ruled that BSGR had defrauded Vale by inducing Vale to enter into the joint venture. On September 20, 2019, the English High Court ruled that Vale can proceed with enforcement of its US$2.0 billion arbitration award. BSGR went into administration in March 2018, and Vale has commenced legal proceedings against BSGR before courts in London, England and in the United States District Court for the Southern District of New York to enforce the arbitral award against BSGR. BSGR challenged the award before the English High Court, and its challenge was dismissed on November 29, 2019. BSGR has also applied to the United States Bankruptcy Court to have its administration recognized in the United States. On December 3, 2019, Vale and two of its affiliates filed new litigation proceedings in the English High Court, claiming damages of approximately US$1.85 billion, against certain individuals and related parties to BSGR. Vale intends to pursue the enforcement of the award and collection of the amounts due by all legally available means, but since there can be no assurance as to the timing and amount of any collections, the asset was not recognized in its financial statements. (iv) Canadian Tax Litigation Matter Vale Canada Limited (“VCL”) and the Canadian Department of Justice - Canada Revenue Agency signed an agreement regarding a tax litigation matter related to the appropriate tax treatment of certain receipts received and expenditures incurred by VCL in respect of merger and acquisition transactions in 2006. In 2019, the Company recognized a contingent asset in amount of US$170 (CAD 221 million), related an income tax refund, included estimated interest. On January 28, 2020 (subsequent event), the Company received a portion of this asset in the amount of US$145 (CAD 189 million). 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 Litigations are contingent by nature, that is, it 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, 2019
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 benefits plan is subject to actuarial evaluations. The defined contribution plan represents a fixed amount held on behalf of the participants. Both Vale Mais and Valiaprev were overfunded as at December 31, 2019 and 2018. 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, 2019 and 2018 and the contributions made by the Company are not material. “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 “ abono complementação ” benefit was overfunded as at December 31, 2019 and 2018. Other benefits - The Company sponsors medical plans for employees that meet specific criteria and for employees who use the “ abono complementação ” benefit. Although those benefits are not specific retirement plans, actuarial calculations are used to calculate future commitments. As those benefits are related to health care plans they have the nature of underfunded benefits, and are presented as underfunded plans as at December 31, 2019 and 2018. 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, 2019 and 2018. 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, 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 Service costs 6 55 10 Interest costs 305 153 59 Benefits paid (433) (249) (62) Participant contributions — — — Effect of changes in the actuarial assumptions 718 373 176 Translation adjustment (167) 160 42 Benefit obligation as at December 31, 2019 4,006 4,421 1,505 ii. Evolution of assets fair value Overfunded pension plans Underfunded pension plans Other benefits 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 — Interest income 416 123 — Employer contributions 27 56 62 Participant contributions — — — Benefits paid (433) (247) (62) Return on plan assets (excluding interest income) 757 382 — Translation adjustment (200) 139 — Fair value of plan assets as at December 31, 2019 5,304 3,726 — iii. Reconciliation of assets and liabilities recognized in the statement of financial position Plans in Brazil December 31, 2019 December 31, 2018 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,220 — — 1,431 — — Interest income 110 — — 124 — — Changes on asset ceiling 59 — — (113) — — Translation adjustment (91) — — (222) — — Balance at end of the year 1,298 — — 1,220 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (4,006) (412) (303) (3,517) (334) (249) Fair value of assets 5,304 163 — 4,737 162 — Effect of the asset ceiling (1,298) — — (1,220) — — Liabilities — (249) (303) — (172) (249) Current liabilities — (7) (20) — (4) (19) Non-current liabilities — (242) (283) — (168) (230) Liabilities — (249) (303) — (172) (249) Foreign plan December 31, 2019 December 31, 2018 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Amount recognized in the statement of financial position Present value of actuarial liabilities — (4,009) (1,202) — (3,595) (1,031) Fair value of assets — 3,563 — — 3,111 — Liabilities — (446) (1,202) — (484) (1,031) Current liabilities — (6) (46) — (16) (33) Non-current liabilities — (440) (1,156) — (468) (998) Liabilities — (446) (1,202) — (484) (1,031) Total December 31, 2019 December 31, 2018 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,220 — — 1,431 — — Interest income 110 — — 124 — — Changes on asset ceiling 59 — — (113) — — Translation adjustment (91) — — (222) — — Balance at end of the year 1,298 — — 1,220 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (4,006) (4,421) (1,504) (3,517) (3,929) (1,280) Fair value of assets 5,304 3,726 — 4,737 3,273 — Effect of the asset ceiling (1,298) — — (1,220) — — Liabilities — (695) (1,504) — (656) (1,280) Current liabilities — (13) (76) — (20) (52) Non-current liabilities — (682) (1,428) — (636) (1,228) Liabilities — (695) (1,504) — (656) (1,280) iv. Costs recognized in the income statement Year ended December 31 2019 2018 2017 Overfunded Underfunded Overfunded Underfunded Overfunded Underfunded pension pension Other pension pension Other pension pension Other plans plans benefits plans plans benefits plans plans benefits Service cost 7 55 10 5 101 36 7 86 30 Interest on expense on liabilities 317 153 57 282 158 59 360 183 67 Interest income on plan assets (432) (123) — (406) (127) — (513) (151) — Interest expense on effect of (asset ceiling)/ onerous liability 114 — — 124 — — 152 — — Total of cost, net 6 85 67 5 132 95 6 118 97 v. Costs recognized in the statement of comprehensive income Year ended December 31 2019 2018 2017 Overfunded Underfunded Overfunded Underfunded Overfunded Underfunded pension pension Other pension pension Other pension pension Other plans plans benefits plans plans benefits plans plans benefits Balance at beginning of the year (166) (468) (128) (163) (496) (189) (153) (496) (160) Effect of changes actuarial assumptions (718) (373) (176) (679) 172 32 (65) (167) (27) Return on plan assets (excluding interest income) 757 385 — 479 (144) — — 167 — Change of asset ceiling (60) — — 172 — — 47 — — Others — — — (1) — (1) (3) — (14) (21) 12 (176) (29) 28 31 (21) — (41) Deferred income tax 7 (5) 63 10 (7) (8) 7 (3) 12 Others comprehensive income (14) 7 (113) (19) 21 23 (14) (3) (29) Translation adjustments 7 2 3 23 11 10 4 4 1 Transfers/ disposal — — — (7) (4) 28 — (1) (1) Accumulated other comprehensive income (173) (459) (238) (166) (468) (128) (163) (496) (189) 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 a monitoring of the company until the maturity of the security. vii. Actuarial and economic assumptions and sensitivity analysis All calculations involve future actuarial projections about some parameters, such as: salaries, interest, inflation, the trend of social security in Brazil (“INSS”) benefits, mortality and disability. The economic and actuarial assumptions adopted have been formulated considering the long-term period for maturity and should therefore be analyzed accordingly. In the short term they may not be realized. The following assumptions were adopted in the assessment: Brazil December 31, 2019 December 31, 2018 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Discount rate to determine benefit obligation 6.99% - 7.32% 7.10 % 6.99% - 7.39% 8.86% - 9.10% 9.10 % 9.05% - 9.29% Nominal average rate to determine expense/ income 6.99% - 7.32% 7.10 % N/A 8.86% - 9.10% 9.10 % N/A Nominal average rate of salary increase 6.00 % N/A 4.00% - 6.08% 6.08 % N/A Nominal average rate of benefit increase 6.00 % N/A 6.08 % 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, 2019 December 31, 2018 Underfunded Underfunded pension plans Other benefits pension plans Other benefits Discount rate to determine benefit obligation 2.96 % 3.04 % 3.56 % 3.66 % Nominal average rate to determine expense/ income 3.57 % 3.66 % 3.26 % 3.44 % Nominal average rate of salary increase 3.17 % N/A 3.20 % N/A Nominal average rate of benefit increase 3.00 % N/A 3.00 % N/A Immediate health care cost trend rate N/A 5.58 % N/A 5.90 % Ultimate health care cost trend rate N/A 4.55 % N/A 4.56 % Nominal average rate of price inflation 2.10 % N/A 2.10 % N/A For the sensitivity analysis, the Company applies the effect of 1.0% in nominal discount rate to the present value of the Company´s actuarial liability. The effects of this analysis on the Company´s actuarial liability and assumptions adopted are as follows: December 31, 2019 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1.0% increase Effect on actuarial liability balance 3,666 3,901 1,316 Assumptions made 8.18 % 4.35 % 4.87 % Nominal discount rate - 1.0% reduction Effect on actuarial liability balance 4,412 5,026 1,747 Assumptions made 6.18 % 2.35 % 2.87 % viii. Assets of pension plans Brazilian plan assets as at December 31, 2019 and 2018 includes respectively (i) investments in a portfolio of Vale’s stock and other instruments in the amount of US$27 and US$13, which are presented as “Investments funds – Equity” and (ii) Brazilian Federal Government securities in the amount of US$4,523 and US$4,199, which are presented as “Debt securities governments” and “Investments funds – Fixed” Foreign plan assets as at December 31, 2019 and 2018 includes Canadian Government securities in the amount of US$633 and US$674, respectively. ix. Overfunded pension plans Assets by category are as follows: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities - Corporate — 48 — 48 — 47 — 47 Debt securities - Government 2,716 — — 2,716 2,447 — — 2,447 Investments funds - Fixed Income 2,668 — — 2,668 2,441 — — 2,441 Investments funds - Equity 556 — — 556 450 — — 450 International investments 28 — — 28 25 — — 25 Structured investments - Private Equity funds — — 157 157 — — 159 159 Structured investments - Real estate funds 160 — 17 177 — — 15 15 Real estate — — 323 323 — — 339 339 Loans to participants — — 141 141 — — 160 160 Total 6,128 48 638 6,814 5,363 47 673 6,083 Funds not related to risk plans (i) (1,510) (1,346) Fair value of plan assets at end of year 5,304 4,737 (i) Financial investments not related to coverage of overfunded pension plans. Funds are related to the Company´s unconsolidated entities and former employees. 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, 2017 196 15 365 224 800 Return on plan assets 15 — 39 25 79 Assets purchases 2 2 7 233 244 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 Return on plan assets 8 — 8 19 35 Assets purchases 1 2 4 46 53 Assets sold during the year (4) — (13) (79) (96) Translation adjustment (7) — (15) (5) (27) Balance as at December 31, 2019 157 17 323 141 638 x. Underfunded pension plans Assets by category are as follows: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents — 56 — 56 3 18 — 21 Equity securities 1,409 2 — 1,411 1,186 2 — 1,188 Debt securities - Corporate — 507 — 507 — 374 — 374 Debt securities - Government 156 634 — 790 116 680 — 796 Investments funds - Fixed Income 49 339 — 388 42 296 — 338 Investments funds - Equity 2 135 — 137 — 124 — 124 Structured investments - Private Equity funds — — 212 212 — — 213 213 Real estate — — 55 55 — — 51 51 Loans to participants — — 3 3 — — 3 3 Others 2 — 165 167 — — 165 165 Total 1,618 1,673 435 3,726 1,347 1,494 432 3,273 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, 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 Return on plan assets 11 4 — 5 20 Assets purchases 18 — — — 18 Assets sold during the year (32) — (1) (4) (37) Translation adjustment 2 — 1 (1) 2 Balance as at December 31, 2019 212 55 3 165 435 xi. Disbursement of future cash flow Vale expects to disburse US$105 in 2020 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, 2019 Overfunded pension plans Underfunded pension plans Other benefits 2020 259 235 65 2021 266 236 66 2022 273 238 68 2023 280 240 70 2024 285 242 73 2025 and thereafter 1,494 1,206 381 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$289, US$503 and US$780 for the years ended on December 31, 2019, 2018 and 2017, respectively. c) Long‑term compensation plan For the long‑term awarding of eligible executives, the Company compensation plans includes Matching Program and Performance Share Unit Program - PSU, with three to four years‑vesting cycles, respectively, with the aim of encouraging employee’s retention and stimulating their performance. For the Matching program, the participants can acquire Vale’s common shares in the market without any benefits being provided by Vale. If the shares acquired are held for a period of three years and the participants keep it employment relationship with Vale, the participant is entitled to receive from Vale an award in shares, equivalent to the number of shares originally acquired by the executive. It should be noted that, although a specific custodian of the shares is defined by Vale, the share initially purchased by the executives have no restriction and can be sold at any time. However, if it’s done before the end of the three‑year‑vesting period, they lose the entitlement of receiving the related award paid by Vale. For PSU program, the eligible executives have the opportunity to receive during a four year‑vesting cycle, an award equivalent to the market value of a determined number of common shares and conditioned to Vale’s performance factor measured as an indicator of total return to the shareholders (TSR). This award is paid in cash and can occur in cumulative installments of 20% (at the end of 2nd year), 30% (at the end of 3rd year) and 50% (at the end of 4th year), conditioned to the performance factor of each year. Liabilities of the plans are measured at fair value at every reporting period, based on market rates. Compensation costs incurred are recognized by the defined vesting period of three or four years. For the years ended December 31, 2019, 2018 and 2017 the Company recognized in the income statement the amounts of US$39, US$95 and US$65, respectively, related to long-term compensation plan. Accounting policy Employee benefits i. Current benefits - wages, vacations and related taxes Payments of benefits such as wages or accrued vacation, as well the related social security taxes over those benefits are recognized monthly in income, on an accruals basis. ii. Current benefits - profit sharing program The Company has the Annual Incentive Program (AIP) based on Team and business unit’s contribution and Company‑wide performance through operational cash generation. The Company makes an accrual based on evaluation periodic of goals achieved and Company result, using the accrual basis and recognition of present obligation arising from past events in the estimated outflow of resources in the future. The accrual is recorded as cost of goods sold and services rendered or operating expenses in accordance with the activity of each employee. iii. Non‑current benefits - long‑term incentive programs The Company has established a procedure for awarding certain eligible executives (Matching and Virtual Shares Programs) with the goal of encouraging employee retention and optimum performance. Plan liabilities are measured at each reporting date, at their fair values, based on market prices. Obligations are measured at each reporting date, at fair values based on market prices. The compensation costs incurred are recognized in income during the vesting period as defined. iv. Non‑current benefits - pension costs and other post‑retirement benefits The Company has several retirement plans for its employees. For defined contribution plans, the Company’s obligations are limited to a monthly contribution linked to a pre‑defined percentage of the remuneration of employees enrolled in to these plans. For defined benefit plans, actuarial calculations are periodically obtained for liabilities determined in accordance with the Projected Unit Credit Method in order to estimate the Company’s obligation. The liability recognized in the statement of financial position represents the present value of the defined benefit obligation as at that date, less the fair value of plan assets. The Company recognized in the income statement the costs of services, the interest expense of the obligations and the interest income of the plan assets. The remeasurement of gains and losses, return on plan assets (excluding the amount of interest on return of assets, which is recognized in income for the year) and changes in the effect of the ceiling of the active and onerous liabilities are recognized in comprehensive income for the year. For overfunded plans, the Company does not recognize any assets or benefits in the statement of financial position or income statement until such time as the use of the surplus is clearly defined. For underfunded plans, the Company recognizes actuarial liabilities and results arising from the actuarial valuation. Critical accounting estimates and judgments Post‑retirement benefits for employees - The amounts recognized 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, 2019
Stockholders' equity
Stockholders' equity	30. Stockholders’ equity a) Share capital As at December 31, 2019, the share capital was US$61,614 corresponding to 5,284,474,782 shares issued and fully paid without par value. December 31, 2019 Common shares Golden shares Total Stockholders Litel Participações S.A. and Litela Participações S.A. 980,605,889 — 980,605,889 BNDES Participações S.A. 323,496,276 — 323,496,276 Bradespar S.A. 293,907,266 — 293,907,266 Mitsui & Co., Ltd 286,347,055 — 286,347,055 Foreign investors - ADRs 1,150,143,671 — 1,150,143,671 Foreign institutional investors in local market 1,164,475,058 — 1,164,475,058 FMP - FGTS 46,807,292 — 46,807,292 PIBB - Fund 2,473,749 — 2,473,749 Institutional investors 567,027,304 — 567,027,304 Retail investors in Brazil 312,998,897 — 312,998,897 Brazilian Government (Golden Share) — 12 12 Shares outstanding 5,128,282,457 12 5,128,282,469 Shares in treasury 156,192,313 — 156,192,313 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 Company used 2,024,059 of its treasury shares to pay the Matching program of its eligible executives, except for those whose variable remuneration was suspended as described in note 5, in the amount of US$22. It was recognized as “assignment and transfer of shares”. The Board of Directors may, regardless of changes to by-laws, issue new common shares (up to the total authorized shares), including the capitalization of profits and reserves to the extent authorized. The Company holds shares in treasury for future sale or cancellation. These shares are recorded in a specific account as a reduction of stockholders´ equity at their acquisition value and carried at cost. These programs are approved by the Board of Directors with a determined terms and numbers of shares. 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) 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: 2019 Loss (1,683) Minimum mandatory remuneration — (1,683) Profit reserves as at December 31, 2018 10,968 Allocation of loss (1,683) Remuneration - Interest on capital (1,767) Translation adjustment (428) Profit reserves as at December 31, 2019 7,090 In December 2019, the Board of Directors approved the declaration of interest on capital in the total gross amount of US$1,767 (R$7,253 million), equivalent to R$1,414364369 per share, based on profit reserves. The payment will be decided later, after the return of the Shareholder Remuneration Policy, which has been suspended since the Brumadinho dam failure (as described on note 3). The remuneration paid to stockholders based on the on interest on capital and dividends during 2018 was amounted of US$3,313 (US$0.636637439 per share). c) Profit reserves The amount of profit reserves is distributed as follows: Tax incentive Investments Total of profit Legal reserve reserve reserve reserves 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 Allocation of loss — — (1,683) (1,683) Dividends and interest on capital of Vale's stockholders — — (1,767) (1,767) Translation adjustment (66) (34) (328) (428) Balance as at December 31, 2019 1,656 848 4,586 7,090 Legal reserve - Is a legal requirement for Brazilian public companies to retain 5% of the annual net income up to 20% of the capital. The reserve can only be used to compensate losses or to increase capital. Tax incentive reserve - Results from the option to designate a portion of the income tax for investments in projects approved by the Brazilian Government as well as tax incentives. Investment reserve - Aims to ensure the maintenance and development of the main activities that comprise the Company’s operations and to retain budgeted capital for investments. Based on the Company’s by-laws, this reserve is capped to 50% of the annual distributable net income, up to the amount of the share capital. The remaining balance over than 50% of the annual distributable net income is retained based on the capital investments budget submitted for approval in the Stockholder’s Meeting, pursuant to article 196 of the Law 6,404. d) Others reserves Fair value adjustment to Results on Net ownership Retirement benefit Investment in equity conversion of changes in Total of other obligations securities shares subsidiaries reserves Balance as at December 31, 2017 (845) — (490) (954) (2,289) Other comprehensive income 41 60 — (16) 85 Translation adjustment 49 — — — 49 Balance as at December 31, 2018 (755) 60 (490) (970) (2,155) Other comprehensive income (126) (184) — — (310) Translation adjustment 12 — — — 12 Acquisitions and disposal of noncontrolling interest — — — 343 343 Balance as at December 31, 2019 (869) (124) (490) (627) (2,110) e) 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. 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. 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. 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, 2019
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 2019 Joint Ventures Associates Major stockholders Total Net operating revenue 374 294 204 872 Cost and operating expenses (1,749) (32) — (1,781) Financial result 49 (1) (29) 19 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) Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the leases of the pelletizing plants. b) Outstanding balances with related parties December 31, 2019 December 31, 2018 Joint Major Joint Major Ventures Associates Stockholders (i) Total Ventures Associates Stockholders (i) Total Assets Cash and cash equivalents — — 1,384 1,384 — — 1,256 1,256 Accounts receivable 91 22 5 118 110 42 3 155 Dividends receivable 83 6 — 89 132 — — 132 Loans 1,919 — — 1,919 1,976 — — 1,976 Derivatives financial instruments — — 42 42 — — 297 297 Other assets 65 — — 65 25 — — 25 Liabilities Supplier and contractors 302 28 37 367 221 21 24 266 Loans — 1,367 1,688 3,055 — 1,325 2,650 3,975 Derivatives financial instruments — — 64 64 — — 112 112 Other liabilities 569 — — 569 769 — — 769 (i) Refers to regular financial instruments with large financial institutions of which the stockholders are part of the controlling “shareholders’ agreement”. Loans 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 US1,919 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. Major stockholders Refers to regular financial instruments with large financial institutions of which the stockholders are part of the controlling “shareholders’ agreement”. c) The key management personnel remuneration Year ended December 31 2019 2018 2017 Short‐term benefits Wages 8 8 10 Direct and indirect benefits 11 11 10 Profit sharing program (“PLR”) 1 10 8 20 29 28 Long‐term benefits Shares based — 3 5 Severance 4 20 19 24 52 52 The amounts described above include the Board of Directors and the Executive Officers and are presented on a cash basis.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2019
Commitments
Commitments	32. Commitments a) Contractual obligations The required and non-cancelable minimum payments related to contractual obligations as at December 31, 2019 are as follows: Purchase obligations (i) December 31, 2019 December 31, 2018 2020 3,956 2,677 2021 1,029 1,445 2022 710 548 2023 552 463 2024 and thereafter 2,830 2,194 Total minimum payments required 9,077 7,327 (i) Mainly relates to agreements for the acquisition of fuel, energy and the acquisition of raw materials and services. b) Guarantees provided As at December 31, 2019 and 2018, corporate financial guarantees provided by Vale (within the limit of its direct or indirect interest) for certain associates and joint ventures were US$1,655 and US$1,735, respectively. The fair value of this financial guarantees in December 31, 2019 and 2018 totaled US$525 and US$166, respectively, and is recorded in the balance sheet as “Others non-current liabilities”.

Financial and capital risk mana

Financial and capital risk management	12 Months Ended
	Dec. 31, 2019
Financial and capital risk management
Financial and capital risk management	33. Financial and capital risk management Vale considers that an effective risk management is key to support the achievement of the company objectives and to ensure the financial strength and flexibility of the company and the business continuity. Therefore, Vale has developed its risk management strategy in order to provide an integrated approach of the risks 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), among others. The Company’s Board of Directors oversees the management of financial risks and it is supported by a Finance Committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The Finance Committee provides assurance to the Company’s Board of Directors that Vale’s financial activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and objectives. a) 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. 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 2022 and 2024, 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, 2019 these lines are undrawn. b) 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 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. In 2019 and 2018, the expected credit loss on the Company’s accounts receivable portfolio is insignificant (see note 10). (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 monitor different indicators of solvency and liquidity of the different counterparties that were approved for trading. c) 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 market 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. Vale currently applies hedge accounting in the following programs: (i) net investment (see notes 6 and 25), and (ii) nickel revenue hedging program (see note 35). 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 Vale’s cash flow is exposed to the volatility of several currencies against the U.S. dollar. While most of our product prices are indexed to U.S. dollars, most of our costs, disbursements and investments are indexed to currencies other than the U.S. dollar, principally the Brazilian real and the Canadian dollar. We also may have debt instruments and other assets and liabilities denominated in currencies other than U.S. dollars, mainly in Brazilian real and euros. In order to reduce the potential impact that arises from currencies mismatches, 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 real 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 rates risks over loans and financings. The US Dollar floating rate debt in the portfolio consists mainly of loans including export pre-payments, commercial banks and multilateral organizations loans. In general, such debt instruments are indexed to the LIBOR (London Interbank Offer Rate) in US dollar. Risk of product and input prices Vale is also exposed to market risks associated with the price volatility of commodities and inputs. We may enact risk mitigation programs in situations such as the following: (i) where there is a risk of financial distress; (ii) to support commercial activities and specific needs of our business segments; (iii) to ensure a minimum cash and/or value generation for certain businesses; and (iv) to protect from the increase of certain cost items, such as fuel oil used on ships and freight chartering. These programs may incorporate derivative instruments, predominantly forwards, futures and options. d) Capital structure management The Company's policy aims at establishing a capital structure that will ensure the continuity of our business in the long term. Within this perspective, the Company has been able to deliver value to stockholders through dividend payments and capital gain, and at the same time maintain a debt profile suitable for its activities, with an amortization well distributed over the years, thus avoiding a concentration in one specific period.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2019
Significant events
Significant events	34. Subsequent events a) Coronavirus outbreak The Coronavirus outbreak (“COVID-19”) was first reported on December 30, 2019. The responses by various governments and international organizations which highlighted the severity of the outbreak occurred after December 31, 2019. Since then, there have been worldwide reports of contagion and fatalities. On March 3, 2020, the outbreak was characterized as a Pandemic by the World Health Organization. The COVID-19 outbreak has developed rapidly in 2020 and measures taken to contain the virus have affected economic activity, which in turn has implications on the Company’s results of operations and cash flows. Although the COVID-19 existed at December 31, 2019, it is the severity of the virus and the responses to the outbreak which may have an impact on the entity’s operations. These events arose after the reporting period, as such the outbreak is a non-adjusting event for the reporting period ending December 31, 2019 and no adjustment needs to be made to amounts recognized in the December 31, 2019 financial statements. As the outbreak develops over the regions where Vale’s operations are concentrated, the Company may face workforce related operational difficulties and may need to adopt contingency measures or eventually suspend operations. Also, a significant portion of the Company’s revenue is originated from sales made to customers in Asia and Europe, and Vale as well rely on an extensive logistics and supply chain, including several ports, distribution centers and suppliers that have operations in affected regions. Abnormally large changes have occurred in the valuation of financial assets across many markets since December 31, 2019 meaning that the fair values of our assets and liabilities may change. On March 16, 2020, the Company announced that as a precaution in the wake of COVID-19 to help protect the health and well-being of employees and the Nunatsiavut and Innu communities in Labrador, the decision was made to ramp down operations at Voisey’s Bay and place it on care and maintenance for a period of four weeks. On March 23, 2020, the Company decided to temporarily halt, its distribution center in Malaysia (the Teluk Rubiah Maritime Terminal) as the Company is temporarily unable to secure the minimum resources to safely operate the terminal. On March 24, 2020, the Company drew down its revolving credit facilities in the amount of US$5 billion as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak. The Company is closely evaluating the impact of the COVID-19 on its business. The situation is evolving and could become material if there is significant supply chain disruption or customer demand declines. At this time, we have not suffered any material impact to our operations, logistics, or sales. However, the outbreak continues to be fluid and uncertain, making it impossible to forecast the final impact it could have on the global financial markets and economy, and in turn, on the Company’s business, liquidity, and financial position. b) Other acquisitions and divestitures As disclosed on note 14 of these financial statements, the Company entered into agreements to sell its 25% interest in Henan Longyu and to divest 20% of its interest in PTVI. The closing of both transactions were expected in the first quarter of 2020. However, due to the recent developments of the COVID-19 outbreak, the closing of these transactions have been pushed back to later dates in 2020. c) U.S. Securities class action suits - Brumadinho Dam failure (note 3) On December 13, 2019, Vale made a motion to dismiss the amended complaint and, in January 2020, the lead plaintiff filed an opposition to our motion to dismiss. On February 21, 2020, the Company filed a reply to the opposition. In March, the lead plaintiff has requested to start the partial discovery, for which the Company filed an opposition on March 20, 2020. The judge has not issued a decision to date. Vale intends to defend against this action and mount a full defense against these claims. Given the preliminary status of the actions, it is not possible at this time to determine a range of outcomes or to make reliable estimates of the potential exposure.

Additional information about de

Additional information about derivatives financial instruments	12 Months Ended
	Dec. 31, 2019
Additional information about derivatives financial instruments
Additional information about derivatives financial instruments	35. 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, 2019, 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 To reduce cash flow volatility, swap and forward 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 and forward 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 2019 2018 Index rate 2019 2018 2019 2019 2020 2021 2022+ CDI vs. US$ fixed rate swap (38) (46) (18) 8 (22) 2 (18) Receivable R$ 2,115 R$ 1,581 CDI 100.54 % Payable US$ 558 US$ 456 Fix 3.31 % TJLP vs. US$ fixed rate swap (77) (370) (312) 9 (12) (18) (47) Receivable R$ 2,111 R$ 2,303 TJLP + 1.15 % Payable US$ 601 US$ 994 Fix 2.97 % TJLP vs. US$ floating rate swap — (56) (59) — — — — Receivable — R$ 181 TJLP + — Payable US$ 0 US$ 107 Libor + — R$ fixed rate vs. US$ fixed rate swap (18) (8) 8 8 13 (7) (24) Receivable R$ 2,173 R$ 1,078 Fix 6.25 % Payable US$ 604 US$ 351 Fix 0.73 % IPCA vs. US$ fixed rate swap 46 (80) (26) 14 12 (18) 52 Receivable R$ 2,826 R$ 1,315 IPCA + 5.18 % Payable US$ 759 US$ 434 Fix 4.02 % IPCA vs. CDI swap 104 89 6 — 58 42 Receivable R$ 1,634 R$ 1,350 IPCA + 6.62 % Payable R$ 1,350 R$ 1,350 CDI 98.58 % Financial Settlement Fair Inflows Value at value Notional Fair value (Outflows) Risk by year December 31, December 31, Bought / Average December 31, December 31, December 31, December 31, Flow 2019 2018 Sold rate 2019 2018 2019 2019 2020+ Forward R$ 121 — B 4.20 1 — — 1 1 (ii) Protection program for EUR denominated debt instruments 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 2019 2018 Index rate 2019 2018 2019 2019 2020 2021 2022+ EUR fixed rate vs. US$ fixed rate swap (35) (1) (5) 4 (6) (5) (24) Receivable € 500 € 500 Fix 3.75 % Payable US$ 613 US$ 613 Fix 4.29 % (iii) Protection for treasury volatility related to tender offer transaction To reduce the volatility of the premium to be paid to investors for the tender offer transaction issued on December 2019, treasury lock transactions were implemented and already settled. Financial Settlement Fair Inflows Value at value Notional Fair value (Outflows) Risk by year December 31, December 31, Bought / Average December 31, December 31, December 31, December 31, Flow 2019 2018 Sold rate 2019 2018 2019 2019 2020 Forwards — — B — — — 16 — — b) Commodities derivative positions (i) Protection program for the purchase of fuel oil used on ships In order to reduce the impact of fluctuations in fuel oil prices on the hiring and availability of maritime freight and, consequently, to reduce the Company’s cash flow volatility, hedging operations were carried out through options contracts on Bunker Oil, Gasoil (10ppm) and Brent oil for different portions of the exposure. The derivative transactions were negotiated over-the-counter and the protected item is part of the Vale’s costs linked to the price of fuel oil used on ships. The financial settlement inflows/outflows are offset by the protected items’ losses/gains. Bunker Oil Options 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 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 Call options — 2,100,000 B — — 1 2 — — Put options — 2,100,000 S — — (29) — — — Total — (28) 2 — — Brent Crude Oil Options Financial settlement Fair Inflows Value at value Notional (bbl.) Fair value (Outflows) Risk by year December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/bbl.) 2019 2018 2019 2019 2020 Call options 1,110,000 — B 75 11 — — 3 11 Put options 1,110,000 — S (3) — — 1 (3) Total — — — 8 — — 4 8 Gasoil Options Financial settlement Inflows Fair value Notional (bbl.) Fair value (Outflows) Value at Risk by year Flow December 31, 2019 December 31, 2018 Bought / Sold Average strike (US$/bbl.) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2019 2020 Call options 1,035,000 — B 96 7 — — 1 6 Put options 1,035,000 — S 61 (3) — — 1 (3) Total 4 — — 2 3 (ii) Protection programs for base metals raw materials and products Operational Hedging Programs In the operational hedging program for nickel sales at fixed prices, derivatives transactions were implemented to convert into floating prices the contracts with clients that required a fixed price. In the operational protection program for the purchase of raw materials and products, derivatives transactions were implemented in order to reduce the mismatch between the pricing period of purchases (concentrate, cathode, sinter, scrap and others) and the pricing period of the final product sales to the clients. All these transactions have already been settled. Financial settlement Inflows Notional (ton) Average Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 Fixed price sales protection Nickel forwards — 7,244 S — — (10) 49 — — Raw material purchase protection Nickel forwards — 120 S — — — (1) — — Copper forwards — 81 S — — — — — — Total — (10) 48 — — Nickel Revenue Hedging Program To reduce the volatility of its future cash flows arising from changes in nickel prices, the company implemented a Nickel Revenue Hedging Program. Under this program, hedge operations were executed using option contracts to protect a portion of the company highly probable forecast sales at floating prices, thus establishing a cushion to guarantee prices above our Nickel Average Unit Cash Cost and investments for the hedged volumes. A hedge accounting treatment is given to this program. The derivative transactions under the program are negotiated over-the-counter and the financial settlement inflows/outflows are offset by the protected items’ losses/gains due to nickel prices changes. Financial settlement Inflows Notional (ton) Fair value (Outflows) Value at Risk Fair value by year Flow December 31, 2019 December 31, 2018 Bought / Sold Average strike (US$/ton) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2019 2020 2021+ Call options 75,984 — S 18,739 (12) — (2) 3 (10) (3) Put options 75,984 — B 15,714 162 — 13 21 152 9 Total 150 — 11 24 142 6 c) Freight derivative positions To reduce the impact of maritime freight price volatility on the Company’s cash flow, freight hedging transactions were implemented, through Forward Freight Agreements (FFAs). The protected item is part of Vale’s costs linked to maritime freight spot prices. The financial settlement inflows/outflows of the FFAs are offset by the protected items’ losses/gains due to freight prices changes. The FFAs are contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements. Financial Settlement Inflows Fair value Notional (days) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/day) 2019 2018 2019 2019 2020 Freight forwards 1,050 480 B 13,286 — 1 3 1 — d) Wheaton Precious Metals Corp. warrants The Company owns warrants issued by Wheaton Precious Metals Corp. (WPM), a Canadian company with stocks negotiated in Toronto Stock Exchange and New York Stock Exchange. Such warrants have payoff similar to that of an American call option 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 of warranties) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/share) 2019 2018 2019 2019 2023 Call options 10,000,000 10,000,000 B 44 26 8 — 3 26 e) Debentures convertible into shares of Valor da Logística Integrada (“VLI”) The Company has debentures which lenders have the option to convert the outstanding debt into a specified quantity of VLI’s shares, owned by the Company. This option may be fully, or part exercised, upon payment to the Company of the strike price, considering the terms, conditions and other limitations existing in the agreement, at any time and at the discretion of the creditor, as of December 2017 until the maturity date of the debentures, December 2027. Financial settlement Inflows Fair value by Notional (quantity) Average Fair value (Outflows) Value at Risk year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2027 Conversion options 140,239 140,239 S 7,136 (51) (59) — 3 (51) f) Options related to Minerações Brasileiras Reunidas S.A. (“MBR”) shares In 2019, in connection to the acquisition of additional 36.4% MBR’s shares disclosed in note 14, the options were elapsed. Financial settlement Inflows Fair value by Notional (quantity, in millions) Average Fair value (Outflows) Value at Risk year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2020+ Options — 2,139 B/S — — 279 — — — g) Option related to SPCs Casa dos Ventos The Company acquired in January 2019 a call option related to shares of the special purpose companies Ventos de São Bento Energias Renováveis, Ventos São Galvão Energias Renováveis and Ventos de Santo Eloy Energias Renováveis (SPCs Casa dos Ventos), which are part of the wind farm of Folha Larga Sul project, in Campo Formoso, Bahia, with commercial operation scheduled for the first half of 2020. This option was acquired in the context of the Company's signing of electric power purchase and sale agreements with Casa dos Ventos, supplied by this wind farm. Financial settlement Fair Inflows Value at value Notional (quantity) Fair value (Outflows) Risk by year December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2022 Call option 137,751,623 — B 2.77 24 — — 2 24 h) Embedded derivatives in contracts 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 until August 2020. 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 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2020+ Put option 1,105,070,863 1,105,070,863 S 4 (69) (103) — 11 (69) The Company has some nickel concentrate and raw materials purchase agreements in which there are provisions based on nickel and copper future prices behavior. These provisions are considered as embedded derivatives. Financial settlement Inflows Fair value Notional (ton) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 Nickel forwards 1,497 3,763 S 15,363 2 2 — 1 2 Copper forwards 1,009 2,035 S 5,910 — — — — — Total 2 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 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 2021+ Call options 746,667 746,667 S 233 (1) (1) — 1 (0.4) (0.3) i) Sensitivity analysis of derivative financial instruments The following tables present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives positions. The scenarios were defined as follows: · Probable : the probable scenario was defined as the fair value of the derivative instruments as at December 31, 2019 · Scenario I : fair value estimated considering a 25% deterioration in the associated risk variables · Scenario II : fair value estimated considering a 50% deterioration in the associated risk variables Instrument Instrument’s main risk events Probable Scenario I Scenario II CDI vs. US$ fixed rate swap R$ depreciation (38) (181) (324) US$ interest rate inside Brazil decrease (38) (42) (46) Brazilian interest rate increase (38) (39) (39) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation (77) (229) (382) US$ interest rate inside Brazil decrease (77) (85) (95) Brazilian interest rate increase (77) (95) (113) TJLP interest rate decrease (77) (95) (114) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation (18) (164) (310) US$ interest rate inside Brazil decrease (18) (23) (29) Brazilian interest rate increase (18) (26) (33) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation 46 (153) (352) US$ interest rate inside Brazil decrease 46 31 15 Brazilian interest rate increase 46 12 (20) IPCA index decrease 46 23 1 Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase 104 97 90 IPCA index decrease 104 99 93 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (99) (93) EUR fixed rate vs. US$ fixed rate swap EUR depreciation (35) (198) (360) Euribor increase (35) (36) (37) US$ Libor decrease (35) (43) (52) Protected item: EUR denominated debt EUR depreciation n.a. (198) 360 NDF BRL/USD R$ depreciation 1 (7) (15) US$ interest rate inside Brazil decrease 1 1 — Brazilian interest rate increase 1 — (2) Protected item: R$ denominated debt R$ depreciation n.a. — — Fuel Oil protection Options Price input decrease 12 (69) (115) Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. 69 115 Maritime Freight protection Forwards Freight price decrease — (3) (7) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. 3 7 Nickel Revenue Hedging Program Options Nickel price increase 150 (31) (224) Protected item: Part of nickel future revenues Nickel price increase n.a. 31 224 Wheaton Precious Metals Corp. warrants WPM stock price decrease 26 8 1 Conversion options - VLI VLI stock value increase (51) (84) (127) Option - SPCs Casa dos Ventos SPCs Casa dos Ventos stock value decrease 24 8 1 Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase 2 (3) (8) Embedded derivatives - Raw material purchase (copper) Copper price increase — (2) (3) Embedded derivatives - Gas purchase Pellet price increase (1) (2) (5) Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease (69) (253) (520) j) Financial counterparties’ ratings The transactions of derivative instruments, cash and cash equivalents as well as short-term 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 hire derivative instruments, cash and cash equivalents transactions. Long term ratings by counterparty Moody’s S&P ABN Amro A1 A Agricultural Bank of China A1 A ANZ Australia and New Zealand Banking Aa3 AA- Banco ABC Ba3 BB- Banco Bradesco Ba3 BB- Banco do Brasil Ba3 BB- Banco Itaú Unibanco Ba3 BB- Banco Safra Ba3 BB- Banco Santander A2 A Banco Votorantim Ba3 BB- Bank Mandiri Baa2 BBB- Bank of America A2 A- Bank of China A1 A Bank of Montreal Aa2 A+ Bank of Nova Scotia A2 A+ Bank of Shanghai Baa2 - Bank of Tokyo Mitsubishi UFJ A1 A- Bank Rakyat Indonesia (BRI) Baa2 BBB- Barclays Baa3 BBB BBVA Banco Bilbao Vizcaya Argentaria A3 A- BNP Paribas Aa3 A+ BTG Pactual Ba3 BB- Caixa Econômica Federal Ba3 BB- Calyon Aa3 A+ China Construction Bank A1 A CIBC Canadian Imperial Bank Aa2 A+ CIMB Bank Baa1 A- Citigroup A3 BBB+ Credit Suisse Baa2 BBB+ Deutsche Bank A3 BBB+ Goldman Sachs A3 BBB+ Long term ratings by counterparty Moody’s S&P HSBC A2 A Industrial and Commercial Bank of China A1 A Intesa Sanpaolo Spa Baa1 BBB Banco Itaú Unibanco Ba3 BB- JP Morgan Chase & Co A2 A- Macquarie Group Ltd A3 BBB+ Mega International Commercial Bank A1 A Millenium BIM A1 A- Mitsui & Co A1 A- Mizuho Financial A1 A- Morgan Stanley A3 BBB+ Muscat Bank Ba2 BB National Australia Bank Aa3 AA- National Bank of Canada Aa3 A National Bank of Oman Ba2 - Natixis A1 A+ Royal Bank of Canada Aa2 AA- Rabobank Aa3 A+ Societe Generale A1 A Standard Bank Group Ba1 - Standard Chartered A2 BBB+ Sumitomo Mitsui Financial A1 A- Toronto Dominion Bank Aa3 AA- UBS Aa3 A- Unicredit Baa1 BBB

Basis of preparation of the f_2

Basis of preparation of the financial statements (Policies)	12 Months Ended
	Dec. 31, 2019
Significant accounting policies
Changes in significant accounting policies	IFRIC 23 Uncertainty over income tax treatments – IFRIC 23 became effective for annual periods beginning on or after January 1, 2019 and clarifies the measurement and recognition requirements of IAS 12 Income taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: (i) whether an entity considers uncertain tax treatments separately, (ii) the assumptions an entity makes about the examination of tax treatments by tax authorities, and (iii) how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits, and tax rates. Upon adoption of the Interpretation, the Company considered whether it has any uncertain tax positions, particularly those relating to the deduction of social security contributions on the net income (“ CSLL ”) in Brazil, and determined that, although there is an uncertainty that could affect the 2018 year end, it is deemed probable that the Company’s treatments will be accepted by the Brazilian tax authority. Further details in relation to this uncertain tax position is disclosed in note 8. IFRS 16 Leases – The Company applied IFRS 16 from January 1, 2019 using the retrospective approach with the cumulative effect recognized as at the date of initial application. Accordingly, the comparative information has not been restated and continues to be presented under IAS 17 and related interpretations. On transitioning to IFRS 16, the lease agreements were recognized in the statement of financial position and measured discounting the remaining minimum contractual payments at the present value, using the Company’s incremental borrowing rate, depending on the remaining lease term. The Company used the following practical expedients in applying IFRS 16: (i) applied a single discount rate to a portfolio of leases with similar characteristics; (ii) applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term and/or leases of low-value assets. The payments associated to these leases will be recognized as an expense on a straight-line basis over the lease term; and (iii) used hindsight when determining the lease term, to determine if the contract contains options to extend or terminate the lease. As a result of IFRS 16 adoption, the Company has changed its accounting policy for lease contracts, except for its mineral leases, as the standard excludes from its scope leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. Details of these changes are summarized below. The ferrous minerals produced in Brazil are mainly shipped to Asia. The Company has leased the Ponta da Madeira and Itaguaí maritime terminals in Brazil, that are primarily for the delivery of iron ore and iron ore pellets to bulk carrier vessels. The remaining lease terms are, respectively, 4 and 7 years for the ports in Brazil. Vale also has a lease agreement for a maritime terminal in Oman, which is used to deliver iron ore pellets produced in that location. The remaining lease term is 24 years for the port in Oman. Some of the delivery of iron ore from Brazil to the Asian clients are made through five time-charter agreements, which have 11 years remaining lease term on average. As part of the ferrous minerals segment, the Company also has long-term agreements for the exploration and processing of iron ore with its joint ventures, such as the agreements to lease the pelletizing plants in Brazil. These lease agreements contain variable payment terms based on the pellet production. In addition, the Company leases an oxygen plant dedicated to the base metals operation, as part of its nickel operation run in Canada. The remaining period of this lease agreement is 11 years. The Company also has a long-term contract related to the right of use of certain locomotives dedicated to the transportation of coal in Mozambique, which has a remaining lease term of 7 years. Vale has leased properties for its operational facilities and commercial and administrative offices in the various locations where the Company conducts its business. Following are the discount rates applied in discounting the lease liabilities at present value: Discount rate Ports 3% to 6 % Vessels 3% to 6 % Pellets plants 3% to 6 % Properties 3% to 7 % Energy plants 4% to 5 % Locomotives 7 % Mining equipment 4% to 6 % Until December 31, 2018, the lease arrangements were classified as operating leases and were not recognized in the Company’s statement of financial position. The contractual payments were recognized in the income statement on a straight-line basis over the term of the lease. Following are the lease liabilities recognized under IFRS 16 reconciled to the disclosed operating lease commitments under IAS 17, as at December 31, 2018: Lease commitments disclosed on December Present value Lease liability recognized 31, 2018 Contracts scoped out adjustment on January 1, 2019 Ports 1,131 — (364) 767 Vessels 769 (1) (164) 604 Pellets plants 218 (15) (52) 151 Properties 162 (1) (24) 137 Energy plants 94 — (29) 65 Locomotives 68 (7) (16) 45 Mining equipment 55 (18) (5) 32 Total 2,497 (42) (654) 1,801 The lease liability is presented on the statement of financial position as “Leases” and the accounting policy related to leases is disclosed in note 19. The total amount of the variable lease payments not included in the measurement of lease liabilities, which have been recognized straight to the income statement, for the year ended December 31, 2019 was US$560. The interest accretion recognized in the income statement is disclosed in note 6. Changes in the recognized right-of-use assets and leases liabilities are as follows: Assets Additions and contract Translation December 31, January 1, 2019 modifications (i) Impairment (ii) Depreciation adjustment 2019 Ports 767 13 — (41) (5) 734 Vessels 604 28 — (50) — 582 Pellets plants 151 60 — (35) (15) 161 Properties 137 42 (16) (30) — 133 Energy plants 65 4 — (7) 2 64 Locomotives 45 — (39) (6) — — Mining equipment 32 — — (14) — 18 Total 1,801 147 (55) (183) (18) 1,692 Liabilities Additions and contract Translation December 31, January 1, 2019 modifications (i) Payments Interest adjustment 2019 Ports 767 13 (55) 31 (6) 750 Vessels 604 28 (74) 22 — 580 Pellets plants 151 60 (36) 8 (8) 175 Properties 137 42 (34) 7 — 152 Energy plants 65 4 (7) 4 5 71 Locomotives 45 — (8) 3 — 40 Mining equipment 32 — (10) 1 — 23 Total 1,801 147 (224) 76 (9) 1,791 (i) Additions mainly relates to new administrative offices lease and to renewal of the contract with Nibrasco, a pelletizing plant, which expires in December 2022. (ii) Relates to the impairment of coal business assets, which resulted in the provision for loss of properties e and locomotive right of use assets. Further details in relation to the impairment is disclosed in note 20. The annual minimum payments are presented as follows: 2020 2021 2022 2023 2024 onwards Total Ports 59 59 59 58 851 1,086 Vessels 67 65 63 62 465 722 Pellets plants 35 31 31 11 110 218 Properties 42 37 22 18 64 183 Energy plants 7 7 7 7 64 92 Locomotives 8 8 8 8 23 55 Mining equipment 7 6 6 4 4 27 Total 225 213 196 168 1,581 2,383 The amounts in the table above presents the undiscounted lease obligation by maturity date. The lease liability disclosed as “leases” in the balance sheet is measured at the present value of such obligations.
Provisions related to Brumadinho dam failure	Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Provisions are not recognized for future operating losses.
Revenue	Revenue is recognized when the control of a good or service transferred to a customer. Since Vale’s sales are under different shipping terms, revenue could 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. A relevant 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. Shipping services for CFR and CIF contracts are considered as a separate performance obligation in which a proportion of the transaction price is allocated and recognized over time as the shipping services are provided. 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. 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 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 exchanges differences that were recognized in equity are recognized in the income of statement.
Streaming transactions	The Company recognizes contract liabilities in the event it receives payments from customers before a sale meets criteria for revenue recognition. Proceeds received under the terms of the streaming transaction are accounted for as “streaming transactions” and included within liabilities. Contract liability is initially recognized at fair value, net of transaction costs incurred, and is subsequently carried at amortized cost and updated using the effective interest rate method. Contract liability is released in the income statement as the control of the product or service is transferred to the customer.
Income taxes	The Brazilian corporate tax law requires the taxation on the income generated from foreign subsidiaries and, therefore, income tax charge is calculated using the tax rate enacted at the end of the reporting period in Brazil. The effects of the income tax calculation in the consolidated financial statements are calculated by applying the differential between the Brazilian income tax rate and the local income tax rate of each jurisdiction where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and it establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. The benefits of uncertain tax positions are recorded only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. Deferred income taxes are recognized based on temporary differences between carrying amount and the tax basis of assets and liabilities as well as tax losses carryforwards. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. The deferred tax assets arising from tax losses and temporary differences are not recognized when it is not probable that future taxable profit will be available against which temporary differences and/or tax losses can be utilized. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in stockholder’s equity. In this case, the tax is also recognized in other comprehensive income or directly in stockholder’s equity, respectively.
Accounts receivable	Accounts receivable is the total amount due from sale of products and services rendered by the Company. Accounts receivable is recognized at fair value and subsequently measured at amortized cost using the effective interest method, except for component of provisionally priced commodities sales that are subsequently measured at fair value through profit or loss. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all accounts receivable. The Company has established a provision matrix that is based on 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 comprises variable and fixed costs, direct and indirect costs of production and are assigned to individual items of inventory on the basis of weighted average costs method. At the end of the reporting period, net realizable value of inventories are assessed and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and reversals are recognized as “Cost of goods sold and services rendered”.
Business combination	The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises (i) fair values of the assets transferred; (ii) liabilities assumed of the acquired business; (iii) equity interests issued to the Company; (iv) fair value of any asset or liability resulting from a contingent consideration arrangement, and (v) fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Company recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.
Discontinued operation	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	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”. 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.
Intangibles	Intangibles are carried at the acquisition cost, net of accumulated amortization and impairment charges. The estimated useful lives are as follows: Useful life Railways concessions 3 to 50 years Usufruct 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 3 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	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	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	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	The cost associated with the removal of overburden and other waste materials (“stripping costs”) incurred during the development of mines, before production takes place, are capitalized as part of the depreciable cost of the mineral properties. These costs are subsequently amortized over the useful life of the mine. Post‑production stripping costs are included in the cost of inventory, except when a new project is developed to permit access to a significant ore deposits. In such cases, the cost is capitalized as a non‑current asset and is amortized during the extraction of the ore deposits, over the useful life of the ore deposits.
Leases	At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: (i) fixed payments, including in-substance fixed payments; (ii) variable lease payments that depend on an index or a rate; and (iii) the exercise price under a purchase option or renewal option that are under the Company’s control and is reasonably certain to be exercised. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
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 14%. Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred. 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, 2019 and 2018.
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 (“FVTPL”) 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 FVTPL unless they are eligible to be measured at FVOCI, whose gains and losses are never 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.Excepts for Participative stockholders' debentures and Derivative financial instruments that 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 has elected to adopt the new general hedge accounting model in IFRS 9 and designates certain derivatives as either: Cash flow hedge - The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity within "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 pre-tax rate that reflects current market assessments of the time value of money and the risks specific 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 the related social security taxes over those benefits are recognized monthly in income, on an accruals basis. ii. Current benefits - profit sharing program The Company has the Annual Incentive Program (AIP) based on Team and business unit’s contribution and Company‑wide performance through operational cash generation. The Company makes an accrual based on evaluation periodic of goals achieved and Company result, using the accrual basis and recognition of present obligation arising from past events in the estimated outflow of resources in the future. The accrual is recorded as cost of goods sold and services rendered or operating expenses in accordance with the activity of each employee. iii. Non‑current benefits - long‑term incentive programs The Company has established a procedure for awarding certain eligible executives (Matching and Virtual Shares Programs) with the goal of encouraging employee retention and optimum performance. Plan liabilities are measured at each reporting date, at their fair values, based on market prices. Obligations are measured at each reporting date, at fair values based on market prices. The compensation costs incurred are recognized in income during the vesting period as defined. iv. Non‑current benefits - pension costs and other post‑retirement benefits The Company has several retirement plans for its employees. For defined contribution plans, the Company’s obligations are limited to a monthly contribution linked to a pre‑defined percentage of the remuneration of employees enrolled in to these plans. For defined benefit plans, actuarial calculations are periodically obtained for liabilities determined in accordance with the Projected Unit Credit Method in order to estimate the Company’s obligation. The liability recognized in the statement of financial position represents the present value of the defined benefit obligation as at that date, less the fair value of plan assets. The Company recognized in the income statement the costs of services, the interest expense of the obligations and the interest income of the plan assets. The remeasurement of gains and losses, return on plan assets (excluding the amount of interest on return of assets, which is recognized in income for the year) and changes in the effect of the ceiling of the active and onerous liabilities are recognized in comprehensive income for the year. For overfunded plans, the Company does not recognize any assets or benefits in the statement of financial position or income statement until such time as the use of the surplus is clearly defined. For underfunded plans, the Company recognizes actuarial liabilities and results arising from the actuarial valuation.
Stockholders' equity	Stockholder’s remuneration - The stockholder’s remuneration is paid on dividends and interest on capital. This remuneration is recognized as a liability in the financial statements of the Company based on bylaws. Any amount above the minimum mandatory remuneration approved by the by-laws shall only be recognized in current liabilities on the date that is approved by stockholders. The Company is permitted to distribute interest attributable to stockholders’ equity. The calculation is based on the stockholders’ equity amounts as stated in the statutory accounting records and the interest rate applied may not exceed the Brazilian Government Long-term Interest Rate (“TJLP”) determined by the Central Bank of Brazil. Also, such interest may not exceed 50% of the net income for the year or 50% of retained earnings plus profit reserves as determined by Brazilian corporate law. The benefit to the Company, as opposed to making a dividend payment, is a reduction in the income tax burden because this interest charge is tax deductible in Brazil. Income tax of 15% is withheld on behalf of the stockholders relative to the interest distribution. Under Brazilian law, interest attributed to stockholders’ equity is considered as part of the annual minimum mandatory dividend. This notional interest distribution is treated for accounting purposes as a deduction from stockholders' equity in a manner similar to a dividend and the tax deductibility recorded in the income statement.

Basis of preparation of the f_3

Basis of preparation of the financial statements (Tables)	12 Months Ended
	Dec. 31, 2019
Basis of preparation of the financial statements
Schedule of exchange rates used to translate its foreign operations	Closing rate Average rate for the year ended 2019 2018 2017 2019 2018 2017 US Dollar ("US$") 4.0307 3.8748 3.3080 3.9461 3.6558 3.1925 Canadian dollar ("CAD") 3.1034 2.8451 2.6344 2.9746 2.8190 2.4618 Euro ("EUR" or "€") 4.5305 4.4390 3.9693 4.4159 4.3094 3.6088
Summary of discount rates applied in discounting the lease liabilities at present value	Discount rate Ports 3% to 6 % Vessels 3% to 6 % Pellets plants 3% to 6 % Properties 3% to 7 % Energy plants 4% to 5 % Locomotives 7 % Mining equipment 4% to 6 %
Summary of lease liabilities recognized under IFRS 16 reconciled to the disclosed operating lease commitments under IAS 17	Lease commitments disclosed on December Present value Lease liability recognized 31, 2018 Contracts scoped out adjustment on January 1, 2019 Ports 1,131 — (364) 767 Vessels 769 (1) (164) 604 Pellets plants 218 (15) (52) 151 Properties 162 (1) (24) 137 Energy plants 94 — (29) 65 Locomotives 68 (7) (16) 45 Mining equipment 55 (18) (5) 32 Total 2,497 (42) (654) 1,801
Summary of changes in the recognized right-of-use assets and leases liabilities	Assets Additions and contract Translation December 31, January 1, 2019 modifications (i) Impairment (ii) Depreciation adjustment 2019 Ports 767 13 — (41) (5) 734 Vessels 604 28 — (50) — 582 Pellets plants 151 60 — (35) (15) 161 Properties 137 42 (16) (30) — 133 Energy plants 65 4 — (7) 2 64 Locomotives 45 — (39) (6) — — Mining equipment 32 — — (14) — 18 Total 1,801 147 (55) (183) (18) 1,692 Liabilities Additions and contract Translation December 31, January 1, 2019 modifications (i) Payments Interest adjustment 2019 Ports 767 13 (55) 31 (6) 750 Vessels 604 28 (74) 22 — 580 Pellets plants 151 60 (36) 8 (8) 175 Properties 137 42 (34) 7 — 152 Energy plants 65 4 (7) 4 5 71 Locomotives 45 — (8) 3 — 40 Mining equipment 32 — (10) 1 — 23 Total 1,801 147 (224) 76 (9) 1,791 (i) Additions mainly relates to new administrative offices lease and to renewal of the contract with Nibrasco, a pelletizing plant, which expires in December 2022. (ii) Relates to the impairment of coal business assets, which resulted in the provision for loss of properties e and locomotive right of use assets. Further details in relation to the impairment is disclosed in note 20.
Summary of annual minimum payments related to operating lease	2020 2021 2022 2023 2024 onwards Total Ports 59 59 59 58 851 1,086 Vessels 67 65 63 62 465 722 Pellets plants 35 31 31 11 110 218 Properties 42 37 22 18 64 183 Energy plants 7 7 7 7 64 92 Locomotives 8 8 8 8 23 55 Mining equipment 7 6 6 4 4 27 Total 225 213 196 168 1,581 2,383

Brumadinho dam failure (Tables)

Brumadinho dam failure (Tables)	12 Months Ended
	Dec. 31, 2019
Brumadinho's dam failure
Summary of changes in provision of de-characterization projects	2019 Provision recognized 2,625 Payments (159) Interest accretion 101 Translation adjustment (78) Balance at December 31 2,489 Current liabilities 309 Non-current liabilities 2,180 Liabilities 2,489
Summary of changes in provision of environmental and social agreements	2019 Provision for social and economic compensation 2,735 Provision for environmental remediation and compensation 1,190 Payments (831) Interest accretion 47 Translation adjustment (158) Balance at December 31 2,983 Current liabilities 1,568 Non-current liabilities 1,415 Liabilities 2,983

Information by business segme_2

Information by business segment and by geographic area (Tables)	12 Months Ended
	Dec. 31, 2019
Information by business segment and by geographic area
Schedule of adjusted EBITDA	Year ended December 31, 2019 Cost of goods Sales, 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 23,343 (8,778) (323) (123) (750) 29 13,398 Iron ore pellets 5,948 (2,666) (20) (16) (72) 258 3,432 Ferroalloys and manganese 282 (220) (8) (2) (1) — 51 Other ferrous products and services 432 (324) — (1) — 9 116 30,005 (11,988) (351) (142) (823) 296 16,997 Base metals Nickel and other products 4,257 (2,867) (75) (44) (28) — 1,243 Copper 1,904 (905) (5) (43) (20) — 931 6,161 (3,772) (80) (87) (48) — 2,174 Coal 1,021 (1,638) 1 (30) — 113 (533) Brumadinho event — — (7,402) — — — (7,402) Others 383 (390) (506) (184) (11) 57 (651) Total 37,570 (17,788) (8,338) (443) (882) 466 10,585 Year ended December 31, 2018 Cost of goods Sales, 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 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 Coal 1,643 (1,575) (9) (21) — 143 181 Others 296 (263) (752) (157) (21) 56 (841) Total from 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 Sales, 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 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 Coal 1,567 (1,354) (12) (14) (4) 179 362 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 Adjusted EBITDA is reconciled to net income (loss) as follows: From continuing operations Year ended December 31 2019 2018 2017 Net income (loss) from continuing operations attributable to Vale's stockholders (1,683) 6,952 6,313 Net income (loss) attributable to noncontrolling interests (497) 36 21 Net income (loss) from continuing operations (2,180) 6,988 6,334 Depreciation, depletion and amortization 3,726 3,351 3,708 Income taxes (595) (172) 1,495 Financial results 3,413 4,957 3,019 Equity results and other results in associates and joint ventures 681 182 82 Dividends received and interest from associates and joint ventures (i) 466 388 406 Impairment and disposal of non-current assets 5,074 899 294 Adjusted EBITDA from continuing operations 10,585 16,593 15,338 (i) Includes remuneration of the financial instrument in the coal segment. From discontinued operations Year ended December 31 2018 2017 Loss from discontinued operations attributable to Vale's stockholders (92) (806) Loss attributable to noncontrolling interests — (7) Loss from discontinued operations (92) (813) Depreciation, depletion and amortization — 1 Income taxes (40) (102) Financial results 5 28 Equity results in associates and joint ventures — 2 Dividends received from associates and joint ventures — 3 Impairment of non-current assets 124 885 Adjusted EBITDA from discontinued operations (3) 4
Asset by segment	December 31, 2019 December 31, 2018 Investments in Property, plant Investments in Property, plant Product associates and and equipment associates and and equipment inventory joint ventures and intangibles (i) Product inventory joint ventures and intangibles (i) Ferrous minerals 1,955 1,729 33,528 2,210 1,814 31,377 Base metals 1,354 14 19,893 1,147 14 21,295 Coal 60 — — 119 317 1,589 Others 2 1,055 1,654 11 1,080 2,086 Total 3,371 2,798 55,075 3,487 3,225 56,347 Year ended December 31 2019 2018 2017 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 1,685 385 2,063 1,569 823 1,672 1,194 1,485 1,709 Base metals 1,225 151 1,351 1,189 34 1,351 960 50 1,590 Coal 240 — 237 132 24 252 73 45 296 Others 10 8 75 6 7 76 4 20 113 Total 3,160 544 3,726 2,896 888 3,351 2,231 1,600 3,708 (i) Goodwill is allocated mainly to ferrous minerals and base metals segments in the amount of US$1,770 and US$1,859 in December 31, 2019 and US$1,841 and US$1,812 in December 31, 2018, respectively. (ii) Cash outflows.
Assets and net operating revenue by geographic area	December 31, 2019 December 31, 2018 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 2,498 6,496 29,134 38,128 2,604 5,875 29,226 37,705 Canada — 2,000 10,733 12,733 — 1,956 9,905 11,861 Americas, except Brazil and Canada 242 — — 242 247 — — 247 Europe — 2 900 902 — — 366 366 Indonesia — 1 2,761 2,762 — 1 2,776 2,777 Asia, except Indonesia 58 — 995 1,053 374 — 1,025 1,399 New Caledonia — — 604 604 — — 2,796 2,796 Mozambique — — — — — 130 1,459 1,589 Oman — — 1,449 1,449 — — 829 829 Other regions — — — — — — 3 3 Total 2,798 8,499 46,576 57,873 3,225 7,962 48,385 59,572 d) Net operating revenue by geographic area Year ended December 31, 2019 Ferrous minerals Base metals Coal Others Total Americas, except United States and Brazil 523 835 — — 1,358 United States of America 404 931 — — 1,335 Germany 1,161 522 — — 1,683 Europe, except Germany 1,514 1,715 282 — 3,511 Middle East, Africa and Oceania 2,083 20 75 — 2,178 Japan 2,057 426 120 — 2,603 China 17,572 670 — — 18,242 Asia, except Japan and China 2,032 816 464 — 3,312 Brazil 2,659 226 80 383 3,348 Net operating revenue 30,005 6,161 1,021 383 37,570 Year ended December 31, 2018 Ferrous minerals Base metals Coal 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 1,800 436 — 4,454 Middle East, Africa and Oceania 2,562 25 151 — 2,738 Japan 2,072 508 163 — 2,743 China 14,381 861 — — 15,242 Asia, except Japan and China 1,798 1,101 767 — 3,666 Brazil 2,564 275 126 283 3,248 Net operating revenue 27,933 6,703 1,643 296 36,575 Year ended December 31, 2017 Ferrous minerals Base metals Coal 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 1,985 396 11 4,113 Middle East, Africa and Oceania 1,768 13 171 — 1,952 Japan 1,927 399 130 — 2,456 China 13,442 576 — — 14,018 Asia, except Japan and China 1,332 1,539 711 — 3,582 Brazil 2,894 186 159 236 3,475 Net operating revenue 25,129 6,871 1,567 400 33,967
Summary of sensitivity of the Company's risk on final settlement of its provisionally priced accounts receivables	December 31, 2019 Thousand Provisional price Effect metric tons (US$/tonne) Change on Revenue Iron ore 14,756 90.3 +/-10 % 133 Iron ore pellets 537 91.2 +/-10 % 5 Copper 99 7,827.0 +/-10 % 78

Costs and expenses by nature (T

Costs and expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2019
Costs and expenses by nature
Schedule of cost of goods sold and services rendered	Year ended December 31 2019 2018 2017 Personnel 2,009 2,278 2,295 Materials and services 3,873 3,957 3,814 Fuel oil and gas 1,392 1,538 1,313 Maintenance 2,797 2,807 3,096 Energy 858 906 963 Acquisition of products 608 513 543 Depreciation and depletion 3,399 3,207 3,484 Freight 4,023 4,306 3,346 Others 2,228 2,597 2,185 Total 21,187 22,109 21,039 Cost of goods sold 20,498 21,526 20,426 Cost of services rendered 689 583 613 Total 21,187 22,109 21,039
Schedule of selling and administrative expenses	Year ended December 31 2019 2018 2017 Selling 92 95 68 Personnel 181 212 234 Services 85 92 77 Depreciation and amortization 56 62 91 Others 73 62 61 Total 487 523 531

Financial result (Tables)

Financial result (Tables)	12 Months Ended
	Dec. 31, 2019
Financial result
Schedule of financial result	Year ended December 31 2019 2018 2017 Financial income Short‐term investments 247 177 176 Others 280 246 302 527 423 478 Financial expenses Loans and borrowings gross interest (989) (1,185) (1,697) Capitalized loans and borrowing costs 140 194 370 Participative stockholders' debentures (1,475) (550) (625) Interest on REFIS (154) (197) (397) Interest on lease liabilities (76) — — Financial guarantees (i) (353) 23 (222) Expenses with cash tender offer repurchased (265) (273) (186) Others (634) (357) (516) (3,806) (2,345) (3,273) Other financial items, net Net foreign exchange gains (losses) - Loans and borrowings (111) (2,666) (249) Derivative financial instruments 244 (266) 454 Other foreign exchange gains (losses), net 150 419 (218) Indexation losses, net (417) (522) (211) (134) (3,035) (224) Total (3,413) (4,957) (3,019) (i) In 2019, the Company reassessed the credit risk of certain associates and joint ventures (note 32).

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income taxes
Schedule of deferred income tax assets and liabilities	December 31, 2019 December 31, 2018 Taxes losses carryforward 4,659 4,882 Temporary differences: Employee post retirement obligations 840 674 Provision for litigation 443 409 Timing differences arising on assets and liabilities (i) 3,246 1,253 Fair value of financial instruments 864 538 Allocated goodwill (2,640) (2,328) Others (77) (52) 2,676 494 Total 7,335 5,376 Assets 9,217 6,908 Liabilities (1,882) (1,532) 7,335 5,376 (i) The changes refer mainly to the recognition of the tax effects of the Brumadinho event in 2019.
Schedule of changes in deferred tax	Assets Liabilities Deferred taxes, net Balance at December 31, 2017 6,638 1,719 4,919 Taxes losses carryforward 665 — 665 Timing differences arising on assets and liabilities 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 Utilization of taxes losses carryforward (443) — (443) Timing differences arising on assets and liabilities 2,113 — 2,113 Fair value of financial instruments 328 — 328 Allocated goodwill — (210) 210 Others (91) — (91) Effect in income statement 1,907 (210) 2,117 Transfers between asset and liabilities 252 252 — Acquisition of subsidiaries (i) 104 250 (146) Translation adjustment (187) 47 (234) Other comprehensive income 233 11 222 Balance at December 31, 2019 9,217 1,882 7,335 (i) Refers to the acquisition of New Steel and Ferrous Resources Limited (note 14).
Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law	Year ended December 31 2019 2018 2017 Income (loss) before income taxes (2,775) 6,816 7,829 Income taxes at statutory rate ‐ 34% 944 (2,317) (2,662) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders' equity 601 873 728 Tax incentives 189 576 372 Equity results 77 104 35 Additions of tax loss carryforward 25 1,510 99 Unrecognized tax losses of the year (1,059) (458) (432) Nondeductible effect of impairment — (24) (43) Others (182) (92) 408 Income taxes 595 172 (1,495)

Basic and diluted earnings (l_2

Basic and diluted earnings (loss) per share (Tables)	12 Months Ended
	Dec. 31, 2019
Basic and diluted earnings (loss) per share
Schedule of basic and diluted earnings (loss) per share	Year ended December 31 2019 2018 2017 Net income (loss) attributable to Vale's stockholders: Net income (loss) from continuing operations (1,683) 6,952 6,313 Loss from discontinued operations — (92) (806) Net income (loss) (1,683) 6,860 5,507 Thousands of shares Weighted average number of shares outstanding - common shares 5,127,950 5,178,024 5,197,432 Basic and diluted earnings (loss) per share from continuing operations: Common share (US$) (0.33) 1.34 1.21 Basic and diluted loss per share from discontinued operations: Common share (US$) — (0.02) (0.16) Basic and diluted earnings (loss) per share: Common share (US$) (0.33) 1.32 1.05

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2019
Accounts receivable
Schedule of accounts receivable	December 31, 2019 December 31, 2018 Accounts receivable 2,592 2,710 Expected credit loss (63) (62) 2,529 2,648 Revenue related to the steel sector - % 87.33 % 85.50 %
Schedule of impairment of accounts receivables recorded in income statement	Year ended December 31 2019 2018 2017 Impairment of accounts receivable recorded in the income statement (1) (7) (4)

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2019
Inventories
Schedule of inventories	December 31, 2019 December 31, 2018 Finished products 2,604 2,797 Work in progress 767 690 Consumable inventory 903 956 Total 4,274 4,443
Schedule of provision (reversal) for net realizable value	Year ended December 31 2019 2018 2017 Provision (reversal) for net realizable value 24 (4) 86

Recoverable taxes (Tables)

Recoverable taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Recoverable taxes
Schedule of recoverable taxes	December 31, 2019 December 31, 2018 Value-added tax 484 813 Brazilian federal contributions 659 808 Others 16 13 Total 1,159 1,634 Current 552 883 Non-current 607 751 Total 1,159 1,634
Summary of balance of the provision for loss of value-added tax	December 31, 2019 December 31, 2018 Provision for loss 1,124 700

Other financial assets and li_2

Other financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Other financial assets and liabilities
Schedule of other financial assets and liabilities	Current Non-Current December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Other financial assets Assets held for sale (note 14b) 152 — — — Bank accounts restricted — — 125 — Loans — — 87 153 Derivative financial instruments (note 25) 288 39 184 392 Investments in equity securities (note 14) — — 726 987 Related parties - Loans (note 31) 319 364 1,600 1,612 759 403 2,722 3,144 Other financial liabilities Derivative financial instruments (note 25) 94 470 307 344 Related parties - Loans (note 31) 980 1,134 956 960 Financial guarantees (note 32) — — 525 166 Participative stockholders' debentures — — 2,584 1,407 1,074 1,604 4,372 2,877

Acquisitions and divestitures (

Acquisitions and divestitures (Tables)	12 Months Ended
	Dec. 31, 2019
Acquisitions and divestitures
Summary of results for the years and the cash flows of discontinued operations	Income statement Year ended December 31 2018 2017 Discontinued operations Net operating revenue 121 1,746 Cost of goods sold and services rendered (120) (1,605) Operating expenses (4) (141) Impairment of non-current assets (124) (885) Operating loss (127) (885) Financial Results, net (5) (28) Equity results in associates and joint ventures — (2) Loss before income taxes (132) (915) Income taxes 40 102 Loss from discontinued operations (92) (813) Loss attributable to noncontrolling interests — (7) Loss attributable to Vale's stockholders (92) (806) Statement of cash flow Year ended December 31 2018 2017 Discontinued operations Net cash provided by (used in) operating activities (37) 87 Net cash used in investing activities (9) (305) Net cash used in financing activities — (34) Net cash used in discontinued operations (46) (252)
Ferrous Resources Limited
Acquisitions and divestitures
Summary of fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition	August 1, 2019 Acquired assets 706 Cash and cash equivalents 95 Accounts receivable 29 Inventories 10 Intangibles 5 Property, plant and equipment 427 Others 140 Assumed liabilities (216) Net identifiable assets acquired 490 Fair value adjustment on PP&E 52 Deferred tax liability (17) Total identifiable net assets at fair value 525 August 1, 2019 Cash consideration transferred (-) Balances acquired Cash and cash equivalents Net cash outflow
New Steel
Acquisitions and divestitures
Summary of fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition	January 24, 2019 Acquired assets 18 Intangibles (note 18) 1 Other assets 17 Net identifiable assets acquired 18 Fair value adjustment of intangible research and development asset (note 18) 723 Deferred tax liability (245) Total identifiable net assets at fair value 496

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2019
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 % Ferrous Resource Limited Isle of Man 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 98.3 % 98.3 % 1.7 % New Steel Global Netherlands Iron ore 100.0 % 100.0 % 0.0 % Salobo Metais S.A. Brazil Copper 100.0 % 100.0 % 0.0 % PT Vale Indonesia Indonesia Nickel 59.2 % 59.2 % 40.8 % Vale Holdings B.V (i) Netherlands 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 Newfoundland & Labrador Ltd Canada Nickel 100.0 % 100.0 % 0.0 % 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 % Vale Shipping Holding Pte. Ltd. Singapore Iron ore 100.0 % 100.0 % 0.0 % (i) Vale International Holdings GmbH was merged into Vale Holdings B.V on November 01, 2019.
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, 2019
Investments in associates and joint ventures
Schedule of changes in investments in associates and joint ventures	2019 2018 Balance at January 1st, 3,225 3,568 Additions 76 23 Translation adjustment (111) (456) Equity results in income statement 228 305 Equity results in statement of comprehensive income (4) — Fair value adjustment (i) (163) — Dividends declared (326) (291) Transfer to assets held for sale(i) (152) — Others 25 76 Balance at December 31, 2,798 3,225 (i) Refers to fair value adjustment of the investment in Henan Longyu Energy Resources Co., Ltd., which was transferred later to assets held for sale (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, 2019 December 31, 2018 2019 2018 2017 2019 2018 2017 Ferrous minerals Baovale Mineração S.A. 50.00 50.00 25 23 4 5 7 — 1 1 Companhia Coreano-Brasileira de Pelotização 50.00 50.00 88 104 48 69 50 62 32 19 Companhia Hispano-Brasileira de Pelotização (i) 50.89 50.89 70 83 37 55 41 50 23 16 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 65 81 30 60 40 54 32 17 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 150 148 84 126 93 92 67 29 MRS Logística S.A. 48.16 46.75 496 496 50 72 69 29 27 29 VLI S.A. 37.60 37.60 812 857 1 30 29 9 7 19 Zhuhai YPM Pellet Co. 25.00 25.00 23 22 — — — — — — 1,729 1,814 254 417 329 296 189 130 Coal Henan Longyu Energy Resources Co., Ltd. (note 14) 25.00 25.00 — 317 (2) 16 20 — — — — 317 (2) 16 20 — — — Base metals Korea Nickel Corp. 25.00 25.00 14 14 — 1 1 — — — 14 14 — 1 1 — — — Others Aliança Geração de Energia S.A. (i) 55.00 55.00 470 486 31 25 27 28 25 29 Aliança Norte Energia Participações S.A (i) 51.00 51.00 160 162 4 15 (2) — — — California Steel Industries, Inc. 50.00 50.00 242 247 23 77 42 29 31 27 Companhia Siderúrgica do Pecém 50.00 50.00 — — (69) (243) (264) — — — Mineração Rio do Norte S.A. 40.00 40.00 97 93 15 2 13 — — 41 Others 86 92 (28) (5) (68) — — — 1,055 1,080 (24) (129) (252) 57 56 97 Total 2,798 3,225 228 305 98 353 245 227 (i) Although the Company held a majority of the voting capital, the entities are accounted under the 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, 2019 Nacala Aliança Corridor Holding Aliança Geração de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V. VLI S.A. Current assets 215 — 481 438 720 490 384 805 Non-current assets 880 314 344 2,960 315 2,196 4,505 4,507 Total assets 1,095 314 825 3,398 1,035 2,686 4,889 5,312 Current liabilities 99 — 186 985 297 415 516 773 Non-current liabilities 142 — 155 2,675 2 1,242 4,671 2,380 Total liabilities 241 — 341 3,660 299 1,657 5,187 3,153 Stockholders'equity 854 314 484 (262) 736 1,029 (298) 2,159 Net revenue 257 — 997 1,393 583 759 782 1,238 Net income (loss) 57 8 46 (412) 392 103 (49) 2 December 31, 2018 Nacala Aliança Corridor Holding Aliança Geração de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V. VLI S.A. Current assets 186 — 489 693 964 263 380 679 Non-current assets 938 318 360 3,062 296 1,826 4,619 3,938 Total assets 1,124 318 849 3,755 1,260 2,089 4,999 4,617 Current liabilities 83 — 186 970 437 360 277 544 Non-current liabilities 158 — 169 2,785 2 699 4,971 1,795 Total liabilities 241 — 355 3,755 439 1,059 5,248 2,339 Stockholders'equity 883 318 494 — 821 1,030 (249) 2,278 Net revenue 248 — 1,389 1,682 911 927 825 1,253 Net income (loss) 45 30 154 (486) 609 150 7 79 (i) Companhia Siderúrgica do Pecém (“CSP”) is a joint venture and its results are accounted for under the equity method, in which the accumulated losses are capped to the Company’s interest in the investee’s capital based on the applicable law and requirements. That is, after the investment is reduced to zero, the Company does not recognize further losses nor liabilities associated with the investee. (ii) 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, 2019
Noncontrolling interest
Summary of financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material noncontrolling interest	December 31, 2019 Vale PTVI VNC Moçambique S.A. Others Total Current assets 462 169 188 — — Non-current assets 1,630 604 199 — — Related parties - Stockholders 84 34 29 — — Total assets 2,176 807 416 — — Current liabilities 140 199 320 — — Non-current liabilities 61 236 147 — — Related parties - Stockholders — 344 10,221 — — Total liabilities 201 779 10,688 — — Stockholders' equity 1,975 28 (10,272) — — Equity attributable to noncontrolling interests 806 1 (1,982) 101 (1,074) Net income (loss) 67 (2,055) (3,183) — — Net income (loss) attributable to noncontrolling interests 27 (103) (613) 192 (497) Dividends paid to noncontrolling interests (i) — — — 184 184 (i) Dividends paid to noncontrolling interests relates to US$162 to Minerações Brasileiras Reunidas and US$21 to Vale Oman Pelletizing. December 31, 2018 Vale MBR PTVI VNC Moçambique S.A. Others 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 (i) 168 — — — 14 182 (i) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing December 31, 2017 Compañia Vale Mineradora Miski MBR PTVI VNC Moçambique S.A. Mayo S.A.C. (i) Others Total 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 (ii) 113 — — — — 13 126 (i) Discontinued operations (ii) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Intangibles
Schedule of changes in intangibles	Research and development Goodwill Concessions (i) Contract right Software project and patents Total 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 Additions — 439 — 39 — 478 Disposals — (17) — — — (17) Amortization — (239) (2) (66) — (307) Impairment (note 20) — (112) — (11) — (123) Acquisition of subsidiary — 3 — 1 724 728 Translation adjustment (24) (165) 5 2 (40) (222) Balance at December 31, 2019 3,629 3,970 140 76 684 8,499 Cost 3,629 5,090 248 888 684 10,539 Accumulated amortization — (1,120) (108) (812) — (2,040) Balance at December 31, 2019 3,629 3,970 140 76 684 8,499 (i) Based on technical studies carried out by an independent company and after approval by the regulatory agency (ANTT), the Company reduced the useful life of its railroad tracks in 2019.
Schedule of estimated useful lives of intangibles	Useful life Railways concessions 3 to 50 years Usufruct 22 to 31 years Software 5 years

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property, plant and equipment
Schedule of changes in property, plant and equipment	Mineral Right of Constructions Land Building Facilities Equipment properties use assets Others in progress Total 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 Effects of IFRS 16 adoption (ii) — — — — — 1,801 — — 1,801 Additions (i) — — — — — 152 — 4,297 4,449 Disposals (25) (84) (75) (70) (164) (7) (181) (25) (631) Assets retirement obligation — — — — 429 — — — 429 Depreciation, amortization and depletion — (514) (666) (866) (603) (183) (671) — (3,503) Impairment (note 20) — (577) (1,113) (708) (600) (55) (792) (353) (4,198) Acquisition of subsidiary (iii) 62 15 41 46 276 2 — 46 488 Translation adjustment 24 (221) (275) (102) 88 (18) (156) 16 (644) Transfers 19 416 456 979 336 — 784 (2,990) — Balance at December 31, 2019 715 9,987 9,604 5,686 8,261 1,692 6,253 4,378 46,576 Cost 715 18,255 17,170 11,756 17,826 1,875 11,521 4,378 83,496 Accumulated depreciation — (8,268) (7,566) (6,070) (9,565) (183) (5,268) — (36,920) Balance at December 31, 2019 715 9,987 9,604 5,686 8,261 1,692 6,253 4,378 46,576 (i) Includes capitalized borrowing costs. (ii) Refers to the recognition of right-of-use assets related to lease agreements in accordance with IFRS 16. Changes in leases by asset class are disclosed in note 2(c). (iii) Refers mainly to the acquisition of Ferrous Resources Limited (note 14).
Schedule of estimated useful lives of property, plant and equipment	Useful life Buildings 3 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, 2019
Impairment and onerous contracts
Schedule of impairment losses recognized	Income statement Impairment Segments by class of assets 2019 2018 2017 Property, plant and equipment and intangibles Base metals – nickel 2,511 — 133 Coal 1,691 — — Other assets 119 184 138 Impairment of non-current assets 4,321 184 271 Onerous contracts 240 393 — Disposals of non-current assets 513 322 23 Impairment and disposals of non-current assets 5,074 899 294

Loans, borrowings, cash and c_2

Loans, borrowings, cash and cash equivalents and short-term investments (Tables)	12 Months Ended
	Dec. 31, 2019
Loans, borrowings, cash and cash equivalents and short-term investments
Schedule of net debt	December 31, 2019 December 31, 2018 Debt contracts in the international markets 10,494 11,783 Debt contracts in Brazil 2,562 3,683 Total of loans and borrowings 13,056 15,466 (-) Cash and cash equivalents 7,350 5,784 (-) Short-term investments 826 32 Net debt 4,880 9,650
Schedule of total debt	Current liabilities Non-current liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Debt contracts in the international markets Floating rates in: US$ 113 141 2,802 1,832 EUR — — 225 229 Fixed rates in: US$ 147 14 6,080 8,368 EUR — — 843 859 Other currencies 14 25 106 127 Accrued charges 160 188 4 — 434 368 10,060 11,415 Debt contracts in Brazil Floating rates in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 650 435 1,677 2,849 Basket of currencies and US$ indexed to LIBOR 44 101 56 100 Fixed rates in: R$ 43 57 45 91 Accrued charges 43 42 4 8 780 635 1,782 3,048 Total 1,214 1,003 11,842 14,463
Schedule of future flows of debt payments	Estimated future Principal interest payments (i) 2020 1,012 702 2021 788 641 2022 1,026 608 2023 1,192 568 Between 2024 and 2028 4,483 2,035 2029 onwards 4,344 2,706 Total 12,845 7,260 (i) Based on interest rate curves and foreign exchange rates applicable as at December 31, 2019 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 average annual interest rates by currency	Average interest rate (i) Total debt Loans and borrowings US$ 5.57 % 9,370 R$ (ii) 9.38 % 2,461 EUR (iii) 3.77 % 1,103 Other currencies 3.58 % 122 13,056 (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2019. (ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of US$2,435 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 3.09% per year in US$. (iii) Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4.29% per year in US$.
Schedule of reconciliation of debt to cash flows arising from financing activities	Loans and borrowings December 31, 2018 15,466 Additions 3,142 Repayments (i) (5,417) Interest paid (921) Cash flow from financing activities (3,196) Effect of exchange rate (158) Interest accretion 944 Non-cash changes 786 December 31, 2019 13,056 (i) The Company conducted a repurchase of certain guaranteed notes issued by Vale a total of US$2,270. Additionally, the Company paid of US$265 as expenses with cash tender offer repurchased.

Liabilities related to associ_2

Liabilities related to associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2019
Samarco
Liabilities related to associates and joint ventures
Summarized financial information of Samarco	December 31, 2019 December 31, 2018 Current assets 34 54 Non-current assets 3,940 5,877 Total assets 3,974 5,931 Current liabilities 6,990 6,066 Non-current liabilities 5,527 4,283 Total liabilities 12,517 10,349 Negative reserves (8,543) (4,418) Loss for the year ended (4,125) (640)
Dam failure of Samarco
Liabilities related to associates and joint ventures
Schedule of movements of provision related to the Fundo dam rupture and to the de-characterization of Germano dam	2019 2018 Balance at January 1 1,121 996 Payments (315) (290) Interest accretion 200 165 Provision increase 758 403 Translation adjustment (64) (153) Balance at December 31 1,700 1,121 Current liabilities 516 289 Non-current liabilities 1,184 832 Liabilities 1,700 1,121

Financial instruments classif_2

Financial instruments classification (Tables)	12 Months Ended
	Dec. 31, 2019
Financial instruments classification
Schedule of financial instruments classification based on its recognition	December 31, 2019 December 31, 2018 At fair value At fair value At fair value through profit Amortized At fair value through profit Amortized cost through OCI or loss Total cost through OCI or loss Total Financial assets Current Cash and cash equivalents 7,350 — — 7,350 5,784 — — 5,784 Short-term investments — — 826 826 — — 32 32 Derivative financial instruments — — 288 288 — — 39 39 Accounts receivable 2,452 — 77 2,529 2,756 — (108) 2,648 Related parties 319 — — 319 364 — — 364 10,121 — 1,191 11,312 8,904 — (37) 8,867 Non-current Judicial deposits 3,159 — — 3,159 1,716 — — 1,716 Bank accounts restricted 125 — — 125 — — — — Derivative financial instruments — — 184 184 — — 392 392 Investments in equity securities — 726 — 726 — 987 — 987 Loans 87 — — 87 153 — — 153 Related parties 1,600 — — 1,600 1,612 — — 1,612 4,971 726 184 5,881 3,481 987 392 4,860 Total of financial assets 15,092 726 1,375 17,193 12,385 987 355 13,727 Financial liabilities Current Suppliers and contractors 4,107 — — 4,107 3,512 — — 3,512 Leases 225 — — 225 — — — — Derivative financial instruments — — 94 94 — — 470 470 Loans and borrowings 1,214 — — 1,214 1,003 — — 1,003 Interest on capital 1,571 — — 1,571 — — — — Related parties 980 — — 980 1,134 — — 1,134 8,097 — 94 8,191 5,649 — 470 6,119 Non-current Leases 1,566 — — 1,566 — — — — Derivative financial instruments — — 307 307 — — 344 344 Loans and borrowings 11,842 — — 11,842 14,463 — — 14,463 Related parties 956 — — 956 960 — — 960 Participative stockholders' debentures — — 2,584 2,584 — — 1,407 1,407 Financial guarantees — — 525 525 — — 166 166 14,364 — 3,416 17,780 15,423 — 1,917 17,340 Total of financial liabilities 22,461 — 3,510 25,971 21,072 — 2,387 23,459 The classification of financial assets and liabilities by currencies are as follows: December 31, 2019 R$ US$ CAD EUR Other currencies Total Financial assets Current Cash and cash equivalents 2,822 4,361 41 11 115 7,350 Short-term investments 826 — — — — 826 Derivative financial instruments 111 177 — — — 288 Accounts receivable 389 2,121 5 — 14 2,529 Related parties — 319 — — — 319 4,148 6,978 46 11 129 11,312 Non-current Judicial deposits 3,159 — — — — 3,159 Bank accounts restricted 125 — — — — 125 Derivative financial instruments 147 37 — — — 184 Investments in equity securities — 726 — — — 726 Loans 4 83 — — — 87 Related parties — 1,600 — — — 1,600 3,435 2,446 — — — 5,881 Total of financial assets 7,583 9,424 46 11 129 17,193 Financial liabilities Current Suppliers and contractors 2,317 989 524 177 100 4,107 Leases 86 110 16 — 13 225 Derivative financial instruments 69 25 — — — 94 Loans and borrowings 734 429 16 35 — 1,214 Interest on capital 1,571 — — — — 1,571 Related parties 569 411 — — — 980 5,346 1,964 556 212 113 8,191 Non-current Leases 329 1,136 89 — 12 1,566 Derivative financial instruments 241 66 — — — 307 Loans and borrowings 1,727 8,941 106 1,068 — 11,842 Related parties — 956 — — — 956 Participative stockholders' debentures 2,584 — — — — 2,584 Financial guarantees 525 — — — — 525 5,406 11,099 195 1,068 12 17,780 Total of financial liabilities 10,752 13,063 751 1,280 125 25,971 December 31, 2018 R$ US$ CAD EUR Other currencies Total Financial assets Current Cash and cash equivalents 2,765 2,883 23 12 101 5,784 Short-term 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 Judicial deposits 1,716 — — — — 1,716 Derivative financial instruments 380 12 — — — 392 Investments in equity securities — 987 — — — 987 Loans 5 148 — — — 153 Related parties — 1,612 — — — 1,612 2,101 2,759 — — — 4,860 Total of financial assets 5,344 8,243 27 12 101 13,727 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 Financial guarantees 166 — — — — 166 4,907 11,218 127 1,088 — 17,340 Total of financial liabilities 8,388 13,256 444 1,265 106 23,459

Fair value estimate (Tables)

Fair value estimate (Tables)	12 Months Ended
	Dec. 31, 2019
Fair value estimate
Schedule of assets and liabilities measured and recognized at fair value	December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Short-term investments 826 — — 826 32 — — 32 Derivative financial instruments — 448 24 472 — 136 295 431 Accounts receivable — 77 — 77 — (108) — (108) Investments in equity securities 726 — — 726 987 — — 987 Total 1,552 525 24 2,101 1,019 28 295 1,342 Financial liabilities Derivative financial instruments — 281 120 401 — 636 178 814 Participative stockholders' debentures — 2,584 — 2,584 — 1,407 — 1,407 Financial guarantees — 525 — 525 — 166 — 166 Total — 3,390 120 3,510 — 2,209 178 2,387
Schedule of changes in Level 3 assets and liabilities	Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2018 295 178 Gain and losses recognized in income statement 36 (33) Translation adjustments (25) (7) Settlements (282) (18) Balance at December 31, 2019 24 120
Schedule of fair value and carrying amounts of loans and borrowings	Financial liabilities Balance Fair value Level 1 Level 2 December 31, 2019 Debt principal 12,845 14,584 8,983 5,601 December 31, 2018 Debt principal 15,228 16,262 10,686 5,576

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Derivatives financial instruments
Schedule of derivatives effects on statement of financial position	Assets December 31, 2019 December 31, 2018 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 13 — 9 — IPCA swap 83 117 7 84 Eurobonds swap — — — 4 Pre-dollar swap 21 8 19 1 117 125 35 89 Commodities price risk Nickel 151 9 2 — Bunker oil, Gasoil and Brent 19 — 1 — 170 9 3 — Options - MBR — — — 295 Others 1 50 1 8 1 50 1 303 Total 288 184 39 392 Liabilities December 31, 2019 December 31, 2018 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 48 80 383 98 IPCA swap 13 37 35 47 Eurobonds swap 6 29 5 — Pre-dollar swap 8 37 10 18 75 183 433 163 Commodities price risk Nickel 4 4 8 2 Bunker oil, Gasoil and Brent 7 — 29 — 11 4 37 2 Options - MBR — — — 16 Conversion options - VLI — 120 — 162 Others 8 — — 1 8 120 — 179 Total 94 307 470 344
Schedule of derivatives effects on income statement, cash flow and other comprehensive income.	Gain (loss) recognized in the income statement Year ended December 31 2019 2018 2017 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (39) (206) 152 IPCA swap 118 (23) 43 Eurobonds swap (39) (27) 36 Euro forward — — 46 Pre-dollar swap 2 (23) 36 42 (279) 313 Commodities price risk Nickel 58 (25) 30 Bunker oil, Gasoil and Brent 42 6 (80) 100 (19) (50) Options - MBR 8 62 135 Conversion options - VLI 35 — 61 Others 59 (30) (5) 102 32 191 Total 244 (266) 454 Financial settlement inflows (outflows) Year ended December 31 2019 2018 2017 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (381) (135) (181) IPCA swap (28) 7 (20) Eurobonds swap (5) (3) (39) Pre-dollar swap 8 10 (1) (406) (121) (241) Commodities price risk Nickel 48 8 4 Bunker oil, Gasoil and Brent 2 49 (3) 50 57 1 Others 21 (3) — Derivatives designated as cash flow hedge accounting Nickel (i) 11 — — Total (324) (67) (240) (i) Refers to the effect of the nickel cash flow hedge transaction recorded as operating revenue. Gain recognized in other comprehensive income Year ended December 31 2019 2018 2017 Derivatives designated as cash flow hedge accounting Nickel 150 — — Total 150 — —
Schedule of maturity dates of the derivative financial instruments	Last maturity dates Currencies and interest rates September 2029 Nickel December 2021 Brent December 2020 Gasoil December 2020 VLI December 2027 Others December 2023
Schedule of effects of hedge in foreign operations recorded in other comprehensive income.	Loss recognized in the other comprehensive income Year ended December 31 2019 2018 2017 Hedge in foreign operation, net of tax (74) (543) (95)

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2019
Provisions
Schedule of provisions	Current liabilities Non-current liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Payroll, related charges and other remunerations 790 1,046 — — Onerous contracts (note 20) 57 60 866 642 Environmental obligations 146 100 243 202 Asset retirement obligations (note 27) 158 85 3,802 3,030 Provisions for litigation (note 28) — — 1,462 1,357 Employee postretirement obligations (note 29) 79 72 2,120 1,864 Provisions 1,230 1,363 8,493 7,095

Asset retirement obligations (T

Asset retirement obligations (Tables)	12 Months Ended
	Dec. 31, 2019
Asset retirement obligations
Schedule of changes in the provision of asset retirement obligations and long-term interest rates	December 31, 2019 December 31, 2018 Balance at beginning of the year 3,115 3,168 Present value valuation 37 15 Settlements (47) (27) Revisions on cash flows estimates (i) 812 229 Translation adjustment 43 (270) Balance at end of the year 3,960 3,115 Current 158 85 Non-current 3,802 3,030 3,960 3,115 Long-term interest rates (per annum) Brazil 3.36 % 4.94 % Canada 0.40 % 0.77 % Mozambique 5.20 % 8.53 % Other regions 0.60% - 4.78 % 1.33% - 5.73 % (i) In 2019, includes changes in discount rates and updating plans for mine closure, that also considers new legal requirements related to the decommissioning.

Litigations (Tables)

Litigations (Tables)	12 Months Ended
	Dec. 31, 2019
Litigations
Schedule of changes in provision for litigations	Environmental Total of Tax litigation (i) Civil litigation Labor litigation litigation litigation provision Balance at December 31, 2017 815 131 517 10 1,473 Additions and reversals, net 17 65 106 (3) 185 Payments (7) (23) (114) (2) (146) Additions - discontinued operations 26 1 11 — 38 Indexation and interest — 17 16 (1) 32 Translation adjustment (122) (25) (77) (1) (225) Balance at December 31, 2018 729 166 459 3 1,357 Additions and reversals, net 10 168 106 7 291 Payments (33) (58) (110) — (201) Indexation and interest 9 42 18 1 70 Translation adjustment (19) (18) (18) — (55) Balance at December 31, 2019 696 300 455 11 1,462 (i)
Schedule of contingent liabilities	December 31, 2019 December 31, 2018 Tax litigations (i) 8,395 8,853 Civil litigations 1,518 1,957 Labor litigations 773 1,263 Environmental litigations 1,094 1,051 Brumadinho event (note 3) 158 — Total 11,938 13,124 (i)
Schedule of judicial deposits	December 31, 2019 December 31, 2018 Tax litigations (i) 1,278 1,314 Civil litigations 112 60 Labor litigations 246 310 Environmental litigations 41 32 Brumadinho event (note 3) 1,482 — Total 3,159 1,716 (i) Includes amounts regarding to judicial deposits of a social security claims that were previously classified as labor claims .

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2019
Employee benefits
Schedule of changes in benefit obligation	Overfunded pension plans Underfunded pension plans Other benefits 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 Service costs 6 55 10 Interest costs 305 153 59 Benefits paid (433) (249) (62) Participant contributions — — — Effect of changes in the actuarial assumptions 718 373 176 Translation adjustment (167) 160 42 Benefit obligation as at December 31, 2019 4,006 4,421 1,505
Schedule of evolution of assets fair value	Overfunded pension plans Underfunded pension plans Other benefits 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 — Interest income 416 123 — Employer contributions 27 56 62 Participant contributions — — — Benefits paid (433) (247) (62) Return on plan assets (excluding interest income) 757 382 — Translation adjustment (200) 139 — Fair value of plan assets as at December 31, 2019 5,304 3,726 —
Summary of reconciliation of net liabilities recognized in the statement of financial position	Plans in Brazil December 31, 2019 December 31, 2018 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,220 — — 1,431 — — Interest income 110 — — 124 — — Changes on asset ceiling 59 — — (113) — — Translation adjustment (91) — — (222) — — Balance at end of the year 1,298 — — 1,220 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (4,006) (412) (303) (3,517) (334) (249) Fair value of assets 5,304 163 — 4,737 162 — Effect of the asset ceiling (1,298) — — (1,220) — — Liabilities — (249) (303) — (172) (249) Current liabilities — (7) (20) — (4) (19) Non-current liabilities — (242) (283) — (168) (230) Liabilities — (249) (303) — (172) (249) Foreign plan December 31, 2019 December 31, 2018 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Amount recognized in the statement of financial position Present value of actuarial liabilities — (4,009) (1,202) — (3,595) (1,031) Fair value of assets — 3,563 — — 3,111 — Liabilities — (446) (1,202) — (484) (1,031) Current liabilities — (6) (46) — (16) (33) Non-current liabilities — (440) (1,156) — (468) (998) Liabilities — (446) (1,202) — (484) (1,031) Total December 31, 2019 December 31, 2018 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,220 — — 1,431 — — Interest income 110 — — 124 — — Changes on asset ceiling 59 — — (113) — — Translation adjustment (91) — — (222) — — Balance at end of the year 1,298 — — 1,220 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (4,006) (4,421) (1,504) (3,517) (3,929) (1,280) Fair value of assets 5,304 3,726 — 4,737 3,273 — Effect of the asset ceiling (1,298) — — (1,220) — — Liabilities — (695) (1,504) — (656) (1,280) Current liabilities — (13) (76) — (20) (52) Non-current liabilities — (682) (1,428) — (636) (1,228) Liabilities — (695) (1,504) — (656) (1,280)
Summary of costs recognized in the income statement	Year ended December 31 2019 2018 2017 Overfunded Underfunded Overfunded Underfunded Overfunded Underfunded pension pension Other pension pension Other pension pension Other plans plans benefits plans plans benefits plans plans benefits Service cost 7 55 10 5 101 36 7 86 30 Interest on expense on liabilities 317 153 57 282 158 59 360 183 67 Interest income on plan assets (432) (123) — (406) (127) — (513) (151) — Interest expense on effect of (asset ceiling)/ onerous liability 114 — — 124 — — 152 — — Total of cost, net 6 85 67 5 132 95 6 118 97
Summary of costs recognized in the statement of comprehensive income	Year ended December 31 2019 2018 2017 Overfunded Underfunded Overfunded Underfunded Overfunded Underfunded pension pension Other pension pension Other pension pension Other plans plans benefits plans plans benefits plans plans benefits Balance at beginning of the year (166) (468) (128) (163) (496) (189) (153) (496) (160) Effect of changes actuarial assumptions (718) (373) (176) (679) 172 32 (65) (167) (27) Return on plan assets (excluding interest income) 757 385 — 479 (144) — — 167 — Change of asset ceiling (60) — — 172 — — 47 — — Others — — — (1) — (1) (3) — (14) (21) 12 (176) (29) 28 31 (21) — (41) Deferred income tax 7 (5) 63 10 (7) (8) 7 (3) 12 Others comprehensive income (14) 7 (113) (19) 21 23 (14) (3) (29) Translation adjustments 7 2 3 23 11 10 4 4 1 Transfers/ disposal — — — (7) (4) 28 — (1) (1) Accumulated other comprehensive income (173) (459) (238) (166) (468) (128) (163) (496) (189)
Schedule of actuarial and economic assumptions and sensitivity analysis	Brazil December 31, 2019 December 31, 2018 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Discount rate to determine benefit obligation 6.99% - 7.32% 7.10 % 6.99% - 7.39% 8.86% - 9.10% 9.10 % 9.05% - 9.29% Nominal average rate to determine expense/ income 6.99% - 7.32% 7.10 % N/A 8.86% - 9.10% 9.10 % N/A Nominal average rate of salary increase 6.00 % N/A 4.00% - 6.08% 6.08 % N/A Nominal average rate of benefit increase 6.00 % N/A 6.08 % 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, 2019 December 31, 2018 Underfunded Underfunded pension plans Other benefits pension plans Other benefits Discount rate to determine benefit obligation 2.96 % 3.04 % 3.56 % 3.66 % Nominal average rate to determine expense/ income 3.57 % 3.66 % 3.26 % 3.44 % Nominal average rate of salary increase 3.17 % N/A 3.20 % N/A Nominal average rate of benefit increase 3.00 % N/A 3.00 % N/A Immediate health care cost trend rate N/A 5.58 % N/A 5.90 % Ultimate health care cost trend rate N/A 4.55 % N/A 4.56 % Nominal average rate of price inflation 2.10 % N/A 2.10 % N/A For the sensitivity analysis, the Company applies the effect of 1.0% in nominal discount rate to the present value of the Company´s actuarial liability. The effects of this analysis on the Company´s actuarial liability and assumptions adopted are as follows: December 31, 2019 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1.0% increase Effect on actuarial liability balance 3,666 3,901 1,316 Assumptions made 8.18 % 4.35 % 4.87 % Nominal discount rate - 1.0% reduction Effect on actuarial liability balance 4,412 5,026 1,747 Assumptions made 6.18 % 2.35 % 2.87 %
Schedule of expected benefit payments	December 31, 2019 Overfunded pension plans Underfunded pension plans Other benefits 2020 259 235 65 2021 266 236 66 2022 273 238 68 2023 280 240 70 2024 285 242 73 2025 and thereafter 1,494 1,206 381
Overfunded pension plans
Employee benefits
Schedule of evolution of assets fair value	December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities - Corporate — 48 — 48 — 47 — 47 Debt securities - Government 2,716 — — 2,716 2,447 — — 2,447 Investments funds - Fixed Income 2,668 — — 2,668 2,441 — — 2,441 Investments funds - Equity 556 — — 556 450 — — 450 International investments 28 — — 28 25 — — 25 Structured investments - Private Equity funds — — 157 157 — — 159 159 Structured investments - Real estate funds 160 — 17 177 — — 15 15 Real estate — — 323 323 — — 339 339 Loans to participants — — 141 141 — — 160 160 Total 6,128 48 638 6,814 5,363 47 673 6,083 Funds not related to risk plans (i) (1,510) (1,346) Fair value of plan assets at end of year 5,304 4,737 (i) Financial investments not related to coverage of overfunded pension plans. Funds are related to the Company´s unconsolidated entities and former employees.
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, 2017 196 15 365 224 800 Return on plan assets 15 — 39 25 79 Assets purchases 2 2 7 233 244 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 Return on plan assets 8 — 8 19 35 Assets purchases 1 2 4 46 53 Assets sold during the year (4) — (13) (79) (96) Translation adjustment (7) — (15) (5) (27) Balance as at December 31, 2019 157 17 323 141 638
Underfunded pension plans
Employee benefits
Schedule of evolution of assets fair value	December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents — 56 — 56 3 18 — 21 Equity securities 1,409 2 — 1,411 1,186 2 — 1,188 Debt securities - Corporate — 507 — 507 — 374 — 374 Debt securities - Government 156 634 — 790 116 680 — 796 Investments funds - Fixed Income 49 339 — 388 42 296 — 338 Investments funds - Equity 2 135 — 137 — 124 — 124 Structured investments - Private Equity funds — — 212 212 — — 213 213 Real estate — — 55 55 — — 51 51 Loans to participants — — 3 3 — — 3 3 Others 2 — 165 167 — — 165 165 Total 1,618 1,673 435 3,726 1,347 1,494 432 3,273
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, 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 Return on plan assets 11 4 — 5 20 Assets purchases 18 — — — 18 Assets sold during the year (32) — (1) (4) (37) Translation adjustment 2 — 1 (1) 2 Balance as at December 31, 2019 212 55 3 165 435

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' equity
Schedule of share capital	December 31, 2019 Common shares Golden shares Total Stockholders Litel Participações S.A. and Litela Participações S.A. 980,605,889 — 980,605,889 BNDES Participações S.A. 323,496,276 — 323,496,276 Bradespar S.A. 293,907,266 — 293,907,266 Mitsui & Co., Ltd 286,347,055 — 286,347,055 Foreign investors - ADRs 1,150,143,671 — 1,150,143,671 Foreign institutional investors in local market 1,164,475,058 — 1,164,475,058 FMP - FGTS 46,807,292 — 46,807,292 PIBB - Fund 2,473,749 — 2,473,749 Institutional investors 567,027,304 — 567,027,304 Retail investors in Brazil 312,998,897 — 312,998,897 Brazilian Government (Golden Share) — 12 12 Shares outstanding 5,128,282,457 12 5,128,282,469 Shares in treasury 156,192,313 — 156,192,313 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	2019 Loss (1,683) Minimum mandatory remuneration — (1,683) Profit reserves as at December 31, 2018 10,968 Allocation of loss (1,683) Remuneration - Interest on capital (1,767) Translation adjustment (428) Profit reserves as at December 31, 2019 7,090
Schedule of profit reserves	Tax incentive Investments Total of profit Legal reserve reserve reserve reserves 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 Allocation of loss — — (1,683) (1,683) Dividends and interest on capital of Vale's stockholders — — (1,767) (1,767) Translation adjustment (66) (34) (328) (428) Balance as at December 31, 2019 1,656 848 4,586 7,090
Schedule of Other reserves	Fair value adjustment to Results on Net ownership Retirement benefit Investment in equity conversion of changes in Total of other obligations securities shares subsidiaries reserves Balance as at December 31, 2017 (845) — (490) (954) (2,289) Other comprehensive income 41 60 — (16) 85 Translation adjustment 49 — — — 49 Balance as at December 31, 2018 (755) 60 (490) (970) (2,155) Other comprehensive income (126) (184) — — (310) Translation adjustment 12 — — — 12 Acquisitions and disposal of noncontrolling interest — — — 343 343 Balance as at December 31, 2019 (869) (124) (490) (627) (2,110)

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2019
Related parties
Schedule of transactions with related parties	Year ended December 31 2019 Joint Ventures Associates Major stockholders Total Net operating revenue 374 294 204 872 Cost and operating expenses (1,749) (32) — (1,781) Financial result 49 (1) (29) 19 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)
Schedule of outstanding balances with related parties	December 31, 2019 December 31, 2018 Joint Major Joint Major Ventures Associates Stockholders (i) Total Ventures Associates Stockholders (i) Total Assets Cash and cash equivalents — — 1,384 1,384 — — 1,256 1,256 Accounts receivable 91 22 5 118 110 42 3 155 Dividends receivable 83 6 — 89 132 — — 132 Loans 1,919 — — 1,919 1,976 — — 1,976 Derivatives financial instruments — — 42 42 — — 297 297 Other assets 65 — — 65 25 — — 25 Liabilities Supplier and contractors 302 28 37 367 221 21 24 266 Loans — 1,367 1,688 3,055 — 1,325 2,650 3,975 Derivatives financial instruments — — 64 64 — — 112 112 Other liabilities 569 — — 569 769 — — 769 (i) Refers to regular financial instruments with large financial institutions of which the stockholders are part of the controlling “shareholders’ agreement”.
Schedule of remuneration of key management personnel	Year ended December 31 2019 2018 2017 Short‐term benefits Wages 8 8 10 Direct and indirect benefits 11 11 10 Profit sharing program (“PLR”) 1 10 8 20 29 28 Long‐term benefits Shares based — 3 5 Severance 4 20 19 24 52 52

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments
Schedule of annual minimum required and non-cancelable future payments related to the contractual obligations	Purchase obligations (i) December 31, 2019 December 31, 2018 2020 3,956 2,677 2021 1,029 1,445 2022 710 548 2023 552 463 2024 and thereafter 2,830 2,194 Total minimum payments required 9,077 7,327 (i) Mainly relates to agreements for the acquisition of fuel, energy and the acquisition of raw materials and services.

Additional information about _2

Additional information about derivatives financial instruments (Tables)	12 Months Ended
	Dec. 31, 2019
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 (38) (181) (324) US$ interest rate inside Brazil decrease (38) (42) (46) Brazilian interest rate increase (38) (39) (39) Protected item: R$ denominated debt R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation (77) (229) (382) US$ interest rate inside Brazil decrease (77) (85) (95) Brazilian interest rate increase (77) (95) (113) TJLP interest rate decrease (77) (95) (114) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation (18) (164) (310) US$ interest rate inside Brazil decrease (18) (23) (29) Brazilian interest rate increase (18) (26) (33) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation 46 (153) (352) US$ interest rate inside Brazil decrease 46 31 15 Brazilian interest rate increase 46 12 (20) IPCA index decrease 46 23 1 Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase 104 97 90 IPCA index decrease 104 99 93 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (99) (93) EUR fixed rate vs. US$ fixed rate swap EUR depreciation (35) (198) (360) Euribor increase (35) (36) (37) US$ Libor decrease (35) (43) (52) Protected item: EUR denominated debt EUR depreciation n.a. (198) 360 NDF BRL/USD R$ depreciation 1 (7) (15) US$ interest rate inside Brazil decrease 1 1 — Brazilian interest rate increase 1 — (2) Protected item: R$ denominated debt R$ depreciation n.a. — — Fuel Oil protection Options Price input decrease 12 (69) (115) Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. 69 115 Maritime Freight protection Forwards Freight price decrease — (3) (7) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. 3 7 Nickel Revenue Hedging Program Options Nickel price increase 150 (31) (224) Protected item: Part of nickel future revenues Nickel price increase n.a. 31 224 Wheaton Precious Metals Corp. warrants WPM stock price decrease 26 8 1 Conversion options - VLI VLI stock value increase (51) (84) (127) Option - SPCs Casa dos Ventos SPCs Casa dos Ventos stock value decrease 24 8 1 Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase 2 (3) (8) Embedded derivatives - Raw material purchase (copper) Copper price increase — (2) (3) Embedded derivatives - Gas purchase Pellet price increase (1) (2) (5) Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease (69) (253) (520)
Summary of ratings of financial institutions counterparties	Long term ratings by counterparty Moody’s S&P ABN Amro A1 A Agricultural Bank of China A1 A ANZ Australia and New Zealand Banking Aa3 AA- Banco ABC Ba3 BB- Banco Bradesco Ba3 BB- Banco do Brasil Ba3 BB- Banco Itaú Unibanco Ba3 BB- Banco Safra Ba3 BB- Banco Santander A2 A Banco Votorantim Ba3 BB- Bank Mandiri Baa2 BBB- Bank of America A2 A- Bank of China A1 A Bank of Montreal Aa2 A+ Bank of Nova Scotia A2 A+ Bank of Shanghai Baa2 - Bank of Tokyo Mitsubishi UFJ A1 A- Bank Rakyat Indonesia (BRI) Baa2 BBB- Barclays Baa3 BBB BBVA Banco Bilbao Vizcaya Argentaria A3 A- BNP Paribas Aa3 A+ BTG Pactual Ba3 BB- Caixa Econômica Federal Ba3 BB- Calyon Aa3 A+ China Construction Bank A1 A CIBC Canadian Imperial Bank Aa2 A+ CIMB Bank Baa1 A- Citigroup A3 BBB+ Credit Suisse Baa2 BBB+ Deutsche Bank A3 BBB+ Goldman Sachs A3 BBB+ Long term ratings by counterparty Moody’s S&P HSBC A2 A Industrial and Commercial Bank of China A1 A Intesa Sanpaolo Spa Baa1 BBB Banco Itaú Unibanco Ba3 BB- JP Morgan Chase & Co A2 A- Macquarie Group Ltd A3 BBB+ Mega International Commercial Bank A1 A Millenium BIM A1 A- Mitsui & Co A1 A- Mizuho Financial A1 A- Morgan Stanley A3 BBB+ Muscat Bank Ba2 BB National Australia Bank Aa3 AA- National Bank of Canada Aa3 A National Bank of Oman Ba2 - Natixis A1 A+ Royal Bank of Canada Aa2 AA- Rabobank Aa3 A+ Societe Generale A1 A Standard Bank Group Ba1 - Standard Chartered A2 BBB+ Sumitomo Mitsui Financial A1 A- Toronto Dominion Bank Aa3 AA- UBS Aa3 A- Unicredit Baa1 BBB
Debt in Brazilian real with derivative offset
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 2019 2018 Index rate 2019 2018 2019 2019 2020 2021 2022+ CDI vs. US$ fixed rate swap (38) (46) (18) 8 (22) 2 (18) Receivable R$ 2,115 R$ 1,581 CDI 100.54 % Payable US$ 558 US$ 456 Fix 3.31 % TJLP vs. US$ fixed rate swap (77) (370) (312) 9 (12) (18) (47) Receivable R$ 2,111 R$ 2,303 TJLP + 1.15 % Payable US$ 601 US$ 994 Fix 2.97 % TJLP vs. US$ floating rate swap — (56) (59) — — — — Receivable — R$ 181 TJLP + — Payable US$ 0 US$ 107 Libor + — R$ fixed rate vs. US$ fixed rate swap (18) (8) 8 8 13 (7) (24) Receivable R$ 2,173 R$ 1,078 Fix 6.25 % Payable US$ 604 US$ 351 Fix 0.73 % IPCA vs. US$ fixed rate swap 46 (80) (26) 14 12 (18) 52 Receivable R$ 2,826 R$ 1,315 IPCA + 5.18 % Payable US$ 759 US$ 434 Fix 4.02 % IPCA vs. CDI swap 104 89 6 — 58 42 Receivable R$ 1,634 R$ 1,350 IPCA + 6.62 % Payable R$ 1,350 R$ 1,350 CDI 98.58 % Financial Settlement Fair Inflows Value at value Notional Fair value (Outflows) Risk by year December 31, December 31, Bought / Average December 31, December 31, December 31, December 31, Flow 2019 2018 Sold rate 2019 2018 2019 2019 2020+ Forward R$ 121 — B 4.20 1 — — 1 1
Eurobonds with derivative offset
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 2019 2018 Index rate 2019 2018 2019 2019 2020 2021 2022+ EUR fixed rate vs. US$ fixed rate swap (35) (1) (5) 4 (6) (5) (24) Receivable € 500 € 500 Fix 3.75 % Payable US$ 613 US$ 613 Fix 4.29 %
Protection for treasury volatility related to tender offer transaction
Statement
Schedule of protection program	Financial Settlement Fair Inflows Value at value Notional Fair value (Outflows) Risk by year December 31, December 31, Bought / Average December 31, December 31, December 31, December 31, Flow 2019 2018 Sold rate 2019 2018 2019 2019 2020 Forwards — — B — — — 16 — —
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 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 Call options — 2,100,000 B — — 1 2 — — Put options — 2,100,000 S — — (29) — — — Total — (28) 2 — —
Brent crude oil purchase cash flows protection program
Statement
Schedule of protection program	Financial settlement Fair Inflows Value at value Notional (bbl.) Fair value (Outflows) Risk by year December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/bbl.) 2019 2018 2019 2019 2020 Call options 1,110,000 — B 75 11 — — 3 11 Put options 1,110,000 — S (3) — — 1 (3) Total — — — 8 — — 4 8
Gasoil Purchase Cash Flows Protection Program
Statement
Schedule of protection program	Financial settlement Inflows Fair value Notional (bbl.) Fair value (Outflows) Value at Risk by year Flow December 31, 2019 December 31, 2018 Bought / Sold Average strike (US$/bbl.) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2019 2020 Call options 1,035,000 — B 96 7 — — 1 6 Put options 1,035,000 — S 61 (3) — — 1 (3) Total 4 — — 2 3
Protection programs for base metals raw materials and products - Nickel revenue hedging program
Statement
Schedule of protection program	Financial settlement Inflows Notional (ton) Fair value (Outflows) Value at Risk Fair value by year Flow December 31, 2019 December 31, 2018 Bought / Sold Average strike (US$/ton) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2019 2020 2021+ Call options 75,984 — S 18,739 (12) — (2) 3 (10) (3) Put options 75,984 — B 15,714 162 — 13 21 152 9 Total 150 — 11 24 142 6
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 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 Fixed price sales protection Nickel forwards — 7,244 S — — (10) 49 — — Raw material purchase protection Nickel forwards — 120 S — — — (1) — — Copper forwards — 81 S — — — — — — Total — (10) 48 — —
Freight derivative positions
Statement
Schedule of protection program	Financial Settlement Inflows Fair value Notional (days) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/day) 2019 2018 2019 2019 2020 Freight forwards 1,050 480 B 13,286 — 1 3 1 —
Call options- WPM - Bought
Statement
Schedule of protection program	Financial settlement Inflows Fair value Notional (quantity of warranties) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/share) 2019 2018 2019 2019 2023 Call options 10,000,000 10,000,000 B 44 26 8 — 3 26
Debentures convertible into shares of Valor da Logstica Integrada ("VLI")
Statement
Schedule of protection program	Financial settlement Inflows Fair value by Notional (quantity) Average Fair value (Outflows) Value at Risk year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2027 Conversion options 140,239 140,239 S 7,136 (51) (59) — 3 (51)
Options related to Mineraes Brasileiras Reunidas S.A. ("MBR") shares
Statement
Schedule of protection program	Financial settlement Inflows Fair value by Notional (quantity, in millions) Average Fair value (Outflows) Value at Risk year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2020+ Options — 2,139 B/S — — 279 — — —
Option related to SPCs Casa dos Ventos
Statement
Schedule of protection program	Financial settlement Fair Inflows Value at value Notional (quantity) Fair value (Outflows) Risk by year December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2022 Call option 137,751,623 — B 2.77 24 — — 2 24
Embedded derivatives -forward contracts
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 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 Nickel forwards 1,497 3,763 S 15,363 2 2 — 1 2 Copper forwards 1,009 2,035 S 5,910 — — — — — Total 2 2 — 1 2
Embedded - Call options - sold
Statement
Schedule of protection program	Financial settlement Inflows Notional (volume/month) Average Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Bought / strike December 31, December 31, December 31, December 31, Flow 2019 2018 Sold (US$/ton) 2019 2018 2019 2019 2020 2021+ Call options 746,667 746,667 S 233 (1) (1) — 1 (0.4) (0.3)
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 2019 2018 Sold (R$/share) 2019 2018 2019 2019 2020+ Put option 1,105,070,863 1,105,070,863 S 4 (69) (103) — 11 (69)

Basis of preparation of the f_4

Basis of preparation of the financial statements - Presentation currency (Details)	12 Months Ended
	Dec. 31, 2019R$ / $	Dec. 31, 2019R$ / $R$ / €	Dec. 31, 2019R$ / $R$ / $	Dec. 31, 2018R$ / $	Dec. 31, 2018R$ / $R$ / €	Dec. 31, 2018R$ / $R$ / $	Dec. 31, 2017R$ / $	Dec. 31, 2017R$ / $R$ / €	Dec. 31, 2017R$ / $R$ / $	Dec. 31, 2019R$ / €	Dec. 31, 2019R$ / $	Dec. 31, 2018R$ / €	Dec. 31, 2018R$ / $	Dec. 31, 2017R$ / €	Dec. 31, 2017R$ / $
Exchange rates used to translate operations
Closing rate	4.0307	4.0307	4.0307	3.8748	3.8748	3.8748	3.3080	3.3080	3.3080	4.5305	3.1034	4.4390	2.8451	3.9693	2.6344
Average rate	3.9461	4.4159	2.9746	3.6558	4.3094	2.8190	3.1925	3.6088	2.4618

Basis of preparation of the f_5

Basis of preparation of the financial statements - Lease term (Details)	12 Months Ended
	Dec. 31, 2019
Oxygen Plant | Canada
Disclosure of quantitative information about right-of-use assets
Operating lease remaining lease term	11 years
Locomotives | Mozambique
Disclosure of quantitative information about right-of-use assets
Operating lease remaining lease term	7 years
Iron ore and iron ore pellets | Ponta da Madeira
Disclosure of quantitative information about right-of-use assets
Operating lease remaining lease term	4 years
Iron ore and iron ore pellets | Itaguai maritime terminal
Disclosure of quantitative information about right-of-use assets
Operating lease remaining lease term	7 years
Iron ore and iron ore pellets | Brazil
Disclosure of quantitative information about right-of-use assets
Operating lease remaining lease term	11 years
Iron ore Pellets | Oman
Disclosure of quantitative information about right-of-use assets
Operating lease remaining lease term	24 years

Basis of preparation of the f_6

Basis of preparation of the financial statements - Discount rates applied in discounting the lease liabilities at present value (Details)	Dec. 31, 2019
Locomotives
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	7.00%
Minimum | Ports
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	3.00%
Minimum | Vessels/Ships
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	3.00%
Minimum | Pellets plants
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	3.00%
Minimum | Properties
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	3.00%
Minimum | Energy plants
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	4.00%
Minimum | Mining equipment
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	4.00%
Maximum | Ports
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	6.00%
Maximum | Vessels/Ships
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	6.00%
Maximum | Pellets plants
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	6.00%
Maximum | Properties
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	7.00%
Maximum | Energy plants
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	5.00%
Maximum | Mining equipment
Disclosure of quantitative information about right-of-use assets
Discount rates applied in discounting the lease liabilities at present value	6.00%

Basis of preparation of the f_7

Basis of preparation of the financial statements - the lease liabilities recognized under IFRS 16 reconciled to the disclosed operating lease commitments under IAS 17 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			$ 2,497
Contracts scoped out		$ (42)
Present value adjustment		(654)
Lease liability recognized	$ 1,791	1,801
Variable lease payments not included in the measurement of lease liabilities	560
Ports
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			1,131
Present value adjustment		(364)
Lease liability recognized	750	767
Vessels/Ships
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			769
Contracts scoped out		(1)
Present value adjustment		(164)
Lease liability recognized	580	604
Pellets plants
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			218
Contracts scoped out		(15)
Present value adjustment		(52)
Lease liability recognized	175	151
Properties
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			162
Contracts scoped out		(1)
Present value adjustment		(24)
Lease liability recognized	152	137
Energy plants
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			94
Present value adjustment		(29)
Lease liability recognized	71	65
Locomotives
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			68
Contracts scoped out		(7)
Present value adjustment		(16)
Lease liability recognized	40	45
Mining equipment
Disclosure of quantitative information about right-of-use assets
Lease commitments disclosed			$ 55
Contracts scoped out		(18)
Present value adjustment		(5)
Lease liability recognized	$ 23	$ 32

Basis of preparation of the f_8

Basis of preparation of the financial statements - Changes in the recognized right-of-use assets and leases liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Changes in the recognized right-of-use assets
Beginning balance	$ 1,801
Additions and contract modifications	147
Impairment	(55)
Depreciation	(183)
Translation adjustment	(18)
Ending balance	1,692	$ 1,692
Changes in the recognized lease liabilities
Beginning balance	1,801
Additions and contract modifications	147
Payments	(224)	(224)
Interest	76	76
Translation adjustments	(9)
Ending balance	1,791	1,791
Ports
Changes in the recognized right-of-use assets
Beginning balance	767
Additions and contract modifications	13
Depreciation	(41)
Translation adjustment	(5)
Ending balance	734	734
Changes in the recognized lease liabilities
Beginning balance	767
Additions and contract modifications	13
Payments	(55)
Interest	31
Translation adjustments	(6)
Ending balance	750	750
Vessels/Ships
Changes in the recognized right-of-use assets
Beginning balance	604
Additions and contract modifications	28
Depreciation	(50)
Ending balance	582	582
Changes in the recognized lease liabilities
Beginning balance	604
Additions and contract modifications	28
Payments	(74)
Interest	22
Ending balance	580	580
Pellets plants
Changes in the recognized right-of-use assets
Beginning balance	151
Additions and contract modifications	60
Depreciation	(35)
Translation adjustment	(15)
Ending balance	161	161
Changes in the recognized lease liabilities
Beginning balance	151
Additions and contract modifications	60
Payments	(36)
Interest	8
Translation adjustments	(8)
Ending balance	175	175
Properties
Changes in the recognized right-of-use assets
Beginning balance	137
Additions and contract modifications	42
Impairment	(16)
Depreciation	(30)
Ending balance	133	133
Changes in the recognized lease liabilities
Beginning balance	137
Additions and contract modifications	42
Payments	(34)
Interest	7
Ending balance	152	152
Energy plants
Changes in the recognized right-of-use assets
Beginning balance	65
Additions and contract modifications	4
Depreciation	(7)
Translation adjustment	2
Ending balance	64	64
Changes in the recognized lease liabilities
Beginning balance	65
Additions and contract modifications	4
Payments	(7)
Interest	4
Translation adjustments	5
Ending balance	71	71
Locomotives
Changes in the recognized right-of-use assets
Beginning balance	45
Impairment	(39)
Depreciation	(6)
Changes in the recognized lease liabilities
Beginning balance	45
Payments	(8)
Interest	3
Ending balance	40	40
Mining equipment
Changes in the recognized right-of-use assets
Beginning balance	32
Depreciation	(14)
Ending balance	18	18
Changes in the recognized lease liabilities
Beginning balance	32
Payments	(10)
Interest	1
Ending balance	$ 23	$ 23

Basis of preparation of the f_9

Basis of preparation of the financial statements - Annual minimum payments (Details) $ in Millions	Dec. 31, 2019USD ($)
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	$ 2,383
Ports
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	1,086
Vessels/Ships
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	722
Pellets plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	218
Properties
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	183
Energy plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	92
Locomotives
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	55
Mining equipment
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	27
2020
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	225
2020 | Ports
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	59
2020 | Vessels/Ships
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	67
2020 | Pellets plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	35
2020 | Properties
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	42
2020 | Energy plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	7
2020 | Locomotives
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	8
2020 | Mining equipment
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	7
2021
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	213
2021 | Ports
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	59
2021 | Vessels/Ships
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	65
2021 | Pellets plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	31
2021 | Properties
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	37
2021 | Energy plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	7
2021 | Locomotives
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	8
2021 | Mining equipment
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	6
2022
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	196
2022 | Ports
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	59
2022 | Vessels/Ships
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	63
2022 | Pellets plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	31
2022 | Properties
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	22
2022 | Energy plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	7
2022 | Locomotives
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	8
2022 | Mining equipment
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	6
2023
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	168
2023 | Ports
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	58
2023 | Vessels/Ships
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	62
2023 | Pellets plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	11
2023 | Properties
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	18
2023 | Energy plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	7
2023 | Locomotives
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	8
2023 | Mining equipment
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	4
2024 and thereafter
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	1,581
2024 and thereafter | Ports
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	851
2024 and thereafter | Vessels/Ships
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	465
2024 and thereafter | Pellets plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	110
2024 and thereafter | Properties
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	64
2024 and thereafter | Energy plants
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	64
2024 and thereafter | Locomotives
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	23
2024 and thereafter | Mining equipment
Disclosure of maturity analysis of operating lease payments
Annual minimum payments	$ 4

Brumadinho dam failure (Details

Brumadinho dam failure (Details) t in Millions, R$ in Millions, $ in Millions	Jan. 25, 2019itemkmt	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)
Brumadinho's dam failure
Tailings released extension (in km) | km	315
Number of fatalities or presumed fatalities | item	270
Mass of iron ore waste (in metric tons) | t	11.7
Brumadinho event		R$ 28818	$ 7,402

Brumadinho dam failure - De-cha

Brumadinho dam failure - De-characterization of the upstream dams (Details) - 12 months ended Dec. 31, 2019 R$ in Millions, $ in Millions	BRL (R$)	USD ($)	USD ($)
Changes in the provision of de-characterization projects
Provision recognized	R$ 10274	$ 2,625
Samarco | De-characterization of upstream structures
Changes in the provision of de-characterization projects
Provision recognized		2,625
Payments		(159)
Interest accretion		101
Translation adjustment		$ (78)
Provisions recognized at end of year			$ 2,489
Current liabilities			309
Non-current liabilities			2,180
Samarco | De-characterization of dams
Changes in the provision of de-characterization projects
Provisions recognized at end of year	R$ 993		$ 257

Brumadinho dam failure - Framew

Brumadinho dam failure - Framework Agreements (Details) R$ in Millions, $ in Millions	Nov. 28, 2019	Jul. 15, 2019BRL (R$)	Jul. 15, 2019USD ($)	Feb. 20, 2019km	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Changes in the provision of environmental and social agreements
Current liabilities						$ 13,845	$ 9,111
Non-current liabilities						38,875	34,247
Total liabilities						52,720	$ 43,358
Minimum
Changes in the provision of environmental and social agreements
Increase in provision related to dam failure					R$ 4000	1,000
Maximum
Changes in the provision of environmental and social agreements
Increase in provision related to dam failure					R$ 8000	2,000
Indemnification of affected residents
Changes in the provision of environmental and social agreements
Communities distance from Paraopeba river bed indemnified (in kilometer) | km				1
Period for monthly payments to missing employee's family				12 months
Age for medical benefit to dependents of missing employees		25 years	25 years
Collective moral damage indemnification payment		R$ 400	$ 104
Extension of emergency indemnification payments ratified for people affected by the dam rupture for certain period	10 months
Social and economic compensation
Changes in the provision of environmental and social agreements
Provision for litigations						2,735
Environmental remediation and compensation
Changes in the provision of environmental and social agreements
Provision for litigations						1,190
Social and economic compensation and environmental remediation and compensation
Changes in the provision of environmental and social agreements
Payments						(831)
Interest accretion						47
Translation adjustment						158
Total other provisions						2,983
Current liabilities						1,568
Non-current liabilities						1,415
Total liabilities						$ 2,983

Brumadinho dam failure - Incurr

Brumadinho dam failure - Incurred expenses (Details) - 12 months ended Dec. 31, 2019 R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Indemnification of affected residents
Contingencies
Incurred expenses	R$ 2903	$ 730

Brumadinho dam failure - Operat

Brumadinho dam failure - Operation Stoppages (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Contingencies
Loss related to operational stoppage and idle capacity		$ 1,153	$ 271	$ 413
Ferrous minerals
Contingencies
Loss related to operational stoppage and idle capacity	R$ 2997	$ 759

Brumadinho dam failure - Assets

Brumadinho dam failure - Assets write-off (Details) - 12 months ended Dec. 31, 2019 R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Corrego do Feijao mine and upstream dams
Brumadinho dam failure
Impairment loss	R$ 904	$ 235

Brumadinho dam failure - Contin

Brumadinho dam failure - Contingencies and other legal matters (Details) - 12 months ended Dec. 31, 2019 R$ in Millions, $ in Millions	BRL (R$)	USD ($)	USD ($)
Lawsuits
Contingencies
Restricted assets	R$ 6480		$ 1,608
Judicial deposits	5,976		1,483
Additional guarantees agreed upon legal matters	36	$ 9
Additional guarantees agreed upon legal matters presented in court	5,626	1,396
Restricted bank accounts	504		125
IBAMA fines
Contingencies
Estimated financial effect of contingent liabilities	250		$ 62
Brumadinho Municipal Department of the Environment fines
Contingencies
Fine imposed	R$ 181	$ 45

Information by business segme_3

Information by business segment and by geographic area - Adjusted EBITDA (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Information by business segment and by geographic area
Net operating revenue		$ 37,570	$ 36,575	$ 33,967
Cost of goods sold and services rendered		(17,788)	(18,902)	(17,555)
Sales, administrative and other operating expenses			(906)	(860)
Research and evaluation expenses		(443)	(373)	(340)
Pre operating and operational stoppage		(882)	(189)	(280)
Dividends received and interest from associates and joint ventures		466	388	406
Brumadinho event	R$ 28818	(7,402)
Total of continuing operations Adjusted EBITDA		10,585	16,593	15,338
Net operating revenue		37,570	36,696	35,713
Cost of goods sold and services rendered			(19,022)	(19,161)
Sales, administrative and other operating expenses		(8,338)	(910)	(962)
Research and evaluation expenses		(443)	(373)	(352)
Pre operating and operational stoppage			(189)	(305)
Dividends received and interest from associates and joint ventures		466	388	409
Adjusted EBITDA		10,585	16,590	15,342
Discontinued operations
Information by business segment and by geographic area
Dividends received and interest from associates and joint ventures				3
Net operating revenue			121	1,746
Adjusted EBITDA			(3)	4
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue		30,005	27,933	25,129
Cost of goods sold and services rendered		(11,988)	(13,044)	(11,410)
Sales, administrative and other operating expenses		(351)	(94)	5
Research and evaluation expenses		(142)	(138)	(109)
Pre operating and operational stoppage		(823)	(135)	(192)
Dividends received and interest from associates and joint ventures		296	189	130
Total of continuing operations Adjusted EBITDA		16,997	14,711	13,553
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Net operating revenue		23,343	20,354	18,524
Cost of goods sold and services rendered		(8,778)	(9,048)	(7,950)
Sales, administrative and other operating expenses		(323)	(76)	11
Research and evaluation expenses		(123)	(110)	(88)
Pre operating and operational stoppage		(750)	(115)	(181)
Dividends received and interest from associates and joint ventures		29	28	30
Total of continuing operations Adjusted EBITDA		13,398	11,033	10,346
Ferrous minerals | Iron ore Pellets
Information by business segment and by geographic area
Net operating revenue		5,948	6,651	5,653
Cost of goods sold and services rendered		(2,666)	(3,393)	(2,876)
Sales, administrative and other operating expenses		(20)	(11)	(9)
Research and evaluation expenses		(16)	(26)	(19)
Pre operating and operational stoppage		(72)	(19)	(7)
Dividends received and interest from associates and joint ventures		258	154	81
Total of continuing operations Adjusted EBITDA		3,432	3,356	2,823
Ferrous minerals | Ferroalloys and manganese
Information by business segment and by geographic area
Net operating revenue		282	454	469
Cost of goods sold and services rendered		(220)	(290)	(278)
Sales, administrative and other operating expenses		(8)	(3)	(8)
Research and evaluation expenses		(2)	(1)
Pre operating and operational stoppage		(1)		(4)
Total of continuing operations Adjusted EBITDA		51	160	179
Ferrous minerals | Other ferrous products and services
Information by business segment and by geographic area
Net operating revenue		432	474	483
Cost of goods sold and services rendered		(324)	(313)	(306)
Sales, administrative and other operating expenses			(4)	11
Research and evaluation expenses		(1)	(1)	(2)
Pre operating and operational stoppage			(1)
Dividends received and interest from associates and joint ventures		9	7	19
Total of continuing operations Adjusted EBITDA		116	162	205
Base metals
Information by business segment and by geographic area
Net operating revenue		6,161	6,703	6,871
Cost of goods sold and services rendered		(3,772)	(4,020)	(4,416)
Sales, administrative and other operating expenses		(80)	(51)	(62)
Research and evaluation expenses		(87)	(57)	(62)
Pre operating and operational stoppage		(48)	(33)	(75)
Total of continuing operations Adjusted EBITDA		2,174	2,542	2,256
Base metals | Nickel and other products
Information by business segment and by geographic area
Net operating revenue		4,257	4,610	4,667
Cost of goods sold and services rendered		(2,867)	(3,060)	(3,437)
Sales, administrative and other operating expenses		(75)	(47)	(47)
Research and evaluation expenses		(44)	(39)	(49)
Pre operating and operational stoppage		(28)	(33)	(75)
Total of continuing operations Adjusted EBITDA		1,243	1,431	1,059
Base metals | Copper
Information by business segment and by geographic area
Net operating revenue		1,904	2,093	2,204
Cost of goods sold and services rendered		(905)	(960)	(979)
Sales, administrative and other operating expenses		(5)	(4)	(15)
Research and evaluation expenses		(43)	(18)	(13)
Pre operating and operational stoppage		(20)
Total of continuing operations Adjusted EBITDA		931	1,111	1,197
Coal
Information by business segment and by geographic area
Net operating revenue		1,021	1,643	1,567
Cost of goods sold and services rendered		(1,638)	(1,575)	(1,354)
Sales, administrative and other operating expenses		1	(9)	(12)
Research and evaluation expenses		(30)	(21)	(14)
Pre operating and operational stoppage				(4)
Dividends received and interest from associates and joint ventures		113	143	179
Total of continuing operations Adjusted EBITDA		(533)	181	362
Others
Information by business segment and by geographic area
Net operating revenue		383	296	400
Cost of goods sold and services rendered		(390)	(263)	(375)
Sales, administrative and other operating expenses		(506)	(752)	(791)
Research and evaluation expenses		(184)	(157)	(155)
Pre operating and operational stoppage		(11)	(21)	(9)
Dividends received and interest from associates and joint ventures		57	56	97
Total of continuing operations Adjusted EBITDA		$ (651)	(841)	(833)
Fertilizers | Discontinued operations
Information by business segment and by geographic area
Net operating revenue			121	1,746
Cost of goods sold and services rendered			(120)	(1,606)
Sales, administrative and other operating expenses			(4)	(102)
Research and evaluation expenses				(12)
Pre operating and operational stoppage				(25)
Dividends received and interest from associates and joint ventures				3
Adjusted EBITDA			$ (3)	$ 4

Information by business segme_4

Information by business segment and by geographic area - Adjusted EBITDA reconciled to net income (loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Information by business segment and by geographic area
Net income (loss) from continuing operations attributable to Vale's stockholders	$ (1,683)	$ 6,952	$ 6,313
Net income (loss) attributable to noncontrolling interests	(497)	36	21
Net income (loss) from continuing operations	(2,180)	6,988	6,334
Loss from discontinued operations attributable to Vale's stockholders		(92)	(806)
Loss attributable to noncontrolling interests			(7)
Loss from discontinued operations		(92)	(813)
Depreciation, depletion and amortization	3,726	3,351	3,708
Income taxes	(595)	(172)	1,495
Financial results, net	3,413	4,957	3,019
Equity results and other results in associates and joint ventures	681	182	82
Dividends received and interest from associates and joint ventures (i)	466	388	406
Impairment and disposal of non-current assets	5,074	899	294
Adjusted EBITDA from continuing operations	10,585	16,593	15,338
Adjusted EBITDA from discontinuing operations	$ 10,585	16,590	15,342
Discontinued operations
Information by business segment and by geographic area
Loss from discontinued operations attributable to Vale's stockholders		(92)	(806)
Loss attributable to noncontrolling interests			(7)
Loss from discontinued operations		(92)	(813)
Depreciation, depletion and amortization			1
Income taxes		(40)	(102)
Financial results, net		5	28
Equity results and other results in associates and joint ventures			2
Dividends received and interest from associates and joint ventures (i)			3
Impairment of non-current assets		124	885
Adjusted EBITDA from discontinuing operations		$ (3)	$ 4

Information by business segme_5

Information by business segment and by geographic area - Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Information by business segment and by geographic area
Product inventory	$ 3,371	$ 3,487
Investments in associates and joint ventures	2,798	3,225	$ 3,568
Property, plant and equipment and intangible	55,075	56,347
Capital expenditures - Sustaining capital	3,160	2,896	2,231
Capital expenditures - Project execution	544	888	1,600
Depreciation, amortization and depletion	3,726	3,351	3,708
Ferrous minerals
Information by business segment and by geographic area
Product inventory	1,955	2,210
Investments in associates and joint ventures	1,729	1,814
Property, plant and equipment and intangible	33,528	31,377
Capital expenditures - Sustaining capital	1,685	1,569	1,194
Capital expenditures - Project execution	385	823	1,485
Depreciation, amortization and depletion	2,063	1,672	1,709
Goodwill	1,770
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Goodwill	1,770	1,841
Base metals
Information by business segment and by geographic area
Product inventory	1,354	1,147
Investments in associates and joint ventures	14	14
Property, plant and equipment and intangible	19,893	21,295
Capital expenditures - Sustaining capital	1,225	1,189	960
Capital expenditures - Project execution	151	34	50
Depreciation, amortization and depletion	1,351	1,351	1,590
Base metals | Nickel and other products
Information by business segment and by geographic area
Goodwill	1,859	1,812
Coal
Information by business segment and by geographic area
Product inventory	60	119
Investments in associates and joint ventures		317
Property, plant and equipment and intangible		1,589
Capital expenditures - Sustaining capital	240	132	73
Capital expenditures - Project execution		24	45
Depreciation, amortization and depletion	237	252	296
Others
Information by business segment and by geographic area
Product inventory	2	11
Investments in associates and joint ventures	1,055	1,080
Property, plant and equipment and intangible	1,654	2,086
Capital expenditures - Sustaining capital	10	6	4
Capital expenditures - Project execution	8	7	20
Depreciation, amortization and depletion	$ 75	$ 76	$ 113

Information by business segme_6

Information by business segment and by geographic area - Assets by geographic area (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Information by business segment and by geographic area
Investments in associates and joint ventures	$ 2,798	$ 3,225	$ 3,568
Intangible	8,499	7,962	8,493
Property, plant and equipment	46,576	48,385	$ 54,878
Total	57,873	59,572
Brazil
Information by business segment and by geographic area
Investments in associates and joint ventures	2,498	2,604
Intangible	6,496	5,875
Property, plant and equipment	29,134	29,226
Total	38,128	37,705
Canada
Information by business segment and by geographic area
Intangible	2,000	1,956
Property, plant and equipment	10,733	9,905
Total	12,733	11,861
Americas, except Brazil and Canada
Information by business segment and by geographic area
Investments in associates and joint ventures	242	247
Total	242	247
Europe
Information by business segment and by geographic area
Intangible	2
Property, plant and equipment	900	366
Total	902	366
Indonesia
Information by business segment and by geographic area
Intangible	1	1
Property, plant and equipment	2,761	2,776
Total	2,762	2,777
Asia, except Indonesia
Information by business segment and by geographic area
Investments in associates and joint ventures	58	374
Property, plant and equipment	995	1,025
Total	1,053	1,399
New Caledonia
Information by business segment and by geographic area
Property, plant and equipment	604	2,796
Total	604	2,796
Mozambique
Information by business segment and by geographic area
Intangible		130
Property, plant and equipment		1,459
Total		1,589
Oman
Information by business segment and by geographic area
Property, plant and equipment	1,449	829
Total	$ 1,449	829
Other regions
Information by business segment and by geographic area
Property, plant and equipment		3
Total		$ 3

Information by business segme_7

Information by business segment and by geographic area - Net operating revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Information by business segment and by geographic area
Net operating revenue	$ 37,570	$ 36,575	$ 33,967
Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	1,358	1,478	1,672
United States of America
Information by business segment and by geographic area
Net operating revenue	1,335	1,353	1,310
Germany
Information by business segment and by geographic area
Net operating revenue	1,683	1,653	1,389
Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	3,511	4,454	4,113
Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	2,178	2,738	1,952
Japan
Information by business segment and by geographic area
Net operating revenue	2,603	2,743	2,456
China
Information by business segment and by geographic area
Net operating revenue	18,242	15,242	14,018
Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	3,312	3,666	3,582
Brazil
Information by business segment and by geographic area
Net operating revenue	3,348	3,248	3,475
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	30,005	27,933	25,129
Ferrous minerals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	523	820	593
Ferrous minerals | United States of America
Information by business segment and by geographic area
Net operating revenue	404	388	355
Ferrous minerals | Germany
Information by business segment and by geographic area
Net operating revenue	1,161	1,130	1,097
Ferrous minerals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	1,514	2,218	1,721
Ferrous minerals | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	2,083	2,562	1,768
Ferrous minerals | Japan
Information by business segment and by geographic area
Net operating revenue	2,057	2,072	1,927
Ferrous minerals | China
Information by business segment and by geographic area
Net operating revenue	17,572	14,381	13,442
Ferrous minerals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	2,032	1,798	1,332
Ferrous minerals | Brazil
Information by business segment and by geographic area
Net operating revenue	2,659	2,564	2,894
Base metals
Information by business segment and by geographic area
Net operating revenue	6,161	6,703	6,871
Base metals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	835	658	1,009
Base metals | United States of America
Information by business segment and by geographic area
Net operating revenue	931	952	872
Base metals | Germany
Information by business segment and by geographic area
Net operating revenue	522	523	292
Base metals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	1,715	1,800	1,985
Base metals | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	20	25	13
Base metals | Japan
Information by business segment and by geographic area
Net operating revenue	426	508	399
Base metals | China
Information by business segment and by geographic area
Net operating revenue	670	861	576
Base metals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	816	1,101	1,539
Base metals | Brazil
Information by business segment and by geographic area
Net operating revenue	226	275	186
Coal
Information by business segment and by geographic area
Net operating revenue	1,021	1,643	1,567
Coal | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	282	436	396
Coal | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	75	151	171
Coal | Japan
Information by business segment and by geographic area
Net operating revenue	120	163	130
Coal | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	464	767	711
Coal | Brazil
Information by business segment and by geographic area
Net operating revenue	80	126	159
Others
Information by business segment and by geographic area
Net operating revenue	383	296	400
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
Others | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue			11
Others | Brazil
Information by business segment and by geographic area
Net operating revenue	$ 383	$ 283	$ 236

Information by business segme_8

Information by business segment and by geographic area - Provisionally priced commodities sales (Details) - Accounts receivable $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)kt$ / t
Iron ore
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | kt	14,756
Provisional price | $ / t	90.3
Change	(10.00%)
Effect on Revenue | $	$ 133
Iron ore Pellets
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | kt	537
Provisional price | $ / t	91.2
Change	(10.00%)
Effect on Revenue | $	$ 5
Copper
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | kt	99
Provisional price | $ / t	7,827
Change	(10.00%)
Effect on Revenue | $	$ 78

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Costs and expenses by nature
Personnel	$ 2,009	$ 2,278	$ 2,295
Materials and services	3,873	3,957	3,814
Fuel oil and gas	1,392	1,538	1,313
Maintenance	2,797	2,807	3,096
Energy	858	906	963
Acquisition of products	608	513	543
Depreciation and depletion	3,399	3,207	3,484
Freight	4,023	4,306	3,346
Others	2,228	2,597	2,185
Total	21,187	22,109	21,039
Cost of goods sold	20,498	21,526	20,426
Cost of services rendered	689	583	613
Total	$ 21,187	$ 22,109	$ 21,039

Costs and expenses by nature _2

Costs and expenses by nature - Selling and administrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Costs and expenses by nature
Selling expense	$ 92	$ 95	$ 68
Personnel	181	212	234
Services	85	92	77
Depreciation and amortization	56	62	91
Others	73	62	61
Selling and administrative expenses	$ 487	$ 523	$ 531

Costs and expenses by nature _3

Costs and expenses by nature - Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Costs and expenses by nature
Profit sharing program (ii)	$ 89	$ 187	$ 149
Disposals of materials and inventories	47	32	17
Others (iii)	78	41	85
Other operating (income) expenses, net	505	445	420
Provision for litigations
Costs and expenses by nature
Provision for litigations	$ 291	$ 185	$ 169

Financial result (Details)

Financial result (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial income
Short-term investments		$ 247	$ 177	$ 176
Others		280	246	302
Total financial income		527	423	478
Financial expenses
Loans and borrowings gross interest		(989)	(1,185)	(1,697)
Capitalized loans and borrowing costs		140	194	370
Participative stockholders' debentures		(1,475)	(550)	(625)
Interest on REFIS		(154)	(197)	(397)
Interest on lease liabilities	$ (76)	(76)
Financial guarantees (i)		(353)		(222)
Financial guarantees (i)			23
Expenses with cash tender offer repurchased		(265)	(273)	(186)
Others		(634)	(357)	(516)
Total financial expenses		(3,806)	(2,345)	(3,273)
Other financial items, net
Net foreign exchange gains (losses) - Loans and borrowings		(111)	(2,666)	(249)
Derivative financial instruments		244	(266)	454
Other foreign exchange gains (losses), net		150	419	(218)
Indexation losses, net		(417)	(522)	(211)
Other financial items		(134)	(3,035)	(224)
Financial results		(3,413)	$ (4,957)	$ (3,019)
Loss recognised on cumulative translation adjustment, gross		483
Loss recognised on cumulative translation adjustment, net		$ 319

Streaming transactions (Details

Streaming transactions (Details) $ in Millions	Jun. 30, 2018	Jun. 30, 2018USD ($)agreement	Dec. 31, 2018USD ($)	Aug. 31, 2016installment
Deferred revenue-Cobalt stream transaction
Number of agreements entered into | agreement		2
Proceeds from streaming transactions			$ 690
Additional payment to be received on each pound of finished cobalt delivered (as a percent)	20.00%	20.00%
Number of identifiable components in gold transaction | installment				2
Voisey's Bay mine
Deferred revenue-Cobalt stream transaction
Right to cobalt extracted (as a percent)	75.00%
Proceeds from streaming transactions		$ 690
Wheaton | Voisey's Bay mine
Deferred revenue-Cobalt stream transaction
Proceeds from streaming transactions		390
Cobait 27 | Voisey's Bay mine
Deferred revenue-Cobalt stream transaction
Proceeds from streaming transactions		$ 300
Wheaton | Salobo copper mine
Deferred revenue-Cobalt 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-Cobalt stream transaction
Rights to gold extracts held by WPM (as a percent)				70.00%

Income taxes - Deferred tax ass

Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 7,335	$ 5,376	$ (4,919)
Tax losses carryforward
Deferred income tax assets and liabilities
Deferred tax asset (liability)	4,659	4,882
Employee post retirement obligations
Deferred income tax assets and liabilities
Deferred tax asset (liability)	840	674
Provision For litigation
Deferred income tax assets and liabilities
Deferred tax asset (liability)	443	409
Timing differences arising on assets and liabilities
Deferred income tax assets and liabilities
Deferred tax asset (liability)	3,246	1,253
Fair value of financial instruments
Deferred income tax assets and liabilities
Deferred tax asset (liability)	864	538
Allocated goodwill
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(2,640)	(2,328)
Others
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(77)	(52)
Temporary differences
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 2,676	$ 494

Income taxes - Assets and liabi

Income taxes - Assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets and liabilities
Assets	$ 9,217	$ 6,908
Liabilities	(1,882)	(1,532)	$ (1,719)
Net deferred tax asset	$ (7,335)	$ (5,376)	$ 4,919

Income taxes - Changes in defer

Income taxes - Changes in deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total
Balance at beginning of period	$ 5,376	$ (4,919)
Effect in income statement	2,117	924	$ (646)
Acquisition of subsidiaries	(146)
Translation adjustment	(234)	(571)
Other comprehensive income	222	101
Effect of discontinued operations - Transfer to net assets held for sale		(11)
Balance at end of period	7,335	5,376	(4,919)
Assets
Balance at beginning of period	6,908	6,638
Effect in income statement	1,907	887
Transfers between asset and liabilities	252	(70)
Effect of discontinued operations - Effect in income statement	(210)
Acquisition of subsidiaries	(104)
Translation adjustment	(187)	(673)
Other comprehensive income	233	123
Deferred tax expense (income) recognised in profit or loss, deferred tax liability		(37)
Effect of discontinued operations - Effect in income statement		14
Effect of discontinued operations - Transfer to net assets held for sale		(11)
Balance at end of period	9,217	6,908	6,638
Liabilities
Balance at beginning of period	1,532	1,719
Transfers between asset and liabilities	252	(70)
Acquisition of subsidiaries	(250)
Translation adjustment	47	(102)
Other comprehensive income	11	22
Balance at end of period	$ 1,882	1,532	$ 1,719
Limitation of tax loss carryforward in Brazil, as percent of taxable income	30.00%
Tax losses carryforward
Total
Balance at beginning of period	$ 4,882
Effect in income statement		665
Balance at end of period	4,659	4,882
Assets
Effect in income statement		665
Employee post retirement obligations
Total
Balance at beginning of period	674
Balance at end of period	840	674
Provision For litigation
Total
Balance at beginning of period	409
Balance at end of period	443	409
Timing differences arising on assets and liabilities
Total
Balance at beginning of period	1,253
Effect in income statement	2,113	152
Balance at end of period	3,246	1,253
Assets
Effect in income statement	2,113	152
Fair value of financial instruments
Total
Balance at beginning of period	538
Effect in income statement	328	147
Balance at end of period	864	538
Assets
Effect in income statement	328	147
Allocated goodwill
Total
Balance at beginning of period	(2,328)
Effect in income statement	210	37
Balance at end of period	(2,640)	(2,328)
Assets
Deferred tax expense (income) recognised in profit or loss, deferred tax liability	(210)	(37)
Others
Total
Balance at beginning of period	(52)
Effect in income statement	(91)	(77)
Balance at end of period	(77)	(52)
Assets
Effect in income statement	(91)	(77)
Temporary differences
Total
Balance at beginning of period	494
Balance at end of period	2,676	$ 494
Utilization of taxes losses carryforward
Total
Effect in income statement	(443)
Assets
Effect in income statement	$ (443)

Income taxes - Income tax recon

Income taxes - Income tax reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income taxes
Income (loss) before income taxes	$ (2,775)	$ 6,816	$ 7,829
Statutory rates (as a percent)	34.00%
Income taxes at statutory rate	$ 944	(2,317)	(2,662)
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders' equity	601	873	728
Tax incentives	189	576	372
Equity results	77	104	35
Additions of tax loss carryforward	25	1,510	99
Unrecognized tax losses of the year	(1,059)	(458)	(432)
Non-deductible effect of impairment		(24)	(43)
Others	(182)	(92)	408
Income taxes	$ 595	$ 172	$ (1,495)

Income taxes - Tax incentives (

Income taxes - Tax incentives (Details)	12 Months Ended
	Dec. 31, 2019
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, 2019USD ($)installment	Dec. 31, 2018USD ($)
Income taxes
Income tax and social contribution settlement liability	$ 3,907	$ 4,349
Current income tax and social contribution settlement liability	431	432
Non-current income tax and social contribution settlement liability	$ 3,476	$ 3,917
Remaining monthly installments of settlement liability | installment	106
SELIC rate (in percentage)	4.50%	6.50%

Income taxes - Uncertain tax pr

Income taxes - Uncertain tax provisions (Details) R$ in Millions, $ in Millions	Dec. 31, 2019USD ($)	Dec. 31, 2018BRL (R$)
Income taxes
Uncertain tax positions	$ 194	R$ 783

Basic and diluted earnings (l_3

Basic and diluted earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income (loss) attributable to Vale's stockholders:
Net income (loss) from continuing operations	$ (1,683)	$ 6,952	$ 6,313
Loss from discontinued operations		(92)	(806)
Net income (loss)	$ (1,683)	$ 6,860	$ 5,507
Thousands of shares
Weighted average number of shares outstanding - common shares	5,127,950	5,178,024	5,197,432
Common share
Basic and diluted earnings (loss) per share from continuing operations:
Common share (US$)	$ (0.33)	$ 1.34	$ 1.21
Basic and diluted loss per share from discontinued operations:
Common share (US$)		(0.02)	(0.16)
Basic and diluted earnings (loss) per share:
Common share (US$)	$ (0.33)	$ 1.32	$ 1.05

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts receivable
Accounts receivable	$ 2,529	$ 2,648
Impairment of accounts receivable recorded in the income statement	$ (1)	$ (7)	$ (4)
Steel industry market
Accounts receivable
Revenue related to the steel sector - %	87.33%	85.50%
Accounts receivable
Accounts receivable
Expected credit loss	$ (63)	$ (62)
Carrying amount
Accounts receivable
Accounts receivable	$ 2,592	$ 2,710

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Inventories
Finished products	$ 2,604	$ 2,797
Work in progress	767	690
Consumable inventory	903	956
Total	4,274	4,443
Provision for net realizable value	$ 24	$ (4)	$ 86

Recoverable taxes (Details)

Recoverable taxes (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Recoverable taxes
Value-added tax	$ 484	$ 813
Brazilian federal contributions	659	808
Others	16	13
Total	1,159	1,634
Current	552	883
Non-current	607	751
Provision for loss	$ 1,124	$ 700

Other financial assets and li_3

Other financial assets and liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019R$ / shares	Dec. 31, 2019USD ($)shares
Other financial assets
Assets held for sale, current				$ 152
Derivative financial instruments - Current		$ 39		288
Related parties - Loans - Current		364		319
Total other financial assets - Current		403		759
Bank accounts restricted, noncurrent				125
Loans - Non-Current		153		87
Derivative financial instruments - Non-Current		392		184
Investments in equity securities -Non- Current		987		726
Related parties - Loans - Non-current		1,612		1,600
Total other financial assets - Non-Current		3,144		2,722
Other financial liabilities
Derivative financial instruments - Current		470		94
Related parties - Current		1,134		980
Total other financial liabilities - Current		1,604		1,074
Derivative financial instruments - Non-Current		344		307
Related parties- Non-Current		960		956
Financial guarantees, noncurrent		166		525
Participative stockholders' debentures - Non-Current		1,407		2,584
Total other financial liabilities - Non-Current		2,877		$ 4,372
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	$ 195	$ 148

Acquisitions and divestitures -

Acquisitions and divestitures - Ferrous Resources Limited (Details) - USD ($) $ in Millions	Aug. 01, 2019	Dec. 31, 2019
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract]
Net cash outflow		$ 926
Ferrous Resources Limited
Disclosure of detailed information about business combination [line items]
Percentage of voting interest acquired	100.00%
Cash consideration	$ 525
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract]
Acquired assets	706
Cash and cash equivalents	95
Accounts receivable	29
Inventories	10
Intangibles	5
Property, plant and equipment	427
Others	140
Assumed liabilities	(216)
Net identifiable assets acquired	490
Fair value adjustment on PP&E	52
Deferred tax liability	(17)
Total identifiable net assets at fair value	525
Cash consideration transferred	525
(-) Balances acquired, Cash and cash equivalents	95
Net cash outflow	$ 430

Acquisitions and divestitures_2

Acquisitions and divestitures - New Steel (Details) - New Steel $ in Millions	Jan. 24, 2019USD ($)
Acquisitions and divestitures
Percentage of voting capital acquired	100.00%
Cash consideration	$ 496
Fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition
Acquired assets	18
Intangibles	1
Others	17
Net identifiable assets acquired	18
Fair value adjustment of an intangible research and development asset	723
Deferred tax liability	(245)
Total identifiable net assets at fair value	$ 496

Acquisitions and divestitures_3

Acquisitions and divestitures - Henan Longyu Energy Resources (Details) - Henan Longyu Energy Resources Co., Ltd. $ in Millions	Dec. 27, 2019USD ($)item
Disclosure of detailed information about business combination [line items]
Percentage of total outstanding common shares disposed	25.00%
Number of coal mines the entity operates | item	2
Proceeds from sale of assets | $	$ 152

Acquisitions and divestitures_4

Acquisitions and divestitures - Mineracoes Brasileiras Reunidas (Details) R$ in Millions, $ in Millions	Dec. 20, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 20, 2019BRL (R$)	Dec. 20, 2019USD ($)
Disclosure of detailed information about business combination [line items]
Acquisitions and disposal of noncontrolling interest		$ (1,007)	$ (229)	$ (767)
Mineracoes Brasileiras Reunidas S.A. (MBR)
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired					36.40%	36.40%
Cash transferred					R$ 3309	$ 812
Ownership interest in subsidiary (as a percent)	98.30%
Acquisitions and disposal of noncontrolling interest	$ 343

Acquisitions and divestitures_5

Acquisitions and divestitures - PTVI (Details) - PT Vale Indonesia	Oct. 17, 2014	Dec. 31, 2019
Disclosure of detailed information about business combination [line items]
Divestment of shares to Indonesian participants ( as a percentage )	20.00%
Shares registered with Indonesian stock exchange ( as a percentage )	20.00%
Ownership interest in subsidiary (as a percent)	58.70%	59.20%
Collective ownership Interest held by the company and SMM, after the divestment (as a percentage)	59.00%
Sumitomo Metal Mining, Co., Ltd
Disclosure of detailed information about business combination [line items]
Ownership interest in subsidiary (as a percent)	20.10%

Acquisitions and divestitures_6

Acquisitions and divestitures - Discontinued operations - Sale of Fertilizers assets (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2018	May 31, 2018
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
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
Mosaic | Fertilizers
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	34.2
Percentage of total outstanding common shares to be received on disposal of non-current assets held for sale	8.90%
Value of common shares to be received on disposal of non-current assets held for sale	$ 899
Yara | Cubatao
Non-current assets and liabilities held for sale and discontinued operations
Cash consideration on disposal of non-current assets held for sale			$ 255

Acquisitions and divestitures_7

Acquisitions and divestitures - Results of discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Discontinued operations
Net operating revenue	$ 37,570	$ 36,696	$ 35,713
Financial results, net	(3,413)	(4,957)	(3,019)
Income (loss) before income taxes	$ (2,775)	6,816	7,829
Loss from discontinued operations		(92)	(813)
Loss attributable to noncontrolling interests			(7)
Loss attributable to Vale's stockholders		(92)	(806)
Discontinued operations
Discontinued operations
Net operating revenue		121	1,746
Cost of goods sold and services rendered		(120)	(1,605)
Operating expenses		(4)	(141)
Impairment		(124)	(885)
Operating loss		(127)	(885)
Financial results, net		(5)	(28)
Equity results in associates and joint ventures			(2)
Income (loss) before income taxes		(132)	(915)
Income taxes		40	102
Loss from discontinued operations		(92)	(813)
Loss attributable to noncontrolling interests			(7)
Loss attributable to Vale's stockholders		$ (92)	$ (806)

Acquisitions and divestitures_8

Acquisitions and divestitures - Cash flows of discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Discontinued operations
Net cash used in discontinued operations	$ (46)	$ (252)
Discontinued operations
Discontinued operations
Net cash provided by (used in) operating activities	(37)	87
Net cash provided (used) in investing activities	(9)	(305)
Net cash used in financing activities		(34)
Net cash used in discontinued operations	$ (46)	$ (252)

Acquisitions and divestitures_9

Acquisitions and divestitures - Nacala (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Non-current assets and liabilities held for sale and discontinued operations
Proceeds from disposal of assets and investments		$ 142	$ 1,481	$ 922
Transactions with noncontrolling stockholders		$ 812	$ 17	98
Nacala Logistics Corridor
Non-current assets and liabilities held for sale and discontinued operations
Proportion of ownership interest in subsidiary.	66.70%
Mitsui & Co., Ltd
Non-current assets and liabilities held for sale and discontinued operations
Consideration received from the sale of interest in subsidiary	$ 690
Nacala Logistics Corridor
Non-current assets and liabilities held for sale and discontinued operations
Gain related to sale and the re-measurement at fair value				447
Proceeds from disposal of assets and investments				435
Transactions with noncontrolling stockholders				$ 255
Nacala Logistics Corridor | Mitsui & Co., Ltd
Non-current assets and liabilities held for sale and discontinued operations
Percentage of ownership interest sold	50.00%
Vale Mocambique | Mitsui & Co., Ltd
Non-current assets and liabilities held for sale and discontinued operations
Percentage of ownership interest sold	15.00%

Subsidiaries (Details)

Subsidiaries (Details)	Oct. 17, 2014	Dec. 31, 2019
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%
Ferrous Resource 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%
Mineracoes Brasileiras Reunidas S.A. (MBR)
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		98.30%
% Voting capital		98.30%
% Noncontrolling interest		1.70%
New Steel Global
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
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)	58.70%	59.20%
% Voting capital		59.20%
% Noncontrolling interest		40.80%
Vale Holdings B.V
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)		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 Newfoundland & Labrador Ltd
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 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%
Vale Shipping Holding Pte. Ltd.
Basis for preparation of the financial statements
Ownership interest in subsidiary (as a percent)		100.00%
% Voting capital		100.00%
% Noncontrolling interest		0.00%
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 - Changes during the year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments in associates and joint ventures
Balance at the beginning	$ 3,225	$ 3,568
Additions	76	23	$ 93
Translation adjustment	(111)	(456)
Equity results in income statement	228	305	98
Equity results in statement of comprehensive income	(4)
Fair value adjustment	(163)
Dividends declared	(326)	(291)
Transfer to assets held for sale	(152)
Others	25	76
Balance at the end	$ 2,798	$ 3,225	$ 3,568

Investments in associates and_4

Investments in associates and joint ventures - Carrying amount, equity in results and dividend (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments in associates and joint ventures
Investments in associates and joint ventures	$ 2,798	$ 3,225	$ 3,568
Equity results in income statement	228	305	98
Dividends received	353	245	227
Ferrous minerals
Investments in associates and joint ventures
Investments in associates and joint ventures	1,729	1,814
Equity results in income statement	254	417	329
Dividends received	$ 296	189	130
Ferrous minerals | VLI S.A.
Investments in associates and joint ventures
% Ownership	37.60%
% Voting capital	37.60%
Investments in associates and joint ventures	$ 812	857
Equity results in income statement	1	30	29
Dividends received	$ 9	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	$ 23	22
Ferrous minerals | Baovale Mineracao S.A
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
Investments in associates and joint ventures	$ 25	23
Equity results in income statement	$ 4	5	7
Dividends received		1	1
Ferrous minerals | Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
Investments in associates and joint ventures	$ 88	104
Equity results in income statement	48	69	50
Dividends received	$ 62	32	19
Ferrous minerals | Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	50.89%
% Voting capital	50.89%
Investments in associates and joint ventures	$ 70	83
Equity results in income statement	37	55	41
Dividends received	$ 50	23	16
Ferrous minerals | Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	50.90%
% Voting capital	51.00%
Investments in associates and joint ventures	$ 65	81
Equity results in income statement	30	60	40
Dividends received	$ 54	32	17
Ferrous minerals | Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
% Ownership	51.00%
% Voting capital	51.11%
Investments in associates and joint ventures	$ 150	148
Equity results in income statement	84	126	93
Dividends received	$ 92	67	29
Ferrous minerals | MRS Logistica S.A.
Investments in associates and joint ventures
% Ownership	48.16%
% Voting capital	46.75%
Investments in associates and joint ventures	$ 496	496
Equity results in income statement	50	72	69
Dividends received	29	27	29
Coal
Investments in associates and joint ventures
Investments in associates and joint ventures		317
Equity results in income statement	$ (2)	16	20
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
Equity results in income statement	$ (2)	16	20
Base metals
Investments in associates and joint ventures
Investments in associates and joint ventures	$ 14	14
Equity results in income statement		1	1
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	14
Equity results in income statement		1	1
Others
Investments in associates and joint ventures
Investments in associates and joint ventures	1,055	1,080
Equity results in income statement	(24)	(129)	(252)
Dividends received	$ 57	56	97
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	$ 97	93
Equity results in income statement	15	2	13
Dividends received			41
Others | Others
Investments in associates and joint ventures
Investments in associates and joint ventures	86	92
Equity results in income statement	$ (28)	(5)	(68)
Others | Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
% Ownership	55.00%
% Voting capital	55.00%
Investments in associates and joint ventures	$ 470	486
Equity results in income statement	31	25	27
Dividends received	$ 28	25	29
Others | Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
% Ownership	51.00%
% Voting capital	51.00%
Investments in associates and joint ventures	$ 160	162
Equity results in income statement	$ 4	15	(2)
Others | California Steel Industries, Inc
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
Investments in associates and joint ventures	$ 242	247
Equity results in income statement	23	77	42
Dividends received	$ 29	31	27
Others | Companhia Siderurgica do Pecem
Investments in associates and joint ventures
% Ownership	50.00%
% Voting capital	50.00%
Equity results in income statement	$ (69)	$ (243)	$ (264)

Investments in associates and_5

Investments in associates and joint ventures - Financial information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Investments in associates and joint ventures
Current assets	$ 17,042	$ 15,292
Non-current assets	74,671	72,898
Total assets	91,713	88,190
Current liabilities	13,845	9,111
Non-current liabilities	38,875	34,247
Total liabilities	52,720	43,358
Stockholders' equity	38,993	44,832	$ 44,772	$ 41,024
Net revenue	37,570	36,575	33,967
Net income (loss)	$ (2,180)	6,988	$ 6,334
Number of joint ventures accounted under equity method | item	5
VLI S.A.
Investments in associates and joint ventures
Current assets	$ 805	679
Non-current assets	4,507	3,938
Total assets	5,312	4,617
Current liabilities	773	544
Non-current liabilities	2,380	1,795
Total liabilities	3,153	2,339
Stockholders' equity	2,159	2,278
Net revenue	1,238	1,253
Net income (loss)	2	79
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Current assets	215	186
Non-current assets	880	938
Total assets	1,095	1,124
Current liabilities	99	83
Non-current liabilities	142	158
Total liabilities	241	241
Stockholders' equity	854	883
Net revenue	257	248
Net income (loss)	57	45
Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
Non-current assets	314	318
Total assets	314	318
Stockholders' equity	314	318
Net income (loss)	8	30
California Steel Industries, Inc
Investments in associates and joint ventures
Current assets	481	489
Non-current assets	344	360
Total assets	825	849
Current liabilities	186	186
Non-current liabilities	155	169
Total liabilities	341	355
Stockholders' equity	484	494
Net revenue	997	1,389
Net income (loss)	46	154
Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Current assets	438	693
Non-current assets	2,960	3,062
Total assets	3,398	3,755
Current liabilities	985	970
Non-current liabilities	2,675	2,785
Total liabilities	3,660	3,755
Stockholders' equity	(262)
Net revenue	1,393	1,682
Net income (loss)	(412)	(486)
Pelletizing
Investments in associates and joint ventures
Current assets	720	964
Non-current assets	315	296
Total assets	1,035	1,260
Current liabilities	297	437
Non-current liabilities	2	2
Total liabilities	299	439
Stockholders' equity	736	821
Net revenue	583	911
Net income (loss)	392	609
MRS Logistica S.A.
Investments in associates and joint ventures
Current assets	490	263
Non-current assets	2,196	1,826
Total assets	2,686	2,089
Current liabilities	415	360
Non-current liabilities	1,242	699
Total liabilities	1,657	1,059
Stockholders' equity	1,029	1,030
Net revenue	759	927
Net income (loss)	103	150
Nacala BV
Investments in associates and joint ventures
Current assets	384	380
Non-current assets	4,505	4,619
Total assets	4,889	4,999
Current liabilities	516	277
Non-current liabilities	4,671	4,971
Total liabilities	5,187	5,248
Stockholders' equity	(298)	(249)
Net revenue	782	825
Net income (loss)	$ (49)	$ 7

Noncontrolling interest - Finan

Noncontrolling interest - Financial information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summarized financial information
Current assets	$ 17,042	$ 15,292
Non-current assets	74,671	72,898
Total assets	91,713	88,190
Current liabilities	13,845	9,111
Non-current liabilities	38,875	34,247
Total liabilities	52,720	43,358
Stockholders' equity	38,993	44,832	$ 44,772	$ 41,024
Equity attributable to noncontrolling interests	(1,074)	847
Net income (loss)	(2,180)	6,896	5,521
Net income (loss) attributable to noncontrolling interests	(497)	36	14
Dividends paid to noncontrolling interests	184	182	126
Mineracoes Brasileiras Reunidas S.A. (MBR)
Summarized financial information
Current assets		581
Non-current assets		2,499
Related parties - Stockholders		721
Total assets		3,801
Current liabilities		187
Non-current liabilities		282
Related parties - Stockholders		197
Total liabilities		666
Stockholders' equity		3,135
Equity attributable to noncontrolling interests		1,254
Net income (loss)		434	434
Net income (loss) attributable to noncontrolling interests		174	174
Dividends paid to noncontrolling interests	162	168	113
PT Vale Indonesia
Summarized financial information
Current assets	462	465
Non-current assets	1,630	1,567
Related parties - Stockholders	84	111
Total assets	2,176	2,143
Current liabilities	140	165
Non-current liabilities	61	153
Total liabilities	201	318
Stockholders' equity	1,975	1,825
Equity attributable to noncontrolling interests	806	745
Net income (loss)	67	58	(15)
Net income (loss) attributable to noncontrolling interests	27	24	(6)
Vale Nouvelle Caledonie S.A.S.
Summarized financial information
Current assets	169	202
Non-current assets	604	1,922
Related parties - Stockholders	34	56
Total assets	807	2,180
Current liabilities	199	141
Non-current liabilities	236	256
Related parties - Stockholders	344	766
Total liabilities	779	1,163
Stockholders' equity	28	1,017
Equity attributable to noncontrolling interests	1	51
Net income (loss)	(2,055)	351	(572)
Net income (loss) attributable to noncontrolling interests	(103)	18	(28)
Vale Mocambique S.A.
Summarized financial information
Current assets	188	303
Non-current assets	199	1,709
Related parties - Stockholders	29	22
Total assets	416	2,034
Current liabilities	320	313
Non-current liabilities	147	79
Related parties - Stockholders	10,221	8,731
Total liabilities	10,688	9,123
Stockholders' equity	(10,272)	(7,089)
Equity attributable to noncontrolling interests	(1,982)	(1,290)
Net income (loss)	(3,183)	(985)	(659)
Net income (loss) attributable to noncontrolling interests	(613)	(190)	(104)
Compania Minera Miski Mayo S.A.C.
Summarized financial information
Net income (loss)			(11)
Net income (loss) attributable to noncontrolling interests			(6)
Others
Summarized financial information
Equity attributable to noncontrolling interests	101	87
Net income (loss) attributable to noncontrolling interests	192	10	(16)
Dividends paid to noncontrolling interests	184	$ 14	$ 13
Vale Oman Pelletizing Company LLC
Summarized financial information
Dividends paid to noncontrolling interests	$ 21

Intangibles - Changes in Intang

Intangibles - Changes in Intangibles (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in intangibles
Balance at beginning of year	$ 7,962	$ 8,493
Additions	478	862
Disposals	(17)	(29)
Amortization	(307)	(236)
Impairment (note 20)	(123)
Acquisition of subsidiary	728
Translation adjustment	(222)	(1,128)
Balance at end of year	8,499	7,962
Goodwill
Changes in intangibles
Balance at beginning of year	3,653	4,110
Translation adjustment	(24)	(457)
Balance at end of year	3,629	3,653
Concessions
Changes in intangibles
Balance at beginning of year	4,061	4,002
Additions	439	855
Disposals	(17)	(27)
Amortization	(239)	(135)
Impairment (note 20)	(112)
Acquisition of subsidiary	3
Translation adjustment	(165)	(634)
Balance at end of year	3,970	4,061
Contract right
Changes in intangibles
Balance at beginning of year	137	152
Amortization	(2)	(2)
Translation adjustment	5	(13)
Balance at end of year	140	137
Software
Changes in intangibles
Balance at beginning of year	111	229
Additions	39	7
Disposals		(2)
Amortization	(66)	(99)
Impairment (note 20)	(11)
Acquisition of subsidiary	1
Translation adjustment	2	(24)
Balance at end of year	76	111
Research and development project and patents
Changes in intangibles
Acquisition of subsidiary	724
Translation adjustment	(40)
Balance at end of year	684
Carrying amount
Changes in intangibles
Balance at beginning of year	9,820
Balance at end of year	10,539	9,820
Carrying amount | Goodwill
Changes in intangibles
Balance at beginning of year	3,653
Balance at end of year	3,629	3,653
Carrying amount | Concessions
Changes in intangibles
Balance at beginning of year	5,043
Balance at end of year	5,090	5,043
Carrying amount | Contract right
Changes in intangibles
Balance at beginning of year	201
Balance at end of year	248	201
Carrying amount | Software
Changes in intangibles
Balance at beginning of year	923
Balance at end of year	888	923
Carrying amount | Research and development project and patents
Changes in intangibles
Balance at end of year	684
Accumulated amortization
Changes in intangibles
Balance at beginning of year	(1,858)
Balance at end of year	(2,040)	(1,858)
Accumulated amortization | Concessions
Changes in intangibles
Balance at beginning of year	(982)
Balance at end of year	(1,120)	(982)
Accumulated amortization | Contract right
Changes in intangibles
Balance at beginning of year	(64)
Balance at end of year	(108)	(64)
Accumulated amortization | Software
Changes in intangibles
Balance at beginning of year	(812)
Balance at end of year	$ (812)	$ (812)

Intangibles - Estimated useful

Intangibles - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2019
Software
Estimated useful lives of intangibles
Useful life	5 years
Minimum | Concessions
Estimated useful lives of intangibles
Useful life	3 years
Minimum | Contract right
Estimated useful lives of intangibles
Useful life	22 years
Maximum | Concessions
Estimated useful lives of intangibles
Useful life	50 years
Maximum | Contract right
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, 2019	Dec. 31, 2018
Property, plant and equipment
Balance at beginning of year	$ 48,385	$ 54,878
Effects of IFRS 16 adoption	1,801
Additions	4,449	2,823
Disposals	(631)	(570)
Assets retirement obligation	429	446
Depreciation, amortization and depletion	(3,503)	(3,211)
Impairment	(4,198)	(184)
Acquisition of subsidiary	488
Translation adjustment	(644)	(5,797)
Balance at end of year	46,576	48,385
Land
Property, plant and equipment
Balance at beginning of year	635	718
Disposals	(25)	(11)
Acquisition of subsidiary	62
Translation adjustment	24	(84)
Transfers	19	12
Balance at end of year	715	635
Building
Property, plant and equipment
Balance at beginning of year	10,952	12,100
Disposals	(84)	(53)
Depreciation, amortization and depletion	(514)	(531)
Impairment	(577)	(10)
Acquisition of subsidiary	15
Translation adjustment	(221)	(1,360)
Transfers	416	806
Balance at end of year	9,987	10,952
Facilities
Property, plant and equipment
Balance at beginning of year	11,236	11,786
Disposals	(75)	(93)
Depreciation, amortization and depletion	(666)	(655)
Impairment	(1,113)	(18)
Acquisition of subsidiary	41
Translation adjustment	(275)	(1,471)
Transfers	456	1,687
Balance at end of year	9,604	11,236
Equipment
Property, plant and equipment
Balance at beginning of year	6,407	6,893
Disposals	(70)	(234)
Depreciation, amortization and depletion	(866)	(847)
Impairment	(708)	(21)
Acquisition of subsidiary	46
Translation adjustment	(102)	(560)
Transfers	979	1,176
Balance at end of year	5,686	6,407
Mineral properties
Property, plant and equipment
Balance at beginning of year	8,499	9,069
Disposals	(164)	(8)
Assets retirement obligation	429	446
Depreciation, amortization and depletion	(603)	(525)
Impairment	(600)
Acquisition of subsidiary	276
Translation adjustment	88	(864)
Transfers	336	381
Balance at end of year	8,261	8,499
Right of use assets
Property, plant and equipment
Effects of IFRS 16 adoption	1,801
Additions	152
Disposals	(7)
Depreciation, amortization and depletion	(183)
Impairment	(55)
Acquisition of subsidiary	2
Translation adjustment	(18)
Balance at end of year	1,692
Others
Property, plant and equipment
Balance at beginning of year	7,269	8,193
Disposals	(181)	(79)
Depreciation, amortization and depletion	(671)	(653)
Impairment	(792)	(31)
Translation adjustment	(156)	(990)
Transfers	784	829
Balance at end of year	6,253	7,269
Constructions in progress
Property, plant and equipment
Balance at beginning of year	3,387	6,119
Additions	4,297	2,823
Disposals	(25)	(92)
Impairment	(353)	(104)
Acquisition of subsidiary	46
Translation adjustment	16	(468)
Transfers	(2,990)	(4,891)
Balance at end of year	4,378	3,387
Carrying amount
Property, plant and equipment
Balance at beginning of year	80,738
Balance at end of year	83,496	80,738
Carrying amount | Land
Property, plant and equipment
Balance at beginning of year	635
Balance at end of year	715	635
Carrying amount | Building
Property, plant and equipment
Balance at beginning of year	18,267
Balance at end of year	18,255	18,267
Carrying amount | Facilities
Property, plant and equipment
Balance at beginning of year	17,611
Balance at end of year	17,170	17,611
Carrying amount | Equipment
Property, plant and equipment
Balance at beginning of year	12,424
Balance at end of year	11,756	12,424
Carrying amount | Mineral properties
Property, plant and equipment
Balance at beginning of year	16,717
Balance at end of year	17,826	16,717
Carrying amount | Right of use assets
Property, plant and equipment
Balance at end of year	1,875
Carrying amount | Others
Property, plant and equipment
Balance at beginning of year	11,697
Balance at end of year	11,521	11,697
Carrying amount | Constructions in progress
Property, plant and equipment
Balance at beginning of year	3,387
Balance at end of year	4,378	3,387
Accumulated amortization
Property, plant and equipment
Balance at beginning of year	(32,353)
Balance at end of year	(36,920)	(32,353)
Accumulated amortization | Building
Property, plant and equipment
Balance at beginning of year	(7,315)
Balance at end of year	(8,268)	(7,315)
Accumulated amortization | Facilities
Property, plant and equipment
Balance at beginning of year	(6,375)
Balance at end of year	(7,566)	(6,375)
Accumulated amortization | Equipment
Property, plant and equipment
Balance at beginning of year	(6,017)
Balance at end of year	(6,070)	(6,017)
Accumulated amortization | Mineral properties
Property, plant and equipment
Balance at beginning of year	(8,218)
Balance at end of year	(9,565)	(8,218)
Accumulated amortization | Right of use assets
Property, plant and equipment
Balance at end of year	(183)
Accumulated amortization | Others
Property, plant and equipment
Balance at beginning of year	(4,428)
Balance at end of year	$ (5,268)	$ (4,428)

Property, plant and equipment_2

Property, plant and equipment - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2019
Vessels/Ships
Property, plant and equipment
Useful life	20 years
Minimum | Building
Property, plant and equipment
Useful life	3 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) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / T	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Impairment and onerous contracts
Onerous contracts provision	$ 240	$ 393
Non-current assets
Impairment and onerous contracts
Impairment loss	4,321	184	$ 271
Onerous contracts
Impairment and onerous contracts
Impairment loss	240	393
Disposals of non-current assets
Impairment and onerous contracts
Impairment loss	513	322	23
Impairment and disposals of non-current assets
Impairment and onerous contracts
Impairment loss	5,074	899	294
Base metals - nickel
Impairment and onerous contracts
Impairment loss	$ 2,511		133
Post tax discount rate for future cashflows	5.20%
Goodwill	$ 1,859
Carrying amount after impairment charge	$ 404
Long-term price reduction | $ / T	1,150
Base metals - nickel | Maximum
Impairment and onerous contracts
Percentage of increase to discount rate	5.60%
Coal
Impairment and onerous contracts
Impairment loss	$ 1,691
Post tax discount rate for future cashflows	9.20%
Base metals | Minimum
Impairment and onerous contracts
Post tax discount rate for future cashflows	5.00%
Base metals | Maximum
Impairment and onerous contracts
Post tax discount rate for future cashflows	6.00%
Several segments | Other assets
Impairment and onerous contracts
Impairment loss	$ 119	$ 184	$ 138
Ferrous minerals
Impairment and onerous contracts
Post tax discount rate for future cashflows	6.30%
Goodwill	$ 1,770

Loans, borrowings, cash and c_3

Loans, borrowings, cash and cash equivalents and financial investments - Net debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loans and borrowings
Total of loans and borrowings	$ 13,056	$ 15,466
Cash and cash equivalents	7,350	5,784	$ 4,328	$ 4,262
Short-term investments	826	32
Net debt	4,880	9,650
Debt contracts in the international markets
Loans and borrowings
Total of loans and borrowings	10,494	11,783
Debt contract in Brazil
Loans and borrowings
Total of loans and borrowings	$ 2,562	$ 3,683

Loans, borrowings and cash and

Loans, borrowings and cash and cash equivalents - Total debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Loans and borrowings
Loans and borrowings secured by property, plant and equipment and receivables	$ 220	$ 221
Current debt	1,214	1,003
Non-current	11,842	14,463
Debt contracts in the international markets
Loans and borrowings
Current debt, accrued charges	160	188
Non-current debt, accrued charges	4
Current debt	434	368
Non-current	10,060	11,415
Debt contracts in the international markets | Other currencies
Loans and borrowings
Current debt, before accrued charges	14	25
Non-current debt, before accrued charges	106	127
Debt contracts in the international markets | Floating rate | US$
Loans and borrowings
Current debt, before accrued charges	113	141
Non-current debt, before accrued charges	2,802	1,832
Debt contracts in the international markets | Floating rate | EUR
Loans and borrowings
Non-current debt, before accrued charges	225	229
Debt contracts in the international markets | Fixed rate | US$
Loans and borrowings
Current debt, before accrued charges	147	14
Non-current debt, before accrued charges	6,080	8,368
Debt contracts in the international markets | Fixed rate | EUR
Loans and borrowings
Non-current debt, before accrued charges	843	859
Debt contract in Brazil
Loans and borrowings
Current debt	780	635
Non-current	1,782	3,048
Debt contract in Brazil | TJLP, TR, IPCA, IGP-M and CDI | R$
Loans and borrowings
Current debt, before accrued charges	650	435
Non-current debt, before accrued charges	1,677	2,849
Debt contract in Brazil | LIBOR | Basket of currencies and US$
Loans and borrowings
Current debt, before accrued charges	44	101
Non-current debt, before accrued charges	56	100
Debt contract in Brazil | Fixed rate
Loans and borrowings
Current debt, before accrued charges	43	42
Non-current debt, before accrued charges	4	8
Debt contract in Brazil | Fixed rate | R$
Loans and borrowings
Current debt, before accrued charges	43	57
Non-current debt, before accrued charges	$ 45	$ 91

Loans, borrowings and cash an_2

Loans, borrowings and cash and cash equivalents - Debt payments (Details) $ in Millions	Dec. 31, 2019USD ($)
Loans and borrowings
Principal	$ 12,845
Estimated future interest payments	7,260
2020
Loans and borrowings
Principal	1,012
Estimated future interest payments	702
2021
Loans and borrowings
Principal	788
Estimated future interest payments	641
2022
Loans and borrowings
Principal	1,026
Estimated future interest payments	608
2023
Loans and borrowings
Principal	1,192
Estimated future interest payments	568
Between 2024 and 2028
Loans and borrowings
Principal	4,483
Estimated future interest payments	2,035
2029 onwards
Loans and borrowings
Principal	4,344
Estimated future interest payments	$ 2,706

Loans, borrowings, cash and c_4

Loans, borrowings, cash and cash equivalents and financial investments - Average annual interest rate by currency (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Loans and borrowings
Total debt	$ 13,056	$ 15,466
Derivative instrument to mitigate cash flow of floating rate debt | Debt in Brazilian real with derivative offset
Loans and borrowings
Average interest rate	3.09%
Notional amount	$ 2,435
Derivative instrument to mitigate cash flow of floating rate debt | Eurobonds with derivative offset
Loans and borrowings
Average interest rate	4.29%
US$
Loans and borrowings
Average interest rate	5.57%
Total debt	$ 9,370
R$
Loans and borrowings
Average interest rate	9.38%
Total debt	$ 2,461
EUR
Loans and borrowings
Average interest rate	3.77%
Total debt	$ 1,103
Other currencies
Loans and borrowings
Average interest rate	3.58%
Total debt	$ 122

Loans, borrowings and cash an_3

Loans, borrowings and cash and cash equivalents - Reconciliation of debt to cash flows arising from financing activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loans and borrowings
Loans and borrowings at beginning of the period	$ 15,466
Additions	3,142
Repayments (i)	(5,417)
Interest paid	(921)
Cash flow from financing activities	(3,196)
Effect of exchange rate	(158)
Interest accretion	944
Non-cash changes	786
Loans and borrowings at end of the period	13,056	$ 15,466
Expenses with cash tender offer repurchased	265	$ 273	$ 186
Guaranteed notes
Loans and borrowings
Repayments (i)	$ (2,270)

Loans, borrowings and cash an_4

Loans, borrowings and cash and cash equivalents - Credit and financing lines (Details) - Revolving credit facilities $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)facility
Loans and borrowings
Number of Revolving Credit Facilities | facility	2
Available amount | $	$ 5,000

Loans, borrowings and cash an_5

Loans, borrowings and cash and cash equivalents - Policy (Details)	12 Months Ended
	Dec. 31, 2019
Loans, borrowings, cash and cash equivalents and short-term investments
Capitalization rate (as a percent)	14.00%

Liabilities related to associ_3

Liabilities related to associates and joint ventures - Movements of provision (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Events with significant effect on the income statement
Current liabilities		$ 13,845	$ 9,111
Non-current liabilities		38,875	34,247
Total liabilities		52,720	43,358
Fundao dam rupture and de-characterization of germano dam
Events with significant effect on the income statement
Balance at beginning of the period		1,121	996
Payments		(315)	(290)
Interest accretion		200	165
Provision increase		758	403
Translation adjustment		(64)	(153)
Balance at end of the period		1,700	1,121
Current liabilities		516	289
Non-current liabilities		$ 1,184	$ 832
Fundacao Renova
Events with significant effect on the income statement
Proportion of interest for obligations	50.00%	50.00%
Remaining term of agreement	11 years	11 years
Provision increase	R$ 1963	$ 501
Germano dam
Events with significant effect on the income statement
Provision increase	R$ 993	$ 257

Liabilities related to associ_4

Liabilities related to associates and joint ventures - Samarco financial information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Events with significant effect on the income statement
Current assets.	$ 17,042	$ 15,292
Non-current assets.	74,671	72,898
Total assets	91,713	88,190
Current liabilities	13,845	9,111
Non-current liabilities	38,875	34,247
Total liabilities	52,720	43,358
Negative reserves	38,993	44,832	$ 44,772	$ 41,024
Loss for the year ended	(2,180)	6,988	6,334
Equity results and other results in associates and joint ventures	(681)	(182)	$ (82)
Samarco
Events with significant effect on the income statement
Proceeds from debt used for working capital	102	84
Short-term facilities available for operations	267
Current assets.	34	54
Non-current assets.	3,940	5,877
Total assets	3,974	5,931
Current liabilities	6,990	6,066
Non-current liabilities	5,527	4,283
Total liabilities	12,517	10,349
Negative reserves	(8,543)	(4,418)
Loss for the year ended	(4,125)	$ (640)
Equity results and other results in associates and joint ventures	$ 109

Financial instruments classif_3

Financial instruments classification (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financial instruments classification
Total current financial assets	$ 11,312	$ 8,867
Total noncurrent financial assets	5,881	4,860
Total of financial assets	17,193	13,727
Total current financial liabilities	8,191	6,119
Total noncurrent financial liabilities	17,780	17,340
Total of financial liabilities	25,971	23,459
Amortized cost
Financial instruments classification
Total current financial liabilities	8,097	5,649
Total noncurrent financial liabilities	14,364	15,423
Total of financial liabilities	22,461	21,072
At fair value through profit or loss
Financial instruments classification
Total current financial liabilities	94	470
Total noncurrent financial liabilities	3,416	1,917
Total of financial liabilities	3,510	2,387
R$
Financial instruments classification
Total current financial assets	4,148	3,243
Total noncurrent financial assets	3,435	2,101
Total of financial assets	7,583	5,344
Total current financial liabilities	5,346	3,481
Total noncurrent financial liabilities	5,406	4,907
Total of financial liabilities	10,752	8,388
US$
Financial instruments classification
Total current financial assets	6,978	5,484
Total noncurrent financial assets	2,446	2,759
Total of financial assets	9,424	8,243
Total current financial liabilities	1,964	2,038
Total noncurrent financial liabilities	11,099	11,218
Total of financial liabilities	13,063	13,256
CAD
Financial instruments classification
Total current financial assets	46	27
Total of financial assets	46	27
Total current financial liabilities	556	317
Total noncurrent financial liabilities	195	127
Total of financial liabilities	751	444
EUR
Financial instruments classification
Total current financial assets	11	12
Total of financial assets	11	12
Total current financial liabilities	212	177
Total noncurrent financial liabilities	1,068	1,088
Total of financial liabilities	1,280	1,265
Other currencies
Financial instruments classification
Total current financial assets	129	101
Total of financial assets	129	101
Total current financial liabilities	113	106
Total noncurrent financial liabilities	12
Total of financial liabilities	125	106
Amortized cost
Financial instruments classification
Total current financial assets	10,121	8,904
Total noncurrent financial assets	4,971	3,481
Total of financial assets	15,092	12,385
At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	726	987
Total of financial assets	726	987
At fair value through profit or loss
Financial instruments classification
Total current financial assets	1,191
Total current financial assets		(37)
Total noncurrent financial assets	184	392
Total of financial assets	1,375	355
Cash and cash equivalents
Financial instruments classification
Total current financial assets	7,350	5,784
Cash and cash equivalents | R$
Financial instruments classification
Total current financial assets	2,822	2,765
Cash and cash equivalents | US$
Financial instruments classification
Total current financial assets	4,361	2,883
Cash and cash equivalents | CAD
Financial instruments classification
Total current financial assets	41	23
Cash and cash equivalents | EUR
Financial instruments classification
Total current financial assets	11	12
Cash and cash equivalents | Other currencies
Financial instruments classification
Total current financial assets	115	101
Cash and cash equivalents | Amortized cost
Financial instruments classification
Total current financial assets	7,350	5,784
Short-term investments
Financial instruments classification
Total current financial assets	826	32
Short-term investments | R$
Financial instruments classification
Total current financial assets	826	1
Short-term investments | US$
Financial instruments classification
Total current financial assets		31
Short-term investments | At fair value through profit or loss
Financial instruments classification
Total current financial assets	826	32
Financial instruments classification
Financial instruments classification
Total current financial assets	288	39
Financial instruments classification | R$
Financial instruments classification
Total current financial assets	111	30
Financial instruments classification | US$
Financial instruments classification
Total current financial assets	177	9
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total current financial assets	288	39
Accounts receivable
Financial instruments classification
Total current financial assets	2,529	2,648
Accounts receivable | R$
Financial instruments classification
Total current financial assets	389	447
Accounts receivable | US$
Financial instruments classification
Total current financial assets	2,121	2,197
Accounts receivable | CAD
Financial instruments classification
Total current financial assets	5	4
Accounts receivable | Other currencies
Financial instruments classification
Total current financial assets	14
Accounts receivable | Amortized cost
Financial instruments classification
Total current financial assets	2,452	2,756
Accounts receivable | At fair value through profit or loss
Financial instruments classification
Total current financial assets	77
Total current financial assets		(108)
Related parties
Financial instruments classification
Total current financial assets	319	364
Related parties | US$
Financial instruments classification
Total current financial assets	319
Related parties | Amortized cost
Financial instruments classification
Total current financial assets	319	364
Judicial deposits
Financial instruments classification
Total noncurrent financial assets	3,159	1,716
Judicial deposits | R$
Financial instruments classification
Total noncurrent financial assets	3,159	1,716
Bank accounts restricted
Financial instruments classification
Total noncurrent financial assets	125
Bank accounts restricted | R$
Financial instruments classification
Total noncurrent financial assets	125
Financial instruments classification
Financial instruments classification
Total noncurrent financial assets	184	392
Financial instruments classification | R$
Financial instruments classification
Total noncurrent financial assets	147	380
Financial instruments classification | US$
Financial instruments classification
Total noncurrent financial assets	37	12
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial assets	184	392
Investments in equity securities
Financial instruments classification
Total noncurrent financial assets	726	987
Investments in equity securities | US$
Financial instruments classification
Total noncurrent financial assets	726	987
Investments in equity securities | At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	726	987
Loans
Financial instruments classification
Total noncurrent financial assets	87	153
Loans | R$
Financial instruments classification
Total noncurrent financial assets	4	5
Loans | US$
Financial instruments classification
Total noncurrent financial assets	83	148
Loans | Amortized cost
Financial instruments classification
Total noncurrent financial assets	87	153
Related parties
Financial instruments classification
Total current financial assets		364
Total noncurrent financial assets	1,600	1,612
Related parties | US$
Financial instruments classification
Total current financial assets		364
Total noncurrent financial assets	1,600	1,612
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial assets	1,600	1,612
Suppliers and contractors
Financial instruments classification
Total current financial liabilities	4,107	3,512
Suppliers and contractors | Amortized cost
Financial instruments classification
Total current financial liabilities	4,107	3,512
Suppliers and contractors | R$
Financial instruments classification
Total current financial liabilities	2,317	1,791
Suppliers and contractors | US$
Financial instruments classification
Total current financial liabilities	989	1,182
Suppliers and contractors | CAD
Financial instruments classification
Total current financial liabilities	524	292
Suppliers and contractors | EUR
Financial instruments classification
Total current financial liabilities	177	141
Suppliers and contractors | Other currencies
Financial instruments classification
Total current financial liabilities	100	106
Financial instruments classification
Financial instruments classification
Total current financial liabilities	94	470
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total current financial liabilities	94	470
Financial instruments classification | R$
Financial instruments classification
Total current financial liabilities	69	389
Financial instruments classification | US$
Financial instruments classification
Total current financial liabilities	25	81
Lease Liabilities
Financial instruments classification
Total current financial liabilities	225
Lease Liabilities | R$
Financial instruments classification
Total current financial liabilities	86
Lease Liabilities | US$
Financial instruments classification
Total current financial liabilities	110
Lease Liabilities | CAD
Financial instruments classification
Total current financial liabilities	16
Lease Liabilities | Other currencies
Financial instruments classification
Total current financial liabilities	13
Loans and borrowings
Financial instruments classification
Total current financial liabilities	1,214	1,003
Loans and borrowings | Amortized cost
Financial instruments classification
Total current financial liabilities	1,214	1,003
Loans and borrowings | R$
Financial instruments classification
Total current financial liabilities	734	532
Loans and borrowings | US$
Financial instruments classification
Total current financial liabilities	429	410
Loans and borrowings | CAD
Financial instruments classification
Total current financial liabilities	16	25
Loans and borrowings | EUR
Financial instruments classification
Total current financial liabilities	35	36
Interest on capital
Financial instruments classification
Total current financial liabilities	1,571
Interest on capital | R$
Financial instruments classification
Total current financial liabilities	1,571
Related parties
Financial instruments classification
Total current financial liabilities	980	1,134
Related parties | Amortized cost
Financial instruments classification
Total current financial liabilities	980	1,134
Related parties | R$
Financial instruments classification
Total current financial liabilities	569	769
Related parties | US$
Financial instruments classification
Total current financial liabilities	411	365
Lease Liabilities
Financial instruments classification
Total noncurrent financial liabilities	1,566
Lease Liabilities | R$
Financial instruments classification
Total noncurrent financial liabilities	329
Lease Liabilities | US$
Financial instruments classification
Total noncurrent financial liabilities	1,136
Lease Liabilities | CAD
Financial instruments classification
Total noncurrent financial liabilities	89
Lease Liabilities | Other currencies
Financial instruments classification
Total noncurrent financial liabilities	12
Financial instruments classification
Financial instruments classification
Total noncurrent financial liabilities	307	344
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial liabilities	307	344
Financial instruments classification | R$
Financial instruments classification
Total noncurrent financial liabilities	241	321
Financial instruments classification | US$
Financial instruments classification
Total noncurrent financial liabilities	66	23
Loans and borrowings
Financial instruments classification
Total noncurrent financial liabilities	11,842	14,463
Loans and borrowings | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	11,842	14,463
Loans and borrowings | R$
Financial instruments classification
Total noncurrent financial liabilities	1,727	2,948
Loans and borrowings | US$
Financial instruments classification
Total noncurrent financial liabilities	8,941	10,300
Loans and borrowings | CAD
Financial instruments classification
Total noncurrent financial liabilities	106	127
Loans and borrowings | EUR
Financial instruments classification
Total noncurrent financial liabilities	1,068	1,088
Related parties
Financial instruments classification
Total noncurrent financial liabilities	956	960
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	956	960
Related parties | R$
Financial instruments classification
Total noncurrent financial liabilities		65
Related parties | US$
Financial instruments classification
Total noncurrent financial liabilities	956	895
Participative stockholders' debentures
Financial instruments classification
Total noncurrent financial liabilities	2,584	1,407
Participative stockholders' debentures | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial liabilities	2,584	1,407
Participative stockholders' debentures | R$
Financial instruments classification
Total noncurrent financial liabilities	2,584	1,407
Financial guarantees
Financial instruments classification
Total noncurrent financial liabilities	525	166
Financial guarantees | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial liabilities	525	166
Financial guarantees | R$
Financial instruments classification
Total noncurrent financial liabilities	$ 525	$ 166

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, 2019	Dec. 31, 2018
Fair value estimate
Financial assets	$ 17,193	$ 13,727
Financial liabilities	25,971	23,459
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	2,101	1,342
Financial liabilities	3,510	2,387
Fair value measurement | Short-term investments
Fair value estimate
Financial assets	826	32
Fair value measurement | Derivative financial instruments
Fair value estimate
Financial assets	472	431
Fair value measurement | Accounts receivable
Fair value estimate
Financial assets	77	(108)
Fair value measurement | Investments in equity securities
Fair value estimate
Financial assets	726	987
Derivative financial instruments | Fair value measurement
Fair value estimate
Financial liabilities	401	814
Participative stockholders' debentures | Fair value measurement
Fair value estimate
Financial liabilities	2,584	1,407
Financial guarantees | Fair value measurement
Fair value estimate
Financial liabilities	525	166
Level 1 | Fair value measurement
Fair value estimate
Financial assets	1,552	1,019
Level 1 | Fair value measurement | Short-term investments
Fair value estimate
Financial assets	826	32
Level 1 | Fair value measurement | Investments in equity securities
Fair value estimate
Financial assets	726	987
Level 2 | Fair value measurement
Fair value estimate
Financial assets	525	28
Financial liabilities	3,390	2,209
Level 2 | Fair value measurement | Derivative financial instruments
Fair value estimate
Financial assets	448	136
Level 2 | Fair value measurement | Accounts receivable
Fair value estimate
Financial assets	77	(108)
Level 2 | Derivative financial instruments | Fair value measurement
Fair value estimate
Financial liabilities	281	636
Level 2 | Participative stockholders' debentures | Fair value measurement
Fair value estimate
Financial liabilities	2,584	1,407
Level 2 | Financial guarantees | Fair value measurement
Fair value estimate
Financial liabilities	525	166
Level 3 | Fair value measurement
Fair value estimate
Financial assets	24	295
Financial liabilities	120	178
Level 3 | Fair value measurement | Derivative financial instruments
Fair value estimate
Financial assets	24	295
Level 3 | Derivative financial instruments | Fair value measurement
Fair value estimate
Financial liabilities	$ 120	$ 178

Fair value estimate - Changes i

Fair value estimate - Changes in assets and liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Changes in financial assets
Financial assets at beginning of period	$ 88,190
Financial assets at end of period	91,713
Changes in financial liabilities
Financial liabilities at beginning of period	43,358
Financial liabilities at end of period	52,720
Level 3 | Fair value measurement
Changes in financial assets
Financial assets at beginning of period	295
Gain and losses recognized in income statement	36
Translation adjustments	(25)
Settlements, fair value measurement, assets	(282)
Financial assets at end of period	24
Changes in financial liabilities
Financial liabilities at beginning of period	178
Gain and losses recognized in income statement	(33)
Settlements, fair value measurement, liabilities	(7)
Settlements	(18)
Financial liabilities at end of period	$ 120

Fair value estimate - Fair valu

Fair value estimate - Fair value of financial instruments not measured at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair value of financial instruments
Financial liabilities	$ 25,971	$ 23,459
Debt principal | Carrying amount
Fair value of financial instruments
Financial liabilities	12,845	15,228
Debt principal | Fair value
Fair value of financial instruments
Financial liabilities	14,584	16,262
Level 1 | Debt principal
Fair value of financial instruments
Financial liabilities	8,983	10,686
Level 2 | Debt principal
Fair value of financial instruments
Financial liabilities	$ 5,601	$ 5,576

Derivative financial instrume_3

Derivative financial instruments - Effects of derivatives on statement of financial position (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financial instruments classification
Current assets	$ 288	$ 39
Non-current assets	184	392
Current liabilities	94	470
Non-current liabilities	307	344
Derivatives not designated as hedge
Financial instruments classification
Current assets	288	39
Non-current assets	184	392
Current liabilities	94	470
Non-current liabilities	307	344
Derivatives not designated as hedge | Options - MBR
Financial instruments classification
Non-current assets		295
Non-current liabilities		16
Derivatives not designated as hedge | Conversion options - VLI
Financial instruments classification
Non-current liabilities	120	162
Derivatives not designated as hedge | Others
Financial instruments classification
Current assets	1	1
Non-current assets	50	8
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Current assets	117	35
Non-current assets	125	89
Current liabilities	75	433
Non-current liabilities	183	163
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. US$ fixed and floating rate swap
Financial instruments classification
Current assets	13	9
Current liabilities	48	383
Non-current liabilities	80	98
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Current assets	83	7
Non-current assets	117	84
Current liabilities	13	35
Non-current liabilities	37	47
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Non-current assets		4
Current liabilities	6	5
Non-current liabilities	29
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre-dolar swap
Financial instruments classification
Current assets	21	19
Non-current assets	8	1
Current liabilities	8	10
Non-current liabilities	37	18
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Current assets	170	3
Non-current assets	9
Current liabilities	11	37
Non-current liabilities	4	2
Derivatives not designated as hedge | Commodities price risk | Nickel
Financial instruments classification
Current assets	151	2
Non-current assets	9
Current liabilities	4	8
Non-current liabilities	4	2
Derivatives not designated as hedge | Commodities price risk | Bunker oil, Gasoil and Brent
Financial instruments classification
Current assets	19	1
Current liabilities	7	29
Derivatives not designated as hedge | Others
Financial instruments classification
Current assets	1	1
Non-current assets	50	303
Current liabilities	8
Non-current liabilities	120	179
Derivatives not designated as hedge | Others | Others
Financial instruments classification
Current liabilities	$ 8
Non-current liabilities		$ 1

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial instruments classification
Gain (loss) recognized in the income statement	$ 244	$ (266)	$ 454
Financial settlement inflows (outflows)	(324)	(67)	(240)
Derivatives not designated as hedge | Options - MBR
Financial instruments classification
Gain (loss) recognized in the income statement	8	62	135
Derivatives not designated as hedge | Conversion options - VLI
Financial instruments classification
Gain (loss) recognized in the income statement	35		61
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Gain (loss) recognized in the income statement	42	(279)	313
Financial settlement inflows (outflows)	(406)	(121)	(241)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. US$ fixed and floating rate swap
Financial instruments classification
Gain (loss) recognized in the income statement	(39)	(206)	152
Financial settlement inflows (outflows)	(381)	(135)	(181)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Gain (loss) recognized in the income statement	118	(23)	43
Financial settlement inflows (outflows)	(28)	7	(20)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Gain (loss) recognized in the income statement	(39)	(27)	36
Financial settlement inflows (outflows)	(5)	(3)	(39)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Euro forward
Financial instruments classification
Gain (loss) recognized in the income statement			46
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre-dolar swap
Financial instruments classification
Gain (loss) recognized in the income statement	2	(23)	36
Financial settlement inflows (outflows)	8	10	(1)
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Gain (loss) recognized in the income statement	100	(19)	(50)
Financial settlement inflows (outflows)	50	57	1
Derivatives not designated as hedge | Commodities price risk | Nickel
Financial instruments classification
Gain (loss) recognized in the income statement	58	(25)	30
Financial settlement inflows (outflows)	48	8	4
Derivatives not designated as hedge | Commodities price risk | Bunker oil
Financial instruments classification
Financial settlement inflows (outflows)	2	49	(3)
Derivatives not designated as hedge | Commodities price risk | Bunker oil, Gasoil and Brent
Financial instruments classification
Gain (loss) recognized in the income statement	42	6	(80)
Derivatives not designated as hedge | Others
Financial instruments classification
Gain (loss) recognized in the income statement	59	(30)	(5)
Financial settlement inflows (outflows)	21	(3)
Derivatives designated as cash flow hedge
Financial instruments classification
Gain (loss) recognized in the income statement	102	$ 32	$ 191
Gain recognized in other comprehensive income	150
Derivatives designated as cash flow hedge | Nickel
Financial instruments classification
Financial settlement inflows (outflows)	11
Gain recognized in other comprehensive income	$ 150

Derivative financial instrume_5

Derivative financial instruments - Hedge in foreign operations (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)
Financial instruments classification
Loss recognized in the other comprehensive income	$ 1,111	$ 3,899	$ 1,026
Currency risk
Financial instruments classification
Debts designated as instrument hedge				€ 750	$ 2,457
Hedge in foreign operation, net of tax
Financial instruments classification
Loss recognized in the other comprehensive income	$ (74)	$ (543)	$ (95)

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Provisions
Provisions, current liabilities	$ 1,230	$ 1,363
Provisions, non-current liabilities	8,493	7,095
Payroll, related charges and other remunerations
Provisions
Provisions, current liabilities	790	1,046
Onerous contracts
Provisions
Provisions, current liabilities	57	60
Provisions, non-current liabilities	866	642
Environmental obligations
Provisions
Provisions, current liabilities	146	100
Provisions, non-current liabilities	243	202
Asset retirement obligations
Provisions
Provisions, current liabilities	158	85
Provisions, non-current liabilities	3,802	3,030
Provision for litigations
Provisions
Provisions, non-current liabilities	1,462	1,357
Employee postretirement obligations
Provisions
Provisions, current liabilities	79	72
Provisions, non-current liabilities	$ 2,120	$ 1,864

Asset retirement obligations -

Asset retirement obligations - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Asset retirement obligations
Provisions, current liabilities	$ 1,230	$ 1,363
Provisions, non-current liabilities	8,493	7,095
Asset retirement obligations
Change in the provision for asset retirement obligations
Balance at beginning of the period	3,115	3,168
Present value valuation	37	15
Settlements	(47)	(27)
Revisions on cash flows estimates	812	229
Translation adjustment	43	(270)
Balance at end of the period	3,960	3,115
Asset retirement obligations
Provisions, current liabilities	158	85
Provisions, non-current liabilities	$ 3,802	$ 3,030

Asset retirement obligations _2

Asset retirement obligations - Changes in long-term interest rates (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Brazil
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	3.36%	4.94%
Canada
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	0.40%	0.77%
Mozambique
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	5.20%	8.53%
Other regions | Minimum
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	0.60%	1.33%
Other regions | Maximum
Asset retirement obligations
Long-term interest rates (per annum) (as a percent)	4.78%	5.73%

Litigations (Details)

Litigations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Provision for litigations
Litigation
Balance at beginning of the period	$ 1,357	$ 1,473
Additions and reversals, net	291	185
Payments	(201)	(146)
Indexation and interest	70	32
Translation adjustment	(55)	(225)
Balance at end of the period	1,462	1,357
Tax litigation
Litigation
Balance at beginning of the period	729	815
Additions and reversals, net	10	17
Payments	(33)	(7)
Indexation and interest	9
Translation adjustment	(19)	(122)
Balance at end of the period	696	729
Civil litigation
Litigation
Balance at beginning of the period	166	131
Additions and reversals, net	168	65
Payments	(58)	(23)
Indexation and interest	42	17
Translation adjustment	(18)	(25)
Balance at end of the period	300	166
Labor litigation
Litigation
Balance at beginning of the period	459	517
Additions and reversals, net	106	106
Payments	(110)	(114)
Indexation and interest	18	16
Translation adjustment	(18)	(77)
Balance at end of the period	455	459
Environmental litigation
Litigation
Balance at beginning of the period	3	10
Additions and reversals, net	7
Additions and reversals, net		(3)
Payments		(2)
Indexation and interest	1	(1)
Translation adjustment		(1)
Balance at end of the period	$ 11	3
Discontinued operations | Provision for litigations
Litigation
Additions and reversals, net		38
Discontinued operations | Tax litigation
Litigation
Additions and reversals, net		26
Discontinued operations | Civil litigation
Litigation
Additions and reversals, net		1
Discontinued operations | Labor litigation
Litigation
Additions and reversals, net		$ 11

Litigations - Contingent liabil

Litigations - Contingent liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Contingent liabilities
Income tax contingencies probable to be accepted by tax authority	$ 1,106
Tax litigation
Contingent liabilities
Contingent liabilities	8,395	$ 8,853
Civil litigation
Contingent liabilities
Contingent liabilities	1,518	1,957
Labor litigation
Contingent liabilities
Contingent liabilities	773	1,263
Environmental litigation
Contingent liabilities
Contingent liabilities	1,094	1,051
Brumadinho event
Contingent liabilities
Contingent liabilities	158
Provision for litigations
Contingent liabilities
Contingent liabilities	$ 11,938	$ 13,124

Litigations - Judicial deposits

Litigations - Judicial deposits (Details) $ in Millions, R$ in Billions	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Judicial deposits
Deposits with court		$ 3,159	$ 1,716
Bank guarantees for judicial deposits	R$ 10.4	2,600
Tax litigation
Judicial deposits
Deposits with court		1,278	1,314
Civil litigation
Judicial deposits
Deposits with court		112	60
Labor litigation
Judicial deposits
Deposits with court		246	310
Environmental litigation
Judicial deposits
Deposits with court		41	$ 32
Brumadinho event
Judicial deposits
Deposits with court		1,482
Bank guarantees for judicial deposits	R$ 5.6	$ 1,400

Litigations - Contingencies rel

Litigations - Contingencies related to Samarco accident (Details) R$ in Millions, $ in Millions, $ in Billions	Feb. 07, 2020USD ($)	Apr. 23, 2019companyindividual	Dec. 31, 2018BRL (R$)	Dec. 31, 2018USD ($)	Dec. 31, 2016CAD ($)individual	Dec. 31, 2016BRL (R$)individual	Dec. 31, 2016USD ($)individual
Litigation
Contingencies
Loss on settlement | $	$ 25
Public civil claim filed by the Federal Government and others
Contingencies
Damages sought			R$ 20200	$ 5,300
Public Civil Lawsuit by Federal Government
Contingencies
Damages sought						R$ 20200	$ 5,300
Public civil action filed by Federal Prosecution Office
Contingencies
Damages sought			R$ 155000	$ 40,500	$ 155		$ 40,500
Criminal lawsuit
Contingencies
Number of defendants named in a legal action					22	22	22
Number of defendants whose criminal charges were dismissed		1
Number of companies which charges were withdrawn together with Samarco | company		2
Number of executives whose criminal accusation remained unaltered		1
Period to present a list of questions to be put together with the international cooperation for the testimony of the accusation witnesses residing in Canada		60 days

Litigations - Contingencies ass

Litigations - Contingencies assets (Details) R$ in Millions, $ in Millions

Jan. 28, 2020CAD ($)

Jan. 28, 2020USD ($)

Dec. 03, 2019USD ($)

Dec. 03, 2019item

Nov. 30, 2019BRL (R$)

Nov. 30, 2019USD ($)

Sep. 30, 2019USD ($)

Apr. 30, 2019USD ($)

Dec. 31, 2019CAD ($)USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2015BRL (R$)

Dec. 31, 2015USD ($)

Dec. 31, 2010

VBG

Contingent assets

Ownership interest in subsidiary (as a percent)

51.00%

Compulsory loan

Contingent assets

Judicial decision amount

R$ 524

$ 130,000,000

Amount requested for payment

$ 74,000,000

Damages sought | R$

R$ 297

ICMS included in PIS and COFINS tax base

Contingent assets

Number of judicial proceedings

2

2

Number of proceedings with definitive favorable decision

1

1

Arbitral award related to Simandou

Contingent assets

Judicial decision amount

$ 2,000,000,000

$ 1,200,000,000

Number of affiliates that filed new litigation proceedings | item

2

Damages sought

$ 1,850,000,000

Arbitral award related to Simandou | Minimum

Contingent assets

Judicial decision amount, including interest

$ 2,000,000,000

Canadian litigation matter

Contingent assets

Recognized contingent asset

$ 221

$ 170,000,000

Amount received

$ 189

$ 145,000,000

Employee benefits - Change in b

Employee benefits - Change in benefit obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Overfunded pension plans | Present value of actuarial liabilities
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	$ 3,517	$ 3,397
Service costs	6	5
Interest costs	305	282
Benefits paid	(433)	(296)
Effect of changes in the actuarial assumptions	718	679
Translation adjustment	(107)	(550)
Benefit obligation (Plan assets) as at end of the year	4,006	3,517
Underfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	656
Benefit obligation (Plan assets) as at end of the year	695	656
Underfunded pension plans | Present value of actuarial liabilities
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	3,929	4,470
Service costs	55	101
Interest costs	153	158
Benefits paid	(249)	(272)
Participant contributions		(11)
Effect of changes in the actuarial assumptions	373	(164)
Translation adjustment	160	(353)
Benefit obligation (Plan assets) as at end of the year	4,421	3,929
Other benefits
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,280
Benefit obligation (Plan assets) as at end of the year	1,504	1,280
Other benefits | Present value of actuarial liabilities
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,280	1,410
Service costs	10	36
Interest costs	59	59
Benefits paid	(62)	(60)
Effect of changes in the actuarial assumptions	176	(32)
Translation adjustment	41	(133)
Benefit obligation (Plan assets) as at end of the year	$ 1,504	$ 1,280

Employee benefits - Evolution o

Employee benefits - Evolution of assets fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Overfunded pension plans | Fair value of assets
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	$ 4,737	$ 4,828
Interest income	416	406
Employer contributions	27	35
Participant contributions		2
Benefits paid	(433)	(296)
Return on plan assets (excluding interest income)	757	479
Translation adjustment	(200)	(717)
Fair value of plan assets as at end of the year	5,304	4,737
Underfunded pension plans
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	(656)
Fair value of plan assets as at end of the year	(695)	(656)
Underfunded pension plans | Fair value of assets
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	3,273	3,776
Interest income	123	127
Employer contributions	56	49
Benefits paid	(247)	(247)
Return on plan assets (excluding interest income)	382	(145)
Translation adjustment	139	(287)
Fair value of plan assets as at end of the year	3,726	3,273
Other benefits
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	(1,280)
Fair value of plan assets as at end of the year	(1,504)	(1,280)
Other benefits | Fair value of assets
Evolution of assets fair value
Employer contributions	62	60
Benefits paid	$ (62)	$ (60)

Employee benefits - Reconciliat

Employee benefits - Reconciliation of net liabilities recognized in the statement of financial position (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Overfunded pension plans | Present value of actuarial liabilities
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	$ 3,517	$ 3,397
Interest income	305	282
Translation adjustment	(107)	(550)
Benefit obligation (Plan assets) as at end of the year	4,006	3,517
Overfunded pension plans | Present value of actuarial liabilities | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,517
Benefit obligation (Plan assets) as at end of the year	4,006	3,517
Overfunded pension plans | Fair value of assets
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(4,737)	(4,828)
Interest income	416	406
Translation adjustment	(200)	(717)
Benefit obligation (Plan assets) as at end of the year	(5,304)	(4,737)
Overfunded pension plans | Fair value of assets | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(4,737)
Benefit obligation (Plan assets) as at end of the year	(5,304)	(4,737)
Overfunded pension plans | Effect of the asset ceiling
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,220	1,431
Interest income	110	124
Changes on asset ceiling and onerous liability	59	(113)
Translation adjustment	(91)	(222)
Benefit obligation (Plan assets) as at end of the year	1,298	1,220
Overfunded pension plans | Effect of the asset ceiling | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,220	1,431
Interest income	110	124
Changes on asset ceiling and onerous liability	59	(113)
Translation adjustment	(91)	(222)
Benefit obligation (Plan assets) as at end of the year	1,298	1,220
Underfunded pension plans
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	656
Benefit obligation (Plan assets) as at end of the year	695	656
Current liabilities	(13)	(20)
Non-current liabilities	(682)	(636)
Liabilities	(695)	(656)
Underfunded pension plans | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	172
Benefit obligation (Plan assets) as at end of the year	249	172
Current liabilities	(7)	(4)
Non-current liabilities	(242)	(168)
Liabilities	(249)	(172)
Underfunded pension plans | Foreign
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	484
Benefit obligation (Plan assets) as at end of the year	446	484
Current liabilities	(6)	(16)
Non-current liabilities	(440)	(468)
Liabilities	(446)	(484)
Underfunded pension plans | Present value of actuarial liabilities
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,929	4,470
Interest income	153	158
Translation adjustment	160	(353)
Benefit obligation (Plan assets) as at end of the year	4,421	3,929
Underfunded pension plans | Present value of actuarial liabilities | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	334
Benefit obligation (Plan assets) as at end of the year	412	334
Underfunded pension plans | Present value of actuarial liabilities | Foreign
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,595
Benefit obligation (Plan assets) as at end of the year	4,009	3,595
Underfunded pension plans | Fair value of assets
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(3,273)	(3,776)
Interest income	123	127
Translation adjustment	139	(287)
Benefit obligation (Plan assets) as at end of the year	(3,726)	(3,273)
Underfunded pension plans | Fair value of assets | Brazil
Reconciliation of net 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	(163)	(162)
Underfunded pension plans | Fair value of assets | Foreign
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(3,111)
Benefit obligation (Plan assets) as at end of the year	(3,563)	(3,111)
Other benefits
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,280
Benefit obligation (Plan assets) as at end of the year	1,504	1,280
Current liabilities	(76)	(52)
Non-current liabilities	(1,428)	(1,228)
Liabilities	(1,504)	(1,280)
Other benefits | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	249
Benefit obligation (Plan assets) as at end of the year	303	249
Current liabilities	(20)	(19)
Non-current liabilities	(283)	(230)
Liabilities	(303)	(249)
Other benefits | Foreign
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,031
Benefit obligation (Plan assets) as at end of the year	1,202	1,031
Current liabilities	(46)	(33)
Non-current liabilities	(1,156)	(998)
Liabilities	(1,202)	(1,031)
Other benefits | Present value of actuarial liabilities
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,280	1,410
Interest income	59	59
Translation adjustment	41	(133)
Benefit obligation (Plan assets) as at end of the year	1,504	1,280
Other benefits | Present value of actuarial liabilities | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	249
Benefit obligation (Plan assets) as at end of the year	303	249
Other benefits | Present value of actuarial liabilities | Foreign
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,031
Benefit obligation (Plan assets) as at end of the year	$ 1,202	$ 1,031

Employee benefits - Costs recog

Employee benefits - Costs recognized in the income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Overfunded pension plans
Costs recognized in the income statement
Service cost	$ 7	$ 5	$ 7
Interest on expense on liabilities	317	282	360
Interest income on plan assets	(432)	(406)	(513)
Interest expense on effect of (asset ceiling)/ onerous liability	114	124	152
Total of cost, net	6	5	6
Underfunded pension plans
Costs recognized in the income statement
Service cost	55	101	86
Interest on expense on liabilities	153	158	183
Interest income on plan assets	(123)	(127)	(151)
Total of cost, net	85	132	118
Other benefits
Costs recognized in the income statement
Service cost	10	36	30
Interest on expense on liabilities	57	59	67
Total of cost, net	$ 67	$ 95	$ 97

Employee benefits - Costs rec_2

Employee benefits - Costs recognized in the statement of comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Costs recognized in the statement of comprehensive income
Others comprehensive income	$ (848)	$ (3,399)	$ 157
Overfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(166)	(163)	(153)
Effect of changes actuarial assumptions	(718)	(679)	(65)
Return on plan assets (excluding interest income)	757	479
Change of asset ceiling	(60)	172	47
Others		(1)	(3)
Total	(21)	(29)	(21)
Deferred income tax	7	10	7
Others comprehensive income	(14)	(19)	(14)
Translation adjustments	7	23	4
Transfers/ disposal		(7)
Accumulated other comprehensive income	(173)	(166)	(163)
Underfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(468)	(496)	(496)
Effect of changes actuarial assumptions	(373)	172	(167)
Return on plan assets (excluding interest income)	385	(144)	167
Total	12	28
Deferred income tax	(5)	(7)	(3)
Others comprehensive income	7	21	(3)
Translation adjustments	2	11	4
Transfers/ disposal		(4)	(1)
Accumulated other comprehensive income	(459)	(468)	(496)
Other benefits
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(128)	(189)	(160)
Effect of changes actuarial assumptions	(176)	32	(27)
Others		(1)	(14)
Total	(176)	31	(41)
Deferred income tax	63	(8)	12
Others comprehensive income	(113)	23	(29)
Translation adjustments	3	10	1
Transfers/ disposal		28	(1)
Accumulated other comprehensive income	$ (238)	$ (128)	$ (189)

Employee benefits - Actuarial a

Employee benefits - Actuarial and economic assumptions and sensitivity analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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 - 1.0% increase - Actuarial liability balance	$ 3,666
Assumptions made (as a percent)	8.18%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 4,412
Assumptions made (as a percent)	6.18%
Overfunded pension plans | Brazil
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate of salary increase	5.88%
Nominal average rate of benefit increase	3.80%	4.00%
Nominal average rate of price inflation	3.80%
Overfunded pension plans | Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	6.99%
Nominal average rate to determine expense/ income	6.99%	8.86%
Nominal average rate of salary increase	5.88%	4.00%
Nominal average rate of benefit increase		4.00%
Nominal average rate of price inflation		4.00%
Overfunded pension plans | Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	7.32%
Nominal average rate to determine expense/ income	7.32%	9.10%
Nominal average rate of salary increase		6.08%
Underfunded pension plans | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 3,901
Assumptions made (as a percent)	4.35%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 5,026
Assumptions made (as a percent)	2.35%
Underfunded pension plans | Brazil
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	7.10%	9.10%
Nominal average rate to determine expense/ income	7.10%	9.10%
Nominal average rate of salary increase	6.00%	6.08%
Nominal average rate of benefit increase	6.00%	6.08%
Nominal average rate of price inflation	4.00%	4.00%
Underfunded pension plans | Foreign
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	2.96%	3.56%
Nominal average rate to determine expense/ income	3.57%	3.26%
Nominal average rate of salary increase	3.17%	3.20%
Nominal average rate of benefit increase	3.00%	3.00%
Nominal average rate of price inflation	2.10%	2.10%
Other benefits | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 1,316
Assumptions made (as a percent)	4.87%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 1,747
Assumptions made (as a percent)	2.87%
Other benefits | Brazil
Actuarial and economic assumptions and sensitivity analysis
Immediate health care cost trend rate	6.91%	7.12%
Ultimate health care cost trend rate	6.91%	7.12%
Nominal average rate of price inflation	3.80%	4.00%
Other benefits | Foreign
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	3.04%	3.66%
Nominal average rate to determine expense/ income	3.66%	3.44%
Immediate health care cost trend rate	5.58%	5.90%
Ultimate health care cost trend rate	4.55%	4.56%

Employee benefits - Assets of p

Employee benefits - Assets of pension plans (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Brazil | Portfolio of Vale's stock
Assets of pension plans
Plan assets	$ 27	$ 13
Brazil | Brazilian Federal Government securities
Assets of pension plans
Plan assets	4,523	4,199
Foreign | Canadian Government securities
Assets of pension plans
Plan assets	$ 633	$ 674

Employee benefits - Overfunded

Employee benefits - Overfunded pension plans - Assets by category (Details) - Overfunded pension plans - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets by category
International investments	$ 28	$ 25
Real estate	323	339
Loans to participants	141	160
Total	6,814	6,083
Funds not related to risk plans	(1,510)	(1,346)
Fair value of plan assets at end of year	5,304	4,737
Corporate
Assets by category
Debt securities	48	47
Government
Assets by category
Debt securities	2,716	2,447
Fixed income
Assets by category
Investments funds	2,668	2,441
Investments in equity securities
Assets by category
Investments funds	556	450
Private Equity funds
Assets by category
Structured investments	157	159
Real estate funds
Assets by category
Structured investments	177	15
Level 1
Assets by category
International investments	28	25
Total	6,128	5,363
Level 1 | Government
Assets by category
Debt securities	2,716	2,447
Level 1 | Fixed income
Assets by category
Investments funds	2,668	2,441
Level 1 | Investments in equity securities
Assets by category
Investments funds	556	450
Level 1 | Real estate funds
Assets by category
Structured investments	160
Level 2
Assets by category
Total	48	47
Level 2 | Corporate
Assets by category
Debt securities	48	47
Level 3
Assets by category
Real estate	323	339
Loans to participants	141	160
Total	638	673	$ 800
Level 3 | Private Equity funds
Assets by category
Structured investments	157	159
Level 3 | Real estate funds
Assets by category
Structured investments	$ 17	$ 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, 2019	Dec. 31, 2018
Measurement of plan assets
Assets as at beginning of the year	$ 6,083
Assets as at end of the year	6,814	$ 6,083
Level 3
Measurement of plan assets
Assets as at beginning of the year	673	800
Return on plan assets	35	79
Assets purchases	53	244
Assets sold during the year	(96)	(334)
Translation adjustment	(27)	(116)
Assets as at end of the year	638	673
Level 3 | Private equity funds
Measurement of plan assets
Assets as at beginning of the year	159	196
Return on plan assets	8	15
Assets purchases	1	2
Assets sold during the year	(4)	(26)
Translation adjustment	(7)	(28)
Assets as at end of the year	157	159
Level 3 | Real estate funds
Measurement of plan assets
Assets as at beginning of the year	15	15
Assets purchases	2	2
Translation adjustment		(2)
Assets as at end of the year	17	15
Level 3 | Real estate
Measurement of plan assets
Assets as at beginning of the year	339	365
Return on plan assets	8	39
Assets purchases	4	7
Assets sold during the year	(13)	(16)
Translation adjustment	(15)	(56)
Assets as at end of the year	323	339
Level 3 | Loans to participants
Measurement of plan assets
Assets as at beginning of the year	160	224
Return on plan assets	19	25
Assets purchases	46	233
Assets sold during the year	(79)	(292)
Translation adjustment	(5)	(30)
Assets as at end of the year	$ 141	$ 160

Employee benefits - Underfunded

Employee benefits - Underfunded pension plans - Assets by category (Details) - Underfunded pension plans - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets by category
Cash and cash equivalents	$ 56	$ 21
Equity securities	1,411	1,188
Real estate	55	51
Loans to participants	3	3
Others	167	165
Total	3,726	3,273
Level 1
Assets by category
Cash and cash equivalents		3
Equity securities	1,409	1,186
Others	2
Total	1,618	1,347
Level 2
Assets by category
Cash and cash equivalents	56	18
Equity securities	2	2
Total	1,673	1,494
Level 3
Assets by category
Real estate	55	51
Loans to participants	3	3
Others	165	165
Total	435	432
Corporate
Assets by category
Debt securities	507	374
Corporate | Level 2
Assets by category
Debt securities	507	374
Government
Assets by category
Debt securities	790	796
Government | Level 1
Assets by category
Debt securities	156	116
Government | Level 2
Assets by category
Debt securities	634	680
Fixed income
Assets by category
Investments funds	388	338
Fixed income | Level 1
Assets by category
Investments funds	49	42
Fixed income | Level 2
Assets by category
Investments funds	339	296
Investments in equity securities
Assets by category
Investments funds	137	124
Investments in equity securities | Level 1
Assets by category
Investments funds	2
Investments in equity securities | Level 2
Assets by category
Investments funds	135	124
Private Equity funds
Assets by category
Structured investments	212	213
Private Equity funds | Level 3
Assets by category
Structured investments	$ 212	$ 213

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, 2019	Dec. 31, 2018
Measurement of plan assets
Assets as at beginning of the year	$ 432	$ 441
Return on plan assets	20	20
Assets purchases	18	40
Assets sold during the year	(37)	(33)
Translation adjustment	2	(36)
Assets as at end of the year	435	432
Private equity funds
Measurement of plan assets
Assets as at beginning of the year	213	197
Return on plan assets	11	32
Assets purchases	18	22
Assets sold during the year	(32)	(22)
Translation adjustment	2	(16)
Assets as at end of the year	212	213
Real estate funds
Measurement of plan assets
Assets as at beginning of the year	51	44
Return on plan assets	4	3
Assets purchases		18
Assets sold during the year		(10)
Translation adjustment		(4)
Assets as at end of the year	55	51
Loans to participants
Measurement of plan assets
Assets as at beginning of the year	3	5
Assets sold during the year	(1)	(1)
Translation adjustment	1	(1)
Assets as at end of the year	3	3
Others
Measurement of plan assets
Assets as at beginning of the year	165	195
Return on plan assets	5	(15)
Assets sold during the year	(4)
Translation adjustment	(1)	(15)
Assets as at end of the year	$ 165	$ 165

Employee benefits - Expected be

Employee benefits - Expected benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Employee benefits
Disbursement of cash flow in 2020	$ 105
2020 | Overfunded pension plans
Employee benefits
Expected benefit payments	259
2020 | Underfunded pension plans
Employee benefits
Expected benefit payments	235
2020 | Other benefits
Employee benefits
Expected benefit payments	65
2021 | Overfunded pension plans
Employee benefits
Expected benefit payments	266
2021 | Underfunded pension plans
Employee benefits
Expected benefit payments	236
2021 | Other benefits
Employee benefits
Expected benefit payments	66
2022 | Overfunded pension plans
Employee benefits
Expected benefit payments	273
2022 | Underfunded pension plans
Employee benefits
Expected benefit payments	238
2022 | Other benefits
Employee benefits
Expected benefit payments	68
2023 | Overfunded pension plans
Employee benefits
Expected benefit payments	280
2023 | Underfunded pension plans
Employee benefits
Expected benefit payments	240
2023 | Other benefits
Employee benefits
Expected benefit payments	70
2024 | Overfunded pension plans
Employee benefits
Expected benefit payments	285
2024 | Underfunded pension plans
Employee benefits
Expected benefit payments	242
2024 | Other benefits
Employee benefits
Expected benefit payments	73
2025 and thereafter | Overfunded pension plans
Employee benefits
Expected benefit payments	1,494
2025 and thereafter | Underfunded pension plans
Employee benefits
Expected benefit payments	1,206
2025 and thereafter | Other benefits
Employee benefits
Expected benefit payments	$ 381

Employee benefits - Profit shar

Employee benefits - Profit sharing program ("PLR") (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee benefits
Amount of profit sharing program expense charged to cost of goods sold and services rendered and other operating expenses	$ 289	$ 503	$ 780

Employee benefits - Long-term c

Employee benefits - Long-term compensation plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee benefits
Long term compensation plan costs	$ 39	$ 95	$ 65
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) $ in Millions	Dec. 31, 2019USD ($)shares
Stockholders' equity
Shares outstanding	5,128,282,469
Shares in treasury	156,192,313
Total issued shares	5,284,474,782
Share capital 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	980,605,889
BNDES Participaes S.A.
Stockholders' equity
Shares outstanding	323,496,276
Bradespar S.A.
Stockholders' equity
Shares outstanding	293,907,266
Mitsui & Co., Ltd
Stockholders' equity
Shares outstanding	286,347,055
Foreign investors-ADRs
Stockholders' equity
Shares outstanding	1,150,143,671
Foreign institutional investors in local market
Stockholders' equity
Shares outstanding	1,164,475,058
FMP-FGTS
Stockholders' equity
Shares outstanding	46,807,292
PIBB-Fund
Stockholders' equity
Shares outstanding	2,473,749
Institutional investors
Stockholders' equity
Shares outstanding	567,027,304
Retail investors in Brazil
Stockholders' equity
Shares outstanding	312,998,897
Brazilian Government (Golden Share)
Stockholders' equity
Shares outstanding	12
Common share
Stockholders' equity
Shares outstanding	5,128,282,457
Shares in treasury	156,192,313
Total issued shares	5,284,474,770
Share capital 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	980,605,889
Common share | BNDES Participaes S.A.
Stockholders' equity
Shares outstanding	323,496,276
Common share | Bradespar S.A.
Stockholders' equity
Shares outstanding	293,907,266
Common share | Mitsui & Co., Ltd
Stockholders' equity
Shares outstanding	286,347,055
Common share | Foreign investors-ADRs
Stockholders' equity
Shares outstanding	1,150,143,671
Common share | Foreign institutional investors in local market
Stockholders' equity
Shares outstanding	1,164,475,058
Common share | FMP-FGTS
Stockholders' equity
Shares outstanding	46,807,292
Common share | PIBB-Fund
Stockholders' equity
Shares outstanding	2,473,749
Common share | Institutional investors
Stockholders' equity
Shares outstanding	567,027,304
Common share | Retail investors in Brazil
Stockholders' equity
Shares outstanding	312,998,897
Preferred share
Stockholders' equity
Shares outstanding	12
Total issued shares	12
Preferred share | Brazilian Government (Golden Share)
Stockholders' equity
Shares outstanding	12

Stockholders' equity - Shares i

Stockholders' equity - Shares in treasury (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)shares
Stockholders' equity
Assignment and transfer of shares	$ 22
Treasury stocks
Stockholders' equity
Number of treasury shares re-issued as compensation | shares	2,024,059
Assignment and transfer of shares	$ 22

Stockholders' equity - Remunera

Stockholders' equity - Remuneration to the Company's stockholders (Details) R$ / shares in Units, $ / shares in Units, R$ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2019BRL (R$)R$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)
Stockholders' equity
Minimum percentage of remuneration on adjusted net income			25.00%
Net income of the year			$ (1,683)	$ 6,860	$ 5,507
Profit (loss), After Minimum Mandatory Remuneration			(1,683)
Remuneration - Interest on capital	R$ 7253	$ 1,767	1,767
Interest on capital (in dollars per share) | (per share)	R$ 1414364369			$ 0.636637439
Remuneration paid to stockholders				$ 3,313	1,456
Profit reserves
Stockholders' equity
Balance at beginning of year			10,968	7,419
Allocation of Income (loss)			(1,683)	4,806
Remuneration - Interest on capital			(1,767)
Translation adjustments			(428)
Balance at end of year		$ 7,090	$ 7,090	$ 10,968	$ 7,419

Stockholders' equity - Profit r

Stockholders' equity - Profit reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' equity
Dividends and interest on capital of Vale's stockholders		$ (2,054)	$ (2,133)
Translation adjustments	$ 1,111	3,899	1,026
Maximum percentage of distributable income reserve for maintenance and development	50.00%
Percentage of distributable income retained for capital investments budget	50.00%
Legal reserve
Stockholders' equity
Balance at beginning of year	$ 1,722	1,630
Allocation of Income (loss)		343
Translation adjustments	(66)	(251)
Balance at end of year	1,656	1,722	1,630
Tax incentive reserve
Stockholders' equity
Balance at beginning of year	882	580
Allocation of Income (loss)		401
Translation adjustments	(34)	(99)
Balance at end of year	848	882	580
Investments reserve
Stockholders' equity
Balance at beginning of year	8,364	5,209
Allocation of Income (loss)	(1,683)	4,062
Dividends and interest on capital of Vale's stockholders	(1,767)
Translation adjustments	(328)	(907)
Balance at end of year	4,586	8,364	5,209
Profit reserves
Stockholders' equity
Balance at beginning of year	10,968	7,419
Allocation of Income (loss)	(1,683)	4,806
Dividends and interest on capital of Vale's stockholders	(1,767)
Translation adjustments	(428)	(1,257)
Balance at end of year	$ 7,090	$ 10,968	$ 7,419

Stockholders' equity - Others r

Stockholders' equity - Others reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Others reserves
Other comprehensive income	$ (848)	$ (3,399)	$ 157
Translation adjustments	1,111	3,899	1,026
Acquisitions and disposal of noncontrolling interest	(1,007)	(229)	(767)
Other reserves
Others reserves
Balance at beginning of year	(2,155)	(2,289)
Other comprehensive income	(310)	85
Translation adjustments	12	49
Acquisitions and disposal of noncontrolling interest	343
Balance at end of year	(2,110)	(2,155)	(2,289)
Retirement benefit obligations
Others reserves
Balance at beginning of year	(755)	(845)
Other comprehensive income	(126)	41
Translation adjustments	12	49
Balance at end of year	(869)	(755)	(845)
Fair value adjustment to Investment in equity securities
Others reserves
Balance at beginning of year	60
Other comprehensive income	(184)	60
Balance at end of year	(124)	60
Results on conversion of shares
Others reserves
Balance at beginning of year	(490)	(490)
Balance at end of year	(490)	(490)	(490)
Net ownership changes in subsidiaries
Others reserves
Balance at beginning of year	(970)	(954)
Other comprehensive income		(16)
Acquisitions and disposal of noncontrolling interest	343
Balance at end of year	$ (627)	$ (970)	$ (954)

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 - Sharehol

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

Related parties - Transactions

Related parties - Transactions with related parties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Transactions with related parties
Net operating revenue	$ 872	$ 868	$ 882
Cost and operating expenses	(1,781)	(2,308)	(2,001)
Financial result	19		(715)
Joint Ventures
Transactions with related parties
Net operating revenue	374	352	399
Cost and operating expenses	(1,749)	(2,269)	(1,943)
Financial result	49	115	118
Associates
Transactions with related parties
Net operating revenue	294	309	337
Cost and operating expenses	(32)	(39)	(29)
Financial result	(1)		(14)
Major Stockholders
Transactions with related parties
Net operating revenue	204	207	146
Cost and operating expenses			(29)
Financial result	$ (29)	$ (115)	$ (819)

Related parties - Outstanding b

Related parties - Outstanding balances with related parties (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Outstanding balances with related parties
Cash and cash equivalents	$ 1,384	$ 1,256
Accounts receivable	118	155
Dividends receivable	89	132
Loans	1,919	1,976
Derivative financial instruments	42	297
Other assets	65	25
Supplier and contractors	367	266
Loans	3,055	3,975
Derivative financial instruments	64	112
Others liabilities	569	769
Joint Ventures
Outstanding balances with related parties
Accounts receivable	91	110
Dividends receivable	83	132
Loans	1,919	1,976
Other assets	65	25
Supplier and contractors	302	221
Others liabilities	569	769
Associates
Outstanding balances with related parties
Accounts receivable	22	42
Dividends receivable	6
Supplier and contractors	28	21
Loans	1,367	1,325
Major Stockholders
Outstanding balances with related parties
Cash and cash equivalents	1,384	1,256
Accounts receivable	5	3
Derivative financial instruments	42	297
Supplier and contractors	37	24
Loans	1,688	2,650
Derivative financial instruments	$ 64	$ 112

Related parties - Loans (Detail

Related parties - Loans (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Related parties
Amount received for loan repayments		$ 2,572
Loans to related parties		1,919	$ 1,976
Nacala BV
Related parties
Amount received for loan repayments	$ 2,572
Loans to related parties		$ 1,919
Interest rate		7.44%
Pangea Emirates Ltd
Related parties
Interest rate		6.54%
Pangea Emirates Ltd | Vale Mocambique S.A.
Related parties
Proportion of ownership interest in associate		15.00%

Related parties - Key managemen

Related parties - Key management personnel remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Short-term benefits
Wages	$ 8	$ 8	$ 10
Direct and indirect benefits	11	11	10
Profit sharing program ("PLR")	1	10	8
Total short- term benefits	20	29	28
Long-term benefits
Shares based		3	5
Severance	4	20	19
Total short and long-term benefits	$ 24	$ 52	$ 52

Commitments - Contractual oblig

Commitments - Contractual obligations (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Commitments
Purchase obligations	$ 9,077	$ 7,327
2020
Commitments
Purchase obligations	3,956	2,677
2021
Commitments
Purchase obligations	1,029	1,445
2022
Commitments
Purchase obligations	710	548
2023
Commitments
Purchase obligations	552	463
2024 and thereafter
Commitments
Purchase obligations	$ 2,830	$ 2,194

Commitments - Guarantees provid

Commitments - Guarantees provided (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments
Fair value of guarantee recorded in Other non-current liabilities	$ 353		$ 222
Certain associates and joint ventures
Commitments
Fair value of guarantee recorded in Other non-current liabilities	525	$ 166
Financial guarantees provided	$ 1,655	$ 1,735

Financial and capital risk ma_2

Financial and capital risk management - Liquidity risk management (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)facility
Liquidity risk
Product price market curves
Credit exposure | $	$ 5,000
Revolving credit facilities
Product price market curves
Number of Revolving Credit Facilities | facility	2

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ in Millions	Mar. 16, 2020	Dec. 27, 2019	Oct. 17, 2014	Mar. 24, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent events
Borrowings					$ 13,056	$ 15,466
PT Vale Indonesia
Subsequent events
Divestment of shares to Indonesian participants ( as a percentage )			20.00%
Henan Longyu Energy Resources Co., Ltd.
Subsequent events
Percentage of total outstanding common shares disposed		25.00%
Coronavirus outbreak | Revolving credit facilities
Subsequent events
Borrowings				$ 5,000
Coronavirus outbreak | Voisey's Bay mine
Subsequent events
Period of ramping down of operations	28 days

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, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2018BRL (R$)	Dec. 31, 2018USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
CDI vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 2115		R$ 1581
Payable					$ 558		$ 456
Average receivable rate				100.54%	100.54%
Average payable rate				3.31%	3.31%
Fair value of liabilities					$ (38)		(46)
Financial settlement inflows (outflows)	(18)
Value at risk					8
CDI vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					(22)
CDI vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					2
CDI vs. US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities					(18)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 2111		2,303
Payable					$ 601		994
Average receivable rate				1.15%	1.15%
Average payable rate				2.97%	2.97%
Fair value of liabilities					$ (77)		(370)
Financial settlement inflows (outflows)	(312)
Value at risk					9
TJLP vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					(12)
TJLP vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					(18)
TJLP vs. US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities					(47)
TJLP vs. USD floating rate swap
Derivative financial instruments.
Receivable | R$						181
Payable					0		107
Fair value of liabilities							(56)
Financial settlement inflows (outflows)	(59)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 2173		1,078
Payable					$ 604		351
Average receivable rate				6.25%	6.25%
Average payable rate				0.73%	0.73%
Fair value of liabilities					$ (18)		(8)
Financial settlement inflows (outflows)	8
Value at risk					8
R$ fixed rate vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of assets					13
R$ fixed rate vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of assets					(7)
R$ fixed rate vs. US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities					(24)
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$				R$ 2826		1,315
Payable					$ 759		434
Average receivable rate				5.18%	5.18%
Average payable rate				4.02%	4.02%
Fair value of liabilities					$ 46		(80)
Financial settlement inflows (outflows)	(26)
Value at risk					14
IPCA vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					12
IPCA vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					(18)
IPCA vs. US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities					$ 52
IPCA vs. CDI swap
Derivative financial instruments.
Receivable | R$				R$ 1634		1,350
Payable | R$				R$ 1350		R$ 1350
Average receivable rate				6.62%	6.62%
Average payable rate				98.58%	98.58%
Fair value of assets					$ 104		$ 89
Financial settlement inflows (outflows)	$ 6
IPCA vs. CDI swap | 2020
Derivative financial instruments.
Fair value of liabilities					58
IPCA vs. CDI swap | 2021
Derivative financial instruments.
Fair value of liabilities					4
IPCA vs. CDI swap | 2022+
Derivative financial instruments.
Fair value of liabilities					42
Forward
Derivative financial instruments.
Notional amount					$ 121
Average rate (as a percent)				4.20%	4.20%
Fair value of liabilities					$ 1
Value at risk					1
Forward | 2020
Derivative financial instruments.
Fair value of liabilities					$ 1

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, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
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					$ (35)		$ (1)
Financial settlement inflows (outflows)	$ (5)
Value at risk					4
EUR fixed rate vs. US$ fixed rate swap | 2020
Derivative financial instruments.
Fair value of liabilities					(6)
EUR fixed rate vs. US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities					(24)
EUR fixed rate vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					$ (5)

Additional information about _5

Additional information about derivatives financial instruments - Protection for treasury volatility related to tender offer transaction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative financial instruments.
Derivatives settlement cash outflow (inflow)	$ (324)	$ (67)	$ (240)
Forwards contract - treasury volatility related to tender offer transaction - Bought
Derivative financial instruments.
Derivatives settlement cash outflow (inflow)	$ 16

Additional information about _6

Additional information about derivatives financial instruments - Bunker Oil,Brent Crude Oil and Gasoil purchase cash flows protection program (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / R$bbl	Dec. 31, 2018USD ($)T	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
Bunker oil purchase cash flows protection program
Derivative financial instruments.
Fair value of assets		$ (28)
Financial settlement inflows (outflows)	2
Call options - Bunker Oil -bought
Derivative financial instruments.
Notional amount (ton) | T		2,100,000
Fair value of assets		$ 1
Financial settlement inflows (outflows)	2
Put options - Bunker Oil - sold
Derivative financial instruments.
Notional amount (ton) | T		2,100,000
Fair value of assets		$ (29)
Brent crude oil purchase cash flows protection program
Derivative financial instruments.
Fair value of assets	8
Value at risk	4
Brent crude oil purchase cash flows protection program | 2020
Derivative financial instruments.
Fair value of liabilities	$ 8
Call options - Brent Crude Oil -bought
Derivative financial instruments.
Notional amount (bbl) | bbl	1,110,000
Average strike per barrel | $ / R$	75
Fair value of assets	$ 11
Value at risk	3
Call options - Brent Crude Oil -bought | 2020
Derivative financial instruments.
Fair value of liabilities	$ 11
Put options - Brent Crude Oil - sold
Derivative financial instruments.
Notional amount (bbl) | bbl	1,110,000
Average strike per barrel | $ / R$	49
Fair value of assets	$ (3)
Value at risk	1
Put options - Brent Crude Oil - sold | 2020
Derivative financial instruments.
Fair value of liabilities	(3)
Gasoil Purchase Cash Flows Protection Program
Derivative financial instruments.
Fair value of assets	4
Value at risk	2
Gasoil Purchase Cash Flows Protection Program | 2020
Derivative financial instruments.
Fair value of liabilities	$ 3
Gasoil Call Options Bought
Derivative financial instruments.
Notional amount (bbl) | bbl	1,035,000
Average strike per barrel | $ / R$	96
Fair value of assets	$ 7
Value at risk	1
Gasoil Call Options Bought | 2020
Derivative financial instruments.
Fair value of liabilities	$ 6
Gasoil Put Options Sold [Member]
Derivative financial instruments.
Notional amount (bbl) | bbl	1,035,000
Average strike per barrel | $ / R$	61
Fair value of assets	$ (3)
Value at risk	1
Gasoil Put Options Sold [Member] | 2020
Derivative financial instruments.
Fair value of liabilities	$ (3)

Additional information about _7

Additional information about derivatives financial instruments - Protection programs for base metals raw materials and products (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / TT	Dec. 31, 2018USD ($)T	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
Protection programs for base metals raw materials and products
Derivative financial instruments.
Fair value of assets		$ (10)
Financial settlement inflows (outflows)	48
Nickel forwards - Fixed price sales - Bought
Derivative financial instruments.
Notional amount (ton) | T		7,244
Fair value of assets		$ (10)
Financial settlement inflows (outflows)	49
Nickel forwards - Raw material purchase - Sold
Derivative financial instruments.
Notional amount (ton) | T		120
Financial settlement inflows (outflows)	(1)
Copper forwards - Raw material purchase - Sold
Derivative financial instruments.
Notional amount (ton) | T		81
Protection programs for base metals raw materials and products - Nickel revenue hedging program
Derivative financial instruments.
Fair value of assets	150
Financial settlement inflows (outflows)	11
Value at risk	24
Protection programs for base metals raw materials and products - Nickel revenue hedging program | 2021
Derivative financial instruments.
Fair value of liabilities	6
Protection programs for base metals raw materials and products - Nickel revenue hedging program | 2020
Derivative financial instruments.
Fair value of liabilities	$ 142
Call options - Nickel Revenue Hedging - Sold
Derivative financial instruments.
Notional amount (ton) | T	75,984
Average strike per ton | $ / T	18,739
Fair value of assets	$ (12)
Financial settlement inflows (outflows)	(2)
Value at risk	3
Call options - Nickel Revenue Hedging - Sold | 2021
Derivative financial instruments.
Fair value of liabilities	(3)
Call options - Nickel Revenue Hedging - Sold | 2020
Derivative financial instruments.
Fair value of liabilities	$ (10)
Put options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Notional amount (ton) | T	75,984
Average strike per ton | $ / T	15,714
Fair value of assets	$ 162
Financial settlement inflows (outflows)	13
Value at risk	21
Put options - Nickel Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities	9
Put options - Nickel Revenue Hedging - Bought | 2020
Derivative financial instruments.
Fair value of liabilities	$ 152

Additional information about _8

Additional information about derivatives financial instruments - Freight derivative positions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item$ / d	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
Freight forwards
Derivative financial instruments.
Notional amount (days) | item	1,050	480
Average strike price per day | $ / d	13,286
Fair value of assets		$ 1
Financial settlement inflows (outflows)	$ 3
Value at risk	$ 1

Additional information about _9

Additional information about derivatives financial instruments - Wheaton Precious Metals Corp. warrants (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)EquityInstruments$ / shares	Dec. 31, 2018USD ($)EquityInstruments	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
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	$ 26	$ 8
Value at risk	3
Call options -SLW- Bought | 2023
Derivative financial instruments.
Fair value of assets	$ 26

Additional information about_10

Additional information about derivatives financial instruments - Debentures convertible into shares of Valor da Logstica Integrada (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)R$ / sharesEquityInstruments	Dec. 31, 2018USD ($)EquityInstruments	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
Debentures convertible into shares of Valor da Logstica Integrada ("VLI")
Derivative financial instruments.
Notional (quantity) | EquityInstruments	140,239	140,239
Average strike per share | R$ / shares	7,136
Fair value of liabilities	$ (51)	$ (59)
Value at risk	3
Debentures convertible into shares of Valor da Logstica Integrada ("VLI") | 2027
Derivative financial instruments.
Fair value of liabilities	$ (51)

Additional information about_11

Additional information about derivatives financial instruments - Options related to MBR shares (Details) EquityInstruments in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)EquityInstruments	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
Options related to Mineraes Brasileiras Reunidas S.A. ("MBR") shares
Derivative financial instruments.
Notional (quantity) | EquityInstruments		2,139
Fair value of assets		$ 279

Additional information about_12

Additional information about derivatives financial instruments - Option related to SPCs Casa dos Ventos (Details)	12 Months Ended
	Dec. 31, 2019USD ($)R$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324,000,000)	$ (67,000,000)	$ (240,000,000)
Call Option -SPC - Brought [Member]
Derivative financial instruments.
Notional (quantity)	137,751,623
Average strike per share | R$ / shares	2.77
Fair value of assets	$ 24,000,000
Value at risk	2,000,000
Call Option -SPC - Brought [Member] | 2022
Derivative financial instruments.
Fair value of assets	$ 24,000,000

Additional information about_13

Additional information about derivatives financial instruments - Embedded derivatives in contracts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)bbl / mo$ / TR$ / sharesEquityInstrumentsT	Dec. 31, 2018USD ($)bbl / moEquityInstrumentsT	Dec. 31, 2017USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (324)	$ (67)	$ (240)
Embedded derivatives
Derivative financial instruments.
Fair value of assets	2	$ 2
Value at risk	$ 1
Embedded - Nickel forwards - sold
Derivative financial instruments.
Notional volume (in ton) | T	1,497	3,763
Average strike (USD/ton) | $ / T	15,363
Fair value of assets	$ 2	$ 2
Value at risk	$ 1
Embedded - Copper forwards - sold
Derivative financial instruments.
Notional volume (in ton) | T	1,009	2,035
Average strike (USD/ton) | $ / T	5,910
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)	$ (1)
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	4
Fair value of liabilities	$ (69)	$ (103)
Value at risk	11
2020+ | Embedded - Put options - sold
Derivative financial instruments.
Fair value of liabilities	(69)
2021 | Embedded - Call options - sold
Derivative financial instruments.
Fair value of liabilities	(0.3)
2020 | Embedded derivatives
Derivative financial instruments.
Fair value of liabilities	2
2020 | Embedded - Nickel forwards - sold
Derivative financial instruments.
Fair value of liabilities	2
2020 | Embedded - Call options - sold
Derivative financial instruments.
Fair value of liabilities	$ (0.4)

Additional information about_14

Additional information about derivatives financial instruments - Sensitivity analysis of derivative financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
CDI vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	$ (38)	$ (46)
CDI vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(38)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(181)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(324)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(38)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(42)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(46)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(38)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(39)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(39)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(77)	(370)
TJLP vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(77)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(229)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(382)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(77)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(85)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(95)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(77)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(95)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(113)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(77)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(95)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(114)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(18)	(8)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(18)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(164)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(310)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(18)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(23)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(29)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(18)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(26)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(33)
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	46	(80)
IPCA vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	46
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(153)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(352)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	46
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	31
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	15
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	46
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	12
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(20)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of liabilities	46
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	23
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	1
IPCA vs. CDI swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	104
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	97
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	90
IPCA vs. CDI swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of assets	104
IPCA vs. CDI swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of assets	99
IPCA vs. CDI swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of assets	93
NDF | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	1
NDF | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(7)
NDF | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(15)
NDF | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	1
NDF | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	1
NDF | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	1
NDF | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	(2)
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(99)
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(93)
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(35)	$ (1)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(35)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(198)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(360)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Probable
Derivative financial instruments.
Fair value of liabilities	(35)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(36)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(37)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(35)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(43)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(52)
Protected item: EUR denominated debt | EUR depreciation | Scenario I
Derivative financial instruments.
Fair value of assets	(198)
Protected item: EUR denominated debt | EUR depreciation | Scenario II
Derivative financial instruments.
Fair value of assets	360
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Probable
Derivative financial instruments.
Fair value of liabilities	12
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(69)
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(115)
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	69
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	115
Maritime Freight protection - Forwards | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(3)
Maritime Freight protection - Forwards | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(7)
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	3
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	7
Nickel sales fixed price protection - Forwards | Nickel price decrease | Probable
Derivative financial instruments.
Fair value of liabilities	150
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(31)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(224)
Protected item: Part of nickel future revenues | Nickel price fluctuation | Scenario I
Derivative financial instruments.
Fair value of assets	31
Protected item: Part of nickel future revenues | Nickel price fluctuation | Scenario II
Derivative financial instruments.
Fair value of assets	224
WPM Warrants | WPM stock price decrease | Probable
Derivative financial instruments.
Fair value of assets	26
WPM Warrants | WPM stock price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	8
WPM Warrants | WPM stock price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	1
Conversion options - VLI | VLI stock value increase | Probable
Derivative financial instruments.
Fair value of liabilities	(51)
Conversion options - VLI | VLI stock value increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(84)
Conversion options - VLI | VLI stock value increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(127)
Option - SPCs Casa dos Ventos | Iron ore price decrease | Probable
Derivative financial instruments.
Fair value of assets	24
Option - SPCs Casa dos Ventos | Iron ore price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	8
Option - SPCs Casa dos Ventos | Iron ore price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	1
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	(3)
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(8)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(2)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(3)
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	(69)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(253)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	$ (520)