Vale (VALE) 20-F 24 Mar 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
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	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
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
ICFR Auditor Attestation Flag	true
Common share
Document and Entity Information
Entity Common Stock, Shares Outstanding	5,129,910,942
Golden shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	12

Consolidated Income Statement

Consolidated Income Statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operations
Net operating revenue	$ 40,018	$ 37,570	$ 36,575
Cost of goods sold and services rendered	(19,039)	(21,187)	(22,109)
Gross profit	20,979	16,383	14,466
Operating expenses
Selling and administrative expenses	(554)	(487)	(523)
Research and evaluation expenses	(443)	(443)	(373)
Pre-operating and operational stoppage	(887)	(1,153)	(271)
Brumadinho event	(5,257)	(7,402)
Other operating expenses, net	(752)	(505)	(445)
Total	(7,893)	(9,990)	(1,612)
Impairment and disposal of non-current assets	(2,243)	(5,074)	(899)
Operating income	10,843	1,319	11,955
Financial income	375	527	423
Financial expenses	(3,283)	(3,746)	(2,314)
Other financial items, net	(1,903)	(194)	(3,066)
Equity results and other results in associates and joint ventures	(1,063)	(681)	(182)
Income (loss) before income taxes	4,969	(2,775)	6,816
Income taxes
Current tax	(3,398)	(1,522)	(752)
Deferred tax	2,960	2,117	924
Total	(438)	595	172
Net income (loss) from continuing operations	4,531	(2,180)	6,988
Net income (loss) attributable to noncontrolling interests	(350)	(497)	36
Net income (loss) from continuing operations attributable to Vale's stockholders	4,881	(1,683)	6,952
Discontinued operations
Loss from discontinued operations			(92)
Loss from discontinued operations attributable to Vale's stockholders			(92)
Net income (loss)	4,531	(2,180)	6,896
Net income (loss) attributable to noncontrolling interests	(350)	(497)	36
Net income (loss) attributable to Vale's stockholders	$ 4,881	$ (1,683)	$ 6,860
Common share
Basic and diluted earnings (loss) per share:
Common share (US$)	$ 0.95	$ (0.33)	$ 1.32

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statement of Comprehensive Income
Net income (loss)	$ 4,531	$ (2,180)	$ 6,896
Items that will not be subsequently reclassified to income statement
Translation adjustments	(9,160)	(1,677)	(6,762)
Retirement benefit obligations	(88)	(126)	41
Fair value adjustment to investment in equity securities	101	(184)	60
Transfer to reserve			(16)
Total items that will not be subsequently reclassified to income statement, net of tax	(9,147)	(1,987)	(6,677)
Items that may be subsequently reclassified to income statement
Translation adjustment	4,203	1,111	3,899
Net investments hedge	(578)	(74)	(543)
Cash flow hedge	(105)	102
Transfer of realized results to net income	135		(78)
Total of items that may be subsequently reclassified to income statement, net of tax	3,655	1,139	3,278
Total comprehensive income (loss)	(961)	(3,028)	3,497
Comprehensive income (loss) attributable to noncontrolling interests	(318)	(512)	(84)
Comprehensive income (loss) attributable to Vale's stockholders	(643)	(2,516)	3,581
From continuing operations	(643)	(2,516)	3,589
From discontinued operations			(8)
Comprehensive income (loss) attributable to Vale's stockholders	$ (643)	$ (2,516)	$ 3,581

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statement of Cash Flows
Cash flow from operations (a)		$ 17,030	$ 15,623	$ 15,365
Interest on loans and borrowings paid		(755)	(1,186)	(1,121)
Derivatives received (paid), net		(34)	(324)	(67)
Interest on participative stockholders' debentures paid		(183)	(194)	(148)
Income taxes (including settlement program)		(1,736)	(1,809)	(1,128)
Net cash provided by operating activities		14,322	12,110	12,901
Cash flow from investing activities:
Capital expenditures		(4,430)	(3,704)	(3,784)
Additions to investments		(131)	(76)	(23)
Acquisition of subsidiary, net of cash			(926)
Proceeds from disposal of assets and investments		426	142	1,481
Dividends received from associates and joint ventures		173	353	245
Judicial deposits and restricted cash related to Brumadinho event		(9)	(1,638)
Short-term investment (LFTs)		630	(828)	(50)
Investment fund applications		(824)
Others investments activities, net	[1]	(504)	(312)	2,290
Net cash provided by (used in) investing activities		(4,669)	(6,989)	159
Cash flow from financing activities:
Loans and borrowings from third-parties		6,800	3,142	1,225
Payments of loans and borrowings from third-parties		(6,064)	(5,417)	(7,841)
Payments of leasing		(219)	(224)
Dividends and interest on capital paid to stockholders		(3,350)		(3,313)
Dividends and interest on capital paid to noncontrolling interest		(14)	(184)	(182)
Share buyback program				(1,000)
Transactions with noncontrolling stockholders		171	(812)	(17)
Net cash used in financing activities		(2,676)	(3,495)	(11,128)
Net cash used in discontinued operations				(46)
Increase in cash and cash equivalents		6,977	1,626	1,886
Cash and cash equivalents in the beginning of the year		7,350	5,784	5,784
Effect of exchange rate changes on cash and cash equivalents		(825)	(60)	(313)
Effects of disposals of subsidiaries, net of cash and cash equivalents		(15)		(117)
Cash and cash equivalents at end of the year		13,487	7,350	5,784
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs		70	140	194
Cash flow from operating activities:
Income (loss) before income taxes		4,969	(2,775)	6,816
Adjusted for:
Provisions related to Brumadinho event		4,748	6,550
Equity results and other results in associates and joint ventures		1,063	681	182
Impairment and disposal of non-current assets		2,243	5,074	899
Depreciation, depletion and amortization		3,234	3,726	3,351
Financial results, net		4,811	3,413	4,957
Changes in assets and liabilities:
Accounts receivable		(2,540)	(25)	(156)
Inventories		(180)	110	(817)
Suppliers and contractors	[2]	(267)	655	(376)
Provision - Payroll, related charges and others remunerations		222	(94)	(11)
Proceeds from streaming transactions				690
Payments related to Brumadinho event	[3]	(809)	(989)
Other assets and liabilities, net		(464)	(703)	(170)
Cash flow from operations (a)		$ 17,030	$ 15,623	$ 15,365
[1]	Includes loans and advances from/to related parties. For the year ended December 31, 2018, includes proceeds received from Nacala project finance (note 29) in the amount of US$2,572.
[2]	Includes variable lease payments.
[3]	In addition, the Company has incurred in expenses in the amount of US$510 and US$730 for the year ended December 31, 2020 and 2019, respectively. Therefore, in 2020, the Company has disbursed a total amount of US$1,319 in relation to the Brumadinho event (2019: US$1,719).

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Cash Flows
Proceeds received from Nacala project finance	$ 2,572
Expense incurred in relation to Brumadinho event	510	$ 730
Amount already been disbursed related to the Brumadinho event	$ 1,319	$ 1,719

Consolidated Statement of Finan

Consolidated Statement of Financial Position R$ in Millions, $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Current assets
Cash and cash equivalents	$ 13,487	$ 7,350
Short-term investments	771	826
Accounts receivable	4,993	2,529
Other financial assets	329	607
Inventories	4,061	4,274
Recoverable taxes	509	922
Others	253	534
Total current assets	24,403	17,042
Non-current assets
Judicial deposits	1,268	3,133
Other financial assets	1,784	2,661
Recoverable taxes	1,091	1,204
Deferred income taxes	10,335	9,217
Others	651	583
Total non-current assets excluding investments, intangible assets and property, plant and equipment	15,129	16,798
Investments in associates and joint ventures	2,031	2,798
Intangibles	9,296	8,499
Property, plant and equipment	41,148	46,576
Total non current assets	67,604	74,671
Total assets	92,007	91,713
Current liabilities
Suppliers and contractors	3,367	4,107
Loans, borrowings and leases	1,136	1,439
Other financial liabilities	1,906	1,404
Taxes payable	952	512
Settlement program ("REFIS")	340	431
Liabilities related to associates and joint ventures	876	516
Provisions	1,826	1,230
Liabilities related to Brumadinho	1,910	1,568
De-characterization of dams	381	309
Dividends payable	1,220	1,560
Others	680	769
Total current liabilities	14,594	13,845
Non-current liabilities
Loans, borrowings and leases	13,891	13,408
Participative stockholders' debentures	3,413	2,584
Other financial liabilities	4,612	1,788
Settlement program ("REFIS")	2,404	3,476
Deferred income taxes	1,770	1,882
Provisions	8,434	8,493
Liabilities related to Brumadinho	2,665	1,415
De-characterization of dams	1,908	2,180
Liabilities related to associates and joint ventures	1,198	1,184
Streaming transactions	2,005	2,063
Others	292	402
Total non current liabilities	42,592	38,875
Total liabilities	57,186	52,720
Stockholders' equity
Equity attributable to Vale's stockholders	35,744	40,067
Equity attributable to noncontrolling interests	(923)	(1,074)
Total stockholders' equity	34,821	38,993
Total liabilities and stockholders' equity	$ 92,007	$ 91,713

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, 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
Treasury shares utilized in the year				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
Net income (loss)							4,881	4,881	(350)	4,531
Other comprehensive income			(1,448)		267	(4,343)		(5,524)	32	(5,492)
Dividends and interest on capital of Vale's stockholders			(2,329)				(1,152)	(3,481)		(3,481)
Dividends of noncontrolling interest									(8)	(8)
Acquisitions and disposal of noncontrolling interest					(213)			(213)	455	242
Capitalization of noncontrolling interest advances									22	22
Appropriation to undistributed retained earnings			3,729				$ (3,729)
Treasury shares utilized in the year				14				14		14
Balance at end of year at Dec. 31, 2020	$ 61,614	$ 1,139	$ 7,042	$ (2,441)	$ (2,056)	$ (29,554)		$ 35,744	$ (923)	$ 34,821

Corporate information

Corporate information	12 Months Ended
	Dec. 31, 2020
Corporate information
Corporate information	1. Corporate information Vale S.A. and its subsidiaries (“Vale” or the “Company”) are iron ore and iron ore pellets producers, which are key raw materials for steelmaking, and nickel producers, which is used to produce stainless steel and metal alloys employed in the production process of several products. The Company also produces copper, metallurgical and thermal coal, manganese ore and, 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, 2020
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. These financial statements were authorized for issue by the Board of Directors on February 25, 2021. 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 US Dollar ("US$") 5.1967 4.0307 3.8748 5.1578 3.9461 3.6558 Canadian dollar ("CAD") 4.0771 3.1034 2.8451 3.8480 2.9746 2.8190 Euro ("EUR" or "€") 6.3779 4.5305 4.4390 5.8989 4.4159 4.3094 d) Significant accounting policies Significant accounting policies used in the preparation of these financial statements are disclosed in the respective notes and have been consistently applied to all years presented, except for the adoption of the IFRS 16-Leases 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 2018 financial information continues to be presented under IAS 17 and related interpretations. As disclosed in note 8(e), the Company also adopted IFRIC 23–Uncertainty over Income Tax Treatments from January 1, 2019. In addition, certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2020 reporting periods and have not been early adopted by the Company. These standards are not expected to have a material impact on the entity in future reporting periods. e) 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 7 Deferred revenue 8 Deferred income taxes 14 Consolidation 17 Mineral reserves and mine useful life 18 Impairment of non-current assets 19 Fair values estimate 23 Brumadinho dam failure 24 Liabilities related to associates and joint ventures 25 Asset retirement obligation 26 Litigation 27 Employee post-retirement obligations

Significant events in the curre

Significant events in the current year	12 Months Ended
	Dec. 31, 2020
Significant events in the current year
Significant events in the current year	3. Significant events in the current year a) Main events The financial position, cash flows and performance of the Company were particularly affected by the following events and transactions during the year ended December 31, 2020: · In February 2021 (subsequent event), the Company entered into a Judicial Settlement for Integral Reparation (“Global Settlement”) with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors Offices, to repair the environmental and social damage resulting from the Dam I rupture. Thus, the Company recognized a loss of US$3,872 (R$19,924 million) in the income statement for the year ended December 31, 2020 (note 23). · In 2020, as a consequence of the periodic review of the estimates for the de-characterization of the dam structures, the Company recognized US$369 in addition to the provision already recorded. In addition, the Company also identified other structures that met the de-characterization criteria, resulting in an addition of US$248 to the provision (note 23). · In December 2020, the Company signed the early extension terms for its railways concessions related to Estrada de Ferro Carajás (“EFC”) and Estrada de Ferro Vitória a Minas (“EFVM”), for an additional thirty years period, from 2027 to 2057. As a result of the agreement, the Company recognized an intangible asset, which represents its right to use of both EFVM and EFC, and their related concession grants liabilities, in the aggregate amount of US$2,312 (R$12,016 million) (note 16). · In 2020, the Company started looking for a potential buyer for Vale Nouvelle-Calédonie S.A.S. (“VNC”) and started studying the other options available to exit the operation. Following the negotiations that took place during the year, VNC's assets and liabilities were classified as "held for sale" and measured at fair value, resulting in the recognition of an impairment loss in the amount of US$382. In December 2020, the Company signed a binding put option agreement for the sale of its ownership interest in VNC for an immaterial consideration. The proposed transaction is expected to be concluded in the first quarter of 2021. Under this agreement, the Company has reserved the amount of the commitment to fund VNC in approximately US$500 to continue VNC operations, including the commitment to invest in the conversion of the tailings deposition from wet to dry-stacking. Therefore, the Company recognized a loss related to VNC in the amount of US$882, recognized in the in the income statement as “Impairment and disposals of non-current assets” for the year ended December 31, 2020 (note 18). · In 2020, the Company tested the recoverability of its loan receivable from Nacala BV. The testing was triggered by the revisions undertaken on the coal volumes that are projected to be transported on the railway, resulting in a loss of US$798, recognized in the income statement as “Impairment and disposals of non-current assets” for the year ended December 31, 2020 (note 18). · During 2020, Fundação Renova reviewed the assumptions used on the preparation of the estimates incorporated into the mitigation and compensation programs. The periodic review resulted in an addition of US$1,069 to the provision. In addition, Vale made available US$166 for Samarco’s working capital needs (2019: US$102). This amount was recognized in the income statement as “Equity results and other results in associates and joint ventures” for the year ended December 31, 2020 (note 24). · In July 2020, the Board of Directors approved the resumption of the stockholders´ remuneration policy and paid the amount of US$3,350 (R$18,637 million) (note 28). · In December 2020, the Company was notified by BNDESPar of the full exercise of the option to purchase 8% of VLI shares held by Vale. With the exercise of this option, Vale received US$241 (R$1,223 million) and holds 29.6% of VLI's total shares. This transaction resulted in a gain of US$172, recognized in the income statement as “Equity results and other results in associates and joint ventures” for the year ended December 31, 2020 (note 15). · In November 2020, the Company concluded the sale of Biopalma da Amazônia S.A. Reflorestamento Indústria e Comércio (“Biopalma”) to Brasil Bio Fuels S.A. As a result of this transaction, a loss of US$125 was recognized in the income statement as “Impairment and disposals of non-current assets” for the year ended December 31, 2020 (note 18). · In August 2020, the conditions precedent of the agreement to sell the Company's stake in Henan Longyu were concluded and the Company received US$156 as part of the consideration for the transaction. This transaction resulted in a gain of US$116 due to the recycling of the cumulative translation adjustments at closing, which was recognized as “Equity results and other results in associates and joint ventures” in the income statement for the year ended December 31, 2020 (note 15). · In October 2020, the Company concluded the agreement for the divestiture of PT Vale Indonesia Tbk (“PTVI”) and received US$278. The transaction with non-controlling interest resulted in a loss of US$179, which was recognized in the Stockholders' Equity for the year ended December 31, 2020 (note 15). · In September 2020, the Company decided to shut down its operations at the Simões Filho plant in Bahia, resulting in an impairment loss of US$76, recognized in the income statement as “Impairment and disposals of non-current assets” for the year ended December 31, 2020 (note 18). · In July 2020, Vale Overseas Limited issued guaranteed notes due July 2030, in the amount of US$1,500 (note 22). · In October 2020, the Company approved the incorporation of a joint venture to build and operate an expansion project for the Shulanghu Port facilities, located in China. Vale's capital contribution to the project is estimated to range from US$110 to US$160.The construction of the project, which is expected to take up to three years, will start after both parties obtain the anti-trust and other regulatory approvals in China (note 15). · On January 20, 2021 (subsequent event), the Company signed a Heads of Agreement (“HoA”) with Mitsui & Co., Ltd. (“Mitsui”), allowing both parties to structure Mitsui’s exit from the Moatize coal mine (“Vale Moçambique”) and the Nacala Logistics Corridor (“NLC”). The HoA determines that Vale will acquire Mitsui's stake in the mine and logistics assets for an immaterial consideration and will undertake the obligation of the Nacala Corridor’s Project Finance in full, which has approximately US$2,500 outstanding balance at December 31,2020. In case of closing the transaction, Vale will also control NLC and, therefore, consolidate its assets and liabilities. The parties expect to conclude the transaction in 2021, which is subject to the execution of the definitive agreement and usual precedent conditions. In addition, the Company informed the market its divestiture decision in the coal segment, which may lead to the presentation of this segment as a discontinued operation in future financial statements depending on the Company’s assessment (note 15). b) Coronavirus impact A significant portion of the Company's revenue derived from sales to customers in Asia and Europe, regions that have had their economic activities affected as a result of the pandemic. The Company also has an extensive logistics and supply chain, including several ports, distribution centers and suppliers that have operations in those affected regions. The Company has taken several measures to monitor and prevent the effects of COVID-19, including health and safety measures for its employees (such as social distancing and remote working) and actions to secure the supply of materials essential to the Company's production process. The Company has pledged US$109 to support humanitarian aid programs in the communities where the Company operates, with special focus on Brazil communities that have been more adversely affected by the pandemic. This amount was used to purchase medical supplies and equipment and were recognized as "Other operating expenses" in the income statement for the year ended December 31, 2020. At this time, the effects of the pandemic have not caused significant impacts on its operations nor on the fair value of the Company's assets and liabilities. However, unusual significant changes have occurred in the value of financial assets in many markets since the pandemic outbreak. However, if the pandemic continues for an extended period of time or increases in intensity in the regions where the Company operates, the Company's financial conditions or results of operations may be adversely impacted. Liquidity- As a precautionary measure to increase its cash position and preserve financial flexibility considering the uncertainties resulting from the COVID-19 pandemic, the Company temporary discontinued the nickel hedge program, through the sale of option contracts for the total amount of US$230. Deferred income tax- On March 31, 2020, the government of Indonesia issued a regulation ("PERPPU-1") to manage the economic impact of the global COVID-19 pandemic, which affects Indonesia's tax policies. The 25% income tax rate was reduced to 22% in fiscal years 2020 and 2021 and will later be reduced to 20% as of fiscal year 2022. Therefore, the Company has measured the deferred income tax of PT Vale Indonesia Tbk ("PTVI"), considering the effective promulgation of the new income tax rate recognizing an income tax gain of US$80 in the year ended December 31, 2020.

Information by business segment

Information by business segment and by geographic area	12 Months Ended
	Dec. 31, 2020
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 Company has created the Special Recovery and Development Board, which is in-charge of those measures related to the Brumadinho dam rupture (note 23) that reports to the CEO. The costs related to the Brumadinho event are not directly linked to the Company's operating activities and, therefore, are under "Other", as well as, revenues and costs of other products, services, research and development, investments in joint ventures and associates of other businesses and unallocated corporate expenses. 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, 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)- Included the production of potash, phosphate, nitrogen and other fertilizer products, which was discontinued in 2018 (note 15). 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, 2020 Sales, Dividends Cost of goods administrative received and sold and and other Pre operating interest from Net operating services operating Research and and operational associates and Adjusted revenue rendered expenses evaluation stoppage joint ventures EBITDA Ferrous minerals Iron ore 27,285 (8,171) (187) (127) (534) 23 18,289 Iron ore pellets 4,242 (1,661) 11 (5) (77) 116 2,626 Ferroalloys and manganese 225 (179) — (2) (29) — 15 Other ferrous products and services 326 (254) 3 (2) — 2 75 32,078 (10,265) (173) (136) (640) 141 21,005 Base metals Nickel and other products 4,995 (3,216) (25) (49) (29) — 1,676 Copper 2,175 (794) (7) (68) (1) — 1,305 7,170 (4,010) (32) (117) (30) — 2,981 Coal 473 (1,456) (15) (28) — 95 (931) Brumadinho event — — (5,257) — — — (5,257) COVID-19 — — (109) — — — (109) Others 297 (328) (928) (162) (12) 32 (1,101) Total 40,018 (16,059) (6,514) (443) (682) 268 16,588 Year ended December 31, 2019 Sales, Dividends Cost of goods administrative received and sold and and other Pre operating interest from Net operating services operating Research and and operational associates and Adjusted revenue rendered expenses evaluation stoppage joint 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 Sales, Dividends Cost of goods administrative received and sold and and other Pre operating interest from Net operating services operating Research and and operational associates and Adjusted revenue rendered expenses evaluation stoppage joint 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 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 Adjusted EBITDA is reconciled to net income (loss) as follows: From continuing operations Year ended December 31, Net income (loss) attributable to Vale's stockholders 4,881 (1,683) 6,952 Net income (loss) attributable to noncontrolling interests (350) (497) 36 Net income (loss) 4,531 (2,180) 6,988 Depreciation, depletion and amortization 3,234 3,726 3,351 Income taxes 438 (595) (172) Financial results 4,811 3,413 4,957 Equity results and other results in associates and joint ventures 1,063 681 182 Dividends received and interest from associates and joint ventures (i) 268 466 388 Impairment and disposal of non-current assets 2,243 5,074 899 Adjusted EBITDA 16,588 10,585 16,593 (i) Includes the remuneration of the financial instrument of the Coal segment. From discontinued operations Year ended December 31, Loss (92) Income taxes (40) Financial results 5 Impairment of non-current assets 124 Adjusted EBITDA (3) b) Assets by segment December 31, 2020 December 31, 2019 Investments in Property, plant Investments in Property, plant Product associates and and equipment Product associates and and equipment inventory joint ventures and intangibles (i) inventory joint ventures and intangibles (i) Ferrous minerals 2,017 1,154 29,436 1,955 1,729 33,528 Base metals 1,231 18 19,549 1,354 14 19,893 Coal 25 — — 60 — — Others — 859 1,459 2 1,055 1,654 Total 3,273 2,031 50,444 3,371 2,798 55,075 Year ended December 31, 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 2,134 258 1,768 1,685 385 2,063 1,569 823 1,672 Base metals 1,566 239 1,397 1,225 151 1,351 1,189 34 1,351 Coal 203 — 19 240 — 237 132 24 252 Others 5 25 50 10 8 75 6 7 76 Total 3,908 522 3,234 3,160 544 3,726 2,896 888 3,351 (i) Goodwill is allocated to ferrous minerals and base metals segments in the amount of US$1,373 and US1,926 in December 31, 2020 and US$1,770 and US$1,859 in December 31, 2019, respectively. (ii) Cash outflows. c) Assets by geographic area December 31, 2020 December 31, 2019 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 1,760 7,341 23,364 32,465 2,498 6,496 29,134 38,128 Canada — 1,951 11,798 13,749 — 2,000 10,733 12,733 Americas, except Brazil and Canada 234 — 5 239 242 — — 242 Europe — — 894 894 — 2 900 902 Indonesia — 2 2,729 2,731 — 1 2,761 2,762 Asia, except Indonesia and China 20 — 951 971 39 — 985 1,024 China 17 2 19 38 19 — 10 29 New Caledonia — — — — — — 604 604 Oman — — 1,388 1,388 — — 1,449 1,449 Total 2,031 9,296 41,148 52,475 2,798 8,499 46,576 57,873 d) Net operating revenue by geographic area Year ended December 31, 2020 Ferrous minerals Base metals Coal Others Total Americas, except United States and Brazil 334 286 — — 620 United States of America 244 797 — — 1,041 Germany 357 1,309 — — 1,666 Europe, except Germany 1,214 2,356 101 — 3,671 Middle East, Africa and Oceania 1,418 17 68 — 1,503 Japan 1,793 400 20 — 2,213 China 22,202 922 16 — 23,140 Asia, except Japan and China 2,068 931 257 — 3,256 Brazil 2,448 152 11 297 2,908 Net operating revenue 32,078 7,170 473 297 40,018 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 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 (note 19). The selling price of these products can be measured reliably at each period, since the price is quoted in an active market. The sensitivity of the Company’s risk on final settlement of provisionally priced accounts receivables are presented below: December 31, 2020 Thousand Provisional price Effect metric tons (US$/tonne) Change on Revenue Iron ore 27,169 150.6 +/-10 % +/- 409 Iron ore pellets 418 181.9 +/-10 % +/- 8 Copper 89 9,723.4 +/-10 % +/- 86 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, 2020
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, Personnel 1,676 2,009 2,278 Materials and services 3,345 3,873 3,957 Fuel oil and gas 949 1,392 1,538 Maintenance 2,725 2,797 2,807 Royalties 846 802 746 Energy 703 858 906 Ores acquired from third parties 946 608 513 Depreciation, depletion and amortization 2,980 3,399 3,207 Freight 3,439 4,023 4,306 Others 1,430 1,426 1,851 Total 19,039 21,187 22,109 Cost of goods sold 18,457 20,498 21,526 Cost of services rendered 582 689 583 Total 19,039 21,187 22,109 b) Selling and administrative expenses Year ended December 31, Selling 88 92 95 Personnel 224 181 212 Services 114 85 92 Depreciation and amortization 49 56 62 Advertisement 17 7 20 Others 62 66 42 Total 554 487 523 c) Other operating expenses (income), net Year ended December 31, Asset retirement obligations 312 92 5 Provision for litigations (i) 73 291 185 Profit sharing program 115 89 187 COVID-19 expenses 109 — — Disposals of materials and inventories 25 47 32 Others (ii) 118 (14) 36 Total 752 505 445 (i) In 2019, 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. (ii) In 2020, includes expenses in the amount of US$128 related to early termination or amendment of contracts of all converted vessels engaged in cargo transportation. In 2019, includes the reversal of the amount provided for the legal proceedings related to the Rede Ferroviária Federal S.A lawsuit.

Financial result

Financial result	12 Months Ended
	Dec. 31, 2020
Financial result
Financial result	6. Financial result Year ended December 31, Financial income Short-term investments 129 247 177 Others (i) 246 280 246 375 527 423 Financial expenses Loans and borrowings gross interest (819) (989) (1,185) Capitalized loans and borrowing costs 70 140 194 Participative stockholders' debentures (1,565) (1,475) (550) Interest on REFIS (55) (154) (197) Interest on lease liabilities (70) (76) — Financial guarantees (468) (353) 23 Expenses with cash tender offer repurchased — (265) (273) Others (376) (574) (326) (3,283) (3,746) (2,314) Other financial items, net Net foreign exchange gains (losses) (523) 39 (2,247) Derivative financial instruments (note 19) (1,210) 244 (266) Indexation losses, net (170) (477) (553) (1,903) (194) (3,066) Total (4,811) (3,413) (4,957) (i) In 2020, includes amounts related to Eletrobrás' contingent assets in the amount of US$59, see note 26. 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, 2020
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 to be extracted as a by-product from the Voisey’s Bay mine, in Canada. Upon completion of the transaction, the Company received an aggregate upfront payment of US$690, which the Company has been investing on the Voisey's Bay underground mine expansion project. The cobalt extraction is expected to start in 2022 and, that is when the prepayment starts to be amortized over the useful life of the mine, along with the depreciation of the Voisey's Bay underground mine assets. Vale will also receive additional payments of 20%, on average, of the market reference price for cobalt, for each pound of finished cobalt delivered. The revenue will be recognized based on the units of cobalt extracted in relation to the total proven and probable cobalt reserves negotiated with Wheaton and Cobalt 27. 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 until 2030. 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, 2020
Income taxes
Income taxes	8. Income taxes a) Deferred income tax assets and liabilities December 31, 2020 December 31, 2019 Taxes losses carryforward 4,328 4,659 Temporary differences: Employee post retirement obligations 744 840 Provision for litigation 356 443 Timing differences arising on assets and liabilities 4,331 3,246 Fair value of financial instruments 1,355 864 Allocated goodwill (2,623) (2,640) Goodwill amortization (442) (478) Others 516 401 4,237 2,676 Total 8,565 7,335 Assets 10,335 9,217 Liabilities (1,770) (1,882) 8,565 7,335 Changes in deferred tax are as follows: Assets Liabilities Deferred taxes, net 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 Taxes losses carryforward 374 — 374 Timing differences arising on assets and liabilities 1,690 — 1,690 Fair value of financial instruments 756 — 756 Allocated goodwill — (108) 108 Others 32 — 32 Effect in income statement 2,852 (108) 2,960 Transfers between asset and liabilities 38 38 — Translation adjustment (1,811) (37) (1,774) Other comprehensive income 39 (5) 44 Balance at December 31, 2020 10,335 1,770 8,565 (i) Refers to the acquisition of New Steel and Ferrous Resources Limited (note 15). 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. 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, Income (loss) before income taxes 4,969 (2,775) 6,816 Income taxes at statutory rate‐34% (1,689) 944 (2,317) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders' equity 316 601 873 Tax incentives 211 189 576 Equity results (41) 77 104 Addition (reversal) of tax loss carryforward (i) 769 25 1,510 Unrecognized tax losses of the year (217) (1,059) (458) Others 213 (182) (116) Income taxes (438) 595 172 (i) Mainly refers to the effect of monetary exchange variation on tax losses carryforward from foreign subsidiaries. c) Tax incentives In Brazil, the Company 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, 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, part 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, Superintendence for the Development of the Amazon (“SUDAM”). The reinvestment subsidy is accounted in retained earnings reserve account, which restricts its distribution as dividends to stockholders. This tax incentive expires in 2023. The Company 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 the settlement program of the claims related to the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012. As at December 31, 2020, the balance of US$2,744 (US$340 classified as current liabilities and US$2,404 classified as non‑current liabilities) is due in 94 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, 2019, the balance was US$3,907 (US$431 classified as current liabilities and US$3,476 classified as non‑current liabilities). As at December 31, 2020, the SELIC rate was 2.00% per annum (4.50% per annum at December 31, 2019). e) Uncertain tax positions The Company has assessed its uncertain tax positions, particularly those related to the deduction of the deduction of social security contributions on the net income ("CSLL") in Brazil and the calculation of the transfer pricing over exportation of ore to its foreign subsidiary and, based on the position of its internal and external legal advisors, has concluded that these uncertain tax positions are likely to be accepted by the tax authority as discussed below: (e.i) Deduction of CSLL in Brazil: In 2004, a definitive decision of the Superior Court of Justice (“STJ”) granted to the Company the right to deduct the 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, the Federal Court of Appeals (“TRF”) decided in favor for the rescission action and, based on this decision, although not definitive, the Company has decided not to deduct the CSLL from the taxable income. In November 2020, the Company received an assessment regarding 2016 and 2017 for the collection of corporate income tax (“IRPJ”) in the amount of US$435 (R$2,259 million), related to the deduction of CSLL from the fiscal years in which Vale was supported by a definitive favorable court decision ( res judicata ). Vale believes that the rescission action brought by the Federal Government is not applicable (Precedent 343 issued by Brazilian Supreme Court) and, even if it were, the fiscal years prior to the eventual favorable decision on the rescission action could not be charged to the Company. Any understanding conflicting to that interpretation violates the Brazilian legal framework and the consolidated jurisprudence. (e.ii) Transfer pricing over the exportation of ores to a foreign subsidiary: The Company was assessed for the collection corporate income tax (IRPJ) and social contribution on net income (CSLL), for the years of 2015, 2016 and 2017 since the tax agent has disregarded the intermediation cost used in the calculation of the transfer pricing over the exportation of iron ore, copper and manganese to its foreign controlled company. The Company is challenging these assessments in the administrative level and a decision is pending. The total amount in dispute is US$695 (R$3,614 million) (2019: US$355 (R$1,431 million)). In addition, there was a reduction of the tax losses from 2015, 2016 and 2017, with the corresponding tax impact of US$362 (R$1,882 million), including penalties and interests. The Company consistently applies its method for calculating the transfer pricing and it considers that to be the most appropriate tax treatment regarding the prevailing law. From the 2018 to 2020 fiscal years, the amount involved is US$1,232 (R$6,401 million). 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, based on the position of its internal and external legal advisors, 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. The Company 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, 2020
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, Net income (loss) attributable to Vale's stockholders: Net income (loss) from continuing operations 4,881 (1,683) 6,952 Loss from discontinued operations — — (92) Net income (loss) 4,881 (1,683) 6,860 Thousands of shares Weighted average number of shares outstanding-common shares 5,129,585 5,127,950 5,178,024 Basic and diluted earnings (loss) per share from continuing operations: Common share (US$) 0.95 (0.33) 1.34 Basic and diluted loss per share from discontinued operations: Common share (US$) — — (0.02) Basic and diluted earnings (loss) per share: Common share (US$) 0.95 (0.33) 1.32 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, 2020
Accounts receivable
Accounts receivable	10. Accounts receivable December 31, 2020 December 31, 2019 Accounts receivable 5,043 2,592 Expected credit loss (50) (63) 4,993 2,529 Revenue related to the steel sector-% 87.25 % 87.33 % Year ended December 31, Impairment of accounts receivable recorded in the income statement 5 (1) (7) In 2020, the Company had a customer of the Ferrous Minerals Segment whose revenue individually represented 10.1% of the Company's total revenue. In 2019, there was 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, 2020
Inventories
Inventories	11. Inventories December 31, 2020 December 31, 2019 Finished products 2,626 2,604 Work in progress 647 767 Consumable inventory 788 903 Total 4,061 4,274 Year ended December 31, Reversal (provision) for net realizable value 3 24 (4) Finished and work in progress products inventories by segments are presented in note 4(b) and the cost of goods sold is presented in note 5(a). 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, 2020
Recoverable taxes
Recoverable taxes	12. Recoverable taxes Recoverable taxes are presented net of provisions for losses on tax credits. December 31, 2020 December 31, 2019 Value-added tax (net of provision for loss) 433 484 Brazilian federal contributions 593 659 Prepaid income taxes 561 967 Others 13 16 Total 1,600 2,126 Current 509 922 Non-current 1,091 1,204 Total 1,600 2,126

Other financial assets and liab

Other financial assets and liabilities	12 Months Ended
	Dec. 31, 2020
Other financial assets and liabilities
Other financial assets and liabilities	13. Other financial assets and liabilities Current Non-Current December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Other financial assets Restricted cash — — 38 151 Derivative financial instruments (note 19) 134 288 66 184 Investments in equity securities — — 757 726 Related parties-Loans (note 29) 195 319 923 1,600 329 607 1,784 2,661 Other financial liabilities Derivative financial instruments (note 19) 328 94 689 307 Related parties-Loans (note 29) 725 980 943 956 Financial guarantees provided (note 30) — — 877 525 Liabilities related to the concession grant (note 16b) 209 — 2,103 — Advance received 644 330 — — 1,906 1,404 4,612 1,788

Investments in subsidiaries, as

Investments in subsidiaries, associates and joint ventures	12 Months Ended
	Dec. 31, 2020
Investments in subsidiaries, associates and joint ventures
Investments in subsidiaries, associates and joint ventures	14. Investments in subsidiaries, associates and joint ventures a) Investment information 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, 2020 December 31, 2019 Ferrous minerals Baovale Mineração S.A. 50.00 50.00 20 25 1 4 5 — — 1 Companhia Coreano-Brasileira de Pelotização 50.00 50.00 48 88 8 48 69 34 62 32 Companhia Hispano-Brasileira de Pelotização (i) 50.89 50.89 43 70 11 37 55 27 50 23 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 44 65 10 30 60 23 54 32 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 121 150 8 84 126 32 92 67 MRS Logística S.A. 48.16 46.75 398 496 34 50 72 22 29 27 Samarco Mineração S.A. (note 24) 50.00 50.00 — — — — — — — — VLI S.A. 29.60 29.60 480 812 (22) 1 30 2 9 7 Zhuhai YPM Pellet Co. — — — 23 — — — — — — 1,154 1,729 50 254 417 140 296 189 Base metals Korea Nickel Corp. 25.00 25.00 18 14 — — 1 — — — 18 14 — — 1 — — — Coal Henan Longyu Energy Resources Co., Ltd. — — — — — (2) 16 — — — Nacala Corridor Holding Netherlands B.V. 50.00 50.00 — — — — — — — — — — — (2) 16 — — — Others Aliança Geração de Energia S.A.(i) 55.00 55.00 367 470 28 31 25 24 28 25 Aliança Norte Energia Participações S.A.(i) 51.00 51.00 117 160 (8) 4 15 — — — California Steel Industries, Inc. 50.00 50.00 234 242 (7) 23 77 — 29 31 Companhia Siderúrgica do Pecém 50.00 50.00 — — (131) (69) (243) — — — Mineração Rio do Norte S.A. 40.00 40.00 71 97 (3) 15 2 9 — — Others 70 86 (48) (28) (5) — — — 859 1,055 (169) (24) (129) 33 57 56 Total 2,031 2,798 (119) 228 305 173 353 245 (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) Movements during the year Balance at January 1, 2,798 3,225 Additions and Capitalizations (i) 131 76 Disposals (ii) (250) — Translation adjustment (542) (111) Equity results in income statement (119) 228 Results from sales on equity interest (ii) 106 — Equity results in statement of comprehensive income (2) (4) Fair value adjustment (iii) (10) (163) Dividends declared (128) (326) Transfer to assets held for sale (iii) — (152) Others 47 25 Balance at December 31, 2,031 2,798 (i) In 2020, refers mainly to Companhia Siderúrgica do Pecém's capital increase. (ii) In 2020, refers to the exercise of the call option of VLI's share (note 15). (iii) In 2019, refers to fair value adjustment of the investment in Henan Longyu Energy Resources Co., Ltd., which was reclassified and presented as held for sale (note 15). The amount of investments by segments are presented in note 4(b). c) 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. The summarized financial information about Samarco is presented in note 24. December 31, 2020 Nacala Aliança Geração Aliança Corridor Holding de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V. (i) VLI S.A. Current assets 138 — 336 346 300 412 524 614 Non-current assets 711 229 344 2,234 258 1,701 4,349 3,737 Total assets 849 229 680 2,581 558 2,113 4,874 4,351 Current liabilities 48 — 63 737 53 389 573 607 Non-current liabilities 134 — 148 2,623 — 898 4,684 2,123 Total liabilities 182 — 211 3,360 53 1,286 5,257 2,729 Stockholders' equity 668 229 469 (779) 504 827 (383) 1,622 Net revenue 186 — 665 1,176 104 640 611 1,011 Net income (loss) 51 (15) (14) (835) 73 70 (87) (59) December 31, 2019 Nacala Aliança Geração Aliança Corridor Holding de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V.(i) 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 (i) The joint ventures 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 any 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. d) 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 100.0 % 100.0 % 0.0 % 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 44.3 % 44.3 % 55.7 % Vale Holdings B.V 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 % On April 30, 2020 the incorporation of the wholly owned subsidiary Ferrous Resources do Brasil S.A. was approved at the General Shareholders' Meeting. e) Noncontrolling interest 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, 2020 Vale PTVI VNC Moçambique S.A. Others Total Current assets 595 2 352 — Non-current assets 1,881 — 168 — Related parties-Stockholders 61 49 29 — Total assets 2,537 51 549 — Current liabilities 162 — 341 — Non-current liabilities 53 — 98 — Related parties-Stockholders — 281 12,185 — Total liabilities 215 281 12,624 — Stockholders' equity 2,322 (230) (12,075) — Equity attributable to noncontrolling interests 1,292 (12) (2,330) 127 (923) Net income (loss) 84 (669) (1,804) — Net income (loss) attributable to noncontrolling interests 35 (33) (348) (3) (350) Dividends paid to noncontrolling interests (i) — — — 14 14 (i) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing 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 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 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. 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 investment in joint ventures includes the goodwill identified in the acquisition, net of any impairment loss. The Company 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. 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. 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 “Acquisitions and disposal of 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. 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 these entities. As a result, these entities are accounted under equity method due to shareholder’s agreements where relevant decisions are shared with other parties.

Acquisitions and divestitures

Acquisitions and divestitures	12 Months Ended
	Dec. 31, 2020
Acquisitions and divestitures
Acquisitions and divestitures	15. Acquisitions and divestitures a) Business combinations Ferrous Resources Limited- In August 2019 the Company acquired 100% of the share capital of Ferrous Resources Limited (“Ferrous”), a company that owned iron ore mines nearby some of the 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 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 2019 Cash consideration transferred (-) Balances acquired Cash and cash equivalents Net cash outflow New Steel- In January 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 of iron ore with lower carbon dioxide. The intangible assets are not subject to amortization until the operational phase is reached, which is expected to start on 2022. 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 2019 Acquired assets 18 Intangibles (note 16) 1 Other assets 17 Net identifiable assets acquired 18 Fair value adjustment of intangible research and development asset (note 19) 723 Deferred tax liability (245) Total identifiable net assets at fair value 496 b) Other acquisitions and divestitures Option exercised in VLI shares- In December 2020, BNDES Participações S.A. (“BNDESPar”), fully exercised its option contained in the Call Option Contract for shares issued by VLI S.A. (“VLI”). In this contract, BNDESPar was granted call options on VLI shares held by Vale of up to 8% of VLI's capital stock. With the exercise of this option, Vale received US$241 for an 8% stake in VLI, and now holds 29.6% of VLI's total shares, resulting in a gain of US$172, recognized in the income statement as “Equity results and other results in associates and joint ventures” for the year ended December 31, 2020. Divestment agreement in compliance with PT Vale Indonesia Tbk (“PTVI”) Contract of Work - PTVI, a public company in Indonesia, has an agreement in place with the government of the Republic of Indonesia to operate its mining licenses, expiring in December 2025. According to the agreement, PTVI must meet certain requirements to extend the period of the mining licenses beyond 2025, including the commitment to have Indonesian participants in its shareholding structure. Following this commitment, in June 2020, the Company signed together with Sumitomo Metal Mining Co., Ltd. (“SMM”), an agreement for the sale of 20% (14.9% from Vale and 5.1% from SMM) of their aggregate stake in PTVI to PT Indonesia Asahan Aluminium (“PT Inalum”), an Indonesia state-owned enterprise. In October 2020, the Company concluded the transaction and received a cash consideration of US$278. This transaction with non-controlling interests resulted in a loss of US$179, which was recognized in Stockholders’ Equity for the year ended December 31,2020. At the closing of the transaction, Vale and SMM which have a stake of 44.3% and 15%, respectively, totaling a 59.3% interest in PTVI, signed a block voting agreement, in which SMM is required to follow Vale’s vote on relevant operational and financial decisions concerning PTVI. Therefore, the Company continues consolidating PTVI in its financial statements. Henan Longyu Energy Resources Co., Ltd (“Henan Longyu”)- In December 2019, the Company entered into an agreement to sell its 25% interest in Henan Longyu, a company that operates two coal mines in China, for a total cash consideration of US$156. Therefore, this investment was classified as held for sale and an impairment loss of US$163 was recorded as “Equity results and other results in associates and joint ventures” in the income statement for the year ended December 31,2019. In 2020, the precedent conditions of the agreement were met, and the Company received the cash consideration in full. Following the conclusion of the transaction, the Company recognized a gain of US$116 due to the recycling of the cumulative translation adjustments to the income statement, which was recorded as “Equity results and other results in associates and joint ventures” in the income statement for the year ended December 31,2020. West III Project– In October 2020, the Company approved the incorporation of a joint venture with Ningbo Zhoushan Port Company Limited (“Ningbo Zhoushan Port”), to build and operate the project to expand the Shulanghu Port facilities, located in China. The Project secures strategic port capacity in China to further Vale’s shipping and distribution costs optimization. Vale will own 50% of the joint venture and Vale's capital contribution to the project is estimated to range from US$110 to US$160. The construction of the project, which is expected to take up to three years, will start after both parties obtain the anti-trust and other regulatory approvals in China. Heads of Agreement (“HoA”) with Mitsui & Co. Ltd. (“Mitsui”) -In January 2021 (subsequent event), the Company signed a HoA with Mitsui, both parties to structure Mitsui’s exit from Vale Moçambique and Nacala Logistics Corridor (“NLC”). Currently, Mitsui holds a non-controlling interest of 15% in Vale Moçambique and a 50% interest in NLC. The HoA determines that Vale will acquire Mitsui's stake in the mine and logistics assets for an immaterial consideration and will undertake of the Nacala Corridor Project Finance in full, which is approximately US$2,500 outstanding balance at December 31, 2020. In case of closing the transaction, Vale will also control NLC and, therefore, consolidate its assets and liabilities. NLC's summarized financial information is presented in note 14c. In addition, the Company informed the market its divestiture intention in the coal segment and, therefore, the Company will assess whether this segment would meet the criteria to be classified as a discontinued operation in future financial statements. The parties expect to conclude the transaction in 2021, which is subject to the execution of the definitive agreement and usual precedent conditions. Boston Electrometallurgical Company (“Boston Metal”)– In February 2021 (subsequent event), the Company made an investment of US$6 in Boston Metal to acquire a minority interest and to promote the development of a technology focused on the reduction of carbon dioxide on the steel production. Boston Metal has a diverse shareholding structure which includes venture capital funds, mining companies and private investors. MBR– In December 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. 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”. In 2020, the Company purchased the remaining interest in MBR for a total consideration of US$104, therefore, the Company holds 100% of MBR’s share capital as at December 31, 2020. c) Fertilizers (Discontinued operations) In January 2018, the Company and The Mosaic Company (“Mosaic”) concluded the transaction to sell the fertilizer assets, except for those located in Cubatão, Brazil. 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, at closing date of the transaction. The Company recognized a loss of US$55 in the income statement from discontinued operations. 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, Discontinued operations Net operating revenue 121 Cost of goods sold and services rendered (120) Operating expenses (4) Impairment of non-current assets (124) Operating loss (127) Financial Results, net (5) Loss before income taxes (132) Income taxes 40 Loss from discontinued operations (92) Loss attributable to noncontrolling interests — Loss attributable to Vale's stockholders (92) Statement of cash flow Year ended December 31, Discontinued operations Net cash used in operating activities (37) Net cash used in investing activities (9) Net cash used in discontinued operations (46) 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.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2020
Intangibles
Intangibles	16. Intangibles a) Movements during the year Research and development Goodwill Concessions Contract right Software project and patents Total 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 18) — (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 Additions — 2,513 — 29 — 2,542 Disposals — (7) (134) — — (141) Amortization — (177) (1) (23) — (201) Translation adjustment (331) (908) (5) (6) (153) (1,403) Balance at December 31, 2020 3,298 5,391 — 76 531 9,296 Cost 3,298 6,393 102 743 531 11,067 Accumulated amortization — (1,002) (102) (667) — (1,771) Balance at December 31, 2020 3,298 5,391 — 76 531 9,296 b) Early extension of railway concessions- In December 2020, the Company agreed terms with the Brazilian Federal Government to extend its concessions to operate the Estrada de Ferro Carajás (“EFC”) and Estrada de Ferro Vitória a Minas ("EFVM") railways by 30 years, from 2027 to 2057. Upon the signing, the Company recognized an intangible asset related to its right of use of EFC and EFVM and, at the same time, in exchange for the early renewal of its contracts, a liability in the amount of US$2,312 (R$12,016 million) (note 13). The total obligation is comprised by the following commitments: · Grants payments for the concessions, payable in quarterly installments, in the total amount of US$542 (R$2,818 million). This commitment is measured based on the net present value of the thirty-year projected cash flows, discounted at 11.04%. · The construction of 383 km section of the Midwest Integration Railway ("FICO"), between the municipalities of Mara Rosa, in Goiás, and Água Boa, in Mato Grosso. The construction is planned to start in 2021 and its execution is expected to take 6 years. As at December 31, 2020, its estimated cost of construction, discounted to the present value at 2.59%, is US$1,306 (R$6,789 million). · An infrastructure program, envisaging over 450 separate projects designed to improve safety and reduce trespass where the railways pass through urban areas. The program will benefit 25 and 33 municipalities intercepted by EFC and EFVM, respectively. As at December 31, 2020, its estimated cost of construction, discounted to the present value at 3.08%, is US$264 (R$1,372 million). · Acquisition and delivery of rails and sleepers, which the Federal Government will use for the construction of section II of the West-East Integration Railway ("FIOL"), which will connect the municipalities of Caetité and Barreiras, in Bahia, and other miscellaneous commitments. As at December 31, 2020, these commitments, discounted to the present value at 2.67%, are estimated at approximately US$200 (R$1,037 million). The concession contract renewal requires the review and physical inspection of the railway assets by the National Land Transport Agency (“ANTT”), which may impact the amount of liabilities assumed by the Company. Additionally, the ANTT may require, at their discretion, further investments on the concession network, whose conditions and limitations will be established in an addendum. In both circumstances, discussions on the contracts’ economic and financial rebalancing will be required. Furthermore, there is a provision for the Company to complete a minimum percentage of certain investments by 2027. Additionally, as a condition for signing the contracts, the Company paid for a guarantee insurance in the amount of US$197 (R$1,026 million) during the year ended on December 31, 2020. These insurance contracts guarantee cover indemnifications, up to the amount established in the insurance policy, in the event of possible losses resulting from the Company not being in compliance with its assumed contractual obligations in relation to the concession contracts. The contracts also provide for the payment of additional insurance policies in the amount of approximately US$192 (R$1,000 million), based on certain contractual milestones. c) Goodwill- Includes the goodwill arose from the acquisition of iron ore and nickel businesses and the goodwill from the incorporation of Valepar into Vale in 2017. This goodwill was recognized on the acquisition of Vale controlling interest by Valepar, based on the expected future returns on the ferrous segment. 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. 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 15). 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, 2020
Property, plant and equipment
Property, plant and equipment	17. Property, plant and equipment a) Movements during the year Building Mineral Railway Right of Constructions and land Facilities Equipment properties equipment use assets Others in progress Total Balance at December 31, 2018 11,587 11,236 6,407 8,499 3,796 — 3,473 3,387 48,385 Effects of IFRS 16 adoption — — — — — 1,801 — — 1,801 Additions (i) — — — — — 152 — 4,297 4,449 Disposals (109) (75) (70) (164) (155) (7) (26) (25) (631) Assets retirement obligation — — — 429 — — — — 429 Depreciation, depletion and amortization (514) (666) (866) (603) (293) (183) (378) — (3,503) Impairment (note 18) (577) (1,113) (708) (600) (336) (55) (456) (353) (4,198) Acquisition of subsidiary (ii) 77 41 46 276 — 2 — 46 488 Translation adjustment (197) (275) (102) 88 (122) (18) (34) 16 (644) Transfers 435 456 979 336 351 — 433 (2,990) — Balance at December 31, 2019 10,702 9,604 5,686 8,261 3,241 1,692 3,012 4,378 46,576 Cost 18,970 17,170 11,756 17,826 4,701 1,875 6,820 4,378 83,496 Accumulated depreciation (8,268) (7,566) (6,070) (9,565) (1,460) (183) (3,808) — (36,920) Balance at December 31, 2019 10,702 9,604 5,686 8,261 3,241 1,692 3,012 4,378 46,576 Additions (i) — — — — — 125 — 4,170 4,295 Disposals (14) (92) (8) (13) (5) — (8) (88) (228) Assets retirement obligation — — — 568 — — — — 568 Depreciation, depletion and amortization (439) (469) (730) (459) (186) (173) (290) — (2,746) Impairment (note 18) (130) (162) (22) (81) — — (79) (168) (642) Transfer to assets held for sale (66) (80) (3) (58) — — (1) (96) (304) Translation adjustment (1,664) (1,756) (644) (523) (759) (81) (392) (552) (6,371) Transfers 202 546 654 359 232 — 253 (2,246) — Balance at December 31, 2020 8,591 7,591 4,933 8,054 2,523 1,563 2,495 5,398 41,148 Cost 15,135 11,690 10,680 17,072 3,853 1,966 5,893 5,398 71,687 Accumulated depreciation (6,544) (4,099) (5,747) (9,018) (1,330) (403) (3,398) — (30,539) Balance at December 31, 2020 8,591 7,591 4,933 8,054 2,523 1,563 2,495 5,398 41,148 (i) Includes capitalized borrowing costs. (ii) Refers mainly to the acquisition of Ferrous (note 15). b) Right-of-use assets (Leases) Additions December 31, and contract Translation December 31, modifications Depreciation adjustment Ports 734 50 (40) (26) 718 Vessels 582 — (47) (1) 534 Pellets plants 161 39 (41) (28) 131 Properties 133 32 (29) (24) 112 Energy plants 64 — (7) (1) 56 Mining equipment and locomotives 18 4 (9) (1) 12 Total 1,692 125 (173) (81) 1,563 Lease liabilities are presented in note 22. 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 deposit. 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- 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 Company does not 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 are recognized as an expense on a straight-line basis over the lease term. 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. Lease liabilities are presented in note 22. 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, 2020
Impairment and onerous contracts
Impairment and onerous contracts	18. Impairment and onerous contracts The impairment losses recognized in the year are presented below: Income statement Impairment Segments by class of assets Base metals–nickel 882 2,511 — Coal 935 1,691 — Other assets 201 119 184 Impairment of non-current assets 2,018 4,321 184 Onerous contracts — 240 393 Disposals of non-current assets 225 513 322 Impairment and disposals of non-current assets 2,243 5,074 899 a) Impairment of assets During 2020, some of the Company's operations were temporarily halted due to the COVID-19 pandemic. These operations have already been resumed and, therefore, the main long-term assumptions applied in the preparation of their discounted cash flow models, such as commodity prices and production levels, remained unchanged and did not result in the impairment loss for these assets. The Company tested for impairment the cash generating units (“CGU”) for which a triggering event was identified and for goodwill. The recoverable amount of each CGU under the Company’s impairment test was assessed using the fair value less costs of disposal model (“FVLCD”), through discounted cash flow techniques, which is classified as “level 3” in the fair value hierarchy, taking into consideration offers and purchase agreements, if applicable. The cash flows were discounted by using a post-tax discount rate expressed in real terms, which represents an estimate of the rate that a market participant would apply having regard to the time value of money and the asset’s specific risk. 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. Base Metals Vale Nouvelle-Calédonie S.A.S. (“VNC”), Nickel –Since 2019, the New Caledonian operation has experienced challenging issues, mainly in relation to production and processing of refined nickel, associated with the challenges imposed by the remote location of this asset. The Company started studies of alternatives for VNC, taking into account the operational and commercial options to improve VNC's short-term cash flows. Based on the revision of the business plan in 2019, the Company reduced the expected production levels of its refined nickel product for remaining useful life of the mine, resulting in an impairment loss of US$2,511 recorded as at December 31, 2019. In 2020, the Company started looking for a potential buyer and started studying the other options available to exit the operation, including placing VNC in care and maintenance, in preparation for a possible closing of the operation. Due to the negotiations that took place during the year, VNC's assets and liabilities were classified as "held for sale" and measured at fair value resulting in the recognition of an impairment loss in the amount of US$382 recognized in the income statement as "Impairment and disposal of non-current assets” for the year ended December 31, 2020. With the recognition of this additional impairment, the carrying value of the CGU was reduced to zero as at December 31, 2020. In December 2020, the Company signed a binding put option agreement for its interest in VNC to a consortium constituted in a new company called “Prony Resources”, led by the current management and employees of VNC and supported by the Caledonian and French authorities with Trafigura as a non-controlling shareholder. Closing is expected for the first quarter of 2021, subject to consultation with the VNC workers council and other conditions, including approvals by the Caledonian and French state authorities. The terms of the proposal take into account the financing needs to continue VNC operations, including the commitment to invest in the conversion of the tailings deposition from wet to dry-stacking (“Project Lucy”), which will cost approximately US$500. Therefore, the Company recognized a loss in that amount due to the potential sale agreement, presented in the income statement as "Impairment and disposal of non-current assets” for the year ended December 31, 2020. Thus, the total loss related to VNC recorded in 2020 is US$882. Goodwill, Nickel -Out of Vale's total goodwill (note 16), US$1,926 is allocated to the Base Metals segment. Although the Company recognized an impairment loss in the New Caledonia CGU, the impairment test of goodwill demonstrates that there were no identified losses related to the goodwill allocated to the nickel business, based on cash flows projected until 2048 and discounted at rates ranging between 4.5% and 5.1% (2019: rates ranging between 5% and 6%). Coal Moatize mine, Mozambique -The Company has coal operations in Mozambique, through Vale Moçambique S.A. (“Vale Moçambique”), where metallurgical and thermal coal operations are in ramp-up. Vale Moçambique is a company controlled by Vale, and Mitsui & Co. Ltd. (“Mitsui”) holds a non-controlling interest of 15%. Coal products are transported from the Moatize mine to the maritime terminal by the Corredor Logístico de Nacala (“CLN”), a joint venture between Vale and Mitsui, which holds the railways and port concessions located in Mozambique and Malawi. In 2019, the Company recognized an impairment loss in the amount of US$1,691, corresponding to the total assets of the coal CGU, mainly due to technical difficulties in the project and operation of the assets related to this CGU. In addition, the Company lowered its long-term price assumption for both metallurgical and thermal coal and, carried out a detailed review of the mining plan, leading to a significant reduction on the estimated marketable coal reserves. In addition, the Company tested for impairment the assets acquired during the year and recognized a loss of US$137 in the income statement for the year ended December 31, 2020. Due to the challenges identified, the Company decided to implement a new strategy to reach the ramp-up of the coal business, including the revamp of the two processing plants and the adaptation to the new flowsheet. However, in addition to the slowdown in the operational activities, the COVID-19 pandemic has caused travel and equipment transportation restrictions and so, the Company has revisited the plans for the Mozambique coal processing plant stoppage. The halting of the processing plants’ operations that was previously expected to start in the second quarter of 2020, was postponed to late 2020 and completion is scheduled for the first quarter of 2021. Therefore, the delay in the execution of the projects planned to speed up the ramp-up, associated with the developments on the detailed technical studies of the projects that are necessary to reach out the total capacity of the plants, resulted in the push back of the investment plan for the Moatize processing plants. As a consequence, the projected production volumes to reach the plants’ maximum installed capacity were also postponed. Loans receivable, Nacala BV –The Company has loans receivable from Nacala (note 29), which have been impacted by the change in the production curve of the Moatize mine, following the reduction in the expected volume of coal to be transported in CLN, which has impacted CLN's projected cash flows. Therefore, the Company carried out an impairment test for the loan receivable, resulting in a loss of US$798, based on discounted cash flows at the average rate of 8.2%. As at December 31, 2020, the carrying amount of the receivable is US$1,118, after the impairment charge. The assumption subject to the most estimation uncertainty for the FVLCD calculation is the volume of coal transported. To illustrate this sensitivity, the carrying value would be fully impaired by a reduction of approximately 5 million tons per year (out of the total capacity of 22 million tons per year), considering the other constant assumptions, if all other inputs remained constant. Ferrous Minerals Goodwill, Iron ore and pellets -The Company did not identify changes in circumstances or indicatives that could result in a reduction to the recoverable value of the CGU of Iron ore and Pellets. Although, the Company tested for impairment the goodwill, based on cash flows projected until 2050 and discounted at 5.6% (2019: 6.3%), and there were no losses identified. Out of Vale's total goodwill (Note 16), US$1,373 is allocated to the Ferrous Minerals segment. Simões Filho, Ferroalloys of Manganese -In September 2020, the Company decided to shut down the Simões Filho operation, a plant located in the Brazilian State of Bahia, that was part of Vale Manganês S.A. (“Vale Manganês”) business and produced manganese ferroalloys. The Company continues to operate the remaining Vale Manganês plants and producing manganese ore. The Company tested this CGU for impairment, resulting in the full impairment of inventories, other assets related to the Simões Filho plant, and additional provisions required for the closure of the site. As a result, the Company recognized an impairment loss of US$76 as “Impairment and disposals of non-current assets”, and the carrying amount for this CGU was US$75 at December 31, 2020. Other assets In 2019, the Company reviewed the business plan of biological assets controlled by Biopalma, a company that cultivates palm oil plantation, which is the raw material for palm oil. This revision resulted in a reduction in Biopalma’s expected operational capacity. The Company has also reviewed its long-term price assumptions based on the market conditions at that time. Thus, the Company tested the CGU for impairment and an impairment loss of US$119 was recognized in the income statement for the year ended December 31, 2019. In September 2020, the Company signed an agreement with Brasil Bio Fuels S.A. to sell its entire interest in Biopalma for an immaterial consideration. As a result of this agreement, the Company recognized a loss of US$125, which was recognized in the income statement as "Impairment and disposals of non-current assets" for the year ended December 31, 2020, reducing the carrying value of this CGU to zero. Biopalma’s divestment was completed in November 2020. 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 in relation to the costs of certain long-term contracts, with minimum guaranteed volume for fluvial transportation and port structure. In 2020, there were no changes in the expectation related to the ore production and sales volumes of the Midwest system and, therefore, no impairment charge has been recognized in the income statement for the year ended December 31, 2020. 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 23. 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.

Financial and capital risk mana

Financial and capital risk management	12 Months Ended
	Dec. 31, 2020
Financial and capital risk management
Financial and capital risk management	19. Financial and capital risk management The Company is exposed to several financial and capital risk factors that may impact the its performance and equity position. The evaluation of the exposure to financial and capital risks is performed periodically to support the decision making process regarding the risk management strategy. 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. The Board of Directors establishes and supervises the management of financial risks with the support of a Financial Committee. The Financial Committee ensures that Company'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. The Company has developed its strategy through an integrated view of the risks to which it is exposed, considering not only the risk generated by the variables traded in the financial market (market risk) and the liquidity risk, but also the risk arising from obligations assumed by third parties to the Company (credit risk), among others. The Company uses derivative financial instruments to protect its exposure to these market risks arising from operating, financing and investment activities. The portfolios composed of these financial instruments are monitored on a monthly basis, allowing the monitoring of financial results and their impact on cash flow. Currently, the Company applies hedge accounting to its net investment in foreign operation and nickel and palladium revenue programs. The Company does not have any derivatives increasing financial leverage beyond the nominal amount of its contracts. The Company contracts derivatives solely to mitigate market risks. Risks Origin of the exhibition Management Market Risk-Exchange Rate Contracts for the sale of ore and financial instruments that are not denominated in US$ Swap and forward operations Market risk-Interest rate Loans and financing indexed to LIBOR Swap operations Market risk-Product and input prices Volatility of commodity and input prices Option contracts Credit Risk Receivables, derivative transactions, guarantees, advances to suppliers and financial investments Portfolio diversification and policies for monitoring counterparty solvency and liquidity indicators Liquidity risk Contractual or assumed obligations Availability of revolving credit lines a) Method and techniques of valuation of derivatives 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 daytime horizon. The derivative financial instruments were evaluated using the curves and market prices that impact each instrument on the calculation dates. For the pricing of options the Company generally uses the Black & Scholes model. In this model, the fair value of the derivative is obtained basically as a function of the volatility and price of the underlying asset, the exercise price of the option, the risk-free interest rate and the term to maturity of the option. In the case of options where the result is a function of the average price of the underlying asset in a certain period of the option's life, called Asian, the Company uses the Turnbull & Wakeman model. In this model, in addition to the factors that influence the option price in the Black & Scholes model, the average price formation period is considered. In the case of swaps, both the present value of the active and the passive tip are estimated by discounting their cash flows by the interest rates in the corresponding currencies. The fair value is obtained by the difference between the present value of the active tip and the passive tip of the swap in the reference currency. In the case of swaps linked to Brazilian long-term interest rate ("TJLP"), the fair value calculation considers the constant TJLP, i.e., projections of future cash flows in reais are made considering the last TJLP disclosed. Forward and future contracts are priced using the future curves of the respective underlying assets. These curves are usually obtained from the exchanges where these assets are traded, such as the London Metals Exchange ("LME"), the Commodities Exchange ("COMEX") or other market price providers. When there is no price for the desired maturity, the Company uses interpolations between the available maturities. a.i) 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. a.ii) Effects of derivatives on the balance sheet Assets December 31, 2020 December 31, 2019 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap — — 13 — IPCA swap 7 38 82 117 Eurobonds swap — 3 — — Pre-dollar swap — 9 21 8 Forward transactions — — 1 — 7 50 117 125 Commodities price risk Base metals products 30 — 151 9 Gasoil, Brent and freight 97 — 20 — 127 — 171 9 Others — 16 — 50 — 16 — 50 Total 134 66 288 184 Liabilities December 31, 2020 December 31, 2019 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 111 525 48 80 IPCA swap 72 100 13 37 Eurobonds swap 4 — 6 29 Pre-dollar swap 62 58 8 37 Libor swap 1 6 — — Forward transactions 1 — — — 251 689 75 183 Commodities price risk Base metals products 46 — 4 4 Gasoil, Brent and freight 13 — 8 — 59 — 12 4 Others 18 — 7 120 18 — 7 120 Total 328 689 94 307 a.iii) Net exposure December 31, 2020 December 31, 2019 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (636) (115) IPCA swap (127) 149 Eurobonds swap (1) (35) Pre-dollar swap (111) (16) Libor swap (7) — Forward transactions (1) 1 (883) (16) Commodities price risk Base metals products (16) 152 Gasoil, Brent and freight 84 12 68 164 Others (2) (77) (2) (77) Total (817) 71 a.iv) Effects of derivatives on the income statement Gain (loss) recognized in the income statement Year ended December 31, Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (746) (39) (206) IPCA swap (262) 118 (23) Eurobonds swap 28 (39) (27) Pre-dollar swap (160) 2 (23) Libor swap (7) — — (1,147) 42 (279) Commodities price risk Base metals products 10 58 (25) Gasoil, Brent and freight (134) 42 6 (124) 100 (19) Others 61 102 32 61 102 32 Total (1,210) 244 (266) a.v) Effects of derivatives on the cash flows Financial settlement inflows (outflows) Year ended December 31, Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (141) (381) (135) IPCA swap — (28) 7 Eurobonds swap (6) (5) (3) Pre-dollar swap (49) 8 10 (196) (406) (121) Commodities price risk Base metals products 8 48 8 Gasoil, Brent and freight (206) 2 49 (198) 50 57 68 21 (3) Others Derivatives designated as cash flow hedge accounting Nickel 292 11 — 292 11 — Total (34) (324) (67) a.vi) Hedge accounting Gain(loss) recognized in the other comprehensive income Year ended December 31, Net investments hedge (2,786) (392) (543) Cash flow hedge (Nickel and Palladium) (104) 150 — Net investment hedge -The Company uses hedge accounting for the foreign exchange risk arising from Vale S.A.'s net investments in Vale International S.A. and Vale Holding BV. With the hedge program, the Company's debt with third parties denominated in dollars and euros serves as a hedge instrument for investments in these subsidiaries. As of December 31, 2020, the amount of debt designated as a hedge instrument for these investments is US$2,168 and EUR750 million. As a result of the hedge program, the impact of the exchange rate variation on the debt denominated in dollars and euros is now partially recorded in other comprehensive results, under "accumulated translation adjustments". Cash Flow Hedge (Nickel) -In order to reduce the cash flow volatility due to nickel price fluctuations, the Company implemented the Nickel Revenue Hedge Program in 2019. In this program, hedging operations were executed, through option contracts, to protect a portion of the projected volume of sales at floating, highly probable realization prices, guaranteeing prices above the average unit cost of nickel production for the protected volumes. In April 2020, the option contracts were liquidated in order to increase the Company's cash position as a result of COVID-19 in order to increase the Company's liquidity, temporarily discontinuing the Nickel Revenue Hedge program. The amount that was accumulated in the cash flow hedge reserve up to the settlement date of these option contracts is being recycled to income as the sale of nickel is recognized in the income statement. In October 2020, the Company executed new hedge operations, continuing the Nickel Revenue Hedge program. The contracts are traded on the London Metal Exchange or over-the-counter market and the hedged item's P&L is offset by the hedged item's P&L due to Nickel price variation. Financial settlement Inflows Fair value Notional (ton) Average Fair value (Outflows) Value at Risk by year December 31, December 31, Bought/ strike December 31, December 31, December 31, December 31, Flow Sold (US$/ton) Nickel Revenue Hedging Program (i) Call options 58,620 75,984 S 17,664 (46) (12) — 10 (46) Put options 58,620 75,984 B 15,000 28 162 292 6 28 Total (18) 150 292 16 (18) (i) With the hedge structure, the company ensures prices between US$15,000/t and US$17,664/t for the program's sales volume. Cash flow hedge (Palladium) -To reduce the volatility of its future cash flows arising from changes in palladium prices, the Company implemented a Palladium Revenue Hedging Program. Under this program, hedge operations were executed using forwards and option contracts to protect a portion of the highly probable forecast sales at floating prices. A hedge accounting treatment is given to this program. The derivative transactions under the program are negotiated over-the-counter and the financial settlement inflows/outflows are offset by the protected items' losses/gains due to palladium price changes. Financial settlement Fair Inflows Value at value Notional (t oz) Fair value (Outflows) Risk by year December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, Flow Sold (US$/t oz) Palladium Revenue Hedging Program Palladium Forwards — — S — — — 3 — — Call Options 7,200 — S 2,347 (1) — — — (1) Put Options 7,200 — B 2,050 — — — — — Total (1) — — — (1) b) Market risk - Foreign exchange and interest rates The Company'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. The Company 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 U.S. 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 the Company's obligations, contributing to stabilize the cash disbursements in U.S. dollar. (b.i) Protection programs for the R$ and EUR denominated debt instruments and other liabilities To reduce cash flow volatility, swap and forward transactions were implemented to convert into US$ the cash flows from certain liabilities denominated in R$ with interest rates linked mainly to Brazilian Interbank Interest rate ("CDI"), TJLP and consumer price index ("IPCA"). In those swaps, the Company pays fixed or floating rates in US$ and receives payments in R$ linked to the interest rates of the protected liabilities. Swap transactions were implemented to convert into US$ the cash flows from certain debt instruments issued in Euros by the Company, where receives fixed rates in EUR and pays fixed rates in US$. The swap and forward transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments and other liabilities linked to R$ and EUR. 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 Index rate 2023+ CDI vs. US$ fixed rate swap (473) (38) (129) 42 (60) (96) (317) Receivable R$ 9,445 R$ 2,115 CDI 100.09 % Payable US$ 2.213 US$ 558 Fix 2.09 % TJLP vs. US$ fixed rate swap (163) (77) (44) 9 (50) (42) (71) Receivable R$ 1,651 R$ 2,111 TJLP + 1.14 % Payable US$ 460 US$ 601 Fix 3.05 % R$ fixed rate vs. US$ fixed rate swap (111) (18) (48) 11 (63) (51) 3 Receivable R$ 2,512 R$ 2,173 Fix 5.43 % Payable US$ 621 US$ 604 Fix 0.31 % IPCA vs. US$ fixed rate swap (173) 46 (12) 13 (73) (8) (92) Receivable R$ 2,363 R$ 2,826 IPCA + 5.10 % Payable US$ 622 US$ 759 Fix 4.02 % IPCA vs. CDI swap 45 104 44 1 7 38 — Receivable R$ 694 R$ 1,634 IPCA + 6.63 % Payable R$ 550 R$ 1,350 CDI 98.76 % EUR fixed rate vs. US$ fixed rate swap (1) (35) (6) 5 (4) (3) 6 Receivable € 500 € 500 Fix 3.75 % Payable US$ 613 US$ 613 Fix 4.29 % Forward R$ 916 R$ 121 B 5.96 (1) — — 3 (1) — — b.ii) The Company 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 in US dollar. To reduce the cash flow volatility, swap transactions were implemented to convert Libor floating interest rate cash flows from certain debt instruments issued by the Company into fixed interest rate. In those swaps, the Company receives floating rates and pays fixed rates in US$. Financial Settlement Inflows Notional Fair value (Outflows) Value at Risk Fair value by year December 31, December 31, Average December 31, December 31, December 31, December 31, Flow Index rate 2023+ Libor vs. US$ fixed rate swap (7) — — 1 (1) (1) (4) Receivable US$ 950 — Libor 0.13 % Payable US$ 950 — Fix 0.48 % c) The Company is also exposed to market risks associated with the price volatility of commodities and inputs, especially freight and fuel costs. In line with its risk management policy, risk mitigation strategies involving commodities are used to reduce cash flow volatility. These mitigation strategies incorporate derivative instruments, predominantly forward, futures and options. c.i) Protection program for product prices and input costs Financial settlement Inflows Fair value Notional Fair value (Outflows) Value at Risk by year Flow December 31, 2020 December 31, 2019 Bought / Sold Average strike (US$/bbl) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 2021 + Brent crude oil (bbl) Call options 13,746,945 B — 11 92 Put options 13,746,945 S (12) (3) (68) 1 (12) Gasoil (bbl) Call options — 7,710,750 C — — 7 — — — Put options — 7,710,750 V — — (3) (137) — — Forward Freight Agreement (days) Freight forwards (days) 1,625 1,050 C 11,893 4 — (2) 1 4 Brent Crude Oil and Gasoil options -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 Brent Crude Oil and Gasoil (10ppm) for different portions of the exposure. The derivative transactions were negotiated over-the-counter and the protected item is part of the costs linked to the price of fuel oil used on ships. The financial settlement inflows/outflows are offset by the protected items' losses/gains. Freight derivative -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 the costs linked to maritime freight spot prices. The financial settlement inflows/outflows of the FFAs are offset by the protected items' losses/gains due to freight price changes. The FFAs are contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements. d) Financial settlement Inflows Notional Fair value (Outflows) Value at Risk Fair value December 31, December 31, Bought/ Average December 31, December 31, December 31, December 31, Flow Sold strike 2021+ Warrants da Wheaton Precious Metals Corp. (quantity of warranties) Call options — 10,000,000 B — — 26 25 — — Stock options associated with convertible debentures (quantity) Conversion options — 140,239 S 8,346 — (51) 235 — — Option related to a Special Purpose Entity “SPE” (quantity) Call option 137,751,623 137,751,623 B 2.92 18 24 — 2 18 Embedded derivatives in contracts for the sale of part of its shareholding (quantity) Put option 1,105,070,863 1,105,070,863 S 4.23 (19) (69) — 4 (19) Embedded Derivative in natural gas purchase agreement (volume/month) Call options 746,667 746,667 S 233 — (1) — — — Embedded in raw material purchase contract (ton) Nickel forwards 1,979 1,497 S 15,831 2 2 — 1 2 Copper forwards 976 1,009 S 7,121 — — — — — Wheaton Precious Metals Corp. warrants -The Company owned warrants issued by Wheaton Precious Metals Corp. (WPM), a Canadian company with stocks negotiated on the Toronto Stock Exchange and the 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. In February 2020, the Company sold all of its warrants of Wheaton (equivalent to 10,000,000 common shares) for US$2.50 per warrant, totaling US$25. Call options associated to debentures convertible into shares –In this contract, BNDESPar was granted call options on VLI S.A. ("VLI") shares held by Vale of up to 8% of VLI's capital stock. On December 9, 2020, the Company was notified by BNDESPar of the full exercise of the call option for shares issued by VLI. With the exercise of this option, Vale received US$241 for an 8% stake in VLI (note 14). Option related to a Special Purpose Entity "SPE" -The Company acquired in January 2019 a call option related to shares of certain special purpose entities, which are part of a wind farm located in Bahia, Brazil. This option was acquired in the context of the Company's signing of electric power purchase and sale agreements with an SPE, supplied by this wind farm. Options to purchase shares of associates -In 2014, the Company sold part of its stake in an associate to an investment fund, of which sales contract establishes, under certain conditions, a minimum return guarantee on the investment whose maturity was extended to December 2021. This is considered an embedded derivative, with payoff equivalent to a put option. Options on natural gas purchase -The Company has also a natural gas purchase agreement in which there´s a clause that defines that a premium can be charged if the Company's pellet sales prices trade above a pre-defined level. This clause is considered an embedded derivative. Nickel and copper raw materials -The Company has some nickel concentrate and raw materials purchase agreements in which there are provisions based on nickel and copper future prices behavior. These provisions are considered as embedded derivatives. e) Sensitivity analysis of derivative financial instruments The following tables present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives positions. The scenarios were defined as follows: · Probable: the probable scenario was defined as the fair value of the derivative instruments as at December 31, 2020 · Scenario I: fair value estimated considering a 25% deterioration in the associated risk variables · Scenario II: fair value estimated considering a 50% deterioration in the associated risk variables Instrument Instrument’s main risk events Probable Scenario I Scenario II CDI vs. US$ fixed rate swap R$ depreciation (473) (1,048) (1,623) US$ interest rate inside Brazil decrease (473) (494) (517) Brazilian interest rate increase (473) (496) (522) Protected item: R$ denominated liabilities R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation (163) (285) (408) US$ interest rate inside Brazil decrease (163) (165) (168) Brazilian interest rate increase (163) (173) (182) TJLP interest rate decrease (163) (172) (181) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation (111) (264) (418) US$ interest rate inside Brazil decrease (111) (113) (115) Brazilian interest rate increase (111) (120) (129) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation (173) (343) (512) US$ interest rate inside Brazil decrease (173) (178) (183) Brazilian interest rate increase (173) (189) (204) IPCA index decrease (173) (184) (195) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase 45 43 41 IPCA index decrease 45 43 40 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (43) (40) EUR fixed rate vs. US$ fixed rate swap EUR depreciation (1) (173) (346) Euribor increase (1) (2) (3) US$ Libor decrease (1) (2) (2) Protected item: EUR denominated debt EUR depreciation n.a. 173 346 US$ floating rate vs. US$ fixed rate swap US$ Libor decrease (7) (10) (13) Protected item: Libor US$ indexed debt US$ Libor decrease n.a. 10 13 NDF BRL/USD R$ depreciation (1) (39) (77) US$ interest rate inside Brazil decrease (1) (2) (3) Brazilian interest rate increase (1) (7) (13) Protected item: R$ denominated liabilities R$ depreciation n.a. — — Fuel oil protection Options Price input decrease 80 25 (28) Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. (25) 28 Forward Freight Agreement Forwards Freight price decrease 4 (2) (7) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. 2 7 Nickel sales fixed price protection Forwards Nickel price decrease (19) (19) (19) Protected item: Part of nickel revenues with fixed prices Nickel price decrease n.a. 19 19 Palladium Revenue Hedging Program Options Palladium price increase (1) (5) (9) Protected item: Part of palladium future revenues Palladium price increase n.a. 5 9 Option-SPCs SPCs stock value decrease 18 10 2 Instrument Main risks Probable Scenario I Scenario II Embedded derivatives-Raw material purchase (nickel) Nickel price increase 2 (5) (13) Embedded derivatives-Raw material purchase (copper) Copper price increase — (1) (3) Embedded derivatives-Gas purchase Pellet price increase — — (1) Embedded derivatives-Guaranteed minimum return Stock value decrease (19) (84) (270) f) Credit risk management The Company is exposed 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. 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. f.i) Accounts receivable 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 immaterial (see note 10). f.ii) Financial instruments, except for accounts receivable 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. The carrying amount of the financial assets that represent the exposure to credit risk is presented below: December 31, 2020 December 31, 2019 Cash and cash equivalents 13,487 7,350 Short-term investments 771 826 Restricted cash 38 151 Judicial deposits (note 26) 1,268 3,133 Derivative financial instruments (note 19) 200 472 Investments in equity securities 757 726 Related parties-Loans (note 29) 1,118 1,919 Total 17,639 14,577 f.iii) 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 Moody's regarding the main financial institutions that we hire derivative instruments, cash and cash equivalents transactions. December 31, 2020 December 31, 2019 Cash and cash Cash and cash equivalents equivalents and and investment Derivatives investment Derivatives Aa1 2,210 36 31 — Aa2 363 15 1 11 Aa3 1,681 41 202 46 A1 2,812 21 1,468 — A2 4 20 2,740 138 A3 5 36 109 105 Baa1 4 — 5 — Baa2 1 — 47 — Baa3 — — 1 117 Ba1 2,986 — — — Ba2 4,189 6 835 — Ba3 — — 2,735 — Others 3 25 2 55 14,258 200 8,176 472 g) 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, the Company 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 at December 31, 2020 these lines are undrawn. 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 (hedge accounting). 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. 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 under "Sensitivity analysis of derivative financial instruments".

Financial assets and liabilitie

Financial assets and liabilities	12 Months Ended
	Dec. 31, 2020
Financial assets and liabilities
Financial assets and liabilities	20. Financial assets and liabilities 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, 2020 December 31, 2019 At fair value At fair value At fair value through Amortized At fair value through profit Financial assets Amortized cost through OCI profit or loss Total cost through OCI or loss Total Current Cash and cash equivalents (note 22) 13,487 — — 13,487 7,350 — — 7,350 Short-term investments (note 22) — — 771 771 — — 826 826 Derivative financial instruments (note 19) — — 134 134 — — 288 288 Accounts receivable (note 10) 4,499 — 494 4,993 2,452 — 77 2,529 Related parties (note 29) 195 — — 195 319 — — 319 18,181 — 1,399 19,580 10,121 — 1,191 11,312 Non-current Judicial deposits (note 26) 1,268 — — 1,268 3,133 — — 3,133 Restricted cash 38 — — 38 151 — — 151 Derivative financial instruments (note 19) — — 66 66 — — 184 184 Investments in equity securities — 757 — 757 — 726 — 726 Related parties (note 29) 923 — — 923 1,600 — — 1,600 2,229 757 66 3,052 4,884 726 184 5,794 Total of financial assets 20,410 757 1,465 22,632 15,005 726 1,375 17,106 Financial liabilities Current Suppliers and contractors 3,367 — — 3,367 4,107 — — 4,107 Derivative financial instruments (note 19) — — 328 328 — — 94 94 Loans, borrowings and leases (note 22) 1,136 — — 1,136 1,439 — — 1,439 Dividends payable 1,220 — — 1,220 1,560 — — 1,560 Liabilities related to the concession grant 209 — — 209 — — — — Related parties (note 29) 725 — — 725 980 — — 980 Other financial liabilities 644 644 330 330 7,301 — 328 7,629 8,416 — 94 8,510 Non-current Derivative financial instruments (note 19) — — 689 689 — — 307 307 Loans, borrowings and leases (note 22) 13,891 — — 13,891 13,408 — — 13,408 Related parties (note 29) 943 — — 943 956 — — 956 Participative stockholders' debentures (note 21) — — 3,413 3,413 — — 2,584 2,584 Liabilities related to the concession grant 2,103 — — 2,103 — — — — Financial guarantees — — 877 877 — — 525 525 16,937 — 4,979 21,916 14,364 — 3,416 17,780 Total of financial liabilities 24,238 — 5,307 29,545 22,780 — 3,510 26,290 b) Hierarchy of fair value December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Short-term investments 771 — — 771 826 — — 826 Derivative financial instruments — 182 18 200 — 448 24 472 Accounts receivable — 494 — 494 — 77 — 77 Investments in equity securities 757 — — 757 726 — — 726 Total 1,528 676 18 2,222 1,552 525 24 2,101 Financial liabilities Derivative financial instruments — 998 19 1,017 — 281 120 401 Participative stockholders' debentures — 3,413 — 3,413 — 2,584 — 2,584 Financial guarantees — 877 — 877 — 525 — 525 Total — 5,288 19 5,307 — 3,390 120 3,510 There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the years presented. b.i) Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2019 24 120 Gain and losses recognized in income statement — (79) Translation adjustments (6) (22) Balance at December 31, 2020 18 19 c) Fair value of loans and financing Loans and financing are recorded at their contractual values. To determine the market values of these financial instruments traded in public markets, the closing market quotations on the balance sheet dates were used. The Company considers that for the other financial liabilities measured at amortized cost, their book values are close to their fair values and therefore information on their fair values is not being presented. December 31, 2020 December 31, 2019 Carrying amount Fair value Carrying amount Fair value Quoted in the secondary market: Bonds 7,448 10,025 5,948 7,484 Eurobonds 920 985 843 916 Debentures 496 496 995 995 Debt contracts in Brazil in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 860 857 1,332 1,379 R$, with fixed interest 34 35 88 88 Basket of currencies and bonds in US$ indexed to LIBOR 56 56 101 100 Debt contracts in the international market in: US$, with variable and fixed interest 3,225 3,278 3,194 3,280 EUR, with variable interest — — 224 211 Other currencies, with fixed interest 120 134 120 131 Total 13,159 15,866 12,845 14,584 Accounting policy Classification and measurement- 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. 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 hierarchy- The Company classifies financial instruments within the fair value hierarchy as: Level 1: The fair value of financial instruments traded in active markets (e.g. derivatives and publicly traded shares) is based on quoted market prices at the end of the financial statements period. Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data. If all significant data required for the fair value of an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of derivatives classified as level 3 is estimated using discounted cash flows and option valuation models with unobservable inputs of discount rates, stock prices and commodity prices.

Participative stockholders' deb

Participative stockholders' debentures	12 Months Ended
	Dec. 31, 2020
Participative stockholders' debentures
Participative stockholders' debentures	21. At the time of its privatization in 1997, the Company issued a total of 388,559,056 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. This obligation will cease when all the relevant mineral resources are exhausted, sold or otherwise disposed of by the Company. 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, derived from these mineral resources. The Company made available for withdrawal as remuneration the amount of US$183 (R$1 billion) and US$194 (R$776 million), for the year ended December 31, 2020 and 2019, respectively, as disclosed on the "Shareholders' debentures report" made available on the Company's website. Accounting policy The participative stockholders' debentures are measured at fair value through profit or loss based on the market approach. To calculate the fair value of the liabilities, the Company uses the weighted average price of the secondary market trades in the last month of the quarter.

Loans, borrowings, leases, cash

Loans, borrowings, leases, cash and cash equivalents and short-term investments	12 Months Ended
	Dec. 31, 2020
Loans, borrowings, leases, cash and cash equivalents and short-term investments
Loans, borrowings, leases, cash and cash equivalents and short-term investments	22. Loans, borrowings, leases, 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, 2020 December 31, 2019 Debt contracts in the international markets 11,890 10,494 Debt contracts in Brazil 1,470 2,562 Total of loans and borrowings 13,360 13,056 (-) Cash and cash equivalents 13,487 7,350 (-) Short-term investments 771 826 Net debt (cash) (898) 4,880 Leasing 1,667 1,791 b) Cash and cash equivalents Cash and cash equivalents include cash, immediately redeemable deposits and short-term investments with an insignificant risk of change in value. They are readily convertible to cash, being US$2,849 (US$2,822 in 2019) denominated in R$, indexed to the CDI), US$10,195 (US$4,361 in 2019) denominated in US$ and US$443 (US$167 in 2019) denominated in other currencies. c) Short-term investments At December 31, 2020, the balance of US$771 is substantially comprised of investments in an exclusive investment fund immediately liquid, whose portfolio is composed of committed transactions and Financial Treasury Bills (“LFTs”), which are floating-rate securities issued by the Brazilian government. At December 31, 2019, the balance of US$826 is mainly comprised of investments directly in LFTs. d) Loans, borrowings and leases i) Total debt Average interest Current liabilities Non-current liabilities rate(i) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Quoted in the secondary market: Bonds 6.01 % — — 7,448 5,948 Eurobonds 4.29 % — — 920 843 Debentures 10.48 % 107 374 389 621 Debt contracts in Brazil in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 9.29 % 320 276 540 1,056 R$, with fixed interest 2.86 % 20 43 14 45 Basket of currencies and bonds in US$ indexed to LIBOR 2.31 % 45 44 11 56 Debt contracts in the international market in: US$, with variable and fixed interest 2.24 % 182 260 3,044 2,934 EUR, with variable interest — — — — 225 Other currencies, with fixed interest 3.17 % 12 14 107 106 Accrued charges 201 203 — 8 Total 887 1,214 12,473 11,842 (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2020. (ii) R$ denominated debt that bears interest at IPCA, IGP, CDI, TR or TJLP, plus spread. For a total of US$1,296 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 2.99% per year in US$. (iii) Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4.29% per year in US$. Future flows of debt payments, principal and interest Estimated future Principal interest payments (i) 2021 685 637 2022 1,230 610 2023 1,229 581 2024 2,024 527 Between 2025 and 2029 2,175 2,108 2030 onwards 5,816 2,450 Total 13,159 6,913 (i) Based on interest rate curves and foreign exchange rates applicable as at December 31, 2020 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. Credit and financing lines As a precautionary measure in order to increase the Company’s cash position due to the uncertainties resulting from the COVID-19 pandemic, Vale drew down its revolving credit lines in March 2020. These credit lines were fully paid in September 2020. As at December 31, 2020, the total amount available under credit lines is US$5,000, of which US$2,000 maturing in June 2022 and US$3,000 maturing in December 2024. Funding In July 2020, the Company issued through Vale Overseas Limited guaranteed notes due July 2030 totaling US$1,500. The notes bear 3.750% coupon per year, payable semi-annually, and were sold at a price of 99.176% of the principal amount. In August 2020, the Company contracted US$300 with The Export-Import Bank of China (“CEXIM”). Reconciliation of debt to cash flows arising from financing activities Quoted in the Debt contracts Debt contracts on the secondary market in Brazil international market Total December 31, 2019 7,954 1,535 3,567 13,056 Additions 1,500 - 5,300 6,800 Repayments (243) (294) (5,527) (6,064) Interest paid (556) (60) (139) (755) Cash flow from financing activities 701 (354) (366) (19) Effect of exchange rate (140) (271) (3) (414) Interest accretion 531 49 157 737 Non-cash changes 391 (222) 154 323 December 31, 2020 9,046 959 3,355 13,360 ii) Lease liabilities December 31, Additions and contract Translation December 31, 2019 modifications Payments (i) Interest (ii) adjustment 2020 Ports 750 50 (71) 30 (16) 743 Vessels 580 — (72) 25 — 533 Pellets plants 175 39 (36) 4 (45) 137 Properties 152 32 (17) 7 (32) 142 Energy plants 71 — (2) 1 (8) 62 Mining equipment and locomotives 63 4 (21) 3 1 50 Total 1,791 125 (219) 70 (100) 1,667 (i) 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, 2020 and 2019 was US$63 and US$560, respectively. (ii) The interest accretion recognized in the income statement is disclosed in note 6. Discount rates Discount rate Ports 3% to 6 % Vessels 3% to 6 % Pellets plants 3% to 6 % Properties 3% to 7 % Energy plants 4% to 5 % Mining equipment and locomotives 3% to 6 % Annual minimum payments 2025 onwards Total Ports 68 62 61 60 801 1,052 Vessels 65 63 62 60 404 654 Pellets plants 36 31 10 10 85 172 Properties 47 27 23 21 39 157 Energy plants 7 7 6 6 59 85 Mining equipment and locomotives 18 16 10 8 16 68 Total 241 206 172 165 1,404 2,188 The amounts in the table above presents the undiscounted lease obligation by maturity date. The lease liability recognized in the balance sheet is measured at the present value of such obligations. e) Guarantees As at December 31, 2020 and 2019, loans and borrowings are secured by property, plant and equipment in the amount of US$176 and US$220, respectively. The securities issued through Vale’s wholly-owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed by Vale. 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. The Company contracts derivatives to protect its exposure to changes in debt cash flows, changing the average cost of debts that have hedge derivatives contracted. 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 9%. 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, 2020 and 2019. The accounting policy applied to lease liabilities is disclosed in note 17.

Brumadinho dam failure

Brumadinho dam failure	12 Months Ended
	Dec. 31, 2020
Brumadinho dam failure
Brumadinho dam failure	23. 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. As a result of the dam failure, the Company has been recognizing provisions to meet its assumed obligations, including de-characterization of the dams, individual indemnification to those affected by the event, remediation of the affected areas and compensation to the society, as shown below: December 31, Impact on the Present value Disbursements Translation December 31, income statement adjustment (i) adjustment Global Settlement for Brumadinho 1,916 3,872 (5) (1,325) (469) 3,989 Provision for individual indemnification and other commitments 1,067 258 10 (504) (245) 586 De-characterization of dams 2,489 617 36 (293) (560) 2,289 Incurred expenses (ii) — 510 — (510) — — 5,472 5,257 41 (2,632) (1,274) 6,864 (i) Disbursements include the release of judicial deposits in the amount of US$1,313 (R$6,900 million), of which US$274 (R$1,500 million) was released in the second quarter of 2020 and US$1,039 (R$5,400 million) will be released as provided in the Global Settlement. In 2019, the Company disbursed US$1,720 (R$6,885 million) in relation to the Brumadinho event. Of the total amount disbursed by the Company in 2019 and 2020, US$1,701 (R$7,777 million) is part of the total economic value of the Global Settlement. (ii) The Company has incurred expenses, which have been recognized straight to the income statement, in relation to communication services, accommodation and humanitarian assistance, equipment, legal services, water, food aid, taxes, among others. In 2019, the Company incurred expenses in the amount of US$730. a) Global Settlement for Brumadinho On February 4, 2021 (subsequent event), the Company entered into a Judicial Settlement for Integral Reparation (“Global Settlement”), which was under negotiations since 2019, with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors Offices, to repair the environmental and social damage resulting from the Dam I rupture. With the Global Settlement, the requests contained in public civil actions regarding the socio-environmental and socioeconomic damages caused by the dam rupture were substantially resolved. In addition, relevant aspects related to the scope and execution of the Company's obligations were defined. Therefore, as the negotiations have started before the reporting date, the Company recognized a loss of US$3,872 (R$19,924 million) in the income statement for the year ended December 31, 2020. Based on the present value of the projected cash outflows discounted at 5.93%, the provision is detailed as follows: December 31, 2020 December 31, 2019 Payment obligations (i) 2,343 — Provision for socio-economic reparation and others 860 729 Provision for social and environmental reparation 786 1,187 3,989 1,916 December 31, 2020 December 31, 2019 Current liabilities 1,561 783 Non-current liabilities 2,428 1,133 Liabilities 3,989 1,916 (i) As established in the Global Settlement, US$1,039 (R$5,400 million) in judicial deposits made by Vale in public civil actions due to the Dam I rupture will be released to the State of Minas Gerais to use in water security projects and to develop projects that will be proposed by the affected communities. Therefore, the provision already considers that these judicial deposits settled part of the obligations at December 31, 2020. (a.i) Cash settlement obligation The cash settlement obligation relates to the socio-economic reparation and socio-environmental compensation projects that will be carried out or managed directly by the State of Minas Gerais and Institutions of Justice, mainly aiming to develop the urban mobility program and strengthening public service programs, as well as other projects that will be proposed by the affected population. In addition, resources will be used in a program of income transfer to those affected by the event, which will be carried out by Institutions of Justice. Of the total amount, US$848 (R$4,400 million) relates to the income transfer program that will be fully paid in 2021. The remaining amount of US$1,495 (R$7,772 million) is the present value of the semiannual fixed payments obligation, which will last 5 years on average. (a.ii) Provision for socio-economic reparation and others The Global Settlement includes remediation projects for Brumadinho and other affected municipalities of the Paraopeba Basin. The socioeconomic reparation actions aims to strengthen the productive activities of the affected region, through measures for greater economic diversification of the municipality of Brumadinho, reducing its historical dependence on mining, and, for the rest of the Basin, finding ways to support the transformation of the economy of the impacted municipalities. These projects will be carried out directly by the Company for an average period of 3 years. The estimated amounts for the project execution, although set in the agreement, may vary since the implementation of those projects are Vale's responsibility and changes against the original budget may result in changes in provision in future reporting periods. (a.iii) Provision for social and environmental reparation The Global Settlement establishes the rule for the development of the environmental reparation plan, and projects for the compensation of environmental damage already known. These measures aim to repair the damage caused, restore the ecosystems disruption, restore local infrastructure, repair social and economic losses, recover affected areas and repair the loss of memory and cultural heritage caused by the dam rupture. It also includes several actions to clean up the affected areas and improvements to the water catchment system along the Paraopeba River and other water collection points near the affected area. These measures and compensation projects will be carried out directly by the Company for an average period of 5 years. The estimated amount to carry out the environmental recovery actions is part of the Global Settlement. However, it has no cap due to the Company's legal obligation to fully repair the environmental damage caused by the dam rupture. Therefore, this provision may change in the future depending on several factors that are not under the control of the Company. b) Provision for individual indemnification and other commitments In addition to the Global Settlement, the Company has been working 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 of Dam I. As at December 31, 2020, the provision recorded is US$267 (2019: US$113). For the individual indemnification, Vale and the Public Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, 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, following rules and principles of the United Nations (“UN”). As at December 31, 2020, the provision recorded is US$179 (2019: US$569). In addition, 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$48 (R$250 million). In July 2020, the Company signed an agreement with IBAMA, of which US$29 (R$150 million) will be used in environmental projects in 7 parks in the state of Minas Gerais, covering an area of approximately 794 thousand hectares, and US$19 (R$100 million) will be used in basic sanitation programs in the state of Minas Gerais. c) De-characterization of other dams in Brazil Following the Brumadinho Dam rupture, the Company has decided to speed up the plan to “de-characterize” its tailings dams built under the upstream method (same method as Brumadinho’s dam), certain “centerline structures” and dikes, located in Brazil. Therefore, the Company has a total provision to comply with these assumed obligations in the amount of US$2,289 at December 31, 2020 (US$2,489 as at December 31, 2019). In 2020, as a consequence of the periodic review of the estimates for the de-characterization of the dam structures, built under the upstream raising method, which are already reserved, the Company recognized US$369 in addition to the recorded provision, mainly due to the evolution of engineering projects and changes in the planned containments. The Company also identified other structures that met the criteria to be de-characterized as well, resulting in a further provision of US$248, recognized in the income statement for the year ended December 31, 2020. As described in "Critical accounting estimates and judgments", changes in engineering methods and solutions, the volume of tailings to be removed, among other relevant assumptions, may result in a significant change in the provision. (c.i) Operation stoppages The Company has suspended some operations due to judicial decisions or technical analysis performed by Vale on its upstream dam structures. The Company has been recording losses in relation to the operational stoppage and idle capacity of the ferrous mineral segment in the amounts of US$634 and US$983 for the year ended December 31, 2020 and 2019, respectively. The Company is working on legal and technical measures to resume all operations at full capacity. (c.ii) 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 as “Impairment and disposal of non-current assets” for the year ended December 31, 2019 in relation to the assets written-off of the Córrego do Feijão mine and those related to the other upstream dams in Brazil. In 2020, the Company did not write-off any asset related to the Brumadinho event. d) Contingencies and other legal matters (d.i) Public civil actions brought by the State of Minas Gerais and state public prosecutors for damages resulting from the rupture of Dam I The Company is party to public civil actions brought by the State of Minas Gerais and state prosecutors claiming economic and environmental damages resulting from the dam rupture and seeking a broad range of injunctions ordering Vale to take specific remediation and reparation actions. These legal proceedings were initially brought before various state courts in Minas Gerais but have been consolidated before the 6th Public Treasury Court in the city of Belo Horizonte and then transferred to the 2nd Public Treasury Court in the city of Belo Horizonte. With the Global Settlement, the requests contained in public civil actions regarding the socio-environmental and socioeconomic damages caused by the dam rupture were substantially resolved (of the 207 requests, 204 were extinguished). Indemnifications for individual damages are not covered by the Global Settlement, but the parties ratified the agreement with the Public Defendants of the State of Minas Gerais. Thus, the Company expects to keep signing individual agreements. (d.ii) Requests for fines or forfeit of assets On August 26, 2020, the Public Prosecutor's Office of Minas Gerais (“MPMG”) and other plaintiffs of the Public Civil Actions presented a request for ruling condemning Vale to indemnify alleged economic losses of the State of Minas Gerais and collective moral damages, both claims already considered in said Public Civil Actions filed against Vale in January 2019 as a result of the Brumadinho dam rupture. In that submission, the plaintiffs also requested the immediate freezing of US$5.1 billion (R$26.7 billion) from the Company as a guarantee for the reimbursement of the alleged economic losses, which was dismissed by the judge of the 2nd Lower Court of Public Treasury of Belo Horizonte on October 6, 2020. This claim was extinguished with the Global Settlement. In other proceeding, in May 2020, the MPMG requested the imposition of fines or forfeit of assets, rights and amounts of the Company, allegedly based on Article 5, item V of Brazilian Law 12.846/2013. According to the MPMG, Vale would have, through its employee’s actions, hindered the inspection activities of public agencies in the complex. Vale was not required to present any guarantees based on a judicial decision. The Company believes that the likelihood of loss is remote. In October 2020, the Company was informed that the Brazilian Office of the Comptroller General (“CGU”) initiated an administrative proceeding based on the same allegations made by the MPMG. As this is a discretionary procedure from the CGU, the Company estimates its likelihood of a loss during the administrative phase as possible, but it reaffirms its assessment of loss as remote in the annulment lawsuit to be instituted against any decision by CGU, if necessary. (d.iii) U.S. Securities putative class action suit Vale is defending itself in a putative class action brought before a Federal Court in New York and filed by holders of securities-American Depositary Receipts ("ADRs")-issued by Vale. 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 Corrego de Feijão mine and the adequacy of the related programs and procedures. Following the decision of the Court, in May 2020, that denied the Motion to Dismiss presented by the Company, the Discovery phase has started and is expected to be concluded by June 2021. Based on the evaluation of the Company's legal counsel and given the very preliminary stage, the expectation of loss of this process is classified as possible. However, considering the initial stage of this putative class action, it is not possible at this time to reliably estimate the amount of a potential loss. (d.iv) Arbitration proceedings in Brazil filed by shareholders and a class association In Brazil, Vale is a defendant in (i) one arbitration filed by 166 minority shareholders, (ii) one arbitration filed by a class association allegedly representing all Vale’s minority shareholders, and (iii) one arbitration filed by foreign investment funds. In the three proceedings, the Claimants argue Vale would be aware of the risks associated with the dam, and failed to disclose it to the shareholders, which would be required under the Brazilian applicable laws and the rules of Comissão de Valores Mobiliários (Securities and Exchange Commission of Brazil). Based on such argument, they claim compensation for losses caused by the decrease of the value of the shares. Based on the evaluation of the Company's legal counsel and given the very preliminary stage, the expectation of loss of these proceedings is classified as possible. Specifically, in the proceeding filed by foreign funds, the Claimants estimated the amount of the alleged losses at approximately US$346 (R$1,800 million). However, the Company disagree with the estimated losses alleged by the foreign funds and believes that the likelihood of loss is remote based on the current status of the proceeding. (d.v) Cooperation with the CVM and the Securities and Exchange Commission (“SEC”) The Company is cooperating with the CVM and the SEC by providing documents and other information related to the Dam I rupture in connection with ongoing investigations by both agencies. These investigations relate to Vale's disclosure of relevant information to shareholders, investors and the market in general, especially regarding the conditions and management of Vale's dams. The CVM and SEC investigations may result in the application of fines and administrative penalties either through negotiated resolutions or court proceedings. e) Insurance and financial guarantees (e.i) Insurance The Company is negotiating with insurers the payment of indemnification under its operational risk and civil liability. However, these negotiations are still at a preliminary stage, therefore 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 these financial statements. (e.ii) Financial guarantees For the Brumadinho event, the Company has financial guarantees in the amount of US$1,124 in December 31, 2020 (US$1,396 in December 31, 2019), which were presented in court and used to release the respective judicial deposit. The expenses related to these financial guarantees in the amounts of US$7 and US$9 were recorded as financial expense in the Company's income statement for the year ended December 31, 2020 and 2019, respectively. With the Global Settlement, these guarantees will be released. Critical accounting estimates and judgments The provision for social, economic and environmental reparation may be affected by factors including, but not limited to: (i) changes in the current estimated market price of the direct and indirect cost related to products and services, (ii) changes in timing for cash outflows, (iii) changes in the technology considered in measuring the provision, (iv) number of individuals entitled to the indemnification payments, (v) resolution of existing and potential legal claims, (vi) demographic assumptions, (vii) actuarial assumptions, and (viii) updates in the discount rate. The main critical assumptions and estimates applied in the De-Characterization 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; (iii) engineering methods and solution; and (iv) 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.

Liabilities related to associat

Liabilities related to associates and joint ventures	12 Months Ended
	Dec. 31, 2020
Liabilities related to associates and joint ventures
Liabilities related to associates and joint ventures	24. Liabilities related to associates and joint ventures In November 2015, the Fundão tailings dam owned by Samarco Mineração S.A. (Samarco) failed, releasing tailings downstream, flooding certain communities and causing impacts on communities and the environment along the Doce river. The rupture resulted in 19 fatalities and caused property and environmental damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. ("BHPB"). In June 2016, Samarco, Vale and BHPB created the Fundação Renova, a not-for-profit private foundation, to develop and implement (i) social and economic remediation and compensation programs and (ii) environmental remediation and compensation programs in the region affected by the dam rupture. The creation of Fundação Renova was provided for under the agreement for settlement and conduct adjustment (the “Framework Agreement”) signed in March 2016 by Vale, BHPB, Samarco, the Brazilian federal government, the two Brazilian states affected by the rupture (Minas Gerais and Espírito Santo) and other governmental authorities. In June 2018, Samarco, Vale and BHPB entered into a comprehensive agreement with the offices of the federal and state (Minas Gerais and Espírito Santo) prosecutors, public defenders and attorney general, among other parties, improving the governance mechanism of Fundação Renova and establishing, among other things, a process for potential revisions to the remediation programs provided under the Framework Agreement based on the findings of experts hired by Samarco to advise the MPF (Federal Prosecutor’s Office) over a two-year period (the “June 2018 Agreement”). Under the Framework Agreement, the June 2018 Agreement and Renova’s by-laws, Fundação Renova must be funded by Samarco, but to the extent that Samarco is unable to fund, Vale and BHPB must ratably bear the funding requirements Under the Framework Agreement. As Samarco is currently unable to resume its activities, we and BHPB have been funding the Fundação Renova and also providing funds directly to Samarco, to preserve its operations and to support Samarco’s funding obligations. Samarco has been gradually resuming its operations since December 2020. Renova Foundation During 2020, the Renova Foundation updated the premises used in the preparation of the estimate of the costs necessary for the execution of the 42 repair and compensation programs. This periodic review resulted in an additional provision of US$1,069, which corresponds to the Company's proportional responsibility with Renova Foundation. Germano Dam 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. Due to the new safety requirements set by ANM, Samarco prepared a project for the de-characterization of this dam, resulting in a provision for the de-characterization of the Germano tailings dam, which was recognized by the Company in 2019. During 2020, the Company recorded an additional provision of US$26, equivalent to 50% of the estimated costs to carry out the project for the de-characterization of this structure. Movements during the year Balance at January 1, 1,700 1,121 Provision 1,095 758 Disbursements (394) (315) Present value valuation 64 200 Translation adjustment (391) (64) Balance at December 31, 2,074 1,700 December 31, 2020 December 31, 2019 Current liabilities 876 516 Non-current liabilities 1,198 1,184 Liabilities 2,074 1,700 Samarco’s working capital In addition to the provision, Vale S.A. made available in the year ended December 31, 2020 and 2019, the amount of US$166 and US$102, 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 2021, Vale S.A. may provide a short-term credit facility up to US$85 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. Summarized financial information 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, 2020 December 31, 2019 Current assets 87 34 Non-current assets 4,582 3,940 Total assets 4,669 3,974 Current liabilities 8,370 6,990 Non-current liabilities 6,385 5,527 Total liabilities 14,755 12,517 Negative reserves (10,086) (8,543) Loss for the year ended (1,160) (4,125) Contingencies related to Samarco accident These proceedings include public civil actions brought by Brazilian authorities and multiple proceedings involving claims for significant amounts of damages and remediation measures. The Company expects the Framework Agreements to represent the settlement of the public civil action brought by the MPF and other related proceedings. There are also putative securities class actions in the United States against Vale and some of its current and former officers and a criminal proceeding in Brazil. The main updates regarding the lawsuits in the year were as follows: (i) Public Civil Action filed by the Federal Government and others and public civil action filed by the Federal Public Ministry ("MPF") The Framework Agreement established a possible renegotiation of Renova Foundation's reparation programs upon the completion of studies carried by specialist engaged by the Public Prosecutor's Office in this process. The studies of the aforementioned specialists have not yet been concluded and, therefore, these negotiations have not started. In October 2020, MPF required the continuance of its public civil action of US$27.5 billion (R$155 billion) due to a deadlock in the hiring of Technical Assistants. The request will still be analyzed by the Judge of the 12th Federal Court after a statement by Samarco and its shareholders Vale and BHP. Depending on the conclusion of those experts and the decision to be issued in this regard, the Company may recognize additional provisions to comply with the requirements set the Framework Agreement. (ii) Class Action in the United States In March 2017, the holders of securities issued by Samarco Mineração S.A. filed a potential collective action in the New York Federal Court against Samarco, Vale, BHP Billiton Limited, BHP Billiton PLC and BHP Brasil Ltda. based on U.S. Federal Securities laws, which was dismissed without prejudice, in June 2019. In December 2019 the plaintiffs filed a Notice of Appeal to the NY Court of Appeals. In January 2021, it was held a hearing before the Second Circuit of the New York State Court of Appeals. A ruling on the case is now expected to be issued, with no term for it to occur. Based on the assessment of the Company´s legal consultants, Vale has good arguments to oppose the appeal. Therefore, the expectation of loss of this case is classified as possible. However, considering the phase of the potential class action, it is not possible at this time to reliably estimate the amount of an eventual loss. (iii) Class action filed by holders of American Depositary Receipts Vale and some of its executives have been named as defendants in class actions relating to securities before the New York Federal Court, filed by investors holding American Depositary Receipts ("ADRs") issued by the Company, based on the U.S. Federal Securities laws. In June 2020, the case was closed as a result of the agreement reached by the parties, whereby the defendants agreed to pay the amount of US$25, which was accepted by the Court. This amount was recognized in income as "Equity in earnings of affiliates and joint ventures. (iv) Criminal proceeding In September 2019, the federal court of Ponte Nova dismissed all criminal charges against Vale representatives relating to the first group of charges, which concerns the results of the Fundão dam failure, remaining only the legal entity in the passive pole. The second group of charges against Vale S.A. and one of the Company’s employees, which concerns the accusation of alleged crimes committed against the Environmental Public Administration, remained unchanged. In March 2020, the judge scheduled a number of hearings to collect defense witnesses’ testimonies and intent letters were issued for the same purpose, but due to the new coronavirus pandemic, all hearings in the country which were previously scheduled to take place in April have been cancelled by an express determination from the National Justice Council. In July 2020, the Federal Court of the 1st Region denied an appeal presented by Vale and rejected the claim to recognize the state of limitation to keep the company within the criminal process. In October 2020, the criminal action was scanned and transferred to electronic processing. Additionally, the scheduling of hearings for the deposition of defense witnesses began in some cities, which received the letter precatory from Ponte Nova. The Company cannot estimate when a final decision on the case will be issued. Insurance Since the Fundão dam rupture, the Company has been negotiating with insurers the indemnification payments based on its general liability policies. During 2020 and 2019, the Company received payments in the amount of US$17 and US$109, respectively, and recognized a gain in the income statement as “Equity results and other results in associates and joint ventures”. Critical accounting estimates and judgments Under Brazilian legislation and the terms of the joint venture agreement, the Company does not have an obligation to provide funding to Samarco. Accordingly, the Company’s investment in Samarco was fully impaired and no provision was recognized in relation to the Samarco’s negative equity. The provision related to Renova Foundation 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.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2020
Provisions
Provisions	25. Provisions Current liabilities Non-current liabilities December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Payroll, related charges and other remunerations 877 790 — — Onerous contracts (note 18) 58 57 838 866 Environmental obligations 102 146 200 243 Provision related to VNC sale 500 — — — Asset retirement obligations 99 158 4,121 3,802 Provisions for litigation (note 26) 87 — 1,004 1,462 Employee postretirement obligations (note 27) 103 79 2,271 2,120 Provisions 1,826 1,230 8,434 8,493 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, 2020 December 31, 2019 Balance at beginning of the year 3,960 3,115 Present value valuation 27 37 Settlements (45) (47) Revisions on cash flows estimates (i) 509 812 Translation adjustment (231) 43 Balance at end of the year 4,220 3,960 Current 99 158 Non-current 4,121 3,802 4,220 3,960 Long-term interest rates (per annum) Brazil 3.54 % 3.36 % Canada 0.00 % 0.40 % Mozambique 5.67 % 5.20 % Other regions 0.0% - 4.73 % 0.60% - 4.78 % (i) In 2019, includes changes in discount rates and updating plans for mine closure, that also considers new legal requirements related to the decommissioning. As at December 31, 2020, the Company has issued letters of credit and surety bonds for US$651 in connection with the Asset retirement obligations for its Base Metals operations. 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, 2020
Litigations
Litigations	26. Litigations The Company is defendant in numerous legal actions in the ordinary course of business, including civil, tax, environmental and labor proceedings. The Company makes use of estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and on management's assessment. Provisions are recognized for probable losses of which a reliable estimate can be made. Arbitral, legal and administrative decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the probability of outflow of resources and on the estimated amounts, according to the assessment of the legal basis. a) Provision for legal proceedings The Company has considered all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the costs that may be required to settle the obligations. Tax litigations- Mainly refers to the lawsuit filed in 2011 by Valepar (merged by Vale) seeking the right to exclude the amount of dividends received in the form of interest on stockholders' equity ("JCP") from the PIS and COFINS tax base. The amount reserved for this proceeding as at December 31, 2020 is US$423 (2019: US$536). This proceeding is guaranteed by a judicial deposit in the amount of US$487 recorded at December 31, 2020 (2019: US$616). Civil litigations- Refers to lawsuits for: (i) indemnities for losses, payments and contractual fines due to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's operational activities. Labor litigations- Refers to lawsuits for individual claims by in-house employees and service providers, primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions. Environmental litigations- Refers mainly to proceedings for environmental damages and issues related to environmental licensing. Environmental Total of Tax litigation Civil litigation Labor litigation litigation litigation provision 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 Additions and reversals, net 29 26 16 2 73 Payments (23) (30) (59) — (112) Indexation and interest (85) 30 26 1 (28) Translation adjustment (132) (66) (103) (3) (304) Balance at December 31, 2020 485 260 335 11 1,091 Current liabilities 8 15 64 — 87 Non-current liabilities 477 246 271 11 1,004 485 260 335 11 1,091 (i) b) Contingent liabilities December 31, 2020 December 31, 2019 Tax litigations 6,911 8,040 Civil litigations 1,348 1,518 Labor litigations 563 773 Environmental litigations 907 1,094 Total 9,729 11,425 The main contingent liabilities, updated by applicable interest rates, for which the likelihood of loss is not considered remote are discussed as follows: (b.i) CFEM-related proceedings: The Company is engaged in numerous administrative and judicial proceedings related to the mining royalty known as CFEM. These proceedings arise out of a large number of assessments by the Brazilian National Mining Agency (" Agência Nacional de Mineração -ANM", former "DNPM"), which main discussions involve the deduction of insurance and transportation costs indicated in the corresponding invoice payment of royalties on pellet sales and CFEM charges on the revenues provided by our subsidiaries abroad. The Company estimates the possible losses resulting from these proceedings to be US$2,065 (R$10,730 million) as at December 31, 2020 (US$1,914 (R$7,715 million) as at December 31,2019). (b.ii) Assessments and legal proceedings related to PIS/COFINS: The Company has received several tax assessments from the Brazilian federal tax authority contending that Vale incorrectly claimed PIS and COFINS tax credits. The tax authorities claim that (i) some credits deducted from the Company's payments of PIS and COFINS were not deductible; and (ii) the Company has not submitted adequate evidence of certain other credits. The Company is contesting these assessments related to the credits taken from 2002 onwards. The Company estimates the possible losses resulting from these proceedings to be US$1,078 (R$5,602 million) as at December 31, 2020 (US$1,350 (R$5,442 million) as at December 31, 2019). The Company may receive other tax assessments in the future. (b.iii) Value added tax on services and circulation of goods ("ICMS") tax assessments and legal proceedings: The Company is engaged in several administrative and court proceedings relating to additional charges of ICMS by the tax authorities of different Brazilian states. In each of these proceedings, the tax authorities claim that (i) certain credits that have been deducted from Vale's payments of ICMS were not deductible; (ii) the Company failed to comply with certain accessory obligations; (iii) the Company is required to pay the ICMS on electricity purchases (iv) the Company is required to pay ICMS in connection with goods that we bring into the State of Para and (v) increase in ICMS on own transportation. The Company estimates the possible losses resulting from these proceedings to be US$648 (R$3,369 million) as at December 31, 2020 (US$758 (R$3,057 million) as at December 31, 2019). (b.iv) Tax assessment notices on alleged non-deductibility of goodwill amortization: The Company is a party in administrative proceedings relating tax assessment notices for collection of IRPJ and CSLL, including fine and interest, related to the periods between 2013 and 2016. These tax assessments are based on the alleged non-deductibility of goodwill amortization expenses recorded by Vale in the acquisition of CAEMI (merged by Vale). The disallowance of goodwill amortization expenses resulted in a reduction in the balance of tax losses recorded by the Company and in the collection of IRPJ and CSLL. The Company is discussing the charges at the administrative level and the potential loss is classified as possible in the amount of US$300 (R$1,558 million) as at December 31, 2020 (US$358 (R$1,445 million) as at December 31, 2019). (b.v) Tax on Services ("ISS"): The Company is party in a number of administrative and judicial proceedings related to the collection of ISS in several Brazilian municipalities. The tax authorities main allegations for those proceedings are: (i) the tax basis used for computing the tax payable was incorrect; (ii) failure to pay ISS related to third parties asset management services; and (iii) the incidence of ISS over own goods port handling services ("self-service"). As at December 31, 2020, the total amount of the possible loss is US$504 (R$2,621 million) (US$597 (R$2,405 million) as at December 31, 2019). (b.vi) Penalties on the undue deduction of tax credits: Vale has received several assessments from the Brazilian federal tax authority("RFB") imposing penalties resulting from the rejection by the tax authority of certain offsetting of federal debits. In these cases, the tax authority alleged that we offset taxes with improper tax credits, and issued assessments imposing fines in the amount of 50% of the amount that was unduly deducted. There is a leading case in Federal Supreme Court discussing the legal grounds for this charge, whose decision will affect all taxpayers who argue this thesis. At December 31, 2020, the total amount of fines imposed, which likelihood of loss is classified as possible, was US$297 (R$1,542 million) (US$381 (R$1,535 million) as at December 31, 2019). (b.vii) Assessments regarding the disallowance of JCP: In addition to the tax contingent liabilities presented in the table above, on February 23, 2021 (subsequent event), Vale was assessed for collection of IRPJ, CSLL and penalties in the amount of US$659 (R$3,423 million) regarding the disallowance of the JCP expenses deducted from the 2017 taxable income. There was also a reduction in tax losses, with the corresponding tax impact of US$134 (R$698 million), including penalties and interest. The Company will file an administrative appeal and, based on its assessment of the tax treatment, it believes that the likelihood of loss is possible. (b.viii) Public civil actions seeking for the suspension of the Company's environmental licenses: The Company is engaged on public civil actions brought by associations representing the Kayapó and Xikrin indigenous communities, in the state of Pará, which seek to suspend the Company's environmental licenses for Onça Puma (nickel), Salobo (copper) and S11D (iron ore). Those associations claim, among other things, that during the environmental licensing process, the Company did not perform appropriate studies on the impacts from those operations over the surrounding indigenous communities, which were ordinarily processed and approved by the competent licensing bodies and they benefit from the legal presumption of legitimacy. The Company estimates the likelihood of loss on those proceedings as possible, however, the amount of a possible loss resulting from a possible Interruption of these operations or compensatory measures to prevent the suspension of their environmental licenses cannot be reliably estimated. c) Judicial deposits December 31, 2020 December 31, 2019 Tax litigations 988 1,278 Civil litigations 85 86 Labor litigations 177 246 Environmental litigations 18 41 Brumadinho event (note 23) — 1,482 Total 1,268 3,133 d) Guarantees contracted for legal proceedings In addition to the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted US$2.2 billion (R$11.3 billion) in guarantees for its lawsuits, as an alternative to judicial deposits. e) Contingent Assets (e.i) Compulsory Loan In 2015, the Company requested for the enforcement of the judicial decision 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 recognized by Eletrobrás as due and such requirement was granted by the court. In August 2020, the Company received US$55 (R$301 million) and the remaining amount is still under evaluation and, therefore, the contingent asset was not recognized in the Company's financial statements. (e.ii) ICMS included in PIS and COFINS computation tax base Vale has been discussing the issue regarding the exclusion of ICMS in PIS and COFINS tax basis in two judicial proceedings. In one of the proceedings, the Company has obtained a definitive favorable decision (res judicata) in relation to taxable events from March 2012 onwards, therefore the Company recognized a gain of US$60 (R$313 million) in the income statement for the year ended December 31, 2020, which was calculated based on the ICMS collected during the period in which Vale was supported by a definitive favorable decision. Since there is a leading case in the Supreme Court discussing this subject, the Company may recognize an additional gain of US$14 (R$72 million) (historical amount), if prevails the thesis that the ICMS credit should be the amount stated in the invoices. The other lawsuit, estimated at an amount of US$66 (R$343 million) (historical amount) and related to taxable events from December 2001 to February 2012, has a favorable decision, but a final decision has not been issued. Therefore, the Company did not recognize this contingent asset as at December 31, 2020. (e.iii) Arbitration related to Simandou In 2010, the Company acquired a 51% interest in BSG Resources Limited G ("BSGR"), which held concession rights and permits for iron ore exploration in the Republic of Guinea. In 2014, the Republic of Guinea revoked these concessions based on evidence 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 the Company's part. The arbitral tribunal in London ruled in the Company’s favor and ordered BSGR to pay to the Company the amount of approximately US$2 billion (with interest and costs). BSGR went into administration in March 2018, and the Company 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. The Company 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. (e.iv) Tax Litigation in Canada Vale Canada Limited ("VCL") and the Canadian tax agency, affiliated with the Canadian Department of Justice, have signed an agreement on a tax dispute related to the tax treatment of receipts and expenses incurred by the VCL in merger and acquisition transactions that occurred in 2006. In 2019, the Company recognized an asset in the amount of US$162 (CAD221 million), which corresponded to the amount due from the income tax refund, including estimated interest. In 2020, the Company recognized an additional amount of US$15 (CAD21 million) related to interest. The total amount has been paid in full to the company. Accounting policy A provision is recognized when it is considered probable that an outflow of resources will be required to settle the obligation and can be reliably estimated. The liability is accounted against an expense in the income statement. This obligation is updated based on the developments of the judicial process or interest accretion and can be reversed if the expectation of loss is not considered probable due to changes in circumstances or when the obligation is settled. Critical accounting estimates and judgments 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, 2020
Employee benefits
Employee benefits	27. 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, 2020 and 2019. 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, 2020 and 2019 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, 2020 and 2019. 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, 2020 and 2019. 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, 2020 and 2019. 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, 2018 3,577 3,929 1,280 Service costs 6 55 10 Interest costs 305 153 59 Benefits paid (433) (249) (62) 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 Service costs 7 53 18 Interest costs 222 134 64 Benefits paid (368) (248) (53) Effect of changes in the actuarial assumptions 118 271 243 Translation adjustment (880) 1 (44) Benefit obligation as at December 31, 2020 3,105 4,632 1,733 ii. Evolution of assets fair value Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2018 4,737 3,273 — Interest income 416 123 — Employer contributions 27 56 62 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 — Interest income 298 109 — Employer contributions (39) 54 53 Participant contributions — — — Benefits paid (368) (248) (53) Return on plan assets (excluding interest income) (114) 305 — Translation adjustment (1,112) 46 — Fair value of plan assets as at December 31, 2020 3,969 3,992 — iii. Reconciliation of assets and liabilities recognized in the statement of financial position Plans in Brazil December 31, 2020 December 31, 2019 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,298 — — 1,220 — — Interest income 74 — — 110 — — Changes on asset ceiling (278) — — 59 — — Translation adjustment 1,172 — — (91) — — Balance at end of the year 2,266 — — 1,298 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,105) (317) (465) (4,006) (412) (303) Fair value of assets 3,969 109 — 5,304 163 — Effect of the asset ceiling (864) — — (1,298) — — Liabilities — (208) (465) — (249) (303) Current liabilities — (32) (49) — (7) (20) Non-current liabilities — (176) (416) — (242) (283) Liabilities — (208) (465) — (249) (303) Foreign plan December 31, 2020 December 31, 2019 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 — (4,315) (1,268) — (4,009) (1,202) Fair value of assets — 3,883 — — 3,563 — Liabilities — (432) (1,268) — (446) (1,202) Current liabilities — (7) (47) — (6) (46) Non-current liabilities — (425) (1,221) — (440) (1,156) Liabilities — (432) (1,268) — (446) (1,202) Total December 31, 2020 December 31, 2019 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,298. — — 1,220 — — Interest income 74 — — 110 — — Changes on asset ceiling (278) — — 59 — — Translation adjustment 1,172 — — (91) — — Balance at end of the year 2,266 — — 1,298 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,105) (4,632) (1,733) (4,006) (4,421) (1,504) Fair value of assets 3,969 3,991 — 5,304 3,726 — Effect of the asset ceiling (864) — — (1,298) — — Liabilities — (641) (1,733) — (695) (1,504) Current liabilities — (47) (96) — (13) (76) Non-current liabilities — (594) (1,637) — (682) (1,428) Liabilities — (641) (1,733) — (695) (1,504) iv. Costs recognized in the income statement Year ended December 31, 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 52 18 7 55 10 5 101 36 Interest on expense on liabilities 222 134 64 317 153 57 282 158 59 Interest income on plan assets (297) (107) — (432) (123) — (406) (127) — Interest expense on effect of (asset ceiling)/ onerous liability 74 — — 114 — — 124 — — Total of cost, net 6 79 82 6 85 67 5 132 95 v. Costs recognized in the statement of comprehensive income Year ended December 31, 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 (173) (459) (238) (166) (468) (128) (163) (496) (189) Effect of changes actuarial assumptions (118) (271) (243) (718) (373) (176) (679) 172 32 Return on plan assets (excluding interest income) (114) 305 — 757 385 — 479 (144) — Change of asset ceiling 278 — — (60) — — 172 — — Others — 9 11 — — — (1) — (1) 46 43 (232) (21) 12 (176) (29) 28 31 Deferred income tax (15) (12) 82 7 (5) 63 10 (7) (8) Others comprehensive income 31 31 (150) (14) 7 (113) (19) 21 23 Translation adjustments 41 28 25 7 2 3 23 11 10 Transfers/ disposal / others — — — — — — (7) (4) 28 Accumulated other comprehensive income (101) (400) (363) (173) (459) (238) (166) (468) (128) 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, 2020 December 31, 2019 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Discount rate to determine benefit obligation 6.62% - 7.18 % 6.50 % 6.16% - 7.17 % 6.99% - 7.32% 7.10 % 6.99% - 7.39% Nominal average rate to determine expense/ income 6.62% - 7.18 % 6.50 % N/A 6.99% - 7.32% 7.10 % N/A Nominal average rate of salary increase 3.80 % 6.00 % N/A 6.00 % N/A Nominal average rate of benefit increase 3.80 % 6.00 % N/A 6.00 % N/A Immediate health care cost trend rate N/A N/A 6.35% - 6.91 % N/A N/A Ultimate health care cost trend rate N/A N/A 6.35% - 6.91 % N/A N/A Nominal average rate of price inflation 3.31% - 3.80 % 3.50 % 3.25% - 3.80 % 4.00 % Foreign December 31, 2020 December 31, 2019 Underfunded Underfunded pension plans Other benefits pension plans Other benefits Discount rate to determine benefit obligation 2.43 % 2.62 % 2.96 % 3.04 % Nominal average rate to determine expense/ income 3.04 % 3.04 % 3.57 % 3.66 % Nominal average rate of salary increase 3.21 % N/A 3.17 % N/A Nominal average rate of benefit increase 3.00 % N/A 3.00 % N/A Immediate health care cost trend rate N/A 5.35 % N/A 5.58 % Ultimate health care cost trend rate N/A 4.56 % N/A 4.55 % Nominal average rate of price inflation 2.08 % 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, 2020 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate-1% increase Effect on actuarial liability balance 2,838 4,064 1,509 Assumptions made 7.62 % 4.20 % 4.64 % Nominal discount rate-1% reduction Effect on actuarial liability balance 3,424 5,295 2,016 Assumptions made 5.62 % 2.20 % 2.64 % viii. Assets of pension plans Brazilian plan assets as at December 31, 2020 and 2019 includes respectively (i) investments in a portfolio of Vale’s stock and other instruments in the amount of US$20 and US$27, which are presented as “Investments funds–Equity” and (ii) Brazilian Federal Government securities in the amount of US$3,612 and US$4,523, which are presented as “Debt securities governments” and “Investments funds–Fixed” Foreign plan assets as at December 31, 2020 and 2019 includes Canadian Government securities in the amount of US$688 and US$633, respectively. ix. Overfunded pension plans Assets by category are as follows: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities-Corporate — 42 — 42 — 48 — 48 Debt securities-Government 1,840 — — 1,840 2,716 — — 2,716 Investments funds-Fixed Income 2,242 — — 2,242 2,668 — — 2,668 Investments funds-Equity 396 — — 396 556 — — 556 International investments 32 — — 32 28 — — 28 Structured investments-Private Equity funds — — 126 126 — — 157 157 Structured investments-Real estate funds 124 — 5 129 160 — 17 177 Real estate — — 255 255 — — 323 323 Loans to participants — — 105 105 — — 141 141 Total 4,633 42 491 5,166 6,128 48 638 6,814 Funds not related to risk plans (i) (1,197) (1,510) Fair value of plan assets at end of year 3,969 5,304 (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: December 31, 2020 Private equity funds Real estate funds Real estate Loans to participants Total 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 Return on plan assets 18 (8) 9 19 38 Assets purchases 1 1 10 117 129 Assets sold during the year (15) — (14) (141) (170) Translation adjustment (35) (4) (72) (32) (143) Balance as at December 31, 2020 126 5 255 104 491 x. Underfunded pension plans Assets by category are as follows: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents — 102 — 102 — 56 — 56 Equity securities 1,565 — — 1,565 1,409 2 — 1,411 Debt securities-Corporate — 519 — 519 — 507 — 507 Debt securities-Government 132 690 — 822 156 634 — 790 Investments funds-Fixed Income 36 158 — 194 49 339 — 388 Investments funds-Equity 1 350 — 351 2 135 — 137 Structured investments - Private Equity funds — — 250 250 — — 212 212 Real estate — — 5 5 — — 55 55 Loans to participants — — 2 2 — — 3 3 Others — — 179 179 2 — 165 167 Total 1,735 1,819 437 3,991 1,618 1,673 435 3,726 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, 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 Return on plan assets 1 (1) — — — Assets purchases 20 — — — 20 Assets sold during the year (33) — — — (33) Translation adjustment 50 (49) (1) 15 15 Balance as at December 31, 2020 250 5 2 180 437 xi. Disbursement of future cash flow Vale expects to disburse US$57 in 2021 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, 2020 Overfunded pension plans Underfunded pension plans Other benefits 2021 215 239 17 2022 220 237 18 2023 224 238 19 2024 227 239 20 2025 230 238 21 2026 and thereafter 1,177 1,175 119 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$353, US$289 and US$503 for the years ended on December 31, 2020, 2019 and 2018, 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 based on indicators of total return to the shareholders (“TSR”) and Environmental, Social, and Governance ("ESG"). It is comprised by 80% of TSR metrics and 20% of ESG indicators. 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, 2020, 2019 and 2018 the Company recognized in the income statement the amounts of US$71, US$39 and US$95, 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 into 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 several 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, 2020
Stockholders' equity
Stockholders' equity	28. Stockholders’ equity a) Share capital As at December 31, 2020, the share capital was US$61,614 corresponding to 5,284,474,782 shares issued and fully paid without par value. 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. December 31, 2020 Common shares Golden shares Total Stockholders Shareholders with more than 5% of total capital 1,940,863,859 — 1,940,863,859 Litela 519,733,209 — 519,733,209 Capital World Investors 298,099,389 — 298,099,389 Bradespar 293,907,266 — 293,907,266 Mitsui&co 286,347,055 — 286,347,055 Blackrock, Inc 272,614,219 — 272,614,219 Capital Research Global Investors 270,162,721 — 270,162,721 Non-Brazilian investors 1,887,304,559 — 1,887,304,559 Brazilian investors 1,301,742,524 — 1,301,742,524 Golden shares — 12 12 Total outstanding (without shares in treasury) 5,129,910,942 12 5,129,910,954 Shares in treasury 154,563,828 — 154,563,828 Total capital 5,284,474,770 12 5,284,474,782 The Company used 1,628,485 from its treasury shares (2019:2,024,059) for the share-based payment program of its executives (Matching program), in the amount of US$14 (2019:US$22) recognized as "Treasury shares utilized in the year" in the Statement of Changes in Equity for the year ended December 31, 2020. The Company holds shares in treasury for future sale, cancellation or for the Matching program. 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. b) Company’s remuneration policy On July 29, 2020, the Board of Directors approved the resumption of the stockholders´ remuneration policy, which was suspended as a result of the Brumadinho dam failure. This policy set a semi-annual payment that is calculated by applying 30% of Adjusted EBITDA less sustaining capital expenditures, subject to availability of profit reserves as required by the Brazilian corporate law. In addition, the Board of Directors approved the payment of dividends in the amount of US$3,350 (R$18,637 million) on September 30, 2020. Of that amount, US$2,191 (R$12,350 million), equivalent to R$2.407510720 per share, is the remuneration for the first half of 2020, in connection with the Company’s remuneration policy. This amount was paid from the Company’s profit reserves as presented below in “Profit Reserves”. The remaining amount of US$1,159 (R$6,287 million) relates to the interest on stockholder’s equity declared in December 2019, corresponding to the gross amount of US$1,324 (R$7,253 million), equivalent to R$1.414364369 per share. The income tax in amount of US$165 was paid in 2019. c) Profit distribution Net income of the year 4,881 Appropriation to legal reserve (251) Appropriation to tax incentive reserve (2) Net income after appropriations to legal reserve and tax incentive reserve 4,628 Minimum mandatory remuneration 1,152 Additional Stockholders’ remuneration (i) 2,820 Appropriation to investments reserve 656 (i) Interim dividends calculated based on the September 30, 2020 balance sheet. (c.i) Stockholder's remuneration On February 25, 2021 (subsequent event), based on the Company's dividends policy, the Board of Directors approved the stockholder's remuneration in the amount of US$3,972 (R$21,866 million), equivalent to R$4.262386983 per share, to be paid on March 15, 2021, of which US$779 (R$4,288 million) will be in the form of interest on stockholders' equity and US$3,193 (R$17,578 million) in the form of dividends. Of the total amount, US$1,152 (R$6,342 million) represents the minimum mandatory remuneration for 2020 year end, based on the Company's by-laws, which determines 25% of net income, after appropriations to legal reserve and tax incentive reserve, as the minimum remuneration to stockholders. This amount is recorded as a liability under “Dividends payable” as at December 31, 2020. The remaining amount of US$2,820 (R$15,524 million) was approved as an additional remuneration to the Company’s stockholders and is presented in Equity as “additional remuneration reserve” as at December 31, 2020. (c.ii) Profit reserves Tax incentive Investments Additional Total of profit Legal reserve reserve reserve remuneration reserve reserves 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 Allocation of income 251 2 656 2,820 3,729 Dividends and interest on capital of Vale's stockholders — — (2,329) — (2,329) Translation adjustment (365) (191) (1,059) 167 (1,448) Balance as at December 31, 2020 1,542 659 1,854 2,987 7,042 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 can be retained based on the capital investments budget submitted for approval in the Stockholder’s Meeting, pursuant to article 196 of the Law 6,404. Additional remuneration reserve -Results from the remuneration proposed by Management that exceeds the mandatory minimum remuneration of 25% of the adjusted net income. 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, 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) Other comprehensive income (88) 101 — — 13 Translation adjustment 92 162 — — 254 Acquisitions and disposal of noncontrolling interest — — — (213) (213) Balance as at December 31, 2020 (865) 139 (490) (840) (2,056) e) Shareholders Agreement 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 Company class “A” preferred shares into common shares; (ii) amendment of Vale’s by-laws, to adjust to Novo Mercado rules; and (iii) the merger of Valepar S.A. into Vale. 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, with no provision for renewal, in order to provide stability to the Company and adjust its corporate governance structure during the transition period to become a dispersed capital company. The Vale Agreement expired on November 10, 2020, therefore, the votes, belonging to the shareholders who signed the Vale Agreement are no longer bound by an agreement. Accounting policy Share capital and treasury 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. 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, 2020
Related parties
Related parties	29. 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. a) Transactions with related parties Year ended December 31, Joint Ventures Associates Major stockholders Total Net operating revenue 372 240 185 797 Cost and operating expenses (951) (25) — (976) Financial result 27 2 (49) (20) Year ended December 31, 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, 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) — 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 variable lease payments of the pelletizing plants and the logistics costs for using the Nacala Logistic Corridor. b) Outstanding balances with related parties December 31, 2020 December 31, 2019 Joint Major Joint Major Ventures Associates stockholders (iii) Total Ventures Associates stockholders (iii) Total Assets Cash and cash equivalents — — 2,082 2,082 — — 1,384 1,384 Accounts receivable 109 45 2 156 91 22 5 118 Dividends receivable 19 — — 19 83 6 — 89 Loans (i) 1,118 — — 1,118 1,919 — — 1,919 Derivatives financial instruments — — 2 2 — — 42 42 Other assets 68 2 — 70 65 — — 65 Liabilities Supplier and contractors 121 10 35 166 302 28 37 367 Loans (ii) — 1,433 944 2,377 — 1,367 1,688 3,055 Derivatives financial instruments — — 242 242 — — 64 64 Other liabilities 235 — — 235 569 — — 569 (i) Refers to the loan with Nacala BV., which carries interest at the average rate of 8.2% p.a. and maturity at 2034. In 2020, the Company recognized an impairment of this receivable in the amount of US$798 (note18). (ii) Mainly relates to Vale Moçambique's loan payable to an entity controlled by one of its non-controlling shareholders, which carries interest at 5.83% p.a. and maturity at 2034. (iii) Refers to regular financial instruments with large financial institutions of which the stockholders were part of the controlling “shareholders’ agreement”, which has expired on November 10, 2020 (note 28(e)). c) The key management personnel remuneration Year ended December 31, Short‐term benefits Wages 9 8 8 Direct and indirect benefits 16 11 11 Profit sharing program (“PLR”) 8 1 10 33 20 29 Long‐term benefits Shares based — — 3 Severance 7 4 20 40 24 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, 2020
Commitments
Commitments	30. Commitments a) Contractual obligations Mainly relates to agreements for the acquisition of fuel, energy and the acquisition of raw materials and services. The required and non-cancelable minimum payments related to contractual obligations as at December 31, 2020 are as follows: December 31, 2020 December 31, 2019 Purchase obligations 6,991 5,510 Purchase energy 2,945 3,567 Total minimum payments required 9,936 9,077 b) Financial guarantees provided As at December 31, 2020 and 2019, corporate financial guarantees provided by the Company (within the limit of its direct or indirect interest) for certain associates and joint ventures were US$1,557 and US$1,655, respectively. The fair value of this financial guarantees in December 31, 2020 and 2019 totaled US$877 and US$525, respectively, and is recorded in the balance sheet as “Others non-current liabilities”.

Basis of preparation of the f_2

Basis of preparation of the financial statements (Policies)	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
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 functional 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
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, based on the position of its internal and external legal advisors, 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”.
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. 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 investment in joint ventures includes the goodwill identified in the acquisition, net of any impairment loss. The Company 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. 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. 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 “Acquisitions and disposal of 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.
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.
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 deposit. 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	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 Company does not 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 are recognized as an expense on a straight-line basis over the lease term. 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. Lease liabilities are presented in note 22.
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.
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 (hedge accounting). 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.
Financial instruments classification	Classification and measurement- 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. 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 hierarchy- The Company classifies financial instruments within the fair value hierarchy as: Level 1: The fair value of financial instruments traded in active markets (e.g. derivatives and publicly traded shares) is based on quoted market prices at the end of the financial statements period. Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data. If all significant data required for the fair value of an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of derivatives classified as level 3 is estimated using discounted cash flows and option valuation models with unobservable inputs of discount rates, stock prices and commodity prices.
Participative stockholders' debentures	The participative stockholders' debentures are measured at fair value through profit or loss based on the market approach. To calculate the fair value of the liabilities, the Company uses the weighted average price of the secondary market trades in the last month of the quarter.
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. The Company contracts derivatives to protect its exposure to changes in debt cash flows, changing the average cost of debts that have hedge derivatives contracted. 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 9%. 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, 2020 and 2019.
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 into 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	Share capital and treasury 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. 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, 2020
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 US Dollar ("US$") 5.1967 4.0307 3.8748 5.1578 3.9461 3.6558 Canadian dollar ("CAD") 4.0771 3.1034 2.8451 3.8480 2.9746 2.8190 Euro ("EUR" or "€") 6.3779 4.5305 4.4390 5.8989 4.4159 4.3094

Information by business segme_2

Information by business segment and by geographic area (Tables)	12 Months Ended
	Dec. 31, 2020
Information by business segment and by geographic area
Schedule of adjusted EBITDA	Year ended December 31, 2020 Sales, Dividends Cost of goods administrative received and sold and and other Pre operating interest from Net operating services operating Research and and operational associates and Adjusted revenue rendered expenses evaluation stoppage joint ventures EBITDA Ferrous minerals Iron ore 27,285 (8,171) (187) (127) (534) 23 18,289 Iron ore pellets 4,242 (1,661) 11 (5) (77) 116 2,626 Ferroalloys and manganese 225 (179) — (2) (29) — 15 Other ferrous products and services 326 (254) 3 (2) — 2 75 32,078 (10,265) (173) (136) (640) 141 21,005 Base metals Nickel and other products 4,995 (3,216) (25) (49) (29) — 1,676 Copper 2,175 (794) (7) (68) (1) — 1,305 7,170 (4,010) (32) (117) (30) — 2,981 Coal 473 (1,456) (15) (28) — 95 (931) Brumadinho event — — (5,257) — — — (5,257) COVID-19 — — (109) — — — (109) Others 297 (328) (928) (162) (12) 32 (1,101) Total 40,018 (16,059) (6,514) (443) (682) 268 16,588 Year ended December 31, 2019 Sales, Dividends Cost of goods administrative received and sold and and other Pre operating interest from Net operating services operating Research and and operational associates and Adjusted revenue rendered expenses evaluation stoppage joint 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 Sales, Dividends Cost of goods administrative received and sold and and other Pre operating interest from Net operating services operating Research and and operational associates and Adjusted revenue rendered expenses evaluation stoppage joint 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 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, Net income (loss) attributable to Vale's stockholders 4,881 (1,683) 6,952 Net income (loss) attributable to noncontrolling interests (350) (497) 36 Net income (loss) 4,531 (2,180) 6,988 Depreciation, depletion and amortization 3,234 3,726 3,351 Income taxes 438 (595) (172) Financial results 4,811 3,413 4,957 Equity results and other results in associates and joint ventures 1,063 681 182 Dividends received and interest from associates and joint ventures (i) 268 466 388 Impairment and disposal of non-current assets 2,243 5,074 899 Adjusted EBITDA 16,588 10,585 16,593 Year ended December 31, Loss (92) Income taxes (40) Financial results 5 Impairment of non-current assets 124 Adjusted EBITDA (3)
Asset by segment	December 31, 2020 December 31, 2019 Investments in Property, plant Investments in Property, plant Product associates and and equipment Product associates and and equipment inventory joint ventures and intangibles (i) inventory joint ventures and intangibles (i) Ferrous minerals 2,017 1,154 29,436 1,955 1,729 33,528 Base metals 1,231 18 19,549 1,354 14 19,893 Coal 25 — — 60 — — Others — 859 1,459 2 1,055 1,654 Total 3,273 2,031 50,444 3,371 2,798 55,075 Year ended December 31, 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 2,134 258 1,768 1,685 385 2,063 1,569 823 1,672 Base metals 1,566 239 1,397 1,225 151 1,351 1,189 34 1,351 Coal 203 — 19 240 — 237 132 24 252 Others 5 25 50 10 8 75 6 7 76 Total 3,908 522 3,234 3,160 544 3,726 2,896 888 3,351 (i) Goodwill is allocated to ferrous minerals and base metals segments in the amount of US$1,373 and US1,926 in December 31, 2020 and US$1,770 and US$1,859 in December 31, 2019, respectively. (ii) Cash outflows.
Assets and net operating revenue by geographic area	December 31, 2020 December 31, 2019 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 1,760 7,341 23,364 32,465 2,498 6,496 29,134 38,128 Canada — 1,951 11,798 13,749 — 2,000 10,733 12,733 Americas, except Brazil and Canada 234 — 5 239 242 — — 242 Europe — — 894 894 — 2 900 902 Indonesia — 2 2,729 2,731 — 1 2,761 2,762 Asia, except Indonesia and China 20 — 951 971 39 — 985 1,024 China 17 2 19 38 19 — 10 29 New Caledonia — — — — — — 604 604 Oman — — 1,388 1,388 — — 1,449 1,449 Total 2,031 9,296 41,148 52,475 2,798 8,499 46,576 57,873 Year ended December 31, 2020 Ferrous minerals Base metals Coal Others Total Americas, except United States and Brazil 334 286 — — 620 United States of America 244 797 — — 1,041 Germany 357 1,309 — — 1,666 Europe, except Germany 1,214 2,356 101 — 3,671 Middle East, Africa and Oceania 1,418 17 68 — 1,503 Japan 1,793 400 20 — 2,213 China 22,202 922 16 — 23,140 Asia, except Japan and China 2,068 931 257 — 3,256 Brazil 2,448 152 11 297 2,908 Net operating revenue 32,078 7,170 473 297 40,018 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
Summary of sensitivity of the Company's risk on final settlement of its provisionally priced accounts receivables	December 31, 2020 Thousand Provisional price Effect metric tons (US$/tonne) Change on Revenue Iron ore 27,169 150.6 +/-10 % +/- 409 Iron ore pellets 418 181.9 +/-10 % +/- 8 Copper 89 9,723.4 +/-10 % +/- 86

Costs and expenses by nature (T

Costs and expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2020
Costs and expenses by nature
Schedule of cost of goods sold and services rendered	Year ended December 31, Personnel 1,676 2,009 2,278 Materials and services 3,345 3,873 3,957 Fuel oil and gas 949 1,392 1,538 Maintenance 2,725 2,797 2,807 Royalties 846 802 746 Energy 703 858 906 Ores acquired from third parties 946 608 513 Depreciation, depletion and amortization 2,980 3,399 3,207 Freight 3,439 4,023 4,306 Others 1,430 1,426 1,851 Total 19,039 21,187 22,109 Cost of goods sold 18,457 20,498 21,526 Cost of services rendered 582 689 583 Total 19,039 21,187 22,109
Schedule of selling and administrative expenses	Year ended December 31, Selling 88 92 95 Personnel 224 181 212 Services 114 85 92 Depreciation and amortization 49 56 62 Advertisement 17 7 20 Others 62 66 42 Total 554 487 523
Schedule of other operating expenses (income), net	Year ended December 31, Asset retirement obligations 312 92 5 Provision for litigations (i) 73 291 185 Profit sharing program 115 89 187 COVID-19 expenses 109 — — Disposals of materials and inventories 25 47 32 Others (ii) 118 (14) 36 Total 752 505 445 (i) In 2019, 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. (ii) In 2020, includes expenses in the amount of US$128 related to early termination or amendment of contracts of all converted vessels engaged in cargo transportation. In 2019, includes the reversal of the amount provided for the legal proceedings related to the Rede Ferroviária Federal S.A lawsuit.

Financial result (Tables)

Financial result (Tables)	12 Months Ended
	Dec. 31, 2020
Financial result
Schedule of financial result	Year ended December 31, Financial income Short-term investments 129 247 177 Others (i) 246 280 246 375 527 423 Financial expenses Loans and borrowings gross interest (819) (989) (1,185) Capitalized loans and borrowing costs 70 140 194 Participative stockholders' debentures (1,565) (1,475) (550) Interest on REFIS (55) (154) (197) Interest on lease liabilities (70) (76) — Financial guarantees (468) (353) 23 Expenses with cash tender offer repurchased — (265) (273) Others (376) (574) (326) (3,283) (3,746) (2,314) Other financial items, net Net foreign exchange gains (losses) (523) 39 (2,247) Derivative financial instruments (note 19) (1,210) 244 (266) Indexation losses, net (170) (477) (553) (1,903) (194) (3,066) Total (4,811) (3,413) (4,957) (i) In 2020, includes amounts related to Eletrobrás' contingent assets in the amount of US$59, see note 26.

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income taxes
Schedule of deferred income tax assets and liabilities	December 31, 2020 December 31, 2019 Taxes losses carryforward 4,328 4,659 Temporary differences: Employee post retirement obligations 744 840 Provision for litigation 356 443 Timing differences arising on assets and liabilities 4,331 3,246 Fair value of financial instruments 1,355 864 Allocated goodwill (2,623) (2,640) Goodwill amortization (442) (478) Others 516 401 4,237 2,676 Total 8,565 7,335 Assets 10,335 9,217 Liabilities (1,770) (1,882) 8,565 7,335
Schedule of changes in deferred tax	Assets Liabilities Deferred taxes, net 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 Taxes losses carryforward 374 — 374 Timing differences arising on assets and liabilities 1,690 — 1,690 Fair value of financial instruments 756 — 756 Allocated goodwill — (108) 108 Others 32 — 32 Effect in income statement 2,852 (108) 2,960 Transfers between asset and liabilities 38 38 — Translation adjustment (1,811) (37) (1,774) Other comprehensive income 39 (5) 44 Balance at December 31, 2020 10,335 1,770 8,565 (i) Refers to the acquisition of New Steel and Ferrous Resources Limited (note 15).
Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law	Year ended December 31, Income (loss) before income taxes 4,969 (2,775) 6,816 Income taxes at statutory rate‐34% (1,689) 944 (2,317) Adjustments that affect the basis of taxes: Income tax benefit from interest on stockholders' equity 316 601 873 Tax incentives 211 189 576 Equity results (41) 77 104 Addition (reversal) of tax loss carryforward (i) 769 25 1,510 Unrecognized tax losses of the year (217) (1,059) (458) Others 213 (182) (116) Income taxes (438) 595 172 (i) Mainly refers to the effect of monetary exchange variation on tax losses carryforward from foreign subsidiaries.

Basic and diluted earnings (l_2

Basic and diluted earnings (loss) per share (Tables)	12 Months Ended
	Dec. 31, 2020
Basic and diluted earnings (loss) per share
Schedule of basic and diluted earnings (loss) per share	Year ended December 31, Net income (loss) attributable to Vale's stockholders: Net income (loss) from continuing operations 4,881 (1,683) 6,952 Loss from discontinued operations — — (92) Net income (loss) 4,881 (1,683) 6,860 Thousands of shares Weighted average number of shares outstanding-common shares 5,129,585 5,127,950 5,178,024 Basic and diluted earnings (loss) per share from continuing operations: Common share (US$) 0.95 (0.33) 1.34 Basic and diluted loss per share from discontinued operations: Common share (US$) — — (0.02) Basic and diluted earnings (loss) per share: Common share (US$) 0.95 (0.33) 1.32

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Accounts receivable
Schedule of accounts receivable	December 31, 2020 December 31, 2019 Accounts receivable 5,043 2,592 Expected credit loss (50) (63) 4,993 2,529 Revenue related to the steel sector-% 87.25 % 87.33 %
Schedule of impairment of accounts receivables recorded in income statement	Year ended December 31, Impairment of accounts receivable recorded in the income statement 5 (1) (7)

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventories
Schedule of inventories	December 31, 2020 December 31, 2019 Finished products 2,626 2,604 Work in progress 647 767 Consumable inventory 788 903 Total 4,061 4,274
Schedule of reversal (provision) for net realizable value	Year ended December 31, Reversal (provision) for net realizable value 3 24 (4)

Recoverable taxes (Tables)

Recoverable taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Recoverable taxes
Schedule of recoverable taxes	December 31, 2020 December 31, 2019 Value-added tax (net of provision for loss) 433 484 Brazilian federal contributions 593 659 Prepaid income taxes 561 967 Others 13 16 Total 1,600 2,126 Current 509 922 Non-current 1,091 1,204 Total 1,600 2,126

Other financial assets and li_2

Other financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other financial assets and liabilities
Schedule of other financial assets and liabilities	Current Non-Current December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Other financial assets Restricted cash — — 38 151 Derivative financial instruments (note 19) 134 288 66 184 Investments in equity securities — — 757 726 Related parties-Loans (note 29) 195 319 923 1,600 329 607 1,784 2,661 Other financial liabilities Derivative financial instruments (note 19) 328 94 689 307 Related parties-Loans (note 29) 725 980 943 956 Financial guarantees provided (note 30) — — 877 525 Liabilities related to the concession grant (note 16b) 209 — 2,103 — Advance received 644 330 — — 1,906 1,404 4,612 1,788

Investments in subsidiaries, _2

Investments in subsidiaries, associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Investments in subsidiaries, associates and joint ventures
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, 2020 December 31, 2019 Ferrous minerals Baovale Mineração S.A. 50.00 50.00 20 25 1 4 5 — — 1 Companhia Coreano-Brasileira de Pelotização 50.00 50.00 48 88 8 48 69 34 62 32 Companhia Hispano-Brasileira de Pelotização (i) 50.89 50.89 43 70 11 37 55 27 50 23 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 44 65 10 30 60 23 54 32 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 121 150 8 84 126 32 92 67 MRS Logística S.A. 48.16 46.75 398 496 34 50 72 22 29 27 Samarco Mineração S.A. (note 24) 50.00 50.00 — — — — — — — — VLI S.A. 29.60 29.60 480 812 (22) 1 30 2 9 7 Zhuhai YPM Pellet Co. — — — 23 — — — — — — 1,154 1,729 50 254 417 140 296 189 Base metals Korea Nickel Corp. 25.00 25.00 18 14 — — 1 — — — 18 14 — — 1 — — — Coal Henan Longyu Energy Resources Co., Ltd. — — — — — (2) 16 — — — Nacala Corridor Holding Netherlands B.V. 50.00 50.00 — — — — — — — — — — — (2) 16 — — — Others Aliança Geração de Energia S.A.(i) 55.00 55.00 367 470 28 31 25 24 28 25 Aliança Norte Energia Participações S.A.(i) 51.00 51.00 117 160 (8) 4 15 — — — California Steel Industries, Inc. 50.00 50.00 234 242 (7) 23 77 — 29 31 Companhia Siderúrgica do Pecém 50.00 50.00 — — (131) (69) (243) — — — Mineração Rio do Norte S.A. 40.00 40.00 71 97 (3) 15 2 9 — — Others 70 86 (48) (28) (5) — — — 859 1,055 (169) (24) (129) 33 57 56 Total 2,031 2,798 (119) 228 305 173 353 245 (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.
Schedule of changes in investments in associates and joint ventures	Balance at January 1, 2,798 3,225 Additions and Capitalizations (i) 131 76 Disposals (ii) (250) — Translation adjustment (542) (111) Equity results in income statement (119) 228 Results from sales on equity interest (ii) 106 — Equity results in statement of comprehensive income (2) (4) Fair value adjustment (iii) (10) (163) Dividends declared (128) (326) Transfer to assets held for sale (iii) — (152) Others 47 25 Balance at December 31, 2,031 2,798 (i) In 2020, refers mainly to Companhia Siderúrgica do Pecém's capital increase. (ii) In 2020, refers to the exercise of the call option of VLI's share (note 15). (iii) In 2019, refers to fair value adjustment of the investment in Henan Longyu Energy Resources Co., Ltd., which was reclassified and presented as held for sale (note 15).
Summarized financial information about relevant associates and joint ventures	December 31, 2020 Nacala Aliança Geração Aliança Corridor Holding de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V. (i) VLI S.A. Current assets 138 — 336 346 300 412 524 614 Non-current assets 711 229 344 2,234 258 1,701 4,349 3,737 Total assets 849 229 680 2,581 558 2,113 4,874 4,351 Current liabilities 48 — 63 737 53 389 573 607 Non-current liabilities 134 — 148 2,623 — 898 4,684 2,123 Total liabilities 182 — 211 3,360 53 1,286 5,257 2,729 Stockholders' equity 668 229 469 (779) 504 827 (383) 1,622 Net revenue 186 — 665 1,176 104 640 611 1,011 Net income (loss) 51 (15) (14) (835) 73 70 (87) (59) December 31, 2019 Nacala Aliança Geração Aliança Corridor Holding de Energia Norte Energia CSI CSP (i) Pelletizing (ii) MRS Logística Netherlands B.V.(i) 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 (i) The joint ventures 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 any 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.
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 100.0 % 100.0 % 0.0 % 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 44.3 % 44.3 % 55.7 % Vale Holdings B.V 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 %
Summary of financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material noncontrolling interest	December 31, 2020 Vale PTVI VNC Moçambique S.A. Others Total Current assets 595 2 352 — Non-current assets 1,881 — 168 — Related parties-Stockholders 61 49 29 — Total assets 2,537 51 549 — Current liabilities 162 — 341 — Non-current liabilities 53 — 98 — Related parties-Stockholders — 281 12,185 — Total liabilities 215 281 12,624 — Stockholders' equity 2,322 (230) (12,075) — Equity attributable to noncontrolling interests 1,292 (12) (2,330) 127 (923) Net income (loss) 84 (669) (1,804) — Net income (loss) attributable to noncontrolling interests 35 (33) (348) (3) (350) Dividends paid to noncontrolling interests (i) — — — 14 14 (i) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing 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 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

Acquisitions and divestitures (

Acquisitions and divestitures (Tables)	12 Months Ended
	Dec. 31, 2020
Acquisitions and divestitures
Summary of results for the years and the cash flows of discontinued operations	Income statement Year ended December 31, Discontinued operations Net operating revenue 121 Cost of goods sold and services rendered (120) Operating expenses (4) Impairment of non-current assets (124) Operating loss (127) Financial Results, net (5) Loss before income taxes (132) Income taxes 40 Loss from discontinued operations (92) Loss attributable to noncontrolling interests — Loss attributable to Vale's stockholders (92) Statement of cash flow Year ended December 31, Discontinued operations Net cash used in operating activities (37) Net cash used in investing activities (9) Net cash used in discontinued operations (46)
Ferrous Resources Limited
Acquisitions and divestitures
Summary of fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition	August 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 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 2019 Acquired assets 18 Intangibles (note 16) 1 Other assets 17 Net identifiable assets acquired 18 Fair value adjustment of intangible research and development asset (note 19) 723 Deferred tax liability (245) Total identifiable net assets at fair value 496

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Intangibles
Schedule of changes in intangibles	Research and development Goodwill Concessions Contract right Software project and patents Total 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 18) — (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 Additions — 2,513 — 29 — 2,542 Disposals — (7) (134) — — (141) Amortization — (177) (1) (23) — (201) Translation adjustment (331) (908) (5) (6) (153) (1,403) Balance at December 31, 2020 3,298 5,391 — 76 531 9,296 Cost 3,298 6,393 102 743 531 11,067 Accumulated amortization — (1,002) (102) (667) — (1,771) Balance at December 31, 2020 3,298 5,391 — 76 531 9,296
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, 2020
Property, plant and equipment
Schedule of changes in property, plant and equipment	Building Mineral Railway Right of Constructions and land Facilities Equipment properties equipment use assets Others in progress Total Balance at December 31, 2018 11,587 11,236 6,407 8,499 3,796 — 3,473 3,387 48,385 Effects of IFRS 16 adoption — — — — — 1,801 — — 1,801 Additions (i) — — — — — 152 — 4,297 4,449 Disposals (109) (75) (70) (164) (155) (7) (26) (25) (631) Assets retirement obligation — — — 429 — — — — 429 Depreciation, depletion and amortization (514) (666) (866) (603) (293) (183) (378) — (3,503) Impairment (note 18) (577) (1,113) (708) (600) (336) (55) (456) (353) (4,198) Acquisition of subsidiary (ii) 77 41 46 276 — 2 — 46 488 Translation adjustment (197) (275) (102) 88 (122) (18) (34) 16 (644) Transfers 435 456 979 336 351 — 433 (2,990) — Balance at December 31, 2019 10,702 9,604 5,686 8,261 3,241 1,692 3,012 4,378 46,576 Cost 18,970 17,170 11,756 17,826 4,701 1,875 6,820 4,378 83,496 Accumulated depreciation (8,268) (7,566) (6,070) (9,565) (1,460) (183) (3,808) — (36,920) Balance at December 31, 2019 10,702 9,604 5,686 8,261 3,241 1,692 3,012 4,378 46,576 Additions (i) — — — — — 125 — 4,170 4,295 Disposals (14) (92) (8) (13) (5) — (8) (88) (228) Assets retirement obligation — — — 568 — — — — 568 Depreciation, depletion and amortization (439) (469) (730) (459) (186) (173) (290) — (2,746) Impairment (note 18) (130) (162) (22) (81) — — (79) (168) (642) Transfer to assets held for sale (66) (80) (3) (58) — — (1) (96) (304) Translation adjustment (1,664) (1,756) (644) (523) (759) (81) (392) (552) (6,371) Transfers 202 546 654 359 232 — 253 (2,246) — Balance at December 31, 2020 8,591 7,591 4,933 8,054 2,523 1,563 2,495 5,398 41,148 Cost 15,135 11,690 10,680 17,072 3,853 1,966 5,893 5,398 71,687 Accumulated depreciation (6,544) (4,099) (5,747) (9,018) (1,330) (403) (3,398) — (30,539) Balance at December 31, 2020 8,591 7,591 4,933 8,054 2,523 1,563 2,495 5,398 41,148 (i) Includes capitalized borrowing costs. (ii) Refers mainly to the acquisition of Ferrous (note 15).
Schedule of right-of-use assets and leases	Additions December 31, and contract Translation December 31, modifications Depreciation adjustment Ports 734 50 (40) (26) 718 Vessels 582 — (47) (1) 534 Pellets plants 161 39 (41) (28) 131 Properties 133 32 (29) (24) 112 Energy plants 64 — (7) (1) 56 Mining equipment and locomotives 18 4 (9) (1) 12 Total 1,692 125 (173) (81) 1,563
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, 2020
Impairment and onerous contracts
Schedule of impairment losses recognized	Income statement Impairment Segments by class of assets Base metals–nickel 882 2,511 — Coal 935 1,691 — Other assets 201 119 184 Impairment of non-current assets 2,018 4,321 184 Onerous contracts — 240 393 Disposals of non-current assets 225 513 322 Impairment and disposals of non-current assets 2,243 5,074 899

Financial and capital risk ma_2

Financial and capital risk management (Tables)	12 Months Ended
	Dec. 31, 2020
Ifrs Statement [Line Items]
Schedule for risks, origination and management	Risks Origin of the exhibition Management Market Risk-Exchange Rate Contracts for the sale of ore and financial instruments that are not denominated in US$ Swap and forward operations Market risk-Interest rate Loans and financing indexed to LIBOR Swap operations Market risk-Product and input prices Volatility of commodity and input prices Option contracts Credit Risk Receivables, derivative transactions, guarantees, advances to suppliers and financial investments Portfolio diversification and policies for monitoring counterparty solvency and liquidity indicators Liquidity risk Contractual or assumed obligations Availability of revolving credit lines
Schedule of protection program	Financial settlement Inflows Fair value Notional Fair value (Outflows) Value at Risk by year Flow December 31, 2020 December 31, 2019 Bought / Sold Average strike (US$/bbl) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 2021 + Brent crude oil (bbl) Call options 13,746,945 B — 11 92 Put options 13,746,945 S (12) (3) (68) 1 (12) Gasoil (bbl) Call options — 7,710,750 C — — 7 — — — Put options — 7,710,750 V — — (3) (137) — — Forward Freight Agreement (days) Freight forwards (days) 1,625 1,050 C 11,893 4 — (2) 1 4
Schedule of derivatives effects on statement of financial position	Assets December 31, 2020 December 31, 2019 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap — — 13 — IPCA swap 7 38 82 117 Eurobonds swap — 3 — — Pre-dollar swap — 9 21 8 Forward transactions — — 1 — 7 50 117 125 Commodities price risk Base metals products 30 — 151 9 Gasoil, Brent and freight 97 — 20 — 127 — 171 9 Others — 16 — 50 — 16 — 50 Total 134 66 288 184 Liabilities December 31, 2020 December 31, 2019 Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 111 525 48 80 IPCA swap 72 100 13 37 Eurobonds swap 4 — 6 29 Pre-dollar swap 62 58 8 37 Libor swap 1 6 — — Forward transactions 1 — — — 251 689 75 183 Commodities price risk Base metals products 46 — 4 4 Gasoil, Brent and freight 13 — 8 — 59 — 12 4 Others 18 — 7 120 18 — 7 120 Total 328 689 94 307 December 31, 2020 December 31, 2019 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (636) (115) IPCA swap (127) 149 Eurobonds swap (1) (35) Pre-dollar swap (111) (16) Libor swap (7) — Forward transactions (1) 1 (883) (16) Commodities price risk Base metals products (16) 152 Gasoil, Brent and freight 84 12 68 164 Others (2) (77) (2) (77) Total (817) 71
Schedule of effects of derivatives on income statement and cash flow	Gain (loss) recognized in the income statement Year ended December 31, Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (746) (39) (206) IPCA swap (262) 118 (23) Eurobonds swap 28 (39) (27) Pre-dollar swap (160) 2 (23) Libor swap (7) — — (1,147) 42 (279) Commodities price risk Base metals products 10 58 (25) Gasoil, Brent and freight (134) 42 6 (124) 100 (19) Others 61 102 32 61 102 32 Total (1,210) 244 (266) Financial settlement inflows (outflows) Year ended December 31, Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (141) (381) (135) IPCA swap — (28) 7 Eurobonds swap (6) (5) (3) Pre-dollar swap (49) 8 10 (196) (406) (121) Commodities price risk Base metals products 8 48 8 Gasoil, Brent and freight (206) 2 49 (198) 50 57 68 21 (3) Others Derivatives designated as cash flow hedge accounting Nickel 292 11 — 292 11 — Total (34) (324) (67)
Schedule of effects of derivatives on other comprehensive income	Gain(loss) recognized in the other comprehensive income Year ended December 31, Net investments hedge (2,786) (392) (543) Cash flow hedge (Nickel and Palladium) (104) 150 —
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 (473) (1,048) (1,623) US$ interest rate inside Brazil decrease (473) (494) (517) Brazilian interest rate increase (473) (496) (522) Protected item: R$ denominated liabilities R$ depreciation n.a. — — TJLP vs. US$ fixed rate swap R$ depreciation (163) (285) (408) US$ interest rate inside Brazil decrease (163) (165) (168) Brazilian interest rate increase (163) (173) (182) TJLP interest rate decrease (163) (172) (181) Protected item: R$ denominated debt R$ depreciation n.a. — — R$ fixed rate vs. US$ fixed rate swap R$ depreciation (111) (264) (418) US$ interest rate inside Brazil decrease (111) (113) (115) Brazilian interest rate increase (111) (120) (129) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. US$ fixed rate swap R$ depreciation (173) (343) (512) US$ interest rate inside Brazil decrease (173) (178) (183) Brazilian interest rate increase (173) (189) (204) IPCA index decrease (173) (184) (195) Protected item: R$ denominated debt R$ depreciation n.a. — — IPCA vs. CDI swap Brazilian interest rate increase 45 43 41 IPCA index decrease 45 43 40 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (43) (40) EUR fixed rate vs. US$ fixed rate swap EUR depreciation (1) (173) (346) Euribor increase (1) (2) (3) US$ Libor decrease (1) (2) (2) Protected item: EUR denominated debt EUR depreciation n.a. 173 346 US$ floating rate vs. US$ fixed rate swap US$ Libor decrease (7) (10) (13) Protected item: Libor US$ indexed debt US$ Libor decrease n.a. 10 13 NDF BRL/USD R$ depreciation (1) (39) (77) US$ interest rate inside Brazil decrease (1) (2) (3) Brazilian interest rate increase (1) (7) (13) Protected item: R$ denominated liabilities R$ depreciation n.a. — — Fuel oil protection Options Price input decrease 80 25 (28) Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. (25) 28 Forward Freight Agreement Forwards Freight price decrease 4 (2) (7) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. 2 7 Nickel sales fixed price protection Forwards Nickel price decrease (19) (19) (19) Protected item: Part of nickel revenues with fixed prices Nickel price decrease n.a. 19 19 Palladium Revenue Hedging Program Options Palladium price increase (1) (5) (9) Protected item: Part of palladium future revenues Palladium price increase n.a. 5 9 Option-SPCs SPCs stock value decrease 18 10 2 Instrument Main risks Probable Scenario I Scenario II Embedded derivatives-Raw material purchase (nickel) Nickel price increase 2 (5) (13) Embedded derivatives-Raw material purchase (copper) Copper price increase — (1) (3) Embedded derivatives-Gas purchase Pellet price increase — — (1) Embedded derivatives-Guaranteed minimum return Stock value decrease (19) (84) (270)
Schedule of carrying amount of the financial assets that represent the exposure to credit risk	December 31, 2020 December 31, 2019 Cash and cash equivalents 13,487 7,350 Short-term investments 771 826 Restricted cash 38 151 Judicial deposits (note 26) 1,268 3,133 Derivative financial instruments (note 19) 200 472 Investments in equity securities 757 726 Related parties-Loans (note 29) 1,118 1,919 Total 17,639 14,577
Summary of ratings published by Moody's regarding the main financial institutions	December 31, 2020 December 31, 2019 Cash and cash Cash and cash equivalents equivalents and and investment Derivatives investment Derivatives Aa1 2,210 36 31 — Aa2 363 15 1 11 Aa3 1,681 41 202 46 A1 2,812 21 1,468 — A2 4 20 2,740 138 A3 5 36 109 105 Baa1 4 — 5 — Baa2 1 — 47 — Baa3 — — 1 117 Ba1 2,986 — — — Ba2 4,189 6 835 — Ba3 — — 2,735 — Others 3 25 2 55 14,258 200 8,176 472
Eurobonds with derivative offset
Ifrs Statement [Line Items]
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 Index rate 2023+ CDI vs. US$ fixed rate swap (473) (38) (129) 42 (60) (96) (317) Receivable R$ 9,445 R$ 2,115 CDI 100.09 % Payable US$ 2.213 US$ 558 Fix 2.09 % TJLP vs. US$ fixed rate swap (163) (77) (44) 9 (50) (42) (71) Receivable R$ 1,651 R$ 2,111 TJLP + 1.14 % Payable US$ 460 US$ 601 Fix 3.05 % R$ fixed rate vs. US$ fixed rate swap (111) (18) (48) 11 (63) (51) 3 Receivable R$ 2,512 R$ 2,173 Fix 5.43 % Payable US$ 621 US$ 604 Fix 0.31 % IPCA vs. US$ fixed rate swap (173) 46 (12) 13 (73) (8) (92) Receivable R$ 2,363 R$ 2,826 IPCA + 5.10 % Payable US$ 622 US$ 759 Fix 4.02 % IPCA vs. CDI swap 45 104 44 1 7 38 — Receivable R$ 694 R$ 1,634 IPCA + 6.63 % Payable R$ 550 R$ 1,350 CDI 98.76 % EUR fixed rate vs. US$ fixed rate swap (1) (35) (6) 5 (4) (3) 6 Receivable € 500 € 500 Fix 3.75 % Payable US$ 613 US$ 613 Fix 4.29 % Forward R$ 916 R$ 121 B 5.96 (1) — — 3 (1) — —
Libor floating interest rate US$ denominated debt
Ifrs Statement [Line Items]
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 Index rate 2023+ Libor vs. US$ fixed rate swap (7) — — 1 (1) (1) (4) Receivable US$ 950 — Libor 0.13 % Payable US$ 950 — Fix 0.48 %
Protection programs for base metals raw materials and products - Nickel revenue hedging program
Ifrs Statement [Line Items]
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 Sold (US$/ton) Nickel Revenue Hedging Program (i) Call options 58,620 75,984 S 17,664 (46) (12) — 10 (46) Put options 58,620 75,984 B 15,000 28 162 292 6 28 Total (18) 150 292 16 (18)
Protection programs for base metals raw materials and products - Palladium revenue hedging program
Ifrs Statement [Line Items]
Schedule of protection program	Financial settlement Fair Inflows Value at value Notional (t oz) Fair value (Outflows) Risk by year December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, Flow Sold (US$/t oz) Palladium Revenue Hedging Program Palladium Forwards — — S — — — 3 — — Call Options 7,200 — S 2,347 (1) — — — (1) Put Options 7,200 — B 2,050 — — — — — Total (1) — — — (1)
Embedded derivatives in contracts
Ifrs Statement [Line Items]
Schedule of protection program	Financial settlement Inflows Notional Fair value (Outflows) Value at Risk Fair value December 31, December 31, Bought/ Average December 31, December 31, December 31, December 31, Flow Sold strike 2021+ Warrants da Wheaton Precious Metals Corp. (quantity of warranties) Call options — 10,000,000 B — — 26 25 — — Stock options associated with convertible debentures (quantity) Conversion options — 140,239 S 8,346 — (51) 235 — — Option related to a Special Purpose Entity “SPE” (quantity) Call option 137,751,623 137,751,623 B 2.92 18 24 — 2 18 Embedded derivatives in contracts for the sale of part of its shareholding (quantity) Put option 1,105,070,863 1,105,070,863 S 4.23 (19) (69) — 4 (19) Embedded Derivative in natural gas purchase agreement (volume/month) Call options 746,667 746,667 S 233 — (1) — — — Embedded in raw material purchase contract (ton) Nickel forwards 1,979 1,497 S 15,831 2 2 — 1 2 Copper forwards 976 1,009 S 7,121 — — — — —

Financial assets and liabilit_2

Financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Financial assets and liabilities
Schedule of financial instruments classification based on its recognition	December 31, 2020 December 31, 2019 At fair value At fair value At fair value through Amortized At fair value through profit Financial assets Amortized cost through OCI profit or loss Total cost through OCI or loss Total Current Cash and cash equivalents (note 22) 13,487 — — 13,487 7,350 — — 7,350 Short-term investments (note 22) — — 771 771 — — 826 826 Derivative financial instruments (note 19) — — 134 134 — — 288 288 Accounts receivable (note 10) 4,499 — 494 4,993 2,452 — 77 2,529 Related parties (note 29) 195 — — 195 319 — — 319 18,181 — 1,399 19,580 10,121 — 1,191 11,312 Non-current Judicial deposits (note 26) 1,268 — — 1,268 3,133 — — 3,133 Restricted cash 38 — — 38 151 — — 151 Derivative financial instruments (note 19) — — 66 66 — — 184 184 Investments in equity securities — 757 — 757 — 726 — 726 Related parties (note 29) 923 — — 923 1,600 — — 1,600 2,229 757 66 3,052 4,884 726 184 5,794 Total of financial assets 20,410 757 1,465 22,632 15,005 726 1,375 17,106 Financial liabilities Current Suppliers and contractors 3,367 — — 3,367 4,107 — — 4,107 Derivative financial instruments (note 19) — — 328 328 — — 94 94 Loans, borrowings and leases (note 22) 1,136 — — 1,136 1,439 — — 1,439 Dividends payable 1,220 — — 1,220 1,560 — — 1,560 Liabilities related to the concession grant 209 — — 209 — — — — Related parties (note 29) 725 — — 725 980 — — 980 Other financial liabilities 644 644 330 330 7,301 — 328 7,629 8,416 — 94 8,510 Non-current Derivative financial instruments (note 19) — — 689 689 — — 307 307 Loans, borrowings and leases (note 22) 13,891 — — 13,891 13,408 — — 13,408 Related parties (note 29) 943 — — 943 956 — — 956 Participative stockholders' debentures (note 21) — — 3,413 3,413 — — 2,584 2,584 Liabilities related to the concession grant 2,103 — — 2,103 — — — — Financial guarantees — — 877 877 — — 525 525 16,937 — 4,979 21,916 14,364 — 3,416 17,780 Total of financial liabilities 24,238 — 5,307 29,545 22,780 — 3,510 26,290
Schedule of assets and liabilities measured and recognized at fair value	December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Short-term investments 771 — — 771 826 — — 826 Derivative financial instruments — 182 18 200 — 448 24 472 Accounts receivable — 494 — 494 — 77 — 77 Investments in equity securities 757 — — 757 726 — — 726 Total 1,528 676 18 2,222 1,552 525 24 2,101 Financial liabilities Derivative financial instruments — 998 19 1,017 — 281 120 401 Participative stockholders' debentures — 3,413 — 3,413 — 2,584 — 2,584 Financial guarantees — 877 — 877 — 525 — 525 Total — 5,288 19 5,307 — 3,390 120 3,510
Schedule of changes in Level 3 assets and liabilities	Derivative financial instruments Financial assets Financial liabilities Balance at December 31, 2019 24 120 Gain and losses recognized in income statement — (79) Translation adjustments (6) (22) Balance at December 31, 2020 18 19
Schedule of fair value and carrying amounts of loans and financing	December 31, 2020 December 31, 2019 Carrying amount Fair value Carrying amount Fair value Quoted in the secondary market: Bonds 7,448 10,025 5,948 7,484 Eurobonds 920 985 843 916 Debentures 496 496 995 995 Debt contracts in Brazil in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 860 857 1,332 1,379 R$, with fixed interest 34 35 88 88 Basket of currencies and bonds in US$ indexed to LIBOR 56 56 101 100 Debt contracts in the international market in: US$, with variable and fixed interest 3,225 3,278 3,194 3,280 EUR, with variable interest — — 224 211 Other currencies, with fixed interest 120 134 120 131 Total 13,159 15,866 12,845 14,584

Loans, borrowings, leases, ca_2

Loans, borrowings, leases, cash and cash equivalents and short-term investments (Tables)	12 Months Ended
	Dec. 31, 2020
Loans, borrowings, leases, cash and cash equivalents and short-term investments
Schedule of net debt	December 31, 2020 December 31, 2019 Debt contracts in the international markets 11,890 10,494 Debt contracts in Brazil 1,470 2,562 Total of loans and borrowings 13,360 13,056 (-) Cash and cash equivalents 13,487 7,350 (-) Short-term investments 771 826 Net debt (cash) (898) 4,880 Leasing 1,667 1,791
Schedule of total debt	Average interest Current liabilities Non-current liabilities rate(i) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Quoted in the secondary market: Bonds 6.01 % — — 7,448 5,948 Eurobonds 4.29 % — — 920 843 Debentures 10.48 % 107 374 389 621 Debt contracts in Brazil in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 9.29 % 320 276 540 1,056 R$, with fixed interest 2.86 % 20 43 14 45 Basket of currencies and bonds in US$ indexed to LIBOR 2.31 % 45 44 11 56 Debt contracts in the international market in: US$, with variable and fixed interest 2.24 % 182 260 3,044 2,934 EUR, with variable interest — — — — 225 Other currencies, with fixed interest 3.17 % 12 14 107 106 Accrued charges 201 203 — 8 Total 887 1,214 12,473 11,842 (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2020. (ii) R$ denominated debt that bears interest at IPCA, IGP, CDI, TR or TJLP, plus spread. For a total of US$1,296 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 2.99% per year in US$. Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4.29% per year in US$.
Schedule of future flows of debt payments, principal and interest	Estimated future Principal interest payments (i) 2021 685 637 2022 1,230 610 2023 1,229 581 2024 2,024 527 Between 2025 and 2029 2,175 2,108 2030 onwards 5,816 2,450 Total 13,159 6,913 (i) Based on interest rate curves and foreign exchange rates applicable as at December 31, 2020 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the financial statements.
Schedule of reconciliation of debt to cash flows arising from financing activities	Reconciliation of debt to cash flows arising from financing activities Quoted in the Debt contracts Debt contracts on the secondary market in Brazil international market Total December 31, 2019 7,954 1,535 3,567 13,056 Additions 1,500 - 5,300 6,800 Repayments (243) (294) (5,527) (6,064) Interest paid (556) (60) (139) (755) Cash flow from financing activities 701 (354) (366) (19) Effect of exchange rate (140) (271) (3) (414) Interest accretion 531 49 157 737 Non-cash changes 391 (222) 154 323 December 31, 2020 9,046 959 3,355 13,360
Schedule of lease liabilities	December 31, Additions and contract Translation December 31, 2019 modifications Payments (i) Interest (ii) adjustment 2020 Ports 750 50 (71) 30 (16) 743 Vessels 580 — (72) 25 — 533 Pellets plants 175 39 (36) 4 (45) 137 Properties 152 32 (17) 7 (32) 142 Energy plants 71 — (2) 1 (8) 62 Mining equipment and locomotives 63 4 (21) 3 1 50 Total 1,791 125 (219) 70 (100) 1,667 (i) 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, 2020 and 2019 was US$63 and US$560, respectively. (ii) The interest accretion recognized in the income statement is disclosed in note 6.
Schedule of discount rates	Discount rate Ports 3% to 6 % Vessels 3% to 6 % Pellets plants 3% to 6 % Properties 3% to 7 % Energy plants 4% to 5 % Mining equipment and locomotives 3% to 6 %
Summary of annual minimum payments related	2025 onwards Total Ports 68 62 61 60 801 1,052 Vessels 65 63 62 60 404 654 Pellets plants 36 31 10 10 85 172 Properties 47 27 23 21 39 157 Energy plants 7 7 6 6 59 85 Mining equipment and locomotives 18 16 10 8 16 68 Total 241 206 172 165 1,404 2,188

Brumadinho dam failure (Tables)

Brumadinho dam failure (Tables)	12 Months Ended
	Dec. 31, 2020
Brumadinho dam failure
Summary of changes in provisions to meet its assumed obligations, including de-characterization of the dams	December 31, Impact on the Present value Disbursements Translation December 31, income statement adjustment (i) adjustment Global Settlement for Brumadinho 1,916 3,872 (5) (1,325) (469) 3,989 Provision for individual indemnification and other commitments 1,067 258 10 (504) (245) 586 De-characterization of dams 2,489 617 36 (293) (560) 2,289 Incurred expenses (ii) — 510 — (510) — — 5,472 5,257 41 (2,632) (1,274) 6,864 (i) Disbursements include the release of judicial deposits in the amount of US$1,313 (R$6,900 million), of which US$274 (R$1,500 million) was released in the second quarter of 2020 and US$1,039 (R$5,400 million) will be released as provided in the Global Settlement. In 2019, the Company disbursed US$1,720 (R$6,885 million) in relation to the Brumadinho event. Of the total amount disbursed by the Company in 2019 and 2020, US$1,701 (R$7,777 million) is part of the total economic value of the Global Settlement. (ii) The Company has incurred expenses, which have been recognized straight to the income statement, in relation to communication services, accommodation and humanitarian assistance, equipment, legal services, water, food aid, taxes, among others. In 2019, the Company incurred expenses in the amount of US$730.
Summary of provisions related to dam failure	December 31, 2020 December 31, 2019 Payment obligations (i) 2,343 — Provision for socio-economic reparation and others 860 729 Provision for social and environmental reparation 786 1,187 3,989 1,916 December 31, 2020 December 31, 2019 Current liabilities 1,561 783 Non-current liabilities 2,428 1,133 Liabilities 3,989 1,916 (i) As established in the Global Settlement, US$1,039 (R$5,400 million) in judicial deposits made by Vale in public civil actions due to the Dam I rupture will be released to the State of Minas Gerais to use in water security projects and to develop projects that will be proposed by the affected communities. Therefore, the provision already considers that these judicial deposits settled part of the obligations at December 31, 2020.

Liabilities related to associ_2

Liabilities related to associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Samarco
Liabilities related to associates and joint ventures
Summarized financial information of Samarco	December 31, 2020 December 31, 2019 Current assets 87 34 Non-current assets 4,582 3,940 Total assets 4,669 3,974 Current liabilities 8,370 6,990 Non-current liabilities 6,385 5,527 Total liabilities 14,755 12,517 Negative reserves (10,086) (8,543) Loss for the year ended (1,160) (4,125)
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	Balance at January 1, 1,700 1,121 Provision 1,095 758 Disbursements (394) (315) Present value valuation 64 200 Translation adjustment (391) (64) Balance at December 31, 2,074 1,700 December 31, 2020 December 31, 2019 Current liabilities 876 516 Non-current liabilities 1,198 1,184 Liabilities 2,074 1,700

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2020
Provisions
Schedule of provisions	Current liabilities Non-current liabilities December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Payroll, related charges and other remunerations 877 790 — — Onerous contracts (note 18) 58 57 838 866 Environmental obligations 102 146 200 243 Provision related to VNC sale 500 — — — Asset retirement obligations 99 158 4,121 3,802 Provisions for litigation (note 26) 87 — 1,004 1,462 Employee postretirement obligations (note 27) 103 79 2,271 2,120 Provisions 1,826 1,230 8,434 8,493
Schedule of changes in the provision of asset retirement obligations and long-term interest rates	December 31, 2020 December 31, 2019 Balance at beginning of the year 3,960 3,115 Present value valuation 27 37 Settlements (45) (47) Revisions on cash flows estimates (i) 509 812 Translation adjustment (231) 43 Balance at end of the year 4,220 3,960 Current 99 158 Non-current 4,121 3,802 4,220 3,960 Long-term interest rates (per annum) Brazil 3.54 % 3.36 % Canada 0.00 % 0.40 % Mozambique 5.67 % 5.20 % Other regions 0.0% - 4.73 % 0.60% - 4.78 % (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, 2020
Litigations
Schedule of changes in provision for litigations	Environmental Total of Tax litigation Civil litigation Labor litigation litigation litigation provision 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 Additions and reversals, net 29 26 16 2 73 Payments (23) (30) (59) — (112) Indexation and interest (85) 30 26 1 (28) Translation adjustment (132) (66) (103) (3) (304) Balance at December 31, 2020 485 260 335 11 1,091 Current liabilities 8 15 64 — 87 Non-current liabilities 477 246 271 11 1,004 485 260 335 11 1,091 (i)
Schedule of contingent liabilities	December 31, 2020 December 31, 2019 Tax litigations 6,911 8,040 Civil litigations 1,348 1,518 Labor litigations 563 773 Environmental litigations 907 1,094 Total 9,729 11,425
Schedule of judicial deposits	December 31, 2020 December 31, 2019 Tax litigations 988 1,278 Civil litigations 85 86 Labor litigations 177 246 Environmental litigations 18 41 Brumadinho event (note 23) — 1,482 Total 1,268 3,133

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Employee benefits
Schedule of changes in benefit obligation	Overfunded pension plans Underfunded pension plans Other benefits 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) 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 Service costs 7 53 18 Interest costs 222 134 64 Benefits paid (368) (248) (53) Effect of changes in the actuarial assumptions 118 271 243 Translation adjustment (880) 1 (44) Benefit obligation as at December 31, 2020 3,105 4,632 1,733
Schedule of evolution of assets fair value	Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2018 4,737 3,273 — Interest income 416 123 — Employer contributions 27 56 62 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 — Interest income 298 109 — Employer contributions (39) 54 53 Participant contributions — — — Benefits paid (368) (248) (53) Return on plan assets (excluding interest income) (114) 305 — Translation adjustment (1,112) 46 — Fair value of plan assets as at December 31, 2020 3,969 3,992 —
Summary of reconciliation of net liabilities recognized in the statement of financial position	Plans in Brazil December 31, 2020 December 31, 2019 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,298 — — 1,220 — — Interest income 74 — — 110 — — Changes on asset ceiling (278) — — 59 — — Translation adjustment 1,172 — — (91) — — Balance at end of the year 2,266 — — 1,298 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,105) (317) (465) (4,006) (412) (303) Fair value of assets 3,969 109 — 5,304 163 — Effect of the asset ceiling (864) — — (1,298) — — Liabilities — (208) (465) — (249) (303) Current liabilities — (32) (49) — (7) (20) Non-current liabilities — (176) (416) — (242) (283) Liabilities — (208) (465) — (249) (303) Foreign plan December 31, 2020 December 31, 2019 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 — (4,315) (1,268) — (4,009) (1,202) Fair value of assets — 3,883 — — 3,563 — Liabilities — (432) (1,268) — (446) (1,202) Current liabilities — (7) (47) — (6) (46) Non-current liabilities — (425) (1,221) — (440) (1,156) Liabilities — (432) (1,268) — (446) (1,202) Total December 31, 2020 December 31, 2019 Overfunded Underfunded Other Overfunded Underfunded Other pension plans pension plans benefits pension plans pension plans benefits Balance at beginning of the year 1,298. — — 1,220 — — Interest income 74 — — 110 — — Changes on asset ceiling (278) — — 59 — — Translation adjustment 1,172 — — (91) — — Balance at end of the year 2,266 — — 1,298 — — Amount recognized in the statement of financial position Present value of actuarial liabilities (3,105) (4,632) (1,733) (4,006) (4,421) (1,504) Fair value of assets 3,969 3,991 — 5,304 3,726 — Effect of the asset ceiling (864) — — (1,298) — — Liabilities — (641) (1,733) — (695) (1,504) Current liabilities — (47) (96) — (13) (76) Non-current liabilities — (594) (1,637) — (682) (1,428) Liabilities — (641) (1,733) — (695) (1,504)
Summary of costs recognized in the income statement	Year ended December 31, 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 52 18 7 55 10 5 101 36 Interest on expense on liabilities 222 134 64 317 153 57 282 158 59 Interest income on plan assets (297) (107) — (432) (123) — (406) (127) — Interest expense on effect of (asset ceiling)/ onerous liability 74 — — 114 — — 124 — — Total of cost, net 6 79 82 6 85 67 5 132 95
Summary of costs recognized in the statement of comprehensive income	Year ended December 31, 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 (173) (459) (238) (166) (468) (128) (163) (496) (189) Effect of changes actuarial assumptions (118) (271) (243) (718) (373) (176) (679) 172 32 Return on plan assets (excluding interest income) (114) 305 — 757 385 — 479 (144) — Change of asset ceiling 278 — — (60) — — 172 — — Others — 9 11 — — — (1) — (1) 46 43 (232) (21) 12 (176) (29) 28 31 Deferred income tax (15) (12) 82 7 (5) 63 10 (7) (8) Others comprehensive income 31 31 (150) (14) 7 (113) (19) 21 23 Translation adjustments 41 28 25 7 2 3 23 11 10 Transfers/ disposal / others — — — — — — (7) (4) 28 Accumulated other comprehensive income (101) (400) (363) (173) (459) (238) (166) (468) (128)
Schedule of actuarial and economic assumptions and sensitivity analysis	Brazil December 31, 2020 December 31, 2019 Overfunded Underfunded Overfunded Underfunded pension plans pension plans Other benefits pension plans pension plans Other benefits Discount rate to determine benefit obligation 6.62% - 7.18 % 6.50 % 6.16% - 7.17 % 6.99% - 7.32% 7.10 % 6.99% - 7.39% Nominal average rate to determine expense/ income 6.62% - 7.18 % 6.50 % N/A 6.99% - 7.32% 7.10 % N/A Nominal average rate of salary increase 3.80 % 6.00 % N/A 6.00 % N/A Nominal average rate of benefit increase 3.80 % 6.00 % N/A 6.00 % N/A Immediate health care cost trend rate N/A N/A 6.35% - 6.91 % N/A N/A Ultimate health care cost trend rate N/A N/A 6.35% - 6.91 % N/A N/A Nominal average rate of price inflation 3.31% - 3.80 % 3.50 % 3.25% - 3.80 % 4.00 % Foreign December 31, 2020 December 31, 2019 Underfunded Underfunded pension plans Other benefits pension plans Other benefits Discount rate to determine benefit obligation 2.43 % 2.62 % 2.96 % 3.04 % Nominal average rate to determine expense/ income 3.04 % 3.04 % 3.57 % 3.66 % Nominal average rate of salary increase 3.21 % N/A 3.17 % N/A Nominal average rate of benefit increase 3.00 % N/A 3.00 % N/A Immediate health care cost trend rate N/A 5.35 % N/A 5.58 % Ultimate health care cost trend rate N/A 4.56 % N/A 4.55 % Nominal average rate of price inflation 2.08 % N/A 2.10 % N/A December 31, 2020 Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate-1% increase Effect on actuarial liability balance 2,838 4,064 1,509 Assumptions made 7.62 % 4.20 % 4.64 % Nominal discount rate-1% reduction Effect on actuarial liability balance 3,424 5,295 2,016 Assumptions made 5.62 % 2.20 % 2.64 %
Schedule of expected benefit payments	December 31, 2020 Overfunded pension plans Underfunded pension plans Other benefits 2021 215 239 17 2022 220 237 18 2023 224 238 19 2024 227 239 20 2025 230 238 21 2026 and thereafter 1,177 1,175 119
Overfunded pension plans
Employee benefits
Schedule of evolution of assets fair value	December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt securities-Corporate — 42 — 42 — 48 — 48 Debt securities-Government 1,840 — — 1,840 2,716 — — 2,716 Investments funds-Fixed Income 2,242 — — 2,242 2,668 — — 2,668 Investments funds-Equity 396 — — 396 556 — — 556 International investments 32 — — 32 28 — — 28 Structured investments-Private Equity funds — — 126 126 — — 157 157 Structured investments-Real estate funds 124 — 5 129 160 — 17 177 Real estate — — 255 255 — — 323 323 Loans to participants — — 105 105 — — 141 141 Total 4,633 42 491 5,166 6,128 48 638 6,814 Funds not related to risk plans (i) (1,197) (1,510) Fair value of plan assets at end of year 3,969 5,304 (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)	December 31, 2020 Private equity funds Real estate funds Real estate Loans to participants Total 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 Return on plan assets 18 (8) 9 19 38 Assets purchases 1 1 10 117 129 Assets sold during the year (15) — (14) (141) (170) Translation adjustment (35) (4) (72) (32) (143) Balance as at December 31, 2020 126 5 255 104 491
Underfunded pension plans
Employee benefits
Schedule of evolution of assets fair value	December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents — 102 — 102 — 56 — 56 Equity securities 1,565 — — 1,565 1,409 2 — 1,411 Debt securities-Corporate — 519 — 519 — 507 — 507 Debt securities-Government 132 690 — 822 156 634 — 790 Investments funds-Fixed Income 36 158 — 194 49 339 — 388 Investments funds-Equity 1 350 — 351 2 135 — 137 Structured investments - Private Equity funds — — 250 250 — — 212 212 Real estate — — 5 5 — — 55 55 Loans to participants — — 2 2 — — 3 3 Others — — 179 179 2 — 165 167 Total 1,735 1,819 437 3,991 1,618 1,673 435 3,726
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, 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 Return on plan assets 1 (1) — — — Assets purchases 20 — — — 20 Assets sold during the year (33) — — — (33) Translation adjustment 50 (49) (1) 15 15 Balance as at December 31, 2020 250 5 2 180 437

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' equity
Schedule of share capital	December 31, 2020 Common shares Golden shares Total Stockholders Shareholders with more than 5% of total capital 1,940,863,859 — 1,940,863,859 Litela 519,733,209 — 519,733,209 Capital World Investors 298,099,389 — 298,099,389 Bradespar 293,907,266 — 293,907,266 Mitsui&co 286,347,055 — 286,347,055 Blackrock, Inc 272,614,219 — 272,614,219 Capital Research Global Investors 270,162,721 — 270,162,721 Non-Brazilian investors 1,887,304,559 — 1,887,304,559 Brazilian investors 1,301,742,524 — 1,301,742,524 Golden shares — 12 12 Total outstanding (without shares in treasury) 5,129,910,942 12 5,129,910,954 Shares in treasury 154,563,828 — 154,563,828 Total capital 5,284,474,770 12 5,284,474,782
Schedule of stockholders' remuneration	Net income of the year 4,881 Appropriation to legal reserve (251) Appropriation to tax incentive reserve (2) Net income after appropriations to legal reserve and tax incentive reserve 4,628 Minimum mandatory remuneration 1,152 Additional Stockholders’ remuneration (i) 2,820 Appropriation to investments reserve 656 (i) Interim dividends calculated based on the September 30, 2020 balance sheet.
Schedule of profit reserves	Tax incentive Investments Additional Total of profit Legal reserve reserve reserve remuneration reserve reserves 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 Allocation of income 251 2 656 2,820 3,729 Dividends and interest on capital of Vale's stockholders — — (2,329) — (2,329) Translation adjustment (365) (191) (1,059) 167 (1,448) Balance as at December 31, 2020 1,542 659 1,854 2,987 7,042
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, 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) Other comprehensive income (88) 101 — — 13 Translation adjustment 92 162 — — 254 Acquisitions and disposal of noncontrolling interest — — — (213) (213) Balance as at December 31, 2020 (865) 139 (490) (840) (2,056)

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related parties
Schedule of transactions with related parties	Year ended December 31, Joint Ventures Associates Major stockholders Total Net operating revenue 372 240 185 797 Cost and operating expenses (951) (25) — (976) Financial result 27 2 (49) (20) Year ended December 31, 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, 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) —
Schedule of outstanding balances with related parties	December 31, 2020 December 31, 2019 Joint Major Joint Major Ventures Associates stockholders (iii) Total Ventures Associates stockholders (iii) Total Assets Cash and cash equivalents — — 2,082 2,082 — — 1,384 1,384 Accounts receivable 109 45 2 156 91 22 5 118 Dividends receivable 19 — — 19 83 6 — 89 Loans (i) 1,118 — — 1,118 1,919 — — 1,919 Derivatives financial instruments — — 2 2 — — 42 42 Other assets 68 2 — 70 65 — — 65 Liabilities Supplier and contractors 121 10 35 166 302 28 37 367 Loans (ii) — 1,433 944 2,377 — 1,367 1,688 3,055 Derivatives financial instruments — — 242 242 — — 64 64 Other liabilities 235 — — 235 569 — — 569 (i) Refers to the loan with Nacala BV., which carries interest at the average rate of 8.2% p.a. and maturity at 2034. In 2020, the Company recognized an impairment of this receivable in the amount of US$798 (note18). (ii) Mainly relates to Vale Moçambique's loan payable to an entity controlled by one of its non-controlling shareholders, which carries interest at 5.83% p.a. and maturity at 2034. (iii) Refers to regular financial instruments with large financial institutions of which the stockholders were part of the controlling “shareholders’ agreement”, which has expired on November 10, 2020 (note 28(e)).
Schedule of remuneration of key management personnel	Year ended December 31, Short‐term benefits Wages 9 8 8 Direct and indirect benefits 16 11 11 Profit sharing program (“PLR”) 8 1 10 33 20 29 Long‐term benefits Shares based — — 3 Severance 7 4 20 40 24 52

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments
Schedule of annual minimum required and non-cancelable future payments related to the contractual obligations	December 31, 2020 December 31, 2019 Purchase obligations 6,991 5,510 Purchase energy 2,945 3,567 Total minimum payments required 9,936 9,077

Basis of preparation of the f_4

Basis of preparation of the financial statements - Presentation currency (Details)	12 Months Ended
	Dec. 31, 2020R$ / $	Dec. 31, 2020R$ / $R$ / €	Dec. 31, 2020R$ / $R$ / $	Dec. 31, 2019R$ / $	Dec. 31, 2019R$ / $R$ / €	Dec. 31, 2019R$ / $R$ / $	Dec. 31, 2018R$ / $	Dec. 31, 2018R$ / $R$ / €	Dec. 31, 2018R$ / $R$ / $	Dec. 31, 2020R$ / €	Dec. 31, 2020R$ / $	Dec. 31, 2019R$ / €	Dec. 31, 2019R$ / $	Dec. 31, 2018R$ / €	Dec. 31, 2018R$ / $
Exchange rates used to translate operations
Closing rate	5.1967	5.1967	5.1967	4.0307	4.0307	4.0307	3.8748	3.8748	3.8748	6.3779	4.0771	4.5305	3.1034	4.4390	2.8451
Average rate	5.1578	5.8989	3.8480	3.9461	4.4159	2.9746	3.6558	4.3094	2.8190

Significant events in the cur_2

Significant events in the current year (Details) R$ in Millions

Dec. 31, 2020USD ($)

Dec. 31, 2020USD ($)

Oct. 31, 2020USD ($)

Aug. 31, 2020USD ($)

Jul. 31, 2020BRL (R$)

Jul. 31, 2020USD ($)

Jun. 30, 2020

Dec. 31, 2020BRL (R$)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2020USD ($)

Disclosure of non-adjusting events after reporting period [line items]

Related concession grants liabilities

$ 1,791,000,000

$ 1,667,000,000

Impairment and disposals of non-current assets

$ 2,243,000,000

5,074,000,000

$ 899,000,000

Stockholders remuneration paid

R$ 18637

$ 3,350,000,000

Percentage of divestment of shares

8.00%

Cash consideration from divestment of shares in associate

241,000,000

Percentage of total share held

29.60%

Loss from divestiture of shares in associate

$ 172,000,000

Impairment and disposal of non-current assets

2,243,000,000

5,074,000,000

899,000,000

Notional amount

1,296,000,000

Guaranteed notes due July 2030

Disclosure of non-adjusting events after reporting period [line items]

Notional amount

$ 1,500,000,000

1,500

PTVI

Disclosure of non-adjusting events after reporting period [line items]

Percentage of divestment of shares

14.90%

Cash consideration from divestment of shares in subsidiary

$ 278,000,000

Loss from divestiture of shares in subsidiary

179,000,000

Discontinued operations

Disclosure of non-adjusting events after reporting period [line items]

Impairment loss

$ 124,000,000

VLI S.A.

Disclosure of non-adjusting events after reporting period [line items]

Percentage of divestment of shares

8.00%

Cash consideration from divestment of shares in associate

R$ 1223

241,000,000

Percentage of total share held

29.60%

Loss from divestiture of shares in associate

172,000,000

Vale Nouvelle Caledonie S.A.S.

Disclosure of non-adjusting events after reporting period [line items]

Amount of liability that will be recognized at completion of transaction

500,000,000

Impairment and disposals of non-current assets

882,000,000

Impairment and disposal of non-current assets

882,000,000

Samarco

Disclosure of non-adjusting events after reporting period [line items]

Proceeds from debt used for working capital

166,000,000

$ 102,000,000

Ningbo Zhoushan Port

Disclosure of non-adjusting events after reporting period [line items]

Term of joint venture

3 years

Ningbo Zhoushan Port | Minimum

Disclosure of non-adjusting events after reporting period [line items]

Capital contribution

$ 110,000,000

Ningbo Zhoushan Port | Maximum

Disclosure of non-adjusting events after reporting period [line items]

Capital contribution

$ 160,000,000

Biopalma

Disclosure of non-adjusting events after reporting period [line items]

Gain from disposals of non-current assets

125,000,000

Henan Longyu

Disclosure of non-adjusting events after reporting period [line items]

Cash received from disposal of non-current assets held for sale

$ 156,000,000

Reclassification of gain related to the cumulative translation adjustments on to income statements

116,000,000

Simoes Filho plant

Disclosure of non-adjusting events after reporting period [line items]

Impairment and disposals of non-current assets

76,000,000

Impairment and disposal of non-current assets

76,000,000

Renova Foundation

Disclosure of non-adjusting events after reporting period [line items]

Provision

1,069,000,000

Nacala Corridor

Disclosure of non-adjusting events after reporting period [line items]

Impairment of loans and receivables

798,000,000

Held for sale

Disclosure of non-adjusting events after reporting period [line items]

Impairment loss

382,000,000

Railways concessions

Disclosure of non-adjusting events after reporting period [line items]

Extension term for concessions

30 years

Intangible asset recognized, which represents its right to use

12,016

2,312,000,000

Related concession grants liabilities

$ 2,312,000,000

De-characterization of upstream structures

Disclosure of non-adjusting events after reporting period [line items]

Provision recognized

369,000,000

De-characterization of other structures

Disclosure of non-adjusting events after reporting period [line items]

Provision recognized

248,000,000

Judicial Settlement for Integral Reparation

Disclosure of non-adjusting events after reporting period [line items]

Loss to repair the environmental and social damage resulting from the Dam I rupture

R$ 19924

3,872,000,000

Heads of Agreement | Nacala Corridor | Mitsui & Co., Ltd

Disclosure of non-adjusting events after reporting period [line items]

Outstanding balance of project finance

$ 2,500,000,000

$ 2,500,000,000

Significant events in the cur_3

Significant events in the current year - Coronavirus impact (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative financial instruments.
Amount pledged and expensed to support COVID-19 relief efforts			$ 109
Income tax rate	20.00%	22.00%	34.00%
Recognized income tax gain			$ 80
Discontinued the nickel hedge program
Derivative financial instruments.
Cash consideration of the sale of contract options			$ 230
Indonesia
Derivative financial instruments.
Income tax rate			25.00%

Information by business segme_3

Information by business segment and by geographic area - Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Information by business segment and by geographic area
Net operating revenue	$ 40,018	$ 37,570	$ 36,575
Cost of goods sold and services rendered	(16,059)	(17,788)	(18,902)
Sales, administrative and other operating expenses	(6,514)	(8,338)	(906)
Research and evaluation expenses	(443)	(443)	(373)
Pre operating and operational stoppage	(682)	(882)	(189)
Dividends received and interest from associates and joint ventures	268	466	388
Total of continuing operations Adjusted EBITDA	16,588	10,585	16,593
Net operating revenue	40,018	37,570	36,696
Cost of goods sold and services rendered			(19,022)
Sales, administrative and other operating expenses			(910)
Research and evaluation expenses			(373)
Pre operating and operational stoppage			(189)
Dividends received and interest from associates and joint ventures			388
Adjusted EBITDA			16,590
Discontinued operations
Information by business segment and by geographic area
Net operating revenue			121
Adjusted EBITDA			(3)
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	32,078	30,005	27,933
Cost of goods sold and services rendered	(10,265)	(11,988)	(13,044)
Sales, administrative and other operating expenses	(173)	(351)	(94)
Research and evaluation expenses	(136)	(142)	(138)
Pre operating and operational stoppage	(640)	(823)	(135)
Dividends received and interest from associates and joint ventures	141	296	189
Total of continuing operations Adjusted EBITDA	21,005	16,997	14,711
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Net operating revenue	27,285	23,343	20,354
Cost of goods sold and services rendered	(8,171)	(8,778)	(9,048)
Sales, administrative and other operating expenses	(187)	(323)	(76)
Research and evaluation expenses	(127)	(123)	(110)
Pre operating and operational stoppage	(534)	(750)	(115)
Dividends received and interest from associates and joint ventures	23	29	28
Total of continuing operations Adjusted EBITDA	18,289	13,398	11,033
Ferrous minerals | Iron ore Pellets
Information by business segment and by geographic area
Net operating revenue	4,242	5,948	6,651
Cost of goods sold and services rendered	(1,661)	(2,666)	(3,393)
Sales, administrative and other operating expenses	11	(20)	(11)
Research and evaluation expenses	(5)	(16)	(26)
Pre operating and operational stoppage	(77)	(72)	(19)
Dividends received and interest from associates and joint ventures	116	258	154
Total of continuing operations Adjusted EBITDA	2,626	3,432	3,356
Ferrous minerals | Ferroalloys and manganese
Information by business segment and by geographic area
Net operating revenue	225	282	454
Cost of goods sold and services rendered	(179)	(220)	(290)
Sales, administrative and other operating expenses		(8)	(3)
Research and evaluation expenses	(2)	(2)	(1)
Pre operating and operational stoppage	(29)	(1)
Total of continuing operations Adjusted EBITDA	15	51	160
Ferrous minerals | Other ferrous products and services
Information by business segment and by geographic area
Net operating revenue	326	432	474
Cost of goods sold and services rendered	(254)	(324)	(313)
Sales, administrative and other operating expenses	3		(4)
Research and evaluation expenses	(2)	(1)	(1)
Pre operating and operational stoppage			(1)
Dividends received and interest from associates and joint ventures	2	9	7
Total of continuing operations Adjusted EBITDA	75	116	162
Base metals
Information by business segment and by geographic area
Net operating revenue	7,170	6,161	6,703
Cost of goods sold and services rendered	(4,010)	(3,772)	(4,020)
Sales, administrative and other operating expenses	(32)	(80)	(51)
Research and evaluation expenses	(117)	(87)	(57)
Pre operating and operational stoppage	(30)	(48)	(33)
Total of continuing operations Adjusted EBITDA	2,981	2,174	2,542
Base metals | Nickel and other products
Information by business segment and by geographic area
Net operating revenue	4,995	4,257	4,610
Cost of goods sold and services rendered	(3,216)	(2,867)	(3,060)
Sales, administrative and other operating expenses	(25)	(75)	(47)
Research and evaluation expenses	(49)	(44)	(39)
Pre operating and operational stoppage	(29)	(28)	(33)
Total of continuing operations Adjusted EBITDA	1,676	1,243	1,431
Base metals | Copper
Information by business segment and by geographic area
Net operating revenue	2,175	1,904	2,093
Cost of goods sold and services rendered	(794)	(905)	(960)
Sales, administrative and other operating expenses	(7)	(5)	(4)
Research and evaluation expenses	(68)	(43)	(18)
Pre operating and operational stoppage	(1)	(20)
Total of continuing operations Adjusted EBITDA	1,305	931	1,111
Coal
Information by business segment and by geographic area
Net operating revenue	473	1,021	1,643
Cost of goods sold and services rendered	(1,456)	(1,638)	(1,575)
Sales, administrative and other operating expenses	(15)	1	(9)
Research and evaluation expenses	(28)	(30)	(21)
Dividends received and interest from associates and joint ventures	95	113	143
Total of continuing operations Adjusted EBITDA	(931)	(533)	181
Brumadinho event
Information by business segment and by geographic area
Sales, administrative and other operating expenses	(5,257)	(7,402)
Total of continuing operations Adjusted EBITDA	(5,257)	(7,402)
COVID-19
Information by business segment and by geographic area
Sales, administrative and other operating expenses	(109)
Total of continuing operations Adjusted EBITDA	(109)
Others
Information by business segment and by geographic area
Net operating revenue	297	383	296
Cost of goods sold and services rendered	(328)	(390)	(263)
Sales, administrative and other operating expenses	(928)	(506)	(752)
Research and evaluation expenses	(162)	(184)	(157)
Pre operating and operational stoppage	(12)	(11)	(21)
Dividends received and interest from associates and joint ventures	32	57	56
Total of continuing operations Adjusted EBITDA	$ (1,101)	$ (651)	(841)
Fertilizers | Discontinued operations
Information by business segment and by geographic area
Net operating revenue			121
Cost of goods sold and services rendered			(120)
Sales, administrative and other operating expenses			(4)
Adjusted EBITDA			$ (3)

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Information by business segment and by geographic area
Net income (loss) attributable to Vale's stockholders	$ 4,881	$ (1,683)	$ 6,952
Loss attributable to noncontrolling interests	(350)	(497)	36
Net income (loss) from continuing operations	4,531	(2,180)	6,988
Loss from discontinued operations attributable to Vale's stockholders			(92)
Loss from discontinued operations			(92)
Depreciation, depletion and amortization	3,234	3,726	3,351
Income taxes	438	(595)	(172)
Financial results, net	4,811	3,413	4,957
Equity results and other results in associates and joint ventures	1,063	681	182
Dividends received and interest from associates and joint ventures	268	466	388
Impairment and disposal of non-current assets	2,243	5,074	899
Adjusted EBITDA	$ 16,588	$ 10,585	16,593
Adjusted EBITDA from discontinuing operations			16,590
Discontinued operations
Information by business segment and by geographic area
Loss from discontinued operations attributable to Vale's stockholders			(92)
Loss from discontinued operations			(92)
Income taxes			(40)
Financial results, net			5
Impairment of non-current assets			124
Adjusted EBITDA from discontinuing operations			$ (3)

Information by business segme_5

Information by business segment and by geographic area - Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Information by business segment and by geographic area
Product inventory	$ 3,273	$ 3,371
Investments in associates and joint ventures	2,031	2,798	$ 3,225
Property, plant and equipment and intangible	50,444	55,075
Capital expenditures - Sustaining capital	3,908	3,160	2,896
Capital expenditures - Project execution	522	544	888
Depreciation, depletion and amortization	3,234	3,726	3,351
Ferrous minerals
Information by business segment and by geographic area
Product inventory	2,017	1,955
Investments in associates and joint ventures	1,154	1,729
Property, plant and equipment and intangible	29,436	33,528
Capital expenditures - Sustaining capital	2,134	1,685	1,569
Capital expenditures - Project execution	258	385	823
Depreciation, depletion and amortization	1,768	2,063	1,672
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Goodwill	1,373	1,770
Base metals
Information by business segment and by geographic area
Product inventory	1,231	1,354
Investments in associates and joint ventures	18	14
Property, plant and equipment and intangible	19,549	19,893
Capital expenditures - Sustaining capital	1,566	1,225	1,189
Capital expenditures - Project execution	239	151	34
Depreciation, depletion and amortization	1,397	1,351	1,351
Base metals | Nickel and other products
Information by business segment and by geographic area
Goodwill	1,926	1,859
Coal
Information by business segment and by geographic area
Product inventory	25	60
Capital expenditures - Sustaining capital	203	240	132
Capital expenditures - Project execution			24
Depreciation, depletion and amortization	19	237	252
Others
Information by business segment and by geographic area
Product inventory		2
Investments in associates and joint ventures	859	1,055
Property, plant and equipment and intangible	1,459	1,654
Capital expenditures - Sustaining capital	5	10	6
Capital expenditures - Project execution	25	8	7
Depreciation, depletion and amortization	$ 50	$ 75	$ 76

Information by business segme_6

Information by business segment and by geographic area - Assets by geographic area (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Information by business segment and by geographic area
Investments in associates and joint ventures	$ 2,031	$ 2,798	$ 3,225
Intangible	9,296	8,499	7,962
Property, plant and equipment	41,148	46,576	$ 48,385
Total	52,475	57,873
Brazil
Information by business segment and by geographic area
Investments in associates and joint ventures	1,760	2,498
Intangible	7,341	6,496
Property, plant and equipment	23,364	29,134
Total	32,465	38,128
Canada
Information by business segment and by geographic area
Intangible	1,951	2,000
Property, plant and equipment	11,798	10,733
Total	13,749	12,733
Americas, except Brazil and Canada
Information by business segment and by geographic area
Investments in associates and joint ventures	234	242
Property, plant and equipment	5
Total	239	242
Europe
Information by business segment and by geographic area
Intangible		2
Property, plant and equipment	894	900
Total	894	902
Indonesia
Information by business segment and by geographic area
Intangible	2	1
Property, plant and equipment	2,729	2,761
Total	2,731	2,762
China
Information by business segment and by geographic area
Investments in associates and joint ventures	17	19
Intangible	2
Property, plant and equipment	19	10
Total	38	29
Asia, except Indonesia
Information by business segment and by geographic area
Investments in associates and joint ventures	20	39
Property, plant and equipment	951	985
Total	971	1,024
New Caledonia
Information by business segment and by geographic area
Property, plant and equipment		604
Total		604
Oman
Information by business segment and by geographic area
Property, plant and equipment	1,388	1,449
Total	$ 1,388	$ 1,449

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Information by business segment and by geographic area
Net operating revenue	$ 40,018	$ 37,570	$ 36,575
Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	620	1,358	1,478
United States of America
Information by business segment and by geographic area
Net operating revenue	1,041	1,335	1,353
Germany
Information by business segment and by geographic area
Net operating revenue	1,666	1,683	1,653
Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	3,671	3,511	4,454
Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	1,503	2,178	2,738
Japan
Information by business segment and by geographic area
Net operating revenue	2,213	2,603	2,743
China
Information by business segment and by geographic area
Net operating revenue	23,140	18,242	15,242
Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	3,256	3,312	3,666
Brazil
Information by business segment and by geographic area
Net operating revenue	2,908	3,348	3,248
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	32,078	30,005	27,933
Ferrous minerals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	334	523	820
Ferrous minerals | United States of America
Information by business segment and by geographic area
Net operating revenue	244	404	388
Ferrous minerals | Germany
Information by business segment and by geographic area
Net operating revenue	357	1,161	1,130
Ferrous minerals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	1,214	1,514	2,218
Ferrous minerals | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	1,418	2,083	2,562
Ferrous minerals | Japan
Information by business segment and by geographic area
Net operating revenue	1,793	2,057	2,072
Ferrous minerals | China
Information by business segment and by geographic area
Net operating revenue	22,202	17,572	14,381
Ferrous minerals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	2,068	2,032	1,798
Ferrous minerals | Brazil
Information by business segment and by geographic area
Net operating revenue	2,448	2,659	2,564
Base metals
Information by business segment and by geographic area
Net operating revenue	7,170	6,161	6,703
Base metals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	286	835	658
Base metals | United States of America
Information by business segment and by geographic area
Net operating revenue	797	931	952
Base metals | Germany
Information by business segment and by geographic area
Net operating revenue	1,309	522	523
Base metals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	2,356	1,715	1,800
Base metals | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	17	20	25
Base metals | Japan
Information by business segment and by geographic area
Net operating revenue	400	426	508
Base metals | China
Information by business segment and by geographic area
Net operating revenue	922	670	861
Base metals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	931	816	1,101
Base metals | Brazil
Information by business segment and by geographic area
Net operating revenue	152	226	275
Coal
Information by business segment and by geographic area
Net operating revenue	473	1,021	1,643
Coal | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	101	282	436
Coal | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	68	75	151
Coal | Japan
Information by business segment and by geographic area
Net operating revenue	20	120	163
Coal | China
Information by business segment and by geographic area
Net operating revenue	16
Coal | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	257	464	767
Coal | Brazil
Information by business segment and by geographic area
Net operating revenue	11	80	126
Others
Information by business segment and by geographic area
Net operating revenue	297	383	296
Others | United States of America
Information by business segment and by geographic area
Net operating revenue			13
Others | Brazil
Information by business segment and by geographic area
Net operating revenue	$ 297	$ 383	$ 283

Information by business segme_8

Information by business segment and by geographic area - Provisionally priced commodities sales (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)kt$ / t
Iron ore
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Change	(10.00%)
Iron ore | Accounts receivable
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | kt	27,169
Provisional price | $ / t	150.6
Change	(10.00%)
Effect on Revenue | $	$ 409
Iron ore Pellets
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Change	(10.00%)
Iron ore Pellets | Accounts receivable
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | kt	418
Provisional price | $ / t	181.9
Change	(10.00%)
Effect on Revenue | $	$ 8
Copper
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Change	(10.00%)
Copper | Accounts receivable
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | kt	89
Provisional price | $ / t	9,723.4
Change	(10.00%)
Effect on Revenue | $	$ 86

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs and expenses by nature
Personnel	$ 1,676	$ 2,009	$ 2,278
Materials and services	3,345	3,873	3,957
Fuel oil and gas	949	1,392	1,538
Maintenance	2,725	2,797	2,807
Royalties	846	802	746
Energy	703	858	906
Ores acquired from third parties	946	608	513
Depreciation, depletion and amortization	2,980	3,399	3,207
Freight	3,439	4,023	4,306
Others	1,430	1,426	1,851
Total	19,039	21,187	22,109
Cost of goods sold	18,457	20,498	21,526
Cost of services rendered	582	689	583
Total	$ 19,039	$ 21,187	$ 22,109

Costs and expenses by nature _2

Costs and expenses by nature - Selling and administrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs and expenses by nature
Selling	$ 88	$ 92	$ 95
Personnel	224	181	212
Services	114	85	92
Depreciation and amortization	49	56	62
Advertisement	17	7	20
Others	62	66	42
Selling and administrative expenses	$ 554	$ 487	$ 523

Costs and expenses by nature _3

Costs and expenses by nature - Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs and expenses by nature
Profit sharing program	$ 115	$ 89	$ 187
COVID-19 expenses	109
Disposals of materials and inventories	25	47	32
Others	118	(14)	36
Total	752	505	445
Termination or amendment of contracts of all converted vessels	128
Provision for litigations
Costs and expenses by nature
Provision	73	291	185
Asset Retirement Obligation
Costs and expenses by nature
Provision	$ 312	$ 92	$ 5

Financial result (Details)

Financial result (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial income
Short-term investments	$ 129	$ 247	$ 177
Others	246	280	246
Total financial income	375	527	423
Financial expenses
Loans and borrowings gross interest	(819)	(989)	(1,185)
Capitalized loans and borrowing costs	70	140	194
Participative stockholders' debentures	(1,565)	(1,475)	(550)
Interest on REFIS	(55)	(154)	(197)
Interest on lease liabilities	(70)	(76)
Financial guarantees	(468)	(353)	23
Expenses with cash tender offer repurchased		(265)	(273)
Others	(376)	(574)	(326)
Total financial expenses	(3,283)	(3,746)	(2,314)
Other financial items, net
Net foreign exchange gains (losses)	(523)	39	(2,247)
Derivative financial instruments	(1,210)	244	(266)
Indexation losses, net	(170)	(477)	(553)
Other financial items	(1,903)	(194)	(3,066)
Financial results	(4,811)	$ (3,413)	$ (4,957)
Eletrobras, Compulsory Loan
Other financial items, net
Other financial income from contingent asset recorded	$ 59

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 | 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 8,565	$ 7,335	$ (5,376)
Tax losses carryforward
Deferred income tax assets and liabilities
Deferred tax asset (liability)	4,328	4,659
Employee post retirement obligations
Deferred income tax assets and liabilities
Deferred tax asset (liability)	744	840
Provision For litigation
Deferred income tax assets and liabilities
Deferred tax asset (liability)	356	443
Timing differences arising on assets and liabilities
Deferred income tax assets and liabilities
Deferred tax asset (liability)	4,331	3,246
Fair value of financial instruments
Deferred income tax assets and liabilities
Deferred tax asset (liability)	1,355	864
Allocated goodwill
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(2,623)	(2,640)
Goodwill amortization
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(442)	(478)
Others
Deferred income tax assets and liabilities
Deferred tax asset (liability)	516	401
Temporary differences
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 4,237	$ 2,676

Income taxes - Assets and liabi

Income taxes - Assets and liabilities (Details) R$ in Millions, $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Deferred income tax assets and liabilities
Assets	$ 10,335		$ 9,217
Liabilities	(1,770)	R$ 1882	(1,882)	$ (1,532)	$ (362)	$ (362)	$ (362)
Net deferred tax asset	$ (8,565)		$ (7,335)	$ 5,376

Income taxes - Changes in defer

Income taxes - Changes in deferred tax (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Total
Balance at beginning of period		$ 7,335	$ (5,376)
Effect in income statement		2,960	2,117	$ 924
Acquisition of subsidiaries			(146)
Translation adjustment		(1,774)	(234)
Other comprehensive income		44	222
Balance at end of period		8,565	7,335	(5,376)
Assets
Balance at beginning of period		9,217	6,908
Effect in income statement		2,852	1,907
Transfers between asset and liabilities		38	252
Acquisition of subsidiaries			104
Translation adjustment		(1,811)	(187)
Other comprehensive income		39	233
Balance at end of period		10,335	9,217	6,908
Liabilities
Balance at beginning of period	R$ 1882	1,882	1,532	362
Effect in income statement		(108)	(210)
Transfers between asset and liabilities		38	252
Acquisition of subsidiaries			250
Translation adjustment		(37)	47
Other comprehensive income		(5)	11
Balance at end of period		$ 1,770	1,882	$ 1,532
Limitation of tax loss carryforward in Brazil, as percent of taxable income	30.00%	30.00%
Tax losses carryforward
Total
Balance at beginning of period		$ 4,659
Effect in income statement		374
Balance at end of period		4,328	4,659
Assets
Effect in income statement		374
Employee post retirement obligations
Total
Balance at beginning of period		840
Balance at end of period		744	840
Provision For litigation
Total
Balance at beginning of period		443
Balance at end of period		356	443
Timing differences arising on assets and liabilities
Total
Balance at beginning of period		3,246
Effect in income statement		1,690	2,113
Balance at end of period		4,331	3,246
Assets
Effect in income statement		1,690	2,113
Fair value of financial instruments
Total
Balance at beginning of period		864
Effect in income statement		756	328
Balance at end of period		1,355	864
Assets
Effect in income statement		756	328
Allocated goodwill
Total
Balance at beginning of period		(2,640)
Effect in income statement		108	210
Balance at end of period		(2,623)	(2,640)
Liabilities
Effect in income statement		(108)	(210)
Others
Total
Balance at beginning of period		401
Effect in income statement		32	(91)
Balance at end of period		516	401
Assets
Effect in income statement		32	(91)
Temporary differences
Total
Balance at beginning of period		2,676
Balance at end of period		$ 4,237	2,676
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, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Income (loss) before income taxes			$ 4,969	$ (2,775)	$ 6,816
Statutory rates (as a percent)	20.00%	22.00%	34.00%
Income taxes at statutory rate			$ (1,689)	944	(2,317)
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders' equity			316	601	873
Tax incentives			211	189	576
Equity results			(41)	77	104
Addition (reversal) of tax loss carryforward			769	25	1,510
Unrecognized tax losses of the year			(217)	(1,059)	(458)
Others			213	(182)	(116)
Income taxes			$ (438)	$ 595	$ 172

Income taxes - Tax incentives (

Income taxes - Tax incentives (Details)	12 Months Ended
	Dec. 31, 2020
Income taxes
Tax incentive period	10 years
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, 2020USD ($)installment	Dec. 31, 2019USD ($)
Income taxes
Income tax and social contribution settlement liability	$ 2,744	$ 3,907
Current income tax and social contribution settlement liability	340	431
Non-current income tax and social contribution settlement liability	$ 2,404	$ 3,476
Remaining monthly installments of settlement liability | installment	94
SELIC rate (in percentage)	2.00%	4.50%

Income taxes - Uncertain tax pr

Income taxes - Uncertain tax provisions (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Nov. 30, 2020BRL (R$)	Nov. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Income taxes
Uncertain tax positions					R$ 2259	$ 435
Total subsidiary assessments of deferred tax	R$ 3614	$ 695	R$ 1431	$ 355
Deferred tax liabilities		1,770	R$ 1882				$ 1,882	$ 1,532	$ 362	$ 362	$ 362
Foreign subsidiary tax amount involved	R$ 6401	$ 1,232

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income (loss) attributable to Vale's stockholders:
Loss from discontinued operations attributable to Vale's stockholders			$ (92)
Net income (loss) attributable to Vale's stockholders	$ 4,881	$ (1,683)	$ 6,860
Thousands of shares
Weighted average number of shares outstanding - common shares	5,129,585	5,127,950	5,178,024
Common share
Basic and diluted earnings (loss) per share from continuing operations:
Common share (US$)	$ 0.95	$ (0.33)	$ 1.34
Basic and diluted loss per share from discontinued operations:
Common share (US$)			(0.02)
Basic and diluted earnings (loss) per share:
Common share (US$)	$ 0.95	$ (0.33)	$ 1.32

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable
Accounts receivable	$ 4,993	$ 2,529
Impairment of accounts receivable recorded in the income statement	$ 5	$ (1)	$ (7)
Steel industry market
Accounts receivable
Perecentage of revenue	87.25%	87.33%
One Customer | Ferrous minerals
Accounts receivable
Perecentage of revenue	10.10%
Accounts receivable
Accounts receivable
Expected credit loss	$ (50)	$ (63)
Carrying amount
Accounts receivable
Accounts receivable	$ 5,043	$ 2,592

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventories
Finished products	$ 2,626	$ 2,604
Work in progress	647	767
Consumable inventory	788	903
Total	4,061	4,274
Reversal (provision) for net realizable value	$ 3	$ 24	$ (4)

Recoverable taxes (Details)

Recoverable taxes (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Recoverable taxes
Value-added tax (net of provision for loss)	$ 433	$ 484
Brazilian federal contributions	593	659
Prepaid income taxes	561	967
Others	13	16
Total	1,600	2,126
Current	509	922
Non-current	$ 1,091	$ 1,204

Other financial assets and li_3

Other financial assets and liabilities (Details) $ in Millions, R$ in Billions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)shares	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)
Other financial assets
Derivative financial instruments- current		$ 134		$ 288
Related parties - Loans - Current		195		319
Total other financial assets - Current		329		607
Restricted cash-noncurrent		38		151
Derivative financial instruments - Non-Current		66		184
Investments in equity securities -Non- Current		757		726
Related parties - Loans - Non-current		923		1,600
Total other financial assets - Non-Current		1,784		2,661
Other financial liabilities
Derivative financial instruments - Current		328		94
Related parties - Current		725		980
Advance received-Current		644		330
Liabilities related to the concession grant-Current		209
Total other financial liabilities - Current		1,906		1,404
Derivative financial instruments - Non-Current		689		307
Related parties- Non-Current		943		956
Financial guarantees provided -Non current		877		525
Liabilities related to the concession grant-Non current		2,103
Total other financial liabilities - Non-Current		$ 4,612		1,788
Number of debentures issued (in shares) | shares		388,559,056
Remuneration paid to the participative stockholders debentures	R$ 1	$ 183	R$ 776	$ 194

Investments in subsidiaries, _3

Investments in subsidiaries, associates and joint ventures - Guarantees provided (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in associates and joint ventures
Ownership interest in associate (as a percent)	29.60%
Investments in associates and joint ventures	$ 2,031	$ 2,031	$ 2,798	$ 3,225
Equity results in income statement		(119)	228	305
Dividends received		173	353	245
VLI S.A.
Investments in associates and joint ventures
Ownership interest in associate (as a percent)	29.60%
Ferrous minerals
Investments in associates and joint ventures
Investments in associates and joint ventures	$ 1,154	1,154	1,729
Equity results in income statement		50	254	417
Dividends received		$ 140	296	189
Ferrous minerals | VLI S.A.
Investments in associates and joint ventures
Ownership interest in associate (as a percent)		29.60%
% Voting capital		29.60%
Investments in associates and joint ventures	480	$ 480	812
Equity results in income statement		(22)	1	30
Dividends received		$ 2	9	7
Ferrous minerals | Zhuhai YPM Pellet Co
Investments in associates and joint ventures
Investments in associates and joint ventures			23
Ferrous minerals | Baovale Mineracao S.A
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Investments in associates and joint ventures	20	$ 20	25
Equity results in income statement		$ 1	4	5
Dividends received				1
Ferrous minerals | Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Investments in associates and joint ventures	48	$ 48	88
Equity results in income statement		8	48	69
Dividends received		$ 34	62	32
Ferrous minerals | Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.89%
% Voting capital		50.89%
Investments in associates and joint ventures	43	$ 43	70
Equity results in income statement		11	37	55
Dividends received		$ 27	50	23
Ferrous minerals | Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.90%
% Voting capital		51.00%
Investments in associates and joint ventures	44	$ 44	65
Equity results in income statement		10	30	60
Dividends received		$ 23	54	32
Ferrous minerals | Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		51.00%
% Voting capital		51.11%
Investments in associates and joint ventures	121	$ 121	150
Equity results in income statement		8	84	126
Dividends received		$ 32	92	67
Ferrous minerals | MRS Logistica S.A.
Investments in associates and joint ventures
Ownership interest in associate (as a percent)		48.16%
% Voting capital		46.75%
Investments in associates and joint ventures	398	$ 398	496
Equity results in income statement		34	50	72
Dividends received		$ 22	29	27
Ferrous minerals | Samarco Mineracao S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Coal
Investments in associates and joint ventures
Equity results in income statement			(2)	16
Coal | Henan Longyu
Investments in associates and joint ventures
Equity results in income statement			(2)	16
Coal | Nacala Corridor Holding
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Base metals
Investments in associates and joint ventures
Investments in associates and joint ventures	18	$ 18	14
Equity results in income statement				1
Base metals | Korea Nickel Corp
Investments in associates and joint ventures
Ownership interest in associate (as a percent)		25.00%
% Voting capital		25.00%
Investments in associates and joint ventures	18	$ 18	14
Equity results in income statement				1
Others
Investments in associates and joint ventures
Investments in associates and joint ventures	859	859	1,055
Equity results in income statement		(169)	(24)	(129)
Dividends received		$ 33	57	56
Others | Mineracao Rio Grande do Norte S.A.
Investments in associates and joint ventures
Ownership interest in associate (as a percent)		40.00%
% Voting capital		40.00%
Investments in associates and joint ventures	71	$ 71	97
Equity results in income statement		(3)	15	2
Dividends received		9
Others | Others
Investments in associates and joint ventures
Investments in associates and joint ventures	70	70	86
Equity results in income statement		$ (48)	(28)	(5)
Others | Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		55.00%
% Voting capital		55.00%
Investments in associates and joint ventures	367	$ 367	470
Equity results in income statement		28	31	25
Dividends received		$ 24	28	25
Others | Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		51.00%
% Voting capital		51.00%
Investments in associates and joint ventures	117	$ 117	160
Equity results in income statement		$ (8)	4	15
Others | California Steel Industries, Inc
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Investments in associates and joint ventures	$ 234	$ 234	242
Equity results in income statement		$ (7)	23	77
Dividends received			29	31
Others | Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)		50.00%
% Voting capital		50.00%
Equity results in income statement		$ (131)	$ (69)	$ (243)

Investments in subsidiaries, _4

Investments in subsidiaries, associates and joint ventures - Changes during the year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in subsidiaries, associates and joint ventures
Balance at the beginning	$ 2,798	$ 3,225
Additions	131	76	$ 23
Disposals	(250)
Translation adjustment	(542)	(111)
Equity results in income statement	(119)	228	305
Results from sales on equity interest	106
Equity results in statement of comprehensive income	(2)	(4)
Fair value adjustment	10	163
Dividends declared	(128)	(326)
Transfer to assets held for sale		(152)
Others	47	25
Balance at the end	$ 2,031	$ 2,798	$ 3,225

Investments in subsidiaries, _5

Investments in subsidiaries, associates and joint ventures - Financial information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Investments in associates and joint ventures
Current assets	$ 24,403	$ 17,042
Non-current assets	67,604	74,671
Total assets	92,007	91,713
Current liabilities	14,594	13,845
Non-current liabilities	42,592	38,875
Total liabilities	57,186	52,720
Stockholders' equity	34,821	38,993	$ 44,832	$ 44,772
Net revenue	40,018	37,570	36,575
Net income (loss)	$ 4,531	(2,180)	$ 6,988
Number of joint ventures accounted under equity method | item	5
VLI S.A.
Investments in associates and joint ventures
Current assets	$ 614	805
Non-current assets	3,737	4,507
Total assets	4,351	5,312
Current liabilities	607	773
Non-current liabilities	2,123	2,380
Total liabilities	2,729	3,153
Stockholders' equity	1,622	2,159
Net revenue	1,011	1,238
Net income (loss)	(59)	2
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Current assets	138	215
Non-current assets	711	880
Total assets	849	1,095
Current liabilities	48	99
Non-current liabilities	134	142
Total liabilities	182	241
Stockholders' equity	668	854
Net revenue	186	257
Net income (loss)	51	57
Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
Non-current assets	229	314
Total assets	229	314
Stockholders' equity	229	314
Net income (loss)	(15)	8
California Steel Industries, Inc
Investments in associates and joint ventures
Current assets	336	481
Non-current assets	344	344
Total assets	680	825
Current liabilities	63	186
Non-current liabilities	148	155
Total liabilities	211	341
Stockholders' equity	469	484
Net revenue	665	997
Net income (loss)	(14)	46
Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Current assets	346	438
Non-current assets	2,234	2,960
Total assets	2,581	3,398
Current liabilities	737	985
Non-current liabilities	2,623	2,675
Total liabilities	3,360	3,660
Stockholders' equity	(779)	(262)
Net revenue	1,176	1,393
Net income (loss)	(835)	(412)
Pelletizing
Investments in associates and joint ventures
Current assets	300	720
Non-current assets	258	315
Total assets	558	1,035
Current liabilities	53	297
Non-current liabilities		2
Total liabilities	53	299
Stockholders' equity	504	736
Net revenue	104	583
Net income (loss)	73	392
MRS Logistica S.A.
Investments in associates and joint ventures
Current assets	412	490
Non-current assets	1,701	2,196
Total assets	2,113	2,686
Current liabilities	389	415
Non-current liabilities	898	1,242
Total liabilities	1,286	1,657
Stockholders' equity	827	1,029
Net revenue	640	759
Net income (loss)	70	103
Nacala Corridor
Investments in associates and joint ventures
Current assets	524	384
Non-current assets	4,349	4,505
Total assets	4,874	4,889
Current liabilities	573	516
Non-current liabilities	4,684	4,671
Total liabilities	5,257	5,187
Stockholders' equity	(383)	(298)
Net revenue	611	782
Net income (loss)	$ (87)	$ (49)

Investments in subsidiaries, _6

Investments in subsidiaries, associates and joint ventures - Noncontrolling interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summarized financial information
Non-current assets	$ 67,604	$ 74,671
Total assets	92,007	91,713
Non-current liabilities	42,592	38,875
Total liabilities	57,186	52,720
Stockholders' equity	34,821	38,993	$ 44,832	$ 44,772
Equity attributable to noncontrolling interests	(923)	(1,074)
Net income (loss) from continuing operations	4,531	(2,180)	6,896
Net income (loss) attributable to noncontrolling interests	(350)	(497)	36
Dividends paid to noncontrolling interests	$ 14	184	182
Companhia Portuaria da Baia de Sepetiba
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Ferrous Resource Limited
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Mineracao Corumbaense Reunida S.A.
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Mineracoes Brasileiras Reunidas S.A. (MBR)
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Net income (loss) from continuing operations			434
Net income (loss) attributable to noncontrolling interests			174
Dividends paid to noncontrolling interests		162	168
New Steel Global
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Salobo Metais S.A.
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
PT Vale Indonesia
Summarized financial information
Ownership interest in subsidiary (as a percent)	44.30%
% Noncontrolling interest	55.70%
% Voting capital	44.30%
Current assets	$ 595	462
Non-current assets	1,881	1,630
Related parties - Stockholders	61	84
Total assets	2,537	2,176
Current liabilities	162	140
Non-current liabilities	53	61
Total liabilities	215	201
Stockholders' equity	2,322	1,975
Equity attributable to noncontrolling interests	1,292	806
Net income (loss) from continuing operations	84	67	58
Net income (loss) attributable to noncontrolling interests	$ 35	27	24
Vale Holdings B.V
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Vale Canada Limited
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Vale International S.A.
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Vale Malaysia Minerals Sdn. Bhd.
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Vale Manganes S.A.
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Vale Newfoundland & Labrador Ltd
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Vale Oman Distribution Center LLC
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
Vale Nouvelle Caledonie S.A.S.
Summarized financial information
Ownership interest in subsidiary (as a percent)	95.00%
% Noncontrolling interest	5.00%
% Voting capital	95.00%
Current assets	$ 2	169
Non-current assets		604
Related parties - Stockholders	49	34
Total assets	51	807
Current liabilities		199
Non-current liabilities		236
Related parties - Stockholders	281	344
Total liabilities	281	779
Stockholders' equity	(230)	28
Equity attributable to noncontrolling interests	(12)	1
Net income (loss) from continuing operations	(669)	(2,055)	351
Net income (loss) attributable to noncontrolling interests	$ (33)	(103)	18
Vale Mocambique S.A.
Summarized financial information
Ownership interest in subsidiary (as a percent)	80.70%
% Noncontrolling interest	19.30%
% Voting capital	80.70%
Current assets	$ 352	188
Non-current assets	168	199
Related parties - Stockholders	29	29
Total assets	549	416
Current liabilities	341	320
Non-current liabilities	98	147
Related parties - Stockholders	12,185	10,221
Total liabilities	12,624	10,688
Stockholders' equity	(12,075)	(10,272)
Equity attributable to noncontrolling interests	(2,330)	(1,982)
Net income (loss) from continuing operations	(1,804)	(3,183)	(985)
Net income (loss) attributable to noncontrolling interests	(348)	(613)	(190)
Others
Summarized financial information
Equity attributable to noncontrolling interests	127	101
Net income (loss) attributable to noncontrolling interests	(3)	192	10
Dividends paid to noncontrolling interests	$ 14	184	$ 14
Vale Oman Pelletizing Company LLC
Summarized financial information
Ownership interest in subsidiary (as a percent)	70.00%
% Noncontrolling interest	30.00%
% Voting capital	70.00%
Dividends paid to noncontrolling interests		$ 21
Vale Shipping Holding Pte. Ltd.
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%

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 - Option exercised in VLI shares (Details) R$ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)
Disclosure of detailed information about business combination [line items]
Cash consideration from divestment of shares in associate				$ 241
Percentage of shares acquired by exercise of option	8.00%
Percentage of total share held	29.60%
Loss from divestiture of shares in associate	$ 172
VLI S.A.
Disclosure of detailed information about business combination [line items]
Cash consideration from divestment of shares in associate			R$ 1223	$ 241
Percentage of shares acquired by exercise of option	8.00%
Percentage of total share held	29.60%
Loss from divestiture of shares in associate		$ 172

Acquisitions and divestitures_4

Acquisitions and divestitures - PT Vale Indonesia Tbk (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2020	Oct. 31, 2020	Jun. 30, 2020	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Divestment of shares to Indonesian participants ( as a percentage )	8.00%
PTVI
Disclosure of detailed information about business combination [line items]
Ownership interest sold in subsidiary (as a percent)		44.30%	20.00%
Divestment of shares to Indonesian participants ( as a percentage )			14.90%
Cash consideration from divestment of shares in subsidiary		$ 278
Loss from divestiture of shares in subsidiary				$ 179
Collective ownership Interest held by the company and SMM, after the divestment (as a percentage)		59.30%
Sumitomo Metal Mining Co., Ltd
Disclosure of detailed information about business combination [line items]
Ownership interest sold in subsidiary (as a percent)		15.00%
Divestment of shares to Indonesian participants ( as a percentage )			5.10%

Acquisitions and divestitures_5

Acquisitions and divestitures - Henan Longyu Energy Resources (Details) - Henan Longyu $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
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	$ 156
Impairment loss			$ 163
Reclassification of gain related to the cumulative translation adjustments on to income statements		$ 116

Acquisitions and divestitures_6

Acquisitions and divestitures - Ningbo Zhoushan Port (Details) - Ningbo Zhoushan Port $ in Millions	1 Months Ended
	Oct. 31, 2020USD ($)
Disclosure of joint ventures [line items]
Ownership interest in joint venture (as a percent)	50.00%
Term of joint venture	3 years
Minimum
Disclosure of joint ventures [line items]
Capital contribution	$ 110
Maximum
Disclosure of joint ventures [line items]
Capital contribution	$ 160

Acquisitions and divestitures_7

Acquisitions and divestitures - Heads of Agreement (Details) - Mitsui & Co., Ltd - Heads of Agreement - USD ($) $ in Millions	Dec. 31, 2020	Jan. 31, 2021	Dec. 31, 2020
Nacala Corridor
Disclosure of non-adjusting events after reporting period [line items]
Outstanding balance of project finance	$ 2,500		$ 2,500
Vale Mocambique
Disclosure of non-adjusting events after reporting period [line items]
Percentage of ownership interest sold		15.00%
Nacala Logistics Corridor
Disclosure of non-adjusting events after reporting period [line items]
Percentage of ownership interest sold		50.00%

Acquisitions and divestitures_8

Acquisitions and divestitures - Boston Metal (Details) $ in Millions	1 Months Ended
	Feb. 28, 2021USD ($)
Boston Metal | Investment made
Disclosure of non-adjusting events after reporting period [line items]
Investment to acquire minority interest	$ 6

Acquisitions and divestitures_9

Acquisitions and divestitures - Mineracoes Brasileiras Reunidas (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about business combination [line items]
Acquisitions and disposal of noncontrolling interest		$ 242	$ (1,007)	$ (229)
Mineracoes Brasileiras Reunidas S.A. (MBR)
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	36.40%	100.00%	36.40%
Cash transferred	$ 812	$ 104	$ 812
Ownership interest in subsidiary (as a percent)	98.30%
Acquisitions and disposal of noncontrolling interest	$ 343

Acquisitions and divestiture_10

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 divestiture_11

Acquisitions and divestitures - Results of discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Discontinued operations
Net operating revenue	$ 40,018	$ 37,570	$ 36,696
Financial results, net	(4,811)	(3,413)	(4,957)
Income (loss) before income taxes	$ 4,969	$ (2,775)	6,816
Loss from discontinued operations			(92)
Loss from discontinued operations attributable to Vale's stockholders			(92)
Discontinued operations
Discontinued operations
Net operating revenue			121
Cost of goods sold and services rendered			(120)
Operating expenses			(4)
Impairment			(124)
Operating loss			(127)
Financial results, net			(5)
Income (loss) before income taxes			(132)
Income taxes			40
Loss from discontinued operations			(92)
Loss from discontinued operations attributable to Vale's stockholders			$ (92)

Acquisitions and divestiture_12

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

Intangibles - (Details)

Intangibles - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in intangibles
Balance at beginning of year	$ 8,499	$ 7,962
Additions	2,542	478
Disposals	(141)	(17)
Amortization	(201)	(307)
Impairment (note 18)		(123)
Acquisition of subsidiary		728
Translation adjustment	(1,403)	(222)
Balance at end of year	9,296	8,499
Goodwill
Changes in intangibles
Balance at beginning of year	3,629	3,653
Translation adjustment	(331)	(24)
Balance at end of year	3,298	3,629
Railways concessions
Changes in intangibles
Balance at beginning of year	3,970	4,061
Additions	2,513	439
Disposals	(7)	(17)
Amortization	(177)	(239)
Impairment (note 18)		(112)
Acquisition of subsidiary		3
Translation adjustment	(908)	(165)
Balance at end of year	5,391	3,970
Contract right
Changes in intangibles
Balance at beginning of year	140	137
Disposals	(134)
Amortization	(1)	(2)
Translation adjustment	(5)	5
Balance at end of year		140
Software
Changes in intangibles
Balance at beginning of year	76	111
Additions	29	39
Amortization	(23)	(66)
Impairment (note 18)		(11)
Acquisition of subsidiary		1
Translation adjustment	(6)	2
Balance at end of year	76	76
Research and development project and patents
Changes in intangibles
Balance at beginning of year	684
Acquisition of subsidiary		724
Translation adjustment	(153)	(40)
Balance at end of year	531	684
Carrying amount
Changes in intangibles
Balance at beginning of year	10,539
Balance at end of year	11,067	10,539
Carrying amount | Goodwill
Changes in intangibles
Balance at beginning of year	3,629
Balance at end of year	3,298	3,629
Carrying amount | Railways concessions
Changes in intangibles
Balance at beginning of year	5,090
Balance at end of year	6,393	5,090
Carrying amount | Contract right
Changes in intangibles
Balance at beginning of year	248
Balance at end of year	102	248
Carrying amount | Software
Changes in intangibles
Balance at beginning of year	888
Balance at end of year	743	888
Carrying amount | Research and development project and patents
Changes in intangibles
Balance at beginning of year	684
Balance at end of year	531	684
Accumulated amortization
Changes in intangibles
Balance at beginning of year	(2,040)
Balance at end of year	(1,771)	(2,040)
Accumulated amortization | Railways concessions
Changes in intangibles
Balance at beginning of year	(1,120)
Balance at end of year	(1,002)	(1,120)
Accumulated amortization | Contract right
Changes in intangibles
Balance at beginning of year	(108)
Balance at end of year	(102)	(108)
Accumulated amortization | Software
Changes in intangibles
Balance at beginning of year	(812)
Balance at end of year	$ (667)	$ (812)

Intangibles - Early extension o

Intangibles - Early extension of railway concessions (Details) R$ in Millions, $ in Millions	Dec. 31, 2020BRL (R$)projectitem	Dec. 31, 2020BRL (R$)km	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of detailed information about intangible assets [line items]
Related concession grants liabilities | $					$ 1,667	$ 1,791
Discount rate for estimated cost of construction	5.93%	5.93%	5.93%		5.93%
Guarantee insurance paid			R$ 1026	$ 197
Additional insurance policies based on certain contractual milestones			1,000	$ 192
Railways concessions
Disclosure of detailed information about intangible assets [line items]
Extension term for concessions		30 years
Intangible asset recognized, which represents its right to use	R$ 12016	R$ 12016	12,016		$ 2,312
Related concession grants liabilities | $					2,312
Railways concessions | Grants payments for the concessions
Disclosure of detailed information about intangible assets [line items]
Related concession grants liabilities	R$ 2818	R$ 2818	R$ 2818		$ 542
Discount rate for estimated cost of construction	11.04%	11.04%	11.04%		11.04%
Railways concessions | Construction of the Midwest Integration Railway ("FICO")
Disclosure of detailed information about intangible assets [line items]
Related concession grants liabilities	R$ 6789	R$ 6789	R$ 6789		$ 1,306
Area of section to be constructed | km		383
Construction period		6 years
Discount rate for estimated cost of construction	2.59%	2.59%	2.59%		2.59%
Railways concessions | Infrastructure program
Disclosure of detailed information about intangible assets [line items]
Related concession grants liabilities	R$ 1372	R$ 1372	R$ 1372		$ 264
Number of separate projects | project	450
Discount rate for estimated cost of construction	3.08%	3.08%	3.08%		3.08%
Railways concessions | Acquisition and delivery of rails and sleepers
Disclosure of detailed information about intangible assets [line items]
Related concession grants liabilities	R$ 1037	R$ 1037	R$ 1037		$ 200
Discount rate for estimated cost of construction	2.67%	2.67%	2.67%		2.67%
Estrada de Ferro Carajas ("EFC") | Railways concessions | Infrastructure program
Disclosure of detailed information about intangible assets [line items]
Number of municipalities will get benefited | item	25
Ferro Vitoria a Minas ("EFVM") | Railways concessions | Infrastructure program
Disclosure of detailed information about intangible assets [line items]
Number of municipalities will get benefited | item	33

Intangibles - Estimated useful

Intangibles - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2020
Software
Estimated useful lives of intangibles
Useful life	5 years
Minimum | Railways concessions
Estimated useful lives of intangibles
Useful life	3 years
Minimum | Contract right
Estimated useful lives of intangibles
Useful life	22 years
Maximum | Railways 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, 2020	Dec. 31, 2019
Property, plant and equipment
Balance at beginning of year	$ 46,576	$ 48,385
Effects of IFRS 16 adoption		1,801
Additions	4,295	4,449
Disposals	(228)	(631)
Assets retirement obligation	568	429
Depreciation, amortization and depletion	(2,746)	(3,503)
Impairment	(642)	(4,198)
Acquisition of subsidiary		488
Transfer to assets held for sale	(304)
Translation adjustment	(6,371)	(644)
Balance at end of year	41,148	46,576
Land and buildings
Property, plant and equipment
Balance at beginning of year	10,702	11,587
Disposals	(14)	(109)
Depreciation, amortization and depletion	(439)	(514)
Impairment	(130)	(577)
Acquisition of subsidiary		77
Transfer to assets held for sale	(66)
Translation adjustment	(1,664)	(197)
Transfers	202	435
Balance at end of year	8,591	10,702
Facilities
Property, plant and equipment
Balance at beginning of year	9,604	11,236
Disposals	(92)	(75)
Depreciation, amortization and depletion	(469)	(666)
Impairment	(162)	(1,113)
Acquisition of subsidiary		41
Transfer to assets held for sale	(80)
Translation adjustment	(1,756)	(275)
Transfers	546	456
Balance at end of year	7,591	9,604
Equipment
Property, plant and equipment
Balance at beginning of year	5,686	6,407
Disposals	(8)	(70)
Depreciation, amortization and depletion	(730)	(866)
Impairment	(22)	(708)
Acquisition of subsidiary		46
Transfer to assets held for sale	(3)
Translation adjustment	(644)	(102)
Transfers	654	979
Balance at end of year	4,933	5,686
Mineral properties
Property, plant and equipment
Balance at beginning of year	8,261	8,499
Disposals	(13)	(164)
Assets retirement obligation	568	429
Depreciation, amortization and depletion	(459)	(603)
Impairment	(81)	(600)
Acquisition of subsidiary		276
Transfer to assets held for sale	(58)
Translation adjustment	(523)	88
Transfers	359	336
Balance at end of year	8,054	8,261
Railway equipment
Property, plant and equipment
Balance at beginning of year	3,241	3,796
Disposals	(5)	(155)
Depreciation, amortization and depletion	(186)	(293)
Impairment		(336)
Translation adjustment	(759)	(122)
Transfers	232	351
Balance at end of year	2,523	3,241
Right of use assets
Property, plant and equipment
Balance at beginning of year	1,692
Effects of IFRS 16 adoption		1,801
Additions	125	152
Disposals		(7)
Depreciation, amortization and depletion	(173)	(183)
Impairment		(55)
Acquisition of subsidiary		2
Translation adjustment	(81)	(18)
Balance at end of year	1,563	1,692
Others
Property, plant and equipment
Balance at beginning of year	3,012	3,473
Disposals	(8)	(26)
Depreciation, amortization and depletion	(290)	(378)
Impairment	(79)	(456)
Transfer to assets held for sale	(1)
Translation adjustment	(392)	(34)
Transfers	253	433
Balance at end of year	2,495	3,012
Constructions in progress
Property, plant and equipment
Balance at beginning of year	4,378	3,387
Additions	4,170	4,297
Disposals	(88)	(25)
Impairment	(168)	(353)
Acquisition of subsidiary		46
Transfer to assets held for sale	(96)
Translation adjustment	(552)	16
Transfers	(2,246)	(2,990)
Balance at end of year	5,398	4,378
Carrying amount
Property, plant and equipment
Balance at beginning of year	83,496
Balance at end of year	71,687	83,496
Carrying amount | Land and buildings
Property, plant and equipment
Balance at beginning of year	18,970
Balance at end of year	15,135	18,970
Carrying amount | Facilities
Property, plant and equipment
Balance at beginning of year	17,170
Balance at end of year	11,690	17,170
Carrying amount | Equipment
Property, plant and equipment
Balance at beginning of year	11,756
Balance at end of year	10,680	11,756
Carrying amount | Mineral properties
Property, plant and equipment
Balance at beginning of year	17,826
Balance at end of year	17,072	17,826
Carrying amount | Railway equipment
Property, plant and equipment
Balance at beginning of year	4,701
Balance at end of year	3,853	4,701
Carrying amount | Right of use assets
Property, plant and equipment
Balance at beginning of year	1,875
Balance at end of year	1,966	1,875
Carrying amount | Others
Property, plant and equipment
Balance at beginning of year	6,820
Balance at end of year	5,893	6,820
Carrying amount | Constructions in progress
Property, plant and equipment
Balance at beginning of year	4,378
Balance at end of year	5,398	4,378
Accumulated amortization
Property, plant and equipment
Balance at beginning of year	(36,920)
Balance at end of year	(30,539)	(36,920)
Accumulated amortization | Land and buildings
Property, plant and equipment
Balance at beginning of year	(8,268)
Balance at end of year	(6,544)	(8,268)
Accumulated amortization | Facilities
Property, plant and equipment
Balance at beginning of year	(7,566)
Balance at end of year	(4,099)	(7,566)
Accumulated amortization | Equipment
Property, plant and equipment
Balance at beginning of year	(6,070)
Balance at end of year	(5,747)	(6,070)
Accumulated amortization | Mineral properties
Property, plant and equipment
Balance at beginning of year	(9,565)
Balance at end of year	(9,018)	(9,565)
Accumulated amortization | Railway equipment
Property, plant and equipment
Balance at beginning of year	(1,460)
Balance at end of year	(1,330)	(1,460)
Accumulated amortization | Right of use assets
Property, plant and equipment
Balance at beginning of year	(183)
Balance at end of year	(403)	(183)
Accumulated amortization | Others
Property, plant and equipment
Balance at beginning of year	(3,808)
Balance at end of year	$ (3,398)	$ (3,808)

Property, plant and equipment_2

Property, plant and equipment - Leases (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Property, plant and equipment
Right-of-use assets
Beginning balance	$ 1,692
Additions and contract modifications	125
Depreciation	(173)
Translation adjustment	(81)
Ending balance	1,563
Ports
Right-of-use assets
Beginning balance	734
Additions and contract modifications	50
Depreciation	(40)
Translation adjustment	(26)
Ending balance	718
Vessels
Right-of-use assets
Beginning balance	582
Depreciation	(47)
Translation adjustment	(1)
Ending balance	534
Pellets plants
Right-of-use assets
Beginning balance	161
Additions and contract modifications	39
Depreciation	(41)
Translation adjustment	(28)
Ending balance	131
Properties
Right-of-use assets
Beginning balance	133
Additions and contract modifications	32
Depreciation	(29)
Translation adjustment	(24)
Ending balance	112
Energy plants
Right-of-use assets
Beginning balance	64
Depreciation	(7)
Translation adjustment	(1)
Ending balance	56
Mining equipment and locomotives
Right-of-use assets
Beginning balance	18
Additions and contract modifications	4
Depreciation	(9)
Translation adjustment	(1)
Ending balance	$ 12

Property, plant and equipment_3

Property, plant and equipment - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2020
Vessels
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) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)Plant	Dec. 31, 2020USD ($)Plant	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Impairment and onerous contracts
Discount rate on cash flows		5.93%
Finance cost		$ (4,811)	$ (3,413)	$ (4,957)
Moatize Mine, Mozambique
Impairment and onerous contracts
Impairment loss		$ 137	1,691
Percentage of Non-controlling interest	15.00%	15.00%
Number of plants revamp | Plant	2	2
Vale Nouvelle Caledonie S.A.S.
Impairment and onerous contracts
Impairment loss		$ 882
Finance cost		500
Base metals - nickel
Impairment and onerous contracts
Impairment loss		882	$ 2,511
Goodwill		1,926
Goodwill impairment		$ 0
Base metals - nickel | Minimum
Impairment and onerous contracts
Discount rate on cash flows		4.50%	5.00%
Base metals - nickel | Maximum
Impairment and onerous contracts
Discount rate on cash flows		5.10%	6.00%
Nickel CGU
Impairment and onerous contracts
Impairment loss | R$	R$ 0
Non-current assets
Impairment and onerous contracts
Impairment loss		$ 2,018	$ 4,321	184
Onerous contracts
Impairment and onerous contracts
Impairment loss			240	393
Disposals of non-current assets
Impairment and onerous contracts
Impairment loss		225	513	322
Impairment and disposals of non-current assets
Impairment and onerous contracts
Impairment loss		2,243	5,074	899
Impairment and disposals of non-current assets | Base metals - nickel
Impairment and onerous contracts
Impairment loss		382
Coal
Impairment and onerous contracts
Impairment loss		935	1,691
Several segments | Other assets
Impairment and onerous contracts
Impairment loss		$ 201	$ 119	$ 184
Ferrous minerals
Impairment and onerous contracts
Discount rate on cash flows		5.60%	6.30%

Impairment and onerous contra_4

Impairment and onerous contracts - Loans receivable, Nacala BV (Details) T in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)T
Impairment and onerous contracts
Discount rate on cash flows	5.93%
Nacala Corridor
Impairment and onerous contracts
Impairment of loans and receivables | $	$ 798
Discount rate on cash flows	8.20%
Carrying amount of the receivable after the impairment charge | $	$ 1,118
Threshold volume of capacity for carrying value to be fully impaired | T	5
Total volume of capacity | T	22

Impairment and onerous contra_5

Impairment and onerous contracts - Ferrous Minerals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impairment and onerous contracts
Discount rate on cash flows	5.93%
Impairment and disposal of non-current assets	$ 2,243	$ 5,074	$ 899
Simoes Filho plant
Impairment and onerous contracts
Impairment and disposal of non-current assets	76
Carrying amount for CGU	$ 75
Ferrous minerals
Impairment and onerous contracts
Discount rate on cash flows	5.60%	6.30%
Goodwill	$ 1,373

Impairment and onerous contra_6

Impairment and onerous contracts - Other assets (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Biopalma
Disclosure of financial assets [line items]
Gain from disposals of non-current assets		$ 125
Carrying amount for CGU		0
Other assets | Several segments
Disclosure of financial assets [line items]
Impairment loss		201	$ 119	$ 184
Midwest system
Disclosure of financial assets [line items]
Impairment loss | R$	R$ 0
Onerous contracts provision		$ 240

Financial and capital risk ma_3

Financial and capital risk management - Effects of derivatives on statement of financial position and Net exposure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial instruments classification
Current assets	$ 134	$ 288
Non-current assets	66	184
Current liabilities	328	94
Non-current liabilities	689	307
Derivative financial assets (liabilities)	$ (817)	71
Percentage of risk estimate	95.00%
Others
Financial instruments classification
Derivative financial assets (liabilities)	$ (2)	(77)
Derivatives not designated as hedge
Financial instruments classification
Current assets	134	288
Non-current assets	66	184
Current liabilities	328	94
Non-current liabilities	689	307
Derivatives not designated as hedge | Others
Financial instruments classification
Non-current assets	16	50
Derivative financial assets (liabilities)	(2)	(77)
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Current assets	7	117
Non-current assets	50	125
Current liabilities	251	75
Non-current liabilities	689	183
Derivative financial assets (liabilities)	(883)	(16)
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
Current liabilities	111	48
Non-current liabilities	525	80
Derivative financial assets (liabilities)	(636)	(115)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Current assets	7	82
Non-current assets	38	117
Current liabilities	72	13
Non-current liabilities	100	37
Derivative financial assets (liabilities)	(127)	149
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Non-current assets	3
Current liabilities	4	6
Non-current liabilities		29
Derivative financial assets (liabilities)	(1)	(35)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre-dollar swap
Financial instruments classification
Current assets		21
Non-current assets	9	8
Current liabilities	62	8
Non-current liabilities	58	37
Derivative financial assets (liabilities)	(111)	(16)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Libor swap
Financial instruments classification
Current liabilities	1
Non-current liabilities	6
Derivative financial assets (liabilities)	(7)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Forward transactions
Financial instruments classification
Current assets		1
Current liabilities	1
Derivative financial assets (liabilities)	(1)	1
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Current assets	127	171
Non-current assets		9
Current liabilities	59	12
Non-current liabilities		4
Derivative financial assets (liabilities)	68	164
Derivatives not designated as hedge | Commodities price risk | Nickel
Financial instruments classification
Current assets	30	151
Non-current assets		9
Current liabilities	46	4
Non-current liabilities		4
Derivatives not designated as hedge | Commodities price risk | Bunker oil, Gasoil and Brent
Financial instruments classification
Current assets	97	20
Current liabilities	13	8
Derivatives not designated as hedge | Commodities price risk | Base metals products
Financial instruments classification
Derivative financial assets (liabilities)	(16)	152
Derivatives not designated as hedge | Commodities price risk | Gasoil Brent and Freight
Financial instruments classification
Derivative financial assets (liabilities)	84	12
Derivatives not designated as hedge | Others
Financial instruments classification
Non-current assets	16	50
Current liabilities	18	7
Non-current liabilities		120
Derivatives not designated as hedge | Others | Others
Financial instruments classification
Current liabilities	$ 18	7
Non-current liabilities		$ 120

Financial and capital risk ma_4

Financial and capital risk management - Effects of derivatives on the income statement, cash flow and other comprehensive income (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)
Financial instruments classification
Financial settlement inflows (outflows)	$ (34)	$ (324)	$ (67)
Net investments hedge
Financial instruments classification
Gain recognized in other comprehensive income	(2,786)	(392)	(543)
Put options - Nickel Revenue Hedging - Bought
Financial instruments classification
Financial settlement inflows (outflows)	292
Cash flow hedge (Nickel and Palladium)
Financial instruments classification
Financial settlement inflows (outflows)	292
Gain recognized in other comprehensive income	(104)	150
Derivatives not designated as hedge
Financial instruments classification
Gain (loss) recognized in the income statement	(1,210)	244	(266)
Derivatives not designated as hedge | Others
Financial instruments classification
Gain (loss) recognized in the income statement	61	102	32
Financial settlement inflows (outflows)	68	21	(3)
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Gain (loss) recognized in the income statement	(1,147)	42	(279)
Financial settlement inflows (outflows)	(196)	(406)	(121)
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	(746)	(39)	(206)
Financial settlement inflows (outflows)	(141)	(381)	(135)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Gain (loss) recognized in the income statement	(262)	118	(23)
Financial settlement inflows (outflows)		(28)	7
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Gain (loss) recognized in the income statement	28	(39)	(27)
Financial settlement inflows (outflows)	(6)	(5)	(3)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Euro forward
Financial instruments classification
Gain (loss) recognized in the income statement	(160)	2	(23)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre-dollar swap
Financial instruments classification
Gain (loss) recognized in the income statement	(7)
Financial settlement inflows (outflows)	(49)	8	10
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Gain (loss) recognized in the income statement	(124)	100	(19)
Financial settlement inflows (outflows)	(198)	50	57
Derivatives not designated as hedge | Commodities price risk | Nickel
Financial instruments classification
Gain (loss) recognized in the income statement	10	58	(25)
Derivatives not designated as hedge | Commodities price risk | Base metals products
Financial instruments classification
Financial settlement inflows (outflows)	8	48	8
Derivatives not designated as hedge | Commodities price risk | Gasoil Brent and Freight
Financial instruments classification
Gain (loss) recognized in the income statement	(134)	42	6
Financial settlement inflows (outflows)	(206)	2	49
Derivatives designated as cash flow hedge
Financial instruments classification
Financial settlement inflows (outflows)	292	11
Derivatives designated as cash flow hedge | Nickel
Financial instruments classification
Financial settlement inflows (outflows)	292	11
Derivatives designated as cash flow hedge | Others
Financial instruments classification
Gain (loss) recognized in the income statement	$ 61	$ 102	$ 32
Vale S.A. International | Designated hedge
Financial instruments classification
Financial instruments designated as hedging instruments, at fair value					$ 2,168
Vale Holding BV | Designated hedge
Financial instruments classification
Financial instruments designated as hedging instruments, at fair value | €				€ 750

Financial and capital risk ma_5

Financial and capital risk management - Protection programs for the R$ and EUR denominated debt instruments and other liabilities (Details) $ in Thousands, R$ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (34,000)	$ (324,000)	$ (67,000)
CDI vs. US$ fixed rate swap
Derivative financial instruments.
Notional amount | R$						R$ 2115
Receivable | R$				R$ 9445
Payable					$ 2,213		$ 558,000
Average receivable rate				100.09%	100.09%
Average payable rate				2.09%	2.09%
Fair value of liabilities					$ (473,000)		(38,000)
Financial settlement inflows (outflows)	(129,000)
Value at risk					42,000
CDI vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					(60,000)
CDI vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of liabilities					(96,000)
CDI vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities					(317,000)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Notional amount | R$						2,111
Receivable | R$				R$ 1651
Payable					$ 460,000		601,000
Average receivable rate				1.14%	1.14%
Average payable rate				3.05%	3.05%
Fair value of liabilities					$ (163,000)		(77,000)
Financial settlement inflows (outflows)	(44,000)
Value at risk					9,000
TJLP vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					(50,000)
TJLP vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of liabilities					(42,000)
TJLP vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities					(71,000)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Notional amount | R$						2,173
Receivable | R$				R$ 2512
Payable					$ 621,000		604,000
Average receivable rate				5.43%	5.43%
Average payable rate				0.31%	0.31%
Fair value of liabilities					$ (111,000)		(18,000)
Financial settlement inflows (outflows)	(48,000)
Value at risk					11,000
R$ fixed rate vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					(63,000)
R$ fixed rate vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of assets					(51,000)
R$ fixed rate vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of assets					3,000
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Notional amount | R$						2,826
Receivable | R$				R$ 2363
Payable					$ 622,000		759,000
Average receivable rate				5.10%	5.10%
Average payable rate				4.02%	4.02%
Fair value of liabilities					$ (173,000)		46,000
Financial settlement inflows (outflows)	(12,000)
Value at risk					13,000
IPCA vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of assets					(73,000)
IPCA vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of assets					(8,000)
IPCA vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities					(92,000)
IPCA vs. CDI swap
Derivative financial instruments.
Notional amount | R$						1,634
Receivable | R$				R$ 694
Payable					$ 550,000		1,350,000
Average receivable rate				6.63%	6.63%
Average payable rate				98.76%	98.76%
Fair value of liabilities					$ 45,000		104,000
Financial settlement inflows (outflows)	44,000
Value at risk					1,000
IPCA vs. CDI swap | 2021
Derivative financial instruments.
Fair value of liabilities					7,000
IPCA vs. CDI swap | 2022
Derivative financial instruments.
Fair value of liabilities					38,000
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Notional amount | R$						500
Receivable | R$				R$ 500
Payable					$ 613,000		613,000
Average receivable rate				3.75%	3.75%
Average payable rate				4.29%	4.29%
Fair value of liabilities					$ 5,000
Fair value of assets					(1,000)		$ (35,000)
Financial settlement inflows (outflows)	$ (6,000)
EUR fixed rate vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					(4,000)
EUR fixed rate vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of liabilities					(3,000)
EUR fixed rate vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities					$ 6,000
Forward
Derivative financial instruments.
Payable | R$				R$ 916		R$ 121
Average payable rate				5.96%	5.96%
Fair value of liabilities					$ (1,000)
Value at risk					3,000
Forward | 2021
Derivative financial instruments.
Fair value of assets					$ (1,000)

Financial and capital risk ma_6

Financial and capital risk management - Protection program for Libor floating interest rate US$ denominated debt (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (34)	$ (324)	$ (67)
Call options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Fair value of assets		(12)			$ (46)
Value at risk					10
Call options - Nickel Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities					(46)
Put options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Fair value of assets		162			28
Financial settlement inflows (outflows)	292
Value at risk					6
Put options - Nickel Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities					28
Cash flow hedge (Nickel and Palladium)
Derivative financial instruments.
Fair value of assets		$ 150			(18)
Financial settlement inflows (outflows)	$ 292
Value at risk					16
Cash flow hedge (Nickel and Palladium) | 2021
Derivative financial instruments.
Fair value of liabilities					(18)
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | €				€ 950
Payable					$ 950
Average receivable rate				0.13%	0.13%
Average payable rate				0.48%	0.48%
Fair value of liabilities					$ (7)
Value at risk					1
EUR fixed rate vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities					(1)
EUR fixed rate vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities					(4)
EUR fixed rate vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of liabilities					$ (1)

Financial and capital risk ma_7

Financial and capital risk management - Brent Crude Oil and Gasoil purchase cash flows protection program (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)oz$ / T$ / R$$ / ozTbbl	Dec. 31, 2019USD ($)Tbbl	Dec. 31, 2018USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (34)	$ (324)	$ (67)
Call options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Notional amount (ton) | T	58,620	75,984
Average strike per ton | $ / T	17,664
Fair value of assets	$ (46)	$ (12)
Value at risk	10
Call options - Nickel Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities	$ (46)
Put options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Notional amount (ton) | T	58,620	75,984
Average strike per ton | $ / T	15,000
Fair value of assets	$ 28	$ 162
Financial settlement inflows (outflows)	292
Value at risk	6
Put options - Nickel Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities	28
Cash flow hedge (Nickel and Palladium)
Derivative financial instruments.
Fair value of assets	(18)	$ 150
Financial settlement inflows (outflows)	292
Value at risk	16
Cash flow hedge (Nickel and Palladium) | 2021
Derivative financial instruments.
Fair value of liabilities	$ (18)
Forwards contract - Bunker Oil - bought
Derivative financial instruments.
Notional amount (bbl) | bbl	(1,625)	1,050
Average strike per ton | $ / R$	11,893
Fair value of liabilities	$ 4
Financial settlement inflows (outflows)	(2)
Value at risk	1
Forwards contract - Bunker Oil - bought | 2021+
Derivative financial instruments.
Fair value of liabilities	$ 4
Call options - Bunker Oil -bought
Derivative financial instruments.
Notional amount (bbl) | bbl	(13,746,945)	7,048,500
Average strike per ton | $ / R$	55
Fair value of liabilities	$ 92	$ 11
Value at risk	11
Call options - Bunker Oil -bought | 2021+
Derivative financial instruments.
Fair value of liabilities	$ 92
Put options - Bunker Oil - sold
Derivative financial instruments.
Notional amount (bbl) | bbl	(13,746,945)	7,048,500
Average strike per ton | $ / R$	28
Fair value of liabilities	$ (12)	$ (3)
Financial settlement inflows (outflows)	(68)
Value at risk	1
Put options - Bunker Oil - sold | 2021+
Derivative financial instruments.
Fair value of liabilities	(12)
Brent crude oil purchase cash flows protection program
Derivative financial instruments.
Fair value of assets	(1)
Brent crude oil purchase cash flows protection program | 2021
Derivative financial instruments.
Fair value of liabilities	(1)
Palladium Forwards
Derivative financial instruments.
Financial settlement inflows (outflows)	$ 3
Call options - Brent Crude Oil -bought
Derivative financial instruments.
Notional amount (t oz) | oz	7,200
Average strike per barrel | $ / oz	2,347
Fair value of assets	$ (1)
Call options - Brent Crude Oil -bought | 2021
Derivative financial instruments.
Fair value of liabilities	$ (1)
Put options - Brent Crude Oil - sold
Derivative financial instruments.
Notional amount (t oz) | oz	7,200
Average strike per barrel | $ / oz	2,050
Call options - Gasoil -bought
Derivative financial instruments.
Notional amount (bbl) | bbl		7,710,750
Fair value of liabilities		$ 7
Put options - Gasoil -sold
Derivative financial instruments.
Notional amount (bbl) | bbl		7,710,750
Fair value of liabilities		$ (3)
Financial settlement inflows (outflows)	$ (137)
Call options- WPM - Bought
Derivative financial instruments.
Fair value of liabilities		26
Financial settlement inflows (outflows)	25
Call Option -SPE - Brought [Member]
Derivative financial instruments.
Fair value of liabilities	18	$ 24
Value at risk	2
Call Option -SPE - Brought [Member] | 2021+
Derivative financial instruments.
Fair value of liabilities	18
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(7)
Value at risk	1
EUR fixed rate vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities	$ (1)

Financial and capital risk ma_8

Financial and capital risk management - Freight derivative positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (34)	$ (324)	$ (67)

Financial and capital risk ma_9

Financial and capital risk management - Embedded derivatives in contracts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)itemEquityInstruments	Dec. 31, 2019USD ($)EquityInstruments	Dec. 31, 2018USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (34)	$ (324)	$ (67)
Embedded derivatives - Nickel forwards
Derivative financial instruments.
Notional | EquityInstruments	1,979	1,497
Average strike rate per share | item	15,831
Fair value of liabilities	$ 2	$ 2
Value at risk	$ 1
Embedded derivatives - Copper forwards
Derivative financial instruments.
Notional | EquityInstruments	746,667	746,667
Average strike rate per share | item	233
Fair value of liabilities		$ (1)
Embedded - Put options - sold
Derivative financial instruments.
Notional | EquityInstruments	1,105,070,863	1,105,070,863
Average strike rate per share | item	4.23
Fair value of liabilities	$ (19)	$ (69)
Value at risk	4
2021+ | Embedded derivatives - Nickel forwards
Derivative financial instruments.
Fair value of liabilities	2
2021+ | Embedded - Put options - sold
Derivative financial instruments.
Fair value of liabilities	$ (19)

Financial and capital risk m_10

Financial and capital risk management - Wheaton Precious Metals Corp. warrants (Details)	1 Months Ended	12 Months Ended
	Feb. 29, 2020USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)EquityInstruments	Dec. 31, 2018USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)		$ (34,000,000)	$ (324,000,000)	$ (67,000,000)
Call options- WPM - Bought
Derivative financial instruments.
Notional | EquityInstruments			10,000,000
Financial settlement inflows (outflows)		$ 25,000,000
WPM Warrants
Derivative financial instruments.
Notional	10,000,000
Financial settlement inflows (outflows)	$ 25,000,000
Sale price per warrant | $ / shares	$ 2.50

Financial and capital risk m_11

Financial and capital risk management - Debentures convertible into shares (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)R$ / shares	Dec. 31, 2019USD ($)EquityInstruments	Dec. 31, 2018USD ($)	Dec. 31, 2020item	Dec. 31, 2020EquityInstruments	Dec. 31, 2020	Dec. 09, 2020USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (34)	$ (324)	$ (67)
Call options -Debentures- Sold
Derivative financial instruments.
Notional | EquityInstruments		140,239
Average strike per share				8,346		8	8
Fair value of liabilities		$ (51)
Financial settlement inflows (outflows)	$ 235
Value at risk							$ 241
Debentures convertible into shares
Derivative financial instruments.
Notional | EquityInstruments		1,009			976
Average strike per share | R$ / shares	7,121

Financial and capital risk m_12

Financial and capital risk management - Option related to SPE (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)itemEquityInstruments	Dec. 31, 2019USD ($)EquityInstruments	Dec. 31, 2018USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (34)	$ (324)	$ (67)
Call Option -SPE - Brought [Member]
Derivative financial instruments.
Notional | EquityInstruments	137,751,623	137,751,623
Average strike per share | item	2.92
Value at risk	$ 2

Financial and capital risk m_13

Financial and capital risk management - Sensitivity analysis of derivative financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Scenario I
Derivative financial instruments.
Percentage of deterioration of risk variables	25.00%
Scenario II
Derivative financial instruments.
Percentage of deterioration of risk variables	50.00%
CDI vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	$ (473)	$ (38)
CDI vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(473)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(1,048)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(1,623)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(473)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(494)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(517)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(473)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(496)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(522)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(163)	(77)
TJLP vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(163)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(285)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(408)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(163)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(165)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(168)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(163)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(173)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(182)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(163)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(172)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(181)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(111)	(18)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(111)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(264)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(418)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(111)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(113)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(115)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(111)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(120)
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(129)
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(173)	$ 46
IPCA vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(173)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(343)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(512)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(173)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(178)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(183)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(173)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(189)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(204)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(173)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(184)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(195)
IPCA vs. CDI swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	45
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	43
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	41
IPCA vs. CDI swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of assets	45
IPCA vs. CDI swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of assets	43
IPCA vs. CDI swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of assets	40
US$ floating rate vs. US$ fixed rate swap | US$ Libor decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(7)
US$ floating rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(10)
US$ floating rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(13)
Protected item: Libor US$ indexed debt | US$ Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	10
Protected item: Libor US$ indexed debt | US$ Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	13
NDF | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
NDF | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(39)
NDF | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(77)
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	(2)
NDF | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(3)
NDF | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	(1)
NDF | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	(7)
NDF | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	(13)
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(43)
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(40)
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(7)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(173)
EUR fixed rate vs. US$ fixed rate swap | EUR depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(346)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(2)
EUR fixed rate vs. US$ fixed rate swap | Euribor increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(3)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(2)
EUR fixed rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(2)
Protected item: EUR denominated debt | EUR depreciation | Scenario I
Derivative financial instruments.
Fair value of assets	173
Protected item: EUR denominated debt | EUR depreciation | Scenario II
Derivative financial instruments.
Fair value of assets	346
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Probable
Derivative financial instruments.
Fair value of liabilities	80
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	25
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(28)
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	(25)
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	28
Maritime Freight protection - Forwards | Freight price decrease | Probable
Derivative financial instruments.
Fair value of assets	4
Maritime Freight protection - Forwards | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(2)
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	2
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	(19)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(19)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(19)
Protected item: Part of nickel future revenues | Nickel price fluctuation | Scenario I
Derivative financial instruments.
Fair value of assets	19
Protected item: Part of nickel future revenues | Nickel price fluctuation | Scenario II
Derivative financial instruments.
Fair value of assets	19
Palladium Revenue Hedging Program - Options | Palladium price increase | Probable
Derivative financial instruments.
Fair value of liabilities	(1)
Palladium Revenue Hedging Program - Options | Palladium price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(5)
Palladium Revenue Hedging Program - Options | Palladium price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(9)
Protected item: Part of palladium future revenues | Palladium price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	5
Protected item: Part of palladium future revenues | Palladium price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	9
Option - SPCs | Iron ore price decrease | Probable
Derivative financial instruments.
Fair value of assets	18
Option - SPCs | Iron ore price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	10
Option - SPCs | Iron ore price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	2
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	(5)
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(13)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(1)
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 | Scenario II
Derivative financial instruments.
Fair value of liabilities	(1)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(19)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(84)
Embedded derivatives - Guaranteed minimum return (VLI) | VLI stock value decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	$ (270)

Financial and capital risk m_14

Financial and capital risk management - Financial instruments, except for accounts receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of external credit grades [line items]
Financial assets	$ 22,632	$ 17,106
Cash and cash equivalents
Disclosure of external credit grades [line items]
Financial assets	13,487	7,350
Short-term investments
Disclosure of external credit grades [line items]
Financial assets	771	826
Restricted cash
Disclosure of external credit grades [line items]
Financial assets	38	151
Judicial deposits
Disclosure of external credit grades [line items]
Financial assets	1,268	3,133
Derivative financial instruments (note 19)
Disclosure of external credit grades [line items]
Financial assets	200	472
Investments in equity securities
Disclosure of external credit grades [line items]
Financial assets	757	726
Related parties
Disclosure of external credit grades [line items]
Financial assets	1,118	1,919
Financial instruments, except for accounts receivable
Disclosure of external credit grades [line items]
Financial assets	$ 17,639	$ 14,577

Financial and capital risk m_15

Financial and capital risk management - Financial counterparties' ratings (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)facility	Dec. 31, 2019USD ($)
Revolving credit facilities
Disclosure of external credit grades [line items]
Number of facility | facility	2
Available amount	$ 5,000
Cash and cash equivalents
Disclosure of external credit grades [line items]
Credit exposure	14,258	$ 8,176
Cash and cash equivalents | Aa1
Disclosure of external credit grades [line items]
Credit exposure	2,210	31
Cash and cash equivalents | Aa2
Disclosure of external credit grades [line items]
Credit exposure	363	1
Cash and cash equivalents | Aa3
Disclosure of external credit grades [line items]
Credit exposure	1,681	202
Cash and cash equivalents | A1
Disclosure of external credit grades [line items]
Credit exposure	2,812	1,468
Cash and cash equivalents | A2
Disclosure of external credit grades [line items]
Credit exposure	4	2,740
Cash and cash equivalents | A3
Disclosure of external credit grades [line items]
Credit exposure	5	109
Cash and cash equivalents | Baa1
Disclosure of external credit grades [line items]
Credit exposure	4	5
Cash and cash equivalents | Baa2
Disclosure of external credit grades [line items]
Credit exposure	1	47
Cash and cash equivalents | Baa3
Disclosure of external credit grades [line items]
Credit exposure		1
Cash and cash equivalents | Ba1
Disclosure of external credit grades [line items]
Credit exposure	2,986
Cash and cash equivalents | Ba2
Disclosure of external credit grades [line items]
Credit exposure	4,189	835
Cash and cash equivalents | Ba3
Disclosure of external credit grades [line items]
Credit exposure		2,735
Cash and cash equivalents | Others
Disclosure of external credit grades [line items]
Credit exposure	3	2
Derivative financial instruments (note 19)
Disclosure of external credit grades [line items]
Credit exposure	200	472
Derivative financial instruments (note 19) | Aa1
Disclosure of external credit grades [line items]
Credit exposure	36
Derivative financial instruments (note 19) | Aa2
Disclosure of external credit grades [line items]
Credit exposure	15	11
Derivative financial instruments (note 19) | Aa3
Disclosure of external credit grades [line items]
Credit exposure	41	46
Derivative financial instruments (note 19) | A1
Disclosure of external credit grades [line items]
Credit exposure	21
Derivative financial instruments (note 19) | A2
Disclosure of external credit grades [line items]
Credit exposure	20	138
Derivative financial instruments (note 19) | A3
Disclosure of external credit grades [line items]
Credit exposure	36	105
Derivative financial instruments (note 19) | Baa3
Disclosure of external credit grades [line items]
Credit exposure		117
Derivative financial instruments (note 19) | Ba2
Disclosure of external credit grades [line items]
Credit exposure	6
Derivative financial instruments (note 19) | Others
Disclosure of external credit grades [line items]
Credit exposure	$ 25	$ 55

Financial assets and liabilit_3

Financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial instruments classification
Total current financial assets	$ 19,580	$ 11,312
Total noncurrent financial assets	3,052	5,794
Total of financial assets	22,632	17,106
Total current financial liabilities	7,629	8,510
Total noncurrent financial liabilities	21,916	17,780
Total of financial liabilities	29,545	26,290
Amortized cost
Financial instruments classification
Total current financial liabilities	7,301	8,416
Total noncurrent financial liabilities	16,937	14,364
Total of financial liabilities	24,238	22,780
At fair value through profit or loss
Financial instruments classification
Total current financial liabilities	328	94
Total noncurrent financial liabilities	4,979	3,416
Total of financial liabilities	5,307	3,510
Amortized cost
Financial instruments classification
Total current financial assets	18,181	10,121
Total noncurrent financial assets	2,229	4,884
Total of financial assets	20,410	15,005
At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	757	726
Total of financial assets	757	726
At fair value through profit or loss
Financial instruments classification
Total current financial assets	1,399	1,191
Total noncurrent financial assets	66	184
Total of financial assets	1,465	1,375
Cash and cash equivalents
Financial instruments classification
Total current financial assets	13,487	7,350
Total of financial assets	13,487	7,350
Cash and cash equivalents | Amortized cost
Financial instruments classification
Total current financial assets	13,487	7,350
Short-term investments
Financial instruments classification
Total current financial assets	771	826
Total of financial assets	771	826
Short-term investments | At fair value through profit or loss
Financial instruments classification
Total current financial assets	771	826
Accounts receivable
Financial instruments classification
Total current financial assets	4,993	2,529
Accounts receivable | Amortized cost
Financial instruments classification
Total current financial assets	4,499	2,452
Accounts receivable | At fair value through profit or loss
Financial instruments classification
Total current financial assets	494	77
Related parties
Financial instruments classification
Total current financial assets	195	319
Related parties | Amortized cost
Financial instruments classification
Total current financial assets	195	319
Judicial deposits
Financial instruments classification
Total noncurrent financial assets	1,268	3,133
Total of financial assets	1,268	3,133
Derivative financial instruments (note 19)
Financial instruments classification
Total current financial assets	134	288
Total noncurrent financial assets	66	184
Total of financial assets	200	472
Total current financial liabilities	328	94
Derivative financial instruments (note 19) | At fair value through profit or loss
Financial instruments classification
Total current financial liabilities	328	94
Derivative financial instruments (note 19) | At fair value through profit or loss
Financial instruments classification
Total current financial assets	134	288
Total noncurrent financial assets	66	184
Restricted cash
Financial instruments classification
Total noncurrent financial assets	38	151
Total of financial assets	38	151
Dividends payable
Financial instruments classification
Total current financial liabilities	1,220	1,560
Investments in equity securities
Financial instruments classification
Total noncurrent financial assets	757	726
Total of financial assets	757	726
Investments in equity securities | At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	757	726
Related parties
Financial instruments classification
Total noncurrent financial assets	923	1,600
Total of financial assets	1,118	1,919
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial assets	923	1,600
Suppliers and contractors
Financial instruments classification
Total current financial liabilities	3,367	4,107
Suppliers and contractors | Amortized cost
Financial instruments classification
Total current financial liabilities	3,367	4,107
Derivative financial instruments (note 19)
Financial instruments classification
Total noncurrent financial liabilities	689	307
Liabilities related to the concession grant
Financial instruments classification
Total current financial liabilities	209
Total noncurrent financial liabilities	2,103
Liabilities related to the concession grant | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	2,103
Loans and borrowings
Financial instruments classification
Total current financial liabilities	1,136	1,439
Loans and borrowings | Amortized cost
Financial instruments classification
Total current financial liabilities	1,136	1,439
Loans and borrowings
Financial instruments classification
Total noncurrent financial liabilities	13,891	13,408
Loans and borrowings | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	13,891	13,408
Related parties
Financial instruments classification
Total current financial liabilities	725	980
Total noncurrent financial liabilities	943	956
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	943	956
Other financial liabilities
Financial instruments classification
Total current financial liabilities	644	330
Other financial liabilities | Amortized cost
Financial instruments classification
Total current financial liabilities	644	330
Participative stockholders' debentures
Financial instruments classification
Total noncurrent financial liabilities	3,413	2,584
Participative stockholders' debentures | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial liabilities	3,413	2,584
Financial guarantees
Financial instruments classification
Total noncurrent financial liabilities	877	525
Financial guarantees | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial liabilities	$ 877	$ 525

Financial assets and liabilit_4

Financial assets and liabilities - Hierarchy of fair value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial instruments classification
Financial assets	$ 2,222	$ 2,101
Financial liabilities	5,307	3,510
Level 1
Financial instruments classification
Financial assets	1,528	1,552
Level 2
Financial instruments classification
Financial assets	676	525
Financial liabilities	5,288	3,390
Level 3
Financial instruments classification
Financial assets	18	24
Financial liabilities	19	120
Derivative financial instruments (note 19)
Financial instruments classification
Financial liabilities	1,017	401
Derivative financial instruments (note 19) | Level 2
Financial instruments classification
Financial liabilities	998	281
Derivative financial instruments (note 19) | Level 3
Financial instruments classification
Financial liabilities	19	120
Participative stockholders' debentures
Financial instruments classification
Financial liabilities	3,413	2,584
Participative stockholders' debentures | Level 2
Financial instruments classification
Financial liabilities	3,413	2,584
Financial guarantees
Financial instruments classification
Financial liabilities	877	525
Financial guarantees | Level 2
Financial instruments classification
Financial liabilities	877	525
Short-term investments
Financial instruments classification
Financial assets	771	826
Short-term investments | Level 1
Financial instruments classification
Financial assets	771	826
Accounts receivable
Financial instruments classification
Financial assets	494	77
Accounts receivable | Level 2
Financial instruments classification
Financial assets	494	77
Derivative financial instruments (note 19)
Financial instruments classification
Financial assets	200	472
Derivative financial instruments (note 19) | Level 2
Financial instruments classification
Financial assets	182	448
Derivative financial instruments (note 19) | Level 3
Financial instruments classification
Financial assets	18	24
Investments in equity securities
Financial instruments classification
Financial assets	757	726
Investments in equity securities | Level 1
Financial instruments classification
Financial assets	$ 757	$ 726

Financial assets and liabilit_5

Financial assets and liabilities - Changes in Level 3 assets and liabilities - (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Financial assets at beginning of period	$ 91,713
Financial assets at end of period	92,007
Financial liabilities at beginning of period	52,720
Financial liabilities at end of period	57,186
Level 3
Disclosure of detailed information about borrowings [line items]
Financial assets at beginning of period	24
Translation adjustments	(6)
Financial assets at end of period	18
Financial liabilities at beginning of period	120
Gain and losses recognized in income statement	(79)
Settlements, fair value measurement, liabilities	(22)
Financial liabilities at end of period	$ 19

Financial assets and liabilit_6

Financial assets and liabilities -Loans and financing (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Loans and financing	$ 13,360	$ 13,056
Debt contracts in Brazil
Disclosure of detailed information about borrowings [line items]
Loans and financing	1,470	2,562
Debt contracts in the international markets
Disclosure of detailed information about borrowings [line items]
Loans and financing	11,890	10,494
Carrying amount
Disclosure of detailed information about borrowings [line items]
Loans and financing	13,159	12,845
Carrying amount | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	3,225	3,194
Carrying amount | EUR
Disclosure of detailed information about borrowings [line items]
Loans and financing		224
Carrying amount | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	120	120
Carrying amount | TJLP, TR, IPCA, IGP-M and CDI
Disclosure of detailed information about borrowings [line items]
Loans and financing	860	1,332
Carrying amount | Fixed interest
Disclosure of detailed information about borrowings [line items]
Loans and financing	34	88
Carrying amount | Basket of currencies and bonds in US$ indexed to LIBOR
Disclosure of detailed information about borrowings [line items]
Loans and financing	56	101
Carrying amount | Bonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	7,448	5,948
Carrying amount | Eurobonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	920	843
Carrying amount | Debentures
Disclosure of detailed information about borrowings [line items]
Loans and financing	496	995
Fair value
Disclosure of detailed information about borrowings [line items]
Loans and financing	15,866	14,584
Fair value | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	3,278	3,280
Fair value | EUR
Disclosure of detailed information about borrowings [line items]
Loans and financing		211
Fair value | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	134	131
Fair value | TJLP, TR, IPCA, IGP-M and CDI
Disclosure of detailed information about borrowings [line items]
Loans and financing	857	1,379
Fair value | Fixed interest
Disclosure of detailed information about borrowings [line items]
Loans and financing	35	88
Fair value | Basket of currencies and bonds in US$ indexed to LIBOR
Disclosure of detailed information about borrowings [line items]
Loans and financing	56	100
Fair value | Bonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	10,025	7,484
Fair value | Eurobonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	985	916
Fair value | Debentures
Disclosure of detailed information about borrowings [line items]
Loans and financing	$ 496	$ 995

Participative stockholders' d_2

Participative stockholders' debentures (Details) $ in Millions, R$ in Billions	12 Months Ended
	Dec. 31, 2020BRL (R$)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)
Participative stockholders' debentures
Number of debentures issued	388,559,056	388,559,056
Remuneration paid to the participative stockholders debentures	R$ 1	$ 183	R$ 776	$ 194

Loans, borrowings, leases, ca_3

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Net debt and Short-term investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loans and borrowings
Total of loans and borrowings	$ 13,360	$ 13,056
Cash and cash equivalents	13,487	7,350	$ 5,784	$ 5,784	$ 4,328
Short-term investments	771	826
Net debt (cash)	(898)	4,880
Leasing	1,667	1,791
Debt contracts in the international markets
Loans and borrowings
Total of loans and borrowings	11,890	10,494
Debt contracts in Brazil
Loans and borrowings
Total of loans and borrowings	$ 1,470	$ 2,562

Loans, borrowings, leases, ca_4

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
R$
Cash and cash equivalents
Cash and cash equivalents	$ 2,849	$ 2,822
US$
Cash and cash equivalents
Cash and cash equivalents	10,195	4,361
Other currencies
Cash and cash equivalents
Cash and cash equivalents	$ 443	$ 167

Loans, borrowings, leases, ca_5

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Total debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loans and borrowings
Current debt, accrued charges	$ 201	$ 203
Non-current debt, accrued charges		8
Current debt	887	1,214
Non-current	12,473	11,842
Notional amount	$ 1,296
EUR
Loans and borrowings
Average cost (as a percent)	4.29%
R$
Loans and borrowings
Average cost (as a percent)	2.99%
Quoted in the secondary market | Bonds
Loans and borrowings
Borrowings, interest rate	6.01%
Non-current debt, before accrued charges	$ 7,448	5,948
Quoted in the secondary market | Eurobonds
Loans and borrowings
Borrowings, interest rate	4.29%
Non-current debt, before accrued charges	$ 920	843
Quoted in the secondary market | Debentures
Loans and borrowings
Borrowings, interest rate	10.48%
Current debt, before accrued charges	$ 107	374
Non-current debt, before accrued charges	$ 389	621
Debt contracts in Brazil | TJLP, TR, IPCA, IGP-M and CDI | R$
Loans and borrowings
Borrowings, interest rate	9.29%
Current debt, before accrued charges	$ 320	276
Non-current debt, before accrued charges	$ 540	1,056
Debt contracts in Brazil | Basket of currencies and bonds in US$ indexed to LIBOR
Loans and borrowings
Borrowings, interest rate	2.31%
Current debt, before accrued charges	$ 45	44
Non-current debt, before accrued charges	$ 11	56
Debt contracts in Brazil | Fixed interest | R$
Loans and borrowings
Borrowings, interest rate	2.86%
Current debt, before accrued charges	$ 20	43
Non-current debt, before accrued charges	$ 14	45
Debt contracts in the international markets | US$
Loans and borrowings
Borrowings, interest rate	2.24%
Current debt, before accrued charges	$ 182	260
Non-current debt, before accrued charges	$ 3,044	2,934
Debt contracts in the international markets | EUR
Loans and borrowings
Non-current debt, before accrued charges		225
Debt contracts in the international markets | Fixed interest | Other currencies
Loans and borrowings
Borrowings, interest rate	3.17%
Current debt, before accrued charges	$ 12	14
Non-current debt, before accrued charges	$ 107	$ 106

Loans, borrowings, leases, ca_6

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Debt payments (Details) $ in Millions	Dec. 31, 2020USD ($)
Loans and borrowings
Principal	$ 13,159
Estimated future interest payments	6,913
2021
Loans and borrowings
Principal	685
Estimated future interest payments	637
2022
Loans and borrowings
Principal	1,230
Estimated future interest payments	610
2023
Loans and borrowings
Principal	1,229
Estimated future interest payments	581
2024
Loans and borrowings
Principal	2,024
Estimated future interest payments	527
Between 2025 and 2029
Loans and borrowings
Principal	2,175
Estimated future interest payments	2,108
2030 onwards
Loans and borrowings
Principal	5,816
Estimated future interest payments	$ 2,450

Loans, borrowings, leases, ca_7

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Credit and financing lines (Details) - Revolving credit facilities $ in Millions	Dec. 31, 2020USD ($)
Loans and borrowings
Available amount	$ 5,000
Maturing On June 2022
Loans and borrowings
Available amount	2,000
Maturing On December 2024
Loans and borrowings
Available amount	$ 3,000

Loans, borrowings, leases, ca_8

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Funding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Jul. 31, 2020
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 1,296,000,000
Guaranteed notes due July 2030
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 1,500	$ 1,500,000,000
Coupon rate	3.75%
Principal amount sold (as a percent)	99.176%
Guaranteed notes due July 2030 | The Export-Import Bank of China
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 300,000,000

Loans, borrowings, leases, ca_9

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Reconciliation of debt to cash flows arising from financing activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans and borrowings
Loans and borrowings at beginning of the period	$ 13,056
Additions	6,800	$ 3,142	$ 1,225
Repayments	(6,064)	(5,417)	$ (7,841)
Interest paid	755
Cash flow from financing activities	(19)
Effect of exchange rate	(414)
Interest accretion	737
Non-cash changes	323
Loans and borrowings at end of the period	13,360	13,056
Quoted in the secondary market
Loans and borrowings
Loans and borrowings at beginning of the period	7,954
Additions	1,500
Repayments	(243)
Interest paid	556
Cash flow from financing activities	701
Effect of exchange rate	(140)
Interest accretion	531
Non-cash changes	391
Loans and borrowings at end of the period	9,046	7,954
Debt contracts in Brazil
Loans and borrowings
Loans and borrowings at beginning of the period	1,535
Repayments	(294)
Interest paid	60
Cash flow from financing activities	(354)
Effect of exchange rate	(271)
Interest accretion	49
Non-cash changes	(222)
Loans and borrowings at end of the period	959	1,535
Debt contracts in the international markets
Loans and borrowings
Loans and borrowings at beginning of the period	3,567
Additions	5,300
Repayments	(5,527)
Interest paid	139
Cash flow from financing activities	(366)
Effect of exchange rate	(3)
Interest accretion	157
Non-cash changes	154
Loans and borrowings at end of the period	$ 3,355	$ 3,567

Loans, borrowings, leases, c_10

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Lease liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	$ 1,791
Additions and contact modifications	125
Payments	(219)	$ (224)
Interest	70	76
Translation adjustment	(100)
Ending balance	1,667	1,791
Variable lease payments not included in the measurement of lease liabilities	63	560
Ports
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	750
Additions and contact modifications	50
Payments	(71)
Interest	30
Translation adjustment	(16)
Ending balance	743	750
Vessels
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	580
Payments	(72)
Interest	25
Ending balance	533	580
Pellets plants
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	175
Additions and contact modifications	39
Payments	(36)
Interest	4
Translation adjustment	(45)
Ending balance	137	175
Properties
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	152
Additions and contact modifications	32
Payments	(17)
Interest	7
Translation adjustment	(32)
Ending balance	142	152
Energy plants
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	71
Payments	(2)
Interest	1
Translation adjustment	(8)
Ending balance	62	71
Mining equipment and locomotives
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	63
Additions and contact modifications	4
Payments	(21)
Interest	3
Translation adjustment	1
Ending balance	$ 50	$ 63

Loans, borrowings, leases, c_11

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Discount rates (Details)	Dec. 31, 2020
Ports | Minimum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	3.00%
Ports | Maximum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	6.00%
Vessels | Minimum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	3.00%
Vessels | Maximum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	6.00%
Pellets plants | Minimum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	3.00%
Pellets plants | Maximum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	6.00%
Properties | Minimum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	3.00%
Properties | Maximum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	7.00%
Energy plants | Minimum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	4.00%
Energy plants | Maximum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	5.00%
Mining equipment and locomotives | Minimum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	3.00%
Mining equipment and locomotives | Maximum
Disclosure of detailed information about borrowings [line items]
Discount rates applied in discounting the lease liabilities at present value	6.00%

Loans, borrowings, leases, c_12

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Annual minimum payments (Details) $ in Millions	Dec. 31, 2020USD ($)
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 2,188
2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	241
2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	206
2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	172
2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	165
2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	1,404
Ports
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	1,052
Ports | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	68
Ports | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	62
Ports | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	61
Ports | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	60
Ports | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	801
Vessels
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	654
Vessels | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	65
Vessels | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	63
Vessels | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	62
Vessels | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	60
Vessels | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	404
Pellets plants
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	172
Pellets plants | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	36
Pellets plants | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	31
Pellets plants | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	10
Pellets plants | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	10
Pellets plants | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	85
Properties
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	157
Properties | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	47
Properties | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	27
Properties | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	23
Properties | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	21
Properties | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	39
Energy plants
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	85
Energy plants | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	7
Energy plants | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	7
Energy plants | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	6
Energy plants | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	6
Energy plants | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	59
Mining equipment and locomotives
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	68
Mining equipment and locomotives | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	18
Mining equipment and locomotives | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	16
Mining equipment and locomotives | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	10
Mining equipment and locomotives | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	8
Mining equipment and locomotives | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 16

Loans, borrowings, leases, c_13

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Vale Overseas Limited
Disclosure of detailed information about borrowings [line items]
Loans and borrowings, secured by property, plant and equipment	$ 176	$ 220

Loans, borrowings, leases, c_14

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Policy (Details)	12 Months Ended
	Dec. 31, 2020
Loans, borrowings, leases, cash and cash equivalents and short-term investments
Capitalization rate (as a percent)	9.00%

Brumadinho dam failure (Details

Brumadinho dam failure (Details)	Jan. 29, 2019km
Brumadinho dam failure
Tailings released extension (in km)	315
Number of fatalities or presumed fatalities	270

Brumadinho dam failure - De-cha

Brumadinho dam failure - De-characterization of the upstream dams (Details) R$ in Millions, $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)
Provisions.
Balance at beginning of the period			R$ 1916	$ 3,960
Balance at end of the period	R$ 3989	$ 4,220	3,989	4,220	R$ 1916	$ 3,960
Judicial deposits released			6,900	1,313
Total economic value	7,777		7,777				$ 1,701
Expense incurred in relation to Brumadinho event				510		730
Brumadinho event
Provisions.
Balance at beginning of the period				5,472
Impact on the income statement				5,257
Present value adjustment				41
Disbursements				(2,632)
Translation adjustment				(1,274)
Balance at end of the period						5,472
Global Settlement for Brumadinho
Provisions.
Impact on the income statement			19,924	3,872
Disbursements | R$					R$ 6885
Judicial deposits released	R$ 1500	274	R$ 5400	1,039
Global Settlement for Brumadinho | Brumadinho event
Provisions.
Balance at beginning of the period				1,916
Impact on the income statement				3,872
Present value adjustment				(5)
Disbursements				(1,325)		1,720
Translation adjustment				(469)
Balance at end of the period						1,916
Provision for individual indemnification and other commitments | Brumadinho event
Provisions.
Balance at beginning of the period				1,067
Impact on the income statement				258
Present value adjustment				10
Disbursements				(504)
Translation adjustment				(245)
Balance at end of the period						1,067
De-characterization of dams | Brumadinho event
Provisions.
Balance at beginning of the period				2,489
Impact on the income statement				617
Present value adjustment				36
Disbursements				(293)
Translation adjustment				(560)
Balance at end of the period						$ 2,489
Incurred expenses | Brumadinho event
Provisions.
Impact on the income statement				510
Disbursements				(510)
Samarco | De-characterization of upstream structures | Brumadinho event
Provisions.
Balance at end of the period		6,864		6,864
Samarco | Global Settlement for Brumadinho | Brumadinho event
Provisions.
Balance at end of the period		3,989		3,989
Samarco | Provision for individual indemnification and other commitments | Brumadinho event
Provisions.
Balance at end of the period		586		586
Samarco | De-characterization of dams | Brumadinho event
Provisions.
Balance at end of the period		$ 2,289		$ 2,289

Brumadinho dam failure - Global

Brumadinho dam failure - Global Settlement for Brumadinho (Details) R$ in Millions, $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)
Provisions.
Provision	R$ 3989		R$ 3989		$ 4,220	R$ 1916	$ 3,960
Current liabilities	1,561		1,561			783
Non-current liabilities	R$ 2428		R$ 2428			1,133
Discount rate applied to cash flow projections	5.93%		5.93%		5.93%
Judicial deposits released			R$ 6900	$ 1,313
Global Settlement for Brumadinho
Provisions.
Impact on the income statement			19,924	3,872
Judicial deposits released	R$ 1500	$ 274	5,400	$ 1,039
Payment obligations
Provisions.
Provision	2,343		2,343
Provision for socio-economic reparation and others
Provisions.
Provision	860		860			729
Provision for social and environmental reparation
Provisions.
Provision	R$ 786		R$ 786			R$ 1187

Brumadinho dam failure - Cash s

Brumadinho dam failure - Cash settlement obligation (Details) - 12 months ended Dec. 31, 2020 R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Global Settlement for Brumadinho
Provisions.
Income transfer program	R$ 4400	$ 848
Payment obligations
Provisions.
Present value of the semiannual fixed payments obligation	R$ 7772	$ 1,495
Period for payments of semiannual fixed payments obligation	5 years

Brumadinho dam failure - Provis

Brumadinho dam failure - Provision for socio-economic reparation and others (Details)	12 Months Ended
	Dec. 31, 2020
Provision for socio-economic reparation and others
Provisions.
Project average term	3 years
Provision for social and environmental reparation
Provisions.
Project average term	5 years

Brumadinho dam failure - Prov_2

Brumadinho dam failure - Provision for individual indemnification and other commitments (Details) ha in Thousands, R$ in Millions, $ in Millions	1 Months Ended
	Jul. 31, 2020BRL (R$)haitem	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)
Provisions.
Provision		R$ 3989	$ 4,220		R$ 1916	$ 3,960
Geotechnical safety of the remaining structures
Provisions.
Provision			267			113
Individual indemnification
Provisions.
Provision			179			$ 569
IBAMA fines
Provisions.
Provision	R$ 150	R$ 250	$ 48	$ 29
Environmental projects
Provisions.
Number of parks in which environmental projects will be done | item	7
Area of property in which environmental projects will be done | ha	794
Sanitation programs
Provisions.
Provision	R$ 100			$ 19

Brumadinho dam failure - De-c_2

Brumadinho dam failure - De-characterization of other dams in Brazil (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
De-characterization of dams
Provisions.
Provisions	$ 2,289	$ 2,489
De-characterization of upstream structures
Provisions.
Provisions	369
Provision for total expected costs to carry out all de-characterization projects	369
De-characterization of other structures
Provisions.
Provisions	248
Provision for total expected costs to carry out all de-characterization projects	$ 248

Brumadinho dam failure - Operat

Brumadinho dam failure - Operation Stoppages (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contingencies
Loss related to operational stoppage and idle capacity	$ 887	$ 1,153	$ 271
Ferrous minerals
Contingencies
Loss related to operational stoppage and idle capacity	$ 634	$ 983

Brumadinho dam failure - Assets

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

Brumadinho dam failure - Contin

Brumadinho dam failure - Contingencies and other legal matters (Details) ha in Thousands, R$ in Billions, $ in Billions	1 Months Ended	12 Months Ended
	Jul. 31, 2020haitem	Dec. 31, 2020item	Aug. 26, 2020BRL (R$)	Aug. 26, 2020USD ($)
Contingencies
Total number of requests		207
Number of requests extinguished		204
Provision of bank or insurance guarantee			R$ 26.7	$ 5.1
Environmental projects
Contingencies
Number of parks in which environmental projects will be done	7
Area of property in which environmental projects will be done | ha	794

Brumadinho dam failure - Reques

Brumadinho dam failure - Requests for fines or forfeit of assets (Details) - Aug. 26, 2020 R$ in Billions, $ in Billions	BRL (R$)	USD ($)
Brumadinho dam failure
Provision of bank or insurance guarantee	R$ 26.7	$ 5.1

Brumadinho dam failure - Arbitr

Brumadinho dam failure - Arbitration proceedings in Brazil filed by shareholders and a class association (Details) - Arbitration proceedings in Brazil filed by shareholders and a class association R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)item	Dec. 31, 2020USD ($)item
Contingencies
Number of arbitration filed by minority shareholders	1	1
Number of minority shareholders who filled one arbitration	166	166
Number of arbitration filed by class association allegedly representing all minority shareholders	1	1
Number of arbitration filed by foreign investment funds	1	1
Total number of proceedings	3	3
Estimated losses on legal proceedings	R$ 1800	$ 346

Brumadinho dam failure - Financ

Brumadinho dam failure - Financial guarantees (Details) - Brumadinho event - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Provisions.
Financial guarantees	$ 1,124	$ 1,396
Expenses related to financial guarantees	$ 7	$ 9

Liabilities related to associ_3

Liabilities related to associates and joint ventures - Movements (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Events with significant effect on the income statement
Balance at beginning of the period	R$ 1916	$ 3,960
Balance at end of the period	R$ 3989	4,220	$ 3,960
Current liabilities		14,594	13,845
Non-current liabilities		42,592	38,875
Total liabilities		57,186	52,720
Fundao dam rupture and de-characterization of germano dam
Events with significant effect on the income statement
Balance at beginning of the period		1,700	1,121
Provision		1,095	758
Disbursements		(394)	(315)
Present value valuation		64	200
Translation adjustment		(391)	(64)
Balance at end of the period		2,074	1,700
Current liabilities		876	516
Non-current liabilities		1,198	1,184
Total liabilities		2,074	$ 1,700
Renova Foundation
Events with significant effect on the income statement
Provision		$ 1,069

Liabilities related to associ_4

Liabilities related to associates and joint ventures - Summarized financial information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments in associates and joint ventures
Current assets	$ 24,403	$ 17,042
Non-current assets	67,604	74,671
Total assets	92,007	91,713
Current liabilities	14,594	13,845
Non-current liabilities	42,592	38,875
Total liabilities	57,186	52,720
Negative reserves	34,821	38,993	$ 44,832	$ 44,772
Loss for the year ended	4,531	(2,180)	$ 6,988
Samarco
Investments in associates and joint ventures
Current assets	87	34
Non-current assets	4,582	3,940
Total assets	4,669	3,974
Current liabilities	8,370	6,990
Non-current liabilities	6,385	5,527
Total liabilities	14,755	12,517
Negative reserves	(10,086)	(8,543)
Loss for the year ended	$ (1,160)	$ (4,125)

Liabilities related to associ_5

Liabilities related to associates and joint ventures - Additional Information (Details) $ in Millions, R$ in Billions	1 Months Ended			12 Months Ended
	Oct. 31, 2020BRL (R$)	Oct. 31, 2020USD ($)	Sep. 30, 2019employee	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2020USD ($)
Framework agreement
Equity results and other results in associates and joint ventures				$ (1,063)	$ (681)	$ (182)
Public civil claim filed by the Federal Government and others
Framework agreement
Continuance of public civil action due to deadlock in hiring of Technical Assistants	R$ 155	$ 27,500
Class action lawsuits related to Vale's American Depositary Receipts
Framework agreement
Amount agreed to be paid by the defendants							$ 25
Samarco
Framework agreement
Proceeds from debt used for working capital				166	102
Short-term facilities available for operations				85
Equity results and other results in associates and joint ventures				17	$ 109
De-characterization of Germano dam
Framework agreement
Provision				$ 26
Percentage of additional provision to carry out the project				50.00%
Renova Foundation
Framework agreement
Number of repair and compensation programs				42
Provision				$ 1,069
Dam failure of Samarco | Samarco
Framework agreement
Number of employees in criminal proceedings | employee			1

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Provisions
Provisions, current liabilities	$ 1,826	$ 1,230
Provisions, non-current liabilities	8,434	8,493
Payroll, related charges and other remunerations
Provisions
Provisions, current liabilities	877	790
Onerous contracts
Provisions
Provisions, current liabilities	58	57
Provisions, non-current liabilities	838	866
Provision related to VNC sale
Provisions
Provisions, current liabilities	500
Environmental obligations
Provisions
Provisions, current liabilities	102	146
Provisions, non-current liabilities	200	243
Asset retirement obligations
Provisions
Provisions, current liabilities	99	158
Provisions, non-current liabilities	4,121	3,802
Provision for litigations
Provisions
Provisions, current liabilities	87
Provisions, non-current liabilities	1,004	1,462
Provisions	1,091
Employee postretirement obligations
Provisions
Provisions, current liabilities	103	79
Provisions, non-current liabilities	$ 2,271	$ 2,120

Provisions - Asset retirement o

Provisions - Asset retirement obligations (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Change in the provision for asset retirement obligations
Balance at beginning of the period	R$ 1916	$ 3,960
Balance at end of the period	R$ 3989	4,220	$ 3,960
Asset retirement obligations
Provisions, current liabilities		1,826	1,230
Provisions, non-current liabilities		8,434	8,493
Asset retirement obligations
Change in the provision for asset retirement obligations
Balance at beginning of the period		3,960	3,115
Present value valuation		27	37
Settlements		(45)	(47)
Revisions on cash flows estimates		509	812
Translation adjustment		(231)	43
Balance at end of the period		4,220	3,960
Asset retirement obligations
Provisions, current liabilities		99	158
Provisions, non-current liabilities		$ 4,121	$ 3,802

Provisions - Asset retirement_2

Provisions - Asset retirement obligations - Changes in long-term interest rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Brazil
Provisions.
Long-term interest rates (per annum) (as a percent)	3.54%	3.36%
Canada
Provisions.
Long-term interest rates (per annum) (as a percent)	0.00%	0.40%
Mozambique
Provisions.
Long-term interest rates (per annum) (as a percent)	5.67%	5.20%
Minimum | Other regions
Provisions.
Long-term interest rates (per annum) (as a percent)	0.00%	0.60%
Maximum | Other regions
Provisions.
Long-term interest rates (per annum) (as a percent)	4.73%	4.78%
Asset retirement obligations | Base metals
Provisions.
Letters of credit and surety bonds issued in relation to asset retirement obligation	$ 651

Litigations - Changes (Details)

Litigations - Changes (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Litigation
Balance at beginning of the period	R$ 1916	$ 3,960
Balance at end of the period	R$ 3989	4,220	$ 3,960
Provisions, current liabilities		1,826	1,230
Provisions, non-current liabilities		8,434	8,493
Legal proceedings reserved		423	536
Legal proceedings guaranteed		487	616
Provision for litigations
Litigation
Balance at beginning of the period		1,462	1,357
Additions and reversals, net		73	291	$ 185
Disbursements		112	(201)
Indexation and interest		(28)	70
Translation adjustment		(304)	(55)
Balance at end of the period		1,091	1,462	1,357
Provisions, current liabilities		87
Provisions, non-current liabilities		1,004	1,462
Provisions		1,091
Tax litigation
Litigation
Balance at beginning of the period		696	729
Additions and reversals, net		29	10
Disbursements		23	(33)
Indexation and interest		(85)	9
Translation adjustment		(132)	(19)
Balance at end of the period		485	696	729
Provisions, current liabilities		8
Provisions, non-current liabilities		477
Provisions		485
Civil litigation
Litigation
Balance at beginning of the period		300	166
Additions and reversals, net		26	168
Disbursements		30	(58)
Indexation and interest		30	42
Translation adjustment		(66)	(18)
Balance at end of the period		260	300	166
Provisions, current liabilities		15
Provisions, non-current liabilities		246
Provisions		260
Labor litigation
Litigation
Balance at beginning of the period		455	459
Additions and reversals, net		16	106
Disbursements		59	(110)
Indexation and interest		26	18
Translation adjustment		(103)	(18)
Balance at end of the period		335	455	459
Provisions, current liabilities		64
Provisions, non-current liabilities		271
Provisions		335
Environmental litigation
Litigation
Balance at beginning of the period		11	3
Additions and reversals, net		2	7
Disbursements		0
Indexation and interest		1	1
Translation adjustment		(3)
Balance at end of the period		11	$ 11	$ 3
Provisions, non-current liabilities		11
Provisions		$ 11

Litigations - Contingent liabil

Litigations - Contingent liabilities (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019BRL (R$)	Dec. 31, 2019USD ($)
Tax litigation
Contingent liabilities
Contingent liabilities		$ 6,911		$ 8,040
Civil litigation
Contingent liabilities
Contingent liabilities		1,348		1,518
Labor litigation
Contingent liabilities
Contingent liabilities		563		773
Environmental litigation
Contingent liabilities
Contingent liabilities		907		1,094
Provision for litigations
Contingent liabilities
Contingent liabilities		9,729		11,425
CFEM-related proceedings
Contingent liabilities
Estimated losses on legal proceedings	R$ 10730	2,065	R$ 7715	1,914
Assessments and legal proceedings related to PIS/COFINS
Contingent liabilities
Estimated losses on legal proceedings	5,602	1,078	5,442	1,350
VAT on Services
Contingent liabilities
Estimated losses on legal proceedings	3,369	648	3,057	758
Tax assessment on Services
Contingent liabilities
Estimated losses on legal proceedings	1,558	300	1,445	358
Tax on Services
Contingent liabilities
Estimated losses on legal proceedings	2,621	504	2,405	597
Penalties On Tax Credit
Contingent liabilities
Estimated losses on legal proceedings	1,542	297	R$ 1535	$ 381
Assessment On JCP
Contingent liabilities
Tax impact on excluding penalties	3,423	659
Tax Impact Including Penalties And Interests	R$ 698	$ 134

Litigations - Judicial deposits

Litigations - Judicial deposits (Details) $ in Millions, R$ in Billions	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Judicial deposits
Deposits with court		$ 1,268	$ 3,133
Bank guarantees for judicial deposits	R$ 11.3	2,200
Tax litigation
Judicial deposits
Deposits with court		988	1,278
Civil litigation
Judicial deposits
Deposits with court		85	86
Labor litigation
Judicial deposits
Deposits with court		177	246
Environmental litigation
Judicial deposits
Deposits with court		$ 18	41
Brumadinho event
Judicial deposits
Deposits with court			$ 1,482

Litigations - Contingencies ass

Litigations - Contingencies assets (Details) R$ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2019BRL (R$)	Nov. 30, 2019USD ($)	Dec. 31, 2020CAD ($)USD ($)	Dec. 31, 2020BRL (R$)USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2010
Contingent assets
Contingent asset recognized				R$ 343	$ 66,000,000
VBG
Contingent assets
Ownership interest in subsidiary (as a percent)								51.00%
BSG Resource Limited
Contingent assets
Judicial decision amount, including interest					$ 2,000,000,000
Compulsory loan
Contingent assets
Amount requested for payment		$ 55,000,000
Damages sought | R$	R$ 301
ICMS included in PIS and COFINS tax base
Contingent assets
Number of judicial proceedings			2	2	2
Number of proceedings with definitive favorable decision			1	1	1
Contingent asset recognized				R$ 313	$ 60,000,000
Amount received				R$ 72	14,000,000
Canadian litigation matter
Contingent assets
Tax refund recognized						$ 221	$ 162,000,000
Contingent asset related to an income tax refund, included estimated interest			$ 21		15,000,000
Amount sought with costs and interest			$ 21		$ 15,000,000

Employee benefits - Change in b

Employee benefits - Change in benefit obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Overfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	$ 1,298	$ 1,220
Interest costs	74	110
Translation adjustment	1,172	(91)
Benefit obligation (Plan assets) as at end of the year	2,266	1,298
Overfunded pension plans | Present value of actuarial liabilities
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	4,006	3,577
Service costs	7	6
Interest costs	222	305
Benefits paid	(368)	(433)
Effect of changes in the actuarial assumptions	118	718
Translation adjustment	(880)	(167)
Benefit obligation (Plan assets) as at end of the year	3,105	4,006
Underfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	695
Benefit obligation (Plan assets) as at end of the year	641	695
Underfunded pension plans | Present value of actuarial liabilities
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	4,421	3,929
Service costs	53	55
Interest costs	134	153
Benefits paid	(248)	(249)
Effect of changes in the actuarial assumptions	271	373
Translation adjustment	1	160
Benefit obligation (Plan assets) as at end of the year	4,632	4,421
Other benefits
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,504
Benefit obligation (Plan assets) as at end of the year	1,733	1,504
Other benefits | Present value of actuarial liabilities
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,505	1,280
Service costs	18	10
Interest costs	64	59
Benefits paid	(53)	(62)
Effect of changes in the actuarial assumptions	243	176
Translation adjustment	(44)	42
Benefit obligation (Plan assets) as at end of the year	$ 1,733	$ 1,505

Employee benefits - Evolution o

Employee benefits - Evolution of assets fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Overfunded pension plans
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	$ (1,298)	$ (1,220)
Interest income	74	110
Translation adjustment	1,172	(91)
Fair value of plan assets as at end of the year	(2,266)	(1,298)
Overfunded pension plans | Fair value of assets
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	5,304	4,737
Interest income	298	416
Employer contributions	(39)	27
Benefits paid	(368)	(433)
Return on plan assets (excluding interest income)	(114)	757
Translation adjustment	(1,112)	(200)
Fair value of plan assets as at end of the year	3,969	5,304
Underfunded pension plans
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	(695)
Fair value of plan assets as at end of the year	(641)	(695)
Underfunded pension plans | Fair value of assets
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	3,726	3,273
Interest income	109	123
Employer contributions	54	56
Benefits paid	(248)	(247)
Return on plan assets (excluding interest income)	305	382
Translation adjustment	46	139
Fair value of plan assets as at end of the year	3,992	3,726
Other benefits
Evolution of assets fair value
Fair value of plan assets as at beginning of the year	(1,504)
Fair value of plan assets as at end of the year	(1,733)	(1,504)
Other benefits | Fair value of assets
Evolution of assets fair value
Employer contributions	53	62
Benefits paid	$ (53)	$ (62)

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, 2020	Dec. 31, 2019
Overfunded pension plans
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	$ 1,298	$ 1,220
Interest income	74	110
Changes on asset ceiling and onerous liability	(278)	59
Translation adjustment	1,172	(91)
Benefit obligation (Plan assets) as at end of the year	2,266	1,298
Overfunded pension plans | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,298	1,220
Interest income	74	110
Changes on asset ceiling and onerous liability	(278)	59
Translation adjustment	1,172	(91)
Benefit obligation (Plan assets) as at end of the year	2,266	1,298
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	4,006	3,577
Interest income	222	305
Translation adjustment	(880)	(167)
Benefit obligation (Plan assets) as at end of the year	3,105	4,006
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	4,006
Benefit obligation (Plan assets) as at end of the year	3,105	4,006
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	(5,304)	(4,737)
Interest income	298	416
Translation adjustment	(1,112)	(200)
Benefit obligation (Plan assets) as at end of the year	(3,969)	(5,304)
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	(5,304)
Benefit obligation (Plan assets) as at end of the year	(3,969)	(5,304)
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	1,298
Benefit obligation (Plan assets) as at end of the year	864	1,298
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	1,298
Benefit obligation (Plan assets) as at end of the year	864	1,298
Underfunded pension plans
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	695
Benefit obligation (Plan assets) as at end of the year	641	695
Current liabilities	(47)	(13)
Non-current liabilities	(594)	(682)
Liabilities	(641)	(695)
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	249
Benefit obligation (Plan assets) as at end of the year	208	249
Current liabilities	(32)	(7)
Non-current liabilities	(176)	(242)
Liabilities	(208)	(249)
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	446
Benefit obligation (Plan assets) as at end of the year	432	446
Current liabilities	(7)	(6)
Non-current liabilities	(425)	(440)
Liabilities	(432)	(446)
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	4,421	3,929
Interest income	134	153
Translation adjustment	1	160
Benefit obligation (Plan assets) as at end of the year	4,632	4,421
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	412
Benefit obligation (Plan assets) as at end of the year	317	412
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	4,009
Benefit obligation (Plan assets) as at end of the year	4,315	4,009
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	(3,726)	(3,273)
Interest income	109	123
Translation adjustment	46	139
Benefit obligation (Plan assets) as at end of the year	(3,992)	(3,726)
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	(163)
Benefit obligation (Plan assets) as at end of the year	(109)	(163)
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	(3,563)
Benefit obligation (Plan assets) as at end of the year	(3,883)	(3,563)
Other benefits
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,504
Benefit obligation (Plan assets) as at end of the year	1,733	1,504
Current liabilities	(96)	(76)
Non-current liabilities	(1,637)	(1,428)
Liabilities	(1,733)	(1,504)
Other benefits | Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	303
Benefit obligation (Plan assets) as at end of the year	465	303
Current liabilities	(49)	(20)
Non-current liabilities	(416)	(283)
Liabilities	(465)	(303)
Other benefits | Foreign
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,202
Benefit obligation (Plan assets) as at end of the year	1,268	1,202
Current liabilities	(47)	(46)
Non-current liabilities	(1,221)	(1,156)
Liabilities	(1,268)	(1,202)
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	1,505	1,280
Interest income	64	59
Translation adjustment	(44)	42
Benefit obligation (Plan assets) as at end of the year	1,733	1,505
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	303
Benefit obligation (Plan assets) as at end of the year	465	303
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	1,202
Benefit obligation (Plan assets) as at end of the year	$ 1,268	$ 1,202

Employee benefits - Costs recog

Employee benefits - Costs recognized in the income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Overfunded pension plans
Costs recognized in the income statement
Service cost	$ 7	$ 7	$ 5
Interest on expense on liabilities	222	317	282
Interest income on plan assets	(297)	(432)	(406)
Interest expense on effect of (asset ceiling)/ onerous liability	74	114	124
Total of cost, net	6	6	5
Underfunded pension plans
Costs recognized in the income statement
Service cost	52	55	101
Interest on expense on liabilities	134	153	158
Interest income on plan assets	(107)	(123)	(127)
Total of cost, net	79	85	132
Other benefits
Costs recognized in the income statement
Service cost	18	10	36
Interest on expense on liabilities	64	57	59
Total of cost, net	$ 82	$ 67	$ 95

Employee benefits - Costs rec_2

Employee benefits - Costs recognized in the statement of comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs recognized in the statement of comprehensive income
Others comprehensive income	$ (5,492)	$ (848)	$ (3,399)
Overfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(173)	(166)	(163)
Effect of changes actuarial assumptions	(118)	(718)	(679)
Return on plan assets (excluding interest income)	(114)	757	479
Change of asset ceiling	278	(60)	172
Others			(1)
Total	46	(21)	(29)
Deferred income tax	(15)	7	10
Others comprehensive income	31	(14)	(19)
Translation adjustments	41	7	23
Transfers/ disposal			(7)
Accumulated other comprehensive income	(101)	(173)	(166)
Underfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(459)	(468)	(496)
Effect of changes actuarial assumptions	(271)	(373)	172
Return on plan assets (excluding interest income)	305	385	(144)
Others	9
Total	43	12	28
Deferred income tax	(12)	(5)	(7)
Others comprehensive income	31	7	21
Translation adjustments	28	2	11
Transfers/ disposal			(4)
Accumulated other comprehensive income	(400)	(459)	(468)
Other benefits
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(238)	(128)	(189)
Effect of changes actuarial assumptions	(243)	(176)	32
Others	11		(1)
Total	(232)	(176)	31
Deferred income tax	82	63	(8)
Others comprehensive income	(150)	(113)	23
Translation adjustments	25	3	10
Transfers/ disposal			28
Accumulated other comprehensive income	$ (363)	$ (238)	$ (128)

Employee benefits - Actuarial a

Employee benefits - Actuarial and economic assumptions and sensitivity analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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	$ 2,838
Assumptions made (as a percent)	7.62%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 3,424
Assumptions made (as a percent)	5.62%
Overfunded pension plans | Brazil
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate to determine expense/ income	7.18%
Nominal average rate of salary increase	3.80%
Nominal average rate of benefit increase	3.80%	3.80%
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	6.62%	6.99%
Nominal average rate to determine expense/ income	6.62%	6.99%
Nominal average rate of salary increase		5.88%
Nominal average rate of price inflation	3.31%
Overfunded pension plans | Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	7.18%	7.32%
Nominal average rate to determine expense/ income		7.32%
Nominal average rate of salary increase		5.88%
Nominal average rate of price inflation	3.80%
Underfunded pension plans | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 4,064
Assumptions made (as a percent)	4.20%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 5,295
Assumptions made (as a percent)	2.20%
Underfunded pension plans | Brazil
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	6.50%	7.10%
Nominal average rate to determine expense/ income	6.50%	7.10%
Nominal average rate of salary increase	6.00%	6.00%
Nominal average rate of benefit increase	6.00%	6.00%
Nominal average rate of price inflation	3.50%	4.00%
Underfunded pension plans | Foreign
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	2.43%	2.96%
Nominal average rate to determine expense/ income	3.04%	3.57%
Nominal average rate of salary increase	3.21%	3.17%
Nominal average rate of benefit increase	3.00%	3.00%
Nominal average rate of price inflation	2.08%	2.10%
Other benefits | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 1,509
Assumptions made (as a percent)	4.64%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 2,016
Assumptions made (as a percent)	2.64%
Other benefits | Brazil
Actuarial and economic assumptions and sensitivity analysis
Immediate health care cost trend rate		6.91%
Ultimate health care cost trend rate		6.91%
Nominal average rate of price inflation		3.80%
Other benefits | Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	6.16%	6.99%
Immediate health care cost trend rate	6.35%
Ultimate health care cost trend rate	6.35%
Nominal average rate of price inflation	3.25%
Other benefits | Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	7.17%	7.39%
Immediate health care cost trend rate	6.91%
Ultimate health care cost trend rate	6.91%
Nominal average rate of price inflation	3.80%
Other benefits | Foreign
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	2.62%	3.04%
Nominal average rate to determine expense/ income	3.04%	3.66%
Immediate health care cost trend rate	5.35%	5.58%
Ultimate health care cost trend rate	4.56%	4.55%

Employee benefits - Assets of p

Employee benefits - Assets of pension plans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Brazil | Portfolio of Vale's stock
Assets of pension plans
Plan assets	$ 20	$ 27
Brazil | Brazilian Federal Government securities
Assets of pension plans
Plan assets	3,612	4,523
Foreign | Canadian Government securities
Assets of pension plans
Plan assets	$ 688	$ 633

Employee benefits - Overfunded

Employee benefits - Overfunded pension plans - Assets by category (Details) - Overfunded pension plans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets by category
International investments	$ 32	$ 28
Real estate	255	323
Loans to participants	105	141
Total	5,166	6,814
Funds not related to risk plans	(1,197)	(1,510)
Fair value of plan assets at end of year	3,969	5,304
Level 1
Assets by category
International investments	32	28
Total	4,633	6,128
Level 2
Assets by category
Total	42	48
Level 3
Assets by category
Real estate	255	323
Loans to participants	105	141
Total	491	638	$ 673
Corporate
Assets by category
Debt securities	42	48
Corporate | Level 2
Assets by category
Debt securities	42	48
Government
Assets by category
Debt securities	1,840	2,716
Government | Level 1
Assets by category
Debt securities	1,840	2,716
Fixed income
Assets by category
Investments funds	2,242	2,668
Fixed income | Level 1
Assets by category
Investments funds	2,242	2,668
Investments in equity securities
Assets by category
Investments funds	396	556
Investments in equity securities | Level 1
Assets by category
Investments funds	396	556
Private Equity funds
Assets by category
Structured investments	126	157
Private Equity funds | Level 3
Assets by category
Structured investments	126	157
Real estate funds
Assets by category
Structured investments	129	177
Real estate funds | Level 1
Assets by category
Structured investments	124	160
Real estate funds | Level 3
Assets by category
Structured investments	$ 5	$ 17

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, 2020	Dec. 31, 2019
Measurement of plan assets
Assets as at beginning of the year	$ 6,814
Assets as at end of the year	5,166	$ 6,814
Level 3
Measurement of plan assets
Assets as at beginning of the year	638	673
Return on plan assets	38	35
Assets purchases	129	53
Assets sold during the year	(170)	(96)
Translation adjustment	(143)	(27)
Assets as at end of the year	491	638
Level 3 | Private equity funds
Measurement of plan assets
Assets as at beginning of the year	157	159
Return on plan assets	18	8
Assets purchases	1	1
Assets sold during the year	(15)	(4)
Translation adjustment	(35)	(7)
Assets as at end of the year	126	157
Level 3 | Real estate funds
Measurement of plan assets
Assets as at beginning of the year	17	15
Return on plan assets	(8)
Assets purchases	1	2
Translation adjustment	(4)
Assets as at end of the year	5	17
Level 3 | Real estate
Measurement of plan assets
Assets as at beginning of the year	323	339
Return on plan assets	9	8
Assets purchases	10	4
Assets sold during the year	(14)	(13)
Translation adjustment	(72)	(15)
Assets as at end of the year	255	323
Level 3 | Loans to participants
Measurement of plan assets
Assets as at beginning of the year	141	160
Return on plan assets	19	19
Assets purchases	117	46
Assets sold during the year	(141)	(79)
Translation adjustment	(32)	(5)
Assets as at end of the year	$ 104	$ 141

Employee benefits - Underfunded

Employee benefits - Underfunded pension plans - Assets by category (Details) - Underfunded pension plans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets by category
Cash and cash equivalents	$ 102	$ 56
Equity securities	1,565	1,411
Real estate	5	55
Loans to participants	2	3
Others	179	167
Total	3,991	3,726
Level 1
Assets by category
Equity securities	1,565	1,409
Others		2
Total	1,735	1,618
Level 2
Assets by category
Cash and cash equivalents	102	56
Equity securities		2
Total	1,819	1,673
Level 3
Assets by category
Real estate	5	55
Loans to participants	2	3
Others	179	165
Total	437	435
Corporate
Assets by category
Debt securities	519	507
Corporate | Level 2
Assets by category
Debt securities	519	507
Government
Assets by category
Debt securities	822	790
Government | Level 1
Assets by category
Debt securities	132	156
Government | Level 2
Assets by category
Debt securities	690	634
Fixed income
Assets by category
Investments funds	194	388
Fixed income | Level 1
Assets by category
Investments funds	36	49
Fixed income | Level 2
Assets by category
Investments funds	158	339
Investments in equity securities
Assets by category
Investments funds	351	137
Investments in equity securities | Level 1
Assets by category
Investments funds	1	2
Investments in equity securities | Level 2
Assets by category
Investments funds	350	135
Private Equity funds
Assets by category
Structured investments	250	212
Private Equity funds | Level 3
Assets by category
Structured investments	$ 250	$ 212

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, 2020	Dec. 31, 2019
Measurement of plan assets
Assets as at beginning of the year	$ 435	$ 432
Return on plan assets		20
Assets purchases	20	18
Assets sold during the year	(33)	(37)
Translation adjustment	15	2
Assets as at end of the year	437	435
Private equity funds
Measurement of plan assets
Assets as at beginning of the year	212	213
Return on plan assets	1	11
Assets purchases	20	18
Assets sold during the year	(33)	(32)
Translation adjustment	50	2
Assets as at end of the year	250	212
Real estate funds
Measurement of plan assets
Assets as at beginning of the year	55	51
Return on plan assets	(1)	4
Translation adjustment	(49)
Assets as at end of the year	5	55
Loans to participants
Measurement of plan assets
Assets as at beginning of the year	3	3
Assets sold during the year		(1)
Translation adjustment	(1)	1
Assets as at end of the year	2	3
Others
Measurement of plan assets
Assets as at beginning of the year	165	165
Return on plan assets		5
Assets sold during the year		(4)
Translation adjustment	15	(1)
Assets as at end of the year	$ 180	$ 165

Employee benefits - Expected be

Employee benefits - Expected benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Employee benefits
Disbursement of cash flow in 2021	$ 57
2021 | Overfunded pension plans
Employee benefits
Expected benefit payments	215
2021 | Underfunded pension plans
Employee benefits
Expected benefit payments	239
2021 | Other benefits
Employee benefits
Expected benefit payments	17
2022 | Overfunded pension plans
Employee benefits
Expected benefit payments	220
2022 | Underfunded pension plans
Employee benefits
Expected benefit payments	237
2022 | Other benefits
Employee benefits
Expected benefit payments	18
2023 | Overfunded pension plans
Employee benefits
Expected benefit payments	224
2023 | Underfunded pension plans
Employee benefits
Expected benefit payments	238
2023 | Other benefits
Employee benefits
Expected benefit payments	19
2024 | Overfunded pension plans
Employee benefits
Expected benefit payments	227
2024 | Underfunded pension plans
Employee benefits
Expected benefit payments	239
2024 | Other benefits
Employee benefits
Expected benefit payments	20
2025 | Overfunded pension plans
Employee benefits
Expected benefit payments	230
2025 | Underfunded pension plans
Employee benefits
Expected benefit payments	238
2025 | Other benefits
Employee benefits
Expected benefit payments	21
2026 and thereafter | Overfunded pension plans
Employee benefits
Expected benefit payments	1,177
2026 and thereafter | Underfunded pension plans
Employee benefits
Expected benefit payments	1,175
2026 and thereafter | Other benefits
Employee benefits
Expected benefit payments	$ 119

Employee benefits - Profit shar

Employee benefits - Profit sharing program ("PLR") (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee benefits
Amount of profit sharing program expense charged to cost of goods sold and services rendered and other operating expenses	$ 353	$ 289	$ 503

Employee benefits - Long term c

Employee benefits - Long term compensation plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of defined benefit plans [line items]
Long term compensation plan costs	$ 71	$ 39	$ 95
Matching Program
Disclosure of defined benefit plans [line items]
Vesting period (in years)	3 years
Performance Share Unit Program - PSU
Disclosure of defined benefit plans [line items]
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%
Percentage of performance factor based on total return to shareholder metrics	80
percentage of performance factor based on environmental, social and governance indicator	20

Stockholders' equity - Share ca

Stockholders' equity - Share capital (Details) $ in Millions	Dec. 31, 2020USD ($)shares
Stockholders' equity
Shares outstanding	5,129,910,954
Shares in treasury	154,563,828
Total issued shares	5,284,474,782
Share capital per class of shares (in millions) | $	$ 61,614
Shareholders with more than 5% of total capital
Stockholders' equity
Shares outstanding	1,940,863,859
Litela
Stockholders' equity
Shares outstanding	519,733,209
Capital World Investors
Stockholders' equity
Shares outstanding	298,099,389
Bradespar S.A.
Stockholders' equity
Shares outstanding	293,907,266
Mitsui & Co., Ltd
Stockholders' equity
Shares outstanding	286,347,055
Blackrock, Inc
Stockholders' equity
Shares outstanding	272,614,219
Capital Research Global Investors
Stockholders' equity
Shares outstanding	270,162,721
Non-Brazilian investors
Stockholders' equity
Shares outstanding	1,887,304,559
Brazilian Investors
Stockholders' equity
Shares outstanding	1,301,742,524
Golden shares
Stockholders' equity
Shares outstanding	12
Common share
Stockholders' equity
Shares outstanding	5,129,910,942
Shares in treasury	154,563,828
Total issued shares	5,284,474,770
Common share | Shareholders with more than 5% of total capital
Stockholders' equity
Shares outstanding	1,940,863,859
Common share | Litela
Stockholders' equity
Shares outstanding	519,733,209
Common share | Capital World Investors
Stockholders' equity
Shares outstanding	298,099,389
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 | Blackrock, Inc
Stockholders' equity
Shares outstanding	272,614,219
Common share | Capital Research Global Investors
Stockholders' equity
Shares outstanding	270,162,721
Common share | Non-Brazilian investors
Stockholders' equity
Shares outstanding	1,887,304,559
Common share | Brazilian Investors
Stockholders' equity
Shares outstanding	1,301,742,524
Preferred share
Stockholders' equity
Shares outstanding	12
Total issued shares	12
Preferred share | Golden shares
Stockholders' equity
Shares outstanding	12

Stockholders' equity - Shares i

Stockholders' equity - Shares in treasury (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stockholders' equity
Assignment and transfer of shares	$ 14	$ 22
Treasury stocks
Stockholders' equity
Number of treasury shares re-issued as compensation	1,628,485	2,024,059
Assignment and transfer of shares	$ 14	$ 22

Stockholders' equity - Company'

Stockholders' equity - Company's remuneration policy (Details) R$ / shares in Units, R$ in Millions, $ in Millions	Jul. 29, 2020	Sep. 30, 2020BRL (R$)	Sep. 30, 2020USD ($)	Dec. 31, 2019BRL (R$)R$ / shares	Dec. 31, 2019USD ($)	Jun. 30, 2020BRL (R$)R$ / shares	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Stockholders' equity
Percentage of adjusted EBITDA less capital expenditures	30.00%
Remuneration - Interest on capital				R$ 7253	$ 1,324			$ 1,767
Dividends recognised as distributions to owners		R$ 18637	$ 3,350			R$ 12350	$ 2,191
Remuneration (in dollars per share)						R$ 2.407510720
Stockholders' remuneration based on interest on capital				R$ 6287	$ 1,159
Interest on capital (in dollars per share)				R$ 1.414364369
Income tax amount paid | $								$ 165

Stockholders' equity - Remunera

Stockholders' equity - Remuneration to the Company's stockholders (Details) R$ / shares in Units, R$ in Millions, $ in Millions

Mar. 25, 2021R$ / shares

Mar. 15, 2021BRL (R$)

Mar. 15, 2021USD ($)

Feb. 25, 2021BRL (R$)

Feb. 25, 2021USD ($)

Sep. 30, 2020BRL (R$)

Sep. 30, 2020USD ($)

Dec. 31, 2019BRL (R$)

Dec. 31, 2019USD ($)

Jun. 30, 2020BRL (R$)

Jun. 30, 2020USD ($)

Dec. 31, 2020BRL (R$)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Stockholders' equity

Net income of the year

$ 4,881

$ (1,683)

$ 6,860

Appropriation to legal reserve

(251)

Appropriation to tax incentive reserve

(2)

Net income after appropriations to legal reserve and tax incentive reserve

4,628

Minimum mandatory remuneration

R$ 6342

1,152

Additional stockholders' remuneration

R$ 15524

2,820

Appropriation to investments reserve

$ 656

Remuneration - Interest on capital

R$ 7253

$ 1,324

1,767

Minimum percentage of remuneration on net income

25.00%

25.00%

Dividends recognised as distributions to owners

R$ 18637

$ 3,350

R$ 12350

$ 2,191

Interest on Capital Recognized

R$ 7253

$ 1,324

1,767

Remuneration on transaction

Stockholders' equity

Remuneration - Interest on capital

R$ 4288

$ 779

Total Remuneration Paid Per Share | R$ / shares

R$ 4.262386983

Remuneration On Stockholders Equity

R$ 21866

$ 3,972

Dividends recognised as distributions to owners

17,578

3,193

Interest on Capital Recognized

R$ 4288

$ 779

Profit reserves

Stockholders' equity

Minimum mandatory remuneration

$ 3,729

$ (1,683)

Stockholders' equity - Profit r

Stockholders' equity - Profit reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' equity
Dividends and interest on capital of Vale's stockholders	$ (3,481)		$ (2,054)
Translation adjustment	$ 4,203	$ 1,111	3,899
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	$ 1,656	1,722
Minimum mandatory remuneration	251
Translation adjustment	(365)	(66)
Balance at end of year	1,542	1,656	1,722
Tax incentive reserve
Stockholders' equity
Balance at beginning of year	848	882
Minimum mandatory remuneration	2
Translation adjustment	(191)	(34)
Balance at end of year	659	848	882
Investments reserve
Stockholders' equity
Balance at beginning of year	4,586	8,364
Minimum mandatory remuneration	656	(1,683)
Dividends and interest on capital of Vale's stockholders	(2,329)	(1,767)
Translation adjustment	(1,059)	(328)
Balance at end of year	1,854	4,586	8,364
Additional Remuneration reserve
Stockholders' equity
Minimum mandatory remuneration	2,820
Translation adjustment	167
Balance at end of year	2,987
Profit reserves
Stockholders' equity
Balance at beginning of year	7,090	10,968
Minimum mandatory remuneration	3,729	(1,683)
Dividends and interest on capital of Vale's stockholders	(2,329)	(1,767)
Translation adjustment	(1,448)	(428)
Balance at end of year	$ 7,042	$ 7,090	$ 10,968

Stockholders' equity - Others r

Stockholders' equity - Others reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Others reserves
Other comprehensive income	$ (5,492)	$ (848)	$ (3,399)
Translation adjustment	4,203	1,111	3,899
Acquisitions and disposal of noncontrolling interest	242	(1,007)	(229)
Other reserves
Others reserves
Balance at beginning of year	(2,110)	(2,155)
Other comprehensive income	13	(310)
Translation adjustment	254	12
Acquisitions and disposal of noncontrolling interest	(213)	343
Balance at end of year	(2,056)	(2,110)	(2,155)
Retirement benefit obligations
Others reserves
Balance at beginning of year	(869)	(755)
Other comprehensive income	(88)	(126)
Translation adjustment	92	12
Balance at end of year	(865)	(869)	(755)
Fair value adjustment to Investment in equity securities
Others reserves
Balance at beginning of year	(124)	60
Other comprehensive income	101	(184)
Translation adjustment	162
Balance at end of year	139	(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	(627)	(970)
Acquisitions and disposal of noncontrolling interest	(213)	343
Balance at end of year	$ (840)	$ (627)	$ (970)

Stockholders' equity - Sharehol

Stockholders' equity - Shareholders' Agreement (Details)	Aug. 14, 2017	Dec. 31, 2020
Shareholders Agreement
Percentage of shareholders that will be bind by a new shareholders' agreement post merger		15.00%
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Transactions with related parties
Net operating revenue	$ 797	$ 872	$ 868
Cost and operating expenses	(976)	(1,781)	(2,308)
Financial result	(20)	19
Joint Ventures
Transactions with related parties
Net operating revenue	372	374	352
Cost and operating expenses	(951)	(1,749)	(2,269)
Financial result	27	49	115
Associates
Transactions with related parties
Net operating revenue	240	294	309
Cost and operating expenses	(25)	(32)	(39)
Financial result	2	(1)
Major Stockholders
Transactions with related parties
Net operating revenue	185	204	207
Financial result	$ (49)	$ (29)	$ (115)

Related parties - Outstanding b

Related parties - Outstanding balances with related parties (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Outstanding balances with related parties
Cash and cash equivalents	$ 2,082	$ 1,384
Accounts receivable	156	118
Dividends receivable	19	89
Loans	1,118	1,919
Derivatives financial instruments	2	42
Other assets	70	65
Supplier and contractors	166	367
Loans	2,377	3,055
Derivatives financial instruments	242	64
Other liabilities	235	569
Joint Ventures
Outstanding balances with related parties
Accounts receivable	109	91
Dividends receivable	19	83
Loans	1,118	1,919
Other assets	68	65
Supplier and contractors	121	302
Other liabilities	235	569
Associates
Outstanding balances with related parties
Accounts receivable	45	22
Dividends receivable		6
Other assets	2
Supplier and contractors	10	28
Loans	1,433	1,367
Major Stockholders
Outstanding balances with related parties
Cash and cash equivalents	2,082	1,384
Accounts receivable	2	5
Derivatives financial instruments	2	42
Supplier and contractors	35	37
Loans	944	1,688
Derivatives financial instruments	$ 242	$ 64

Related parties - Loans (Detail

Related parties - Loans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Related parties
Loans to related parties	$ 1,118	$ 1,919
Nacala Corridor
Related parties
Loans to related parties	$ 798
Interest rate	8.20%
Vale Mocambique S.A.
Related parties
Interest rate	5.83%

Related parties - Key managemen

Related parties - Key management personnel remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Short-term benefits
Wages	$ 9	$ 8	$ 8
Direct and indirect benefits	16	11	11
Profit sharing program ("PLR")	8	1	10
Total short- term benefits	33	20	29
Long-term benefits
Shares based			3
Severance	7	4	20
Total short and long-term benefits	$ 40	$ 24	$ 52

Commitments - Contractual oblig

Commitments - Contractual obligations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Commitments
Purchase obligations	$ 6,991	$ 5,510
Purchase energy	2,945	3,567
Total minimum payments required	$ 9,936	$ 9,077

Commitments - Guarantees provid

Commitments - Guarantees provided (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments
Fair value of guarantee recorded in Other non-current liabilities	$ 468	$ 353	$ (23)
Certain associates and joint ventures
Commitments
Fair value of guarantee recorded in Other non-current liabilities	877	525
Financial guarantees provided	$ 1,557	$ 1,655